Do You Understand Your Insurance?


Did you know?

If you have caused an accident, which type of automobile insurance would cover damage to your own car?

a)      Comprehensive

b)      Liability

c)       Term

d)      Collision

This question was asked to 25,000 people in 2013 for a survey done by Financial Industry Regulatory Authority’s Investor Education Foundation. Less than half of the people surveyed got the answer right.

Keep in mind: the majority of Americans own or drive cars and auto insurance is required by law.

It is important that you understand your coverage and how it will impact you when the time comes that you need it. How did you fare with this question? The right answer is D.

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