Asked by Chelsy Martin on Apr 26, 2024
Verified
Driver Buckley lives in a state having no-fault auto insurance. Goodroads Insurance Company insures Buckley for no-fault insurance only. Buckley's car is struck by a truck while waiting at a stop light. Medical expenses for Buckley and passenger are $547. Repairs to Buckley's car cost $320. Six months later, a car backs out of an alley and hits Buckley's car, causing medical expenses of $950 for Buckley and passenger and $1,249 for repairs to Buckley's car. Compute the amount Goodroads Insurance Company pays for Buckley's involvement in accidents this year.
No-fault Insurance
A type of auto insurance policy where insureds are indemnified for losses by their own insurance company, regardless of fault in the incident.
Medical Expenses
Medical expenses refer to the costs incurred for healthcare services, including doctor visits, hospital stays, medications, and procedures, which can be covered by insurance or out-of-pocket payments.
- Understand the concept of no-fault auto insurance and its impact on claims and payouts.
- Calculate the monetary outcome of insurance claims considering deductibles, premiums, and coverage limits.
Verified Answer
Learning Objectives
- Understand the concept of no-fault auto insurance and its impact on claims and payouts.
- Calculate the monetary outcome of insurance claims considering deductibles, premiums, and coverage limits.
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