Auto Accident Procedure
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Questions and Answers

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?

    <p>The minimum limit required by financial institutions</p> Signup and view all the answers

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

    <p>The value of the car</p> Signup and view all the answers

    What is the purpose of financial responsibility laws?

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

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

    <p>Share it with the police</p> Signup and view all the answers

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

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

    What type of insurance agent represents many different insurance companies?

    <p>Independent insurance agent</p> Signup and view all the answers

    What is the recommended approach to obtaining auto insurance quotes?

    <p>Always obtain several different quotes from different insurance companies</p> Signup and view all the answers

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

    <p>File a claim with your insurance company immediately</p> Signup and view all the answers

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

    <p>$50,000</p> Signup and view all the answers

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

    <p>Lower premium costs</p> Signup and view all the answers

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

    <p>To get a multi-policy discount</p> Signup and view all the answers

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

    <p>Increasing the liability coverage</p> Signup and view all the answers

    What is the benefit of creating a home inventory?

    <p>Proof of ownership for claims purposes</p> Signup and view all the answers

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

    <p>For increased financial protection</p> Signup and view all the answers

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

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

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