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UIUC FIN 230 - State Farm Car Policy

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Today’s Lecture - State Farm Car PolicyComprehensiveComprehensive - ExampleSlide 4Comprehensive - Transportation CostsComprehensive - Transportation Costs - ExampleSlide 7CollisionDefinitionCollision - ExampleSlide 11Clothes and Luggage - Comprehensive and CollisionClothes and Luggage - ComprehensiveClothes and Luggage - ExampleSlide 15Limits of Liability - Comprehensive and CollisionEmergency Road ServiceEmergency Road Service - ExampleSlide 19Today’s Lecture -State Farm Car PolicyComprehensiveCollisionEmergency Road ServiceComprehensivePays for loss to your car except by collisionIncludes breakage of glass and loss caused by:•Missiles•Falling objects•Fire•Theft or larceny•Explosion •Earthquake•Windstorm•Hail•Water•Flood•Malicious mischief or vandalism•Riot or civil commotion•Hitting or being hit by bird or animalComprehensive - ExampleSomeone scratches the paint on your car with a tool. It costs $2500 to sand and paint your car to repair the damage.Comprehensive - ExampleA 0B 2400C 2500D None of the aboveComprehensive -Transportation CostsProvides up to $25 per day in transportation costs if your car is stolen starting when you report the loss and ending when they offer to pay the lossComprehensive -Transportation Costs - ExampleYour car is stolen. You immediately report the loss and rent a replacement for $20 per day. Six days later State Farm settles your claim.Comprehensive -Transportation Costs - ExampleA 0B 20C 120D 150E None of the aboveCollisionPays for loss to your car caused by collision but only for the amount of each such loss in excess of the deductible.DefinitionCollision - means your car upset or hit or was hit by a vehicle or other object.Collision - ExampleYour car is parked at Marketplace Mall while you are shopping. When you return to your car, the rear fender is smashed. You can’t find out who ran into your car. It costs $700 to repair the damage.Collision - ExampleA 0B 600C 700D None of the aboveClothes and Luggage - Comprehensive and CollisionPays up to $200 in excess of the deductible for loss to your clothes and luggage if they were in the car at the time of the loss.Clothes and Luggage - ComprehensiveLoss must be caused by:•Fire•Lightning•Flood•Falling objects•Explosion•Earthquake•Theft of the entire carClothes and Luggage - ExampleYou decide to drive to Indianapolis for the weekend. While your car is parked at the Speedway, someone breaks into your car and steals your luggage, which contained your clothes. The luggage was worth $100 and the clothes were worth $200.Clothes and Luggage - ExampleA 0B 100C 200D 300E None of the aboveLimits of Liability - Comprehensive and CollisionThe limit of liability is the lower of:•actual cash value•the cost of repair or replacementEmergency Road ServicePays the cost you incur for:•up to 1 hour of labor costs at site of breakdown•towing to nearest repair location•towing out if stuck on or next to public highway•delivery of gas, oil, loaned battery or change of tire - does not pay for the cost of these itemsEmergency Road Service - ExampleWhile driving you get a flat tire. When you discover you don’t have a spare, you call a service station for help. They bring you a new tire and put it on your car. They charge $100 for the new tire and $25 for changing your tire.Emergency Road Service - ExampleA 0B 25C 100D 125E None of the


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UIUC FIN 230 - State Farm Car Policy

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