Auto Insurance

WORKS CITED

• https://www.geico.com/information/states/wi/

• http://www.dot.wisconsin.gov/drivers/vehicles/ins-req.htm

• http://my.carid.com/featured/stories/usa-car-accident-statistics

• http://www.wisegeek.com/what-is-financial-responsibility.htm

• http://oci.wi.gov/consumer/autohome-faqauto.htm#finresp

• http://www.allstate.com/tools-and-resources/car-insurance/no-fault-insurance-cover.aspx

• http://teendriving.aaa.com/WI/supervised-driving/licensing-state-laws/state-laws

• http://www.dot.wisconsin.gov/drivers/docs/e-handbook.pdf

• http://www.brookings.edu/research/papers/2006/09/unemployment-kling

• http://oci.wi.gov/pub_list/pi-057.pdf

• http://www.21st.com/insurance-newsletters/2012/01/5-types-of-car-insurance-coverage.htm

WISCONSIN STATE LAWS

• Seat belts are required for the driver and all passengers
• Texting while driving is illegal
• Driving While Intoxicated: Drivers 21 and over with a blood alcohol content of .08 or more can be charged with a DWI
• "Not a Drop Law": Drivers under 21 are not allowed to have any alcohol in their system
• Traffic Violations: Include speeding, parking tickets, reckless driving, distracted, etc.
• Drivers must yield to emergency vehicles
• Drivers must have their headlights on from half an hour after sunset to half an hour before sunrise

REDUCING VEHICLE INSURANCE PREMIUMS

• Safe Driving
• Good Student Discount
• Non-Smokers Discount
• Package Discount: If you buy your home, car, and life insurance from the same provider you could receive a discount
• Accident/Claim Free: No accidents while with insurance provider
• Grow older 25: After 25 you are no longer considered a "young driver"

MOTOR VEHICLE PREMIUM FACTORS

• Age
• Gender
• Marital Status
• Where you live
• Your car
• How often you use your car

OTHER MOTOR VEHICLE INSURANCE COVERAGE

AUTO INSURANCE

Wage Loss Insurance:

• provide workers with compensation if they are forced to move to a job with a lower salary

Liability Insurance:

• will cover the cost of repairing any property damaged by an accident as well as the medical bills from resulting injuries

Collision Coverage:

• will pay for the repairs to your car. If your car is totaled (where the cost to repair it exceeds the value of the vehicle) in an accident, collision coverage will pay the value of your ca

Comprehensive Coverage:

• protects you against vehicle damages not caused by a collision

Personal Injury Protection:

• your medical bills along with those of your passengers will be paid, no matter who is at fault for an accident (not in all states)

Uninsured /Underinsured Motorist Protection:

• if someone is legally responsible for damages related to an accident, you won't receive any payment if they do not have coverage or you will receive less than you need to cover the cost of damages if your damages exceed their coverage amount

NO-FAULT INSURANCE

• insurance provider covers damages incurred to its customer in an accident, regardless of who's at fault
• eliminates the need for a driver to go after another party's insurance company in order to be reimbursed for damages that the other person caused
• Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah

MOTOR VEHICLE COVERAGE

BODILY:

• Does not directly cover you or your car
• If you cause an accident, it will pay for the medical expenses, etc. of the other people involved

PROPERTY DAMAGE COVERAGE:

• Pays for any damage you cause to the property of others

AUTO ACCIDENTS STATS

Lauren Sandy and Kelsey Anderson

NEED FOR AUTO INSURANCE

Financial Responsibility:

• process of managing money and other assets in a manner that is considered productive and in best interest
• understanding the difference between needs and wants
• creating and sticking to a budget

Wisconsin requires auto insurance

• Bodily Injury Liability: $25,000 per person and $50,000 per accident
• Property Damage Liability: $10,000 per accident
• Medical Payments: $1,000 per person
• Uninsured Motorist: $25,000 per person and $50,000 per accident
• Operating without insurance: fine up to $500
• Fail to show proof of insurance at time: fine up to $10
• Offering fraudulent insurance: fine up to $5,000