Auto Accident Procedure

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What should you do immediately after an auto accident?

Write down details of the accident

Request a copy of the police report

Contact police immediately (correct)

Save receipts for any expenses

What is the maximum amount that an insurance company would pay for all people combined in an accident?

$500,000

$100,000

$300,000 (correct)

$50,000

What is the primary purpose of homeowner's insurance?

To pay for home maintenance costs

To provide liability coverage for personal injuries

To cover events from fire to burglary (correct)

To provide coverage for natural disasters only

What is a key consideration when choosing a homeowner's insurance policy?

The minimum limit required by financial institutions Signup and view all the answers

What is a characteristic of your car that affects auto insurance premiums?

The value of the car Signup and view all the answers

What is the purpose of financial responsibility laws?

To require individuals to purchase a minimum amount of liability insurance Signup and view all the answers

After an auto accident, what should you do with the contact information from witnesses?

Share it with the police Signup and view all the answers

How does a replacement-cost policy differ from a cash-value policy?

Cash-value policy pays for the actual cost of replacing the damaged property Signup and view all the answers

What type of insurance agent represents many different insurance companies?

Independent insurance agent Signup and view all the answers

What is the recommended approach to obtaining auto insurance quotes?

Always obtain several different quotes from different insurance companies Signup and view all the answers

What is the recommended next step after documenting the details of an auto accident?

File a claim with your insurance company immediately Signup and view all the answers

What is the maximum amount that an insurance company would pay for property damage in an accident?

$50,000 Signup and view all the answers

What is one benefit of increasing the deductible on both auto and home insurance?

Lower premium costs Signup and view all the answers

Why does the author consider switching to their auto insurance company for their homeowner's policy?

To get a multi-policy discount Signup and view all the answers

What is the author considering doing if they buy a more expensive car in the future?

Increasing the liability coverage Signup and view all the answers

What is the benefit of creating a home inventory?

Proof of ownership for claims purposes Signup and view all the answers

Why does the author want to increase their auto insurance liability coverage to 100/300/40?

For increased financial protection Signup and view all the answers

What happens if the value of the author's existing home rises substantially?

The author needs to increase their homeowner's coverage Signup and view all the answers