Insurance Quiz: The Answers! (For the two people that care)

I'm not going to lie: I was hoping more people would be interested in the gift card. Interested enough to take a look at the quiz and see how their knowledge checked out.

For those that are interested, here are the answers:

Question 1) Assuming your car isn't financed ,what is the one and only portion of your auto insurance policy that you're required to have?

ANSWER: Liability coverage. In California, the minimal amount required is 15/30/5, which means $15,000 per person, $30,000 per accident for bodily injury to others, and $5000 for property damage. FYI, this really isn't a heck of a lot of coverage, especially on the property damage side.


Question 2) Now let's assume your car IS financed! What are the other two portions you're now required to have?

ANSWER: Comprehensive and collision, generally. I've seen other requirements too, but if the car is financed, you'd better believe they'll require that you carry physical damage coverage on your car. If you don't, they'll buy it for you! And that type of coverage is VERY expensive.


Question 3) What are the two pieces of your policy that generally cost you the most?

ANSWER: Usually, the liability and collision coverage is the most expensive. One of these is actually a pretty good place to save money. The other isn't. Come on down to Dinner and a Deductible and I'll tell you more on this one.


Question 4) True or false: Any at-fault physical damage claim you file on your own car can cause you to be surcharged on your policy.

ANSWER: False. It depends on the type of claim (comprehensive vs. collision, for example) AND how much is paid out. Also, not all carriers treat this the same way!



Question 5) True or false: Age, type of car, type of coverage and your driving record all come into play with your overall policy pricing.
ANSWER: Believe it or not, false. Age, with many carriers, actually does not matter a bit. What DOES matter? Number of years of driving experience. So if you were first licensed at 30 and you go and get coverage? Might be a little rough in terms of price.


Gets you all fired up to learn more, doesn't it?! Right?? Well, hey, if not, I hope it was at least useful to know. Like I mentioned, come on down to Dinner and a Deductible on July 13th, and I'll do my best to give you all sorts of useful tidbits!

For the record, both entrants for 2/5 answers right. One of those was good enough for $10 from Chevron, and according to random.org, that person is...


Jeremiah! I'll be contacting you shortly to find out where to send your prize.