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Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
What You’ll Learn
How to explain the purpose of financial How to explain the purpose of financial responsibility law (p. 351)responsibility law (p. 351)
How to describe the types of automobile How to describe the types of automobile insurance (p. 351)insurance (p. 351)
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Why It’s Important
Knowing about the different types of Knowing about the different types of automobile insurance coverage will help you automobile insurance coverage will help you buy the best policy for your needs.buy the best policy for your needs.
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Legal Terms
financial responsibility law (p. 351)financial responsibility law (p. 351)bodily injury liability insurance (p. 352)bodily injury liability insurance (p. 352)medical payments insurance (p. 352)medical payments insurance (p. 352)uninsured motorist insurance (p. 352)uninsured motorist insurance (p. 352)
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Legal Terms
underinsured motorist insurance (p. 352)underinsured motorist insurance (p. 352)property damage liability insurance property damage liability insurance (p. 353)(p. 353)collision insurance (p. 353)collision insurance (p. 353)comprehensive insurance (p. 354)comprehensive insurance (p. 354)no-fault insurance (p. 355)no-fault insurance (p. 355)
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Financial Responsibility
Types of Motor Vehicle Insurance Bodily Injury CoverageProperty Damage CoverageNo-Fault Insurance
Section OutlineSection Outline
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Pre-Learning Question Pre-Learning Question
What is a financial responsibility law?
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Every state has a Every state has a financial financial responsibility lawresponsibility law, which requires , which requires vehicle owners to prove they can pay vehicle owners to prove they can pay for damages or injury caused by an for damages or injury caused by an automobile accident.automobile accident.
Financial Responsibility Financial Responsibility
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
You may show proof of financial You may show proof of financial responsibility by responsibility by
Financial Responsibility Financial Responsibility
depositing moneydepositing moneydepositing bonds or other securitiesdepositing bonds or other securitiescarrying insurance carrying insurance
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
As of 2000, more than 40 states had As of 2000, more than 40 states had laws requiring people to carry laws requiring people to carry automobile insurance.automobile insurance.
Financial Responsibility Financial Responsibility
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Pre-Learning Question Pre-Learning Question
What are the different types of motor vehicle insurance?
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
16.216.2
Types of Motor Vehicle Insurance Types of Motor Vehicle Insurance
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
The main types of bodily injury The main types of bodily injury coverage are coverage are
Bodily Injury Coverage Bodily Injury Coverage
bodily injury liability insurancebodily injury liability insurancemedical payments insurancemedical payments insuranceuninsured motorist insuranceuninsured motorist insuranceunderinsured motorist insuranceunderinsured motorist insurance
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Bodily injury liability insurance Bodily injury liability insurance protects the insured against claims or protects the insured against claims or lawsuits for injuries or death caused lawsuits for injuries or death caused by negligence.by negligence.
Bodily Injury Coverage Bodily Injury Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Medical payments insuranceMedical payments insurance pays pays for medical, and sometimes funeral, for medical, and sometimes funeral, expenses resulting from bodily injuries expenses resulting from bodily injuries to anyone occupying the to anyone occupying the policyholder’s car in an accident. policyholder’s car in an accident.
Bodily Injury Coverage Bodily Injury Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Uninsured motorist insuranceUninsured motorist insurance provides protection when the insured provides protection when the insured is injured in an automobile accident is injured in an automobile accident that is caused by a driver who has no that is caused by a driver who has no insurance. insurance. It also protects parties who are injured It also protects parties who are injured by a hit-and-run driver.by a hit-and-run driver.
Bodily Injury Coverage Bodily Injury Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Underinsured motorist insurance Underinsured motorist insurance protects you when another driver has protects you when another driver has insurance, but not enough to pay for insurance, but not enough to pay for any injuries.any injuries.
Bodily Injury Coverage Bodily Injury Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
The main types of property damage The main types of property damage coverage are coverage are
Property Damage Coverage Property Damage Coverage
property damage liability insuranceproperty damage liability insurancecollision insurancecollision insurancecomprehensive insurancecomprehensive insurance
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Property damage liability insuranceProperty damage liability insurance applies when you damage the applies when you damage the property of others, including such property of others, including such things as another car, a house, a things as another car, a house, a telephone pole, or a tree.telephone pole, or a tree.
Property Damage Coverage Property Damage Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Collision insuranceCollision insurance covers damage covers damage to your vehicle when it is in an to your vehicle when it is in an accident and pays for vehicle repairs, accident and pays for vehicle repairs, regardless of who was at fault. regardless of who was at fault.
Property Damage Coverage Property Damage Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Comprehensive insuranceComprehensive insurance applies to applies to damage to your vehicle from sources damage to your vehicle from sources other than collision, including fire, other than collision, including fire, theft, lightning, flood, hail, windstorm, theft, lightning, flood, hail, windstorm, riot, and vandalism.riot, and vandalism.
Property Damage Coverage Property Damage Coverage
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Under Under no-fault insuranceno-fault insurance, regardless , regardless of who caused the accident, all drivers of who caused the accident, all drivers involved collect money from their own involved collect money from their own insurance companies. insurance companies.
No-Fault Insurance No-Fault Insurance
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Because no-fault systems vary by Because no-fault systems vary by state, you should investigate the state, you should investigate the coverage provided by no-fault coverage provided by no-fault insurance in your state.insurance in your state.
No-Fault Insurance No-Fault Insurance
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Match the type of automobile insurance with its description.
Insurance Description
1. Bodily injury A. Pays for medical expenses resulting from bodily injuries to anyone occupying the policyholder’s car in an accident.
2. Medical Payment
B. Covers damage to your vehicle when it’s in an accident and pays for vehicle repairs.
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
continued
3. Collision C. Applies to damage to your vehicle from sources such as fire, theft, and hail.
4. Comprehensive D. Insurance that protects the insured against claims for injuries caused by negligence.
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
ANSWERANSWER
1.1. DD2.2. AA3.3. BB4.4. CC
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Reviewing What You Learned
1. Describe bodily injury liability insurance. What does it cover?
Section 16.2 Assessment
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Reviewing What You Learned
It protects the insured against claims or lawsuits for injuries or death caused by negligence.
Section 16.2 Assessment
Answer
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Reviewing What You Learned
2. What type of insurance protects parties who are injured by hit-and-run drivers?
Section 16.2 Assessment
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Reviewing What You Learned
Uninsured motorist insurance
Section 16.2 Assessment
Answer
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Section 16.2 Assessment
Critical Thinking ActivityFair Rates Teenage boys pay a much higher rate for automobile insurance than teenage girls do. Is this fair? Explain why or why not?
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Section 16.2 Assessment
Critical Thinking ActivityFair Rates Then take an informal survey of the students in your class who have had tickets or accidents. Are the boys or girls better drivers?
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Section 16.2 Assessment
Critical Thinking Activity AnswerFair Rates Answers will vary but should indicate the number of people actually surveyed.
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Section 16.2 Assessment
Legal Skills in ActionMotorcycle Helmet Laws Florida recently passed a law allowing people to ride motorcycles without wearing helmets. However, Florida law requires unprotected riders to carry medical insurance in case of injury.
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Section 16.2 Assessment
Legal Skills in ActionMotorcycle Helmet Laws With a partner, debate whether people should be allowed to ride motorcycles without helmets. Does the requirement for insurance make a difference?
Understanding Business and Personal Law
Motor Vehicle Insurance Motor Vehicle Insurance Section 16.2Section 16.2
Owning a Vehicle
Section 16.2 Assessment
Legal Skills in Action AnswerMotorcycle Helmet Laws Debates will vary but should recognize that motorcyclists need to be both personally and financially responsible for their choices.
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