DUE 04/07/2022

Part A (10 points): Make sure to include the information requested Using the table below, show the amount of the quote you received from Progressive and its breakdown by coverage? [Note: you should show the 6-month amount, i.e. "paid in full, NOT the amount you would pay each month] The Progressive website sometimes allows you to obtain comparative rates from certain other companies. If you were able to obtain comparative rates from other companies, how did their rates vary from Progressive. Alternativel" you may obtain a comparative quote from GEICO at or other insurance company such as State Farm, Hanover. Coverage Limits/Deductibles* 6-Month Premium Bodily Injury & Property $25,000 per person Damage Liability $50,000 per accident $25,000 property damage Uninsured Motorists Bodily 25,000 per person Injury $50,000 per accident Uninsured Motorists Property 525,000 Damage Medical Payments No coverage Comprehensive $1,0000 deductible Collision $1,000 deductible Rental Car Reimbursement $30 per day Roadside Assistance No Coverage Total *If you choose difference coverages and policy limits than what are shown in the second column then change what is shown in this column according to the coverages and policy limits you chose. Part C (10 points): Make sure to address/answer each question After you have received a quote based on your initial coverage selection, lower your deductibles from $1,000 to $500 and obtain a revised quote from Progressive. How did the quote change and why? What is the premium "cost" of purchasing lower versus higher deductibles? Part D (15 points): Make sure you answer each question Starting from the initial coverage package and quote, raise your liability limits. How does firms' quote change and why? What is the premium "cost" of higher versus lower liability limits? How does the cost of lower deductibles compare with the cost of increased limits and what does this imply about optimizing your expenditures on auto insurance? 4