If you buy auto insurance, you expect to pay a premium now and transfer the costs of an accident to the insurance company. That's what reputable insurance companies do! But what happens when the insurance company doesn't pay full benefits? For example, read the Tampa Bay Times article below about a lawsuit against an insurance company that failed to obligate the full cost of a stolen or destroyed car. How can you protect yourself against this? Make sure you conduct research about insurance companies before you choose one. Also, check out the Better Business Bureau so you can see how the company is rated and how they treat other customers before you make a decision.
SS.912.FL.6.3:Describe why people choose different amounts of insurance coverage based on their willingness to accept risk, as well as their occupation, lifestyle, age, financial profile, and the price of insurance.
SS.8.FL.6.2 Identify insurance as a product that allows people to pay a fee (called a premium) now to transfer the costs of a potential loss to a third party.
Created by Deborah Kozdras and Brittany Sampson