Decision of Uncertainty
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Decision of Uncertainty
Decision of Uncertainty
University of Phoenix
Decision
I recently moved back to the United States (US) from Germany and I had to decide if I should continue to purchase full coverage auto insurance consisting of collision and comprehensive or only liability auto insurance. Due to a considerable decrease in pay returning back to the US, this could be a significant financial decision for my budget. Through my research, I realized the state of Georgia has a mandatory minimum amount of insurance one must purchase. The website Georgia Car Insurance Center states this includes $25,000 per person for bodily injury, $50,000 per accident for bodily injury to two or more people, and $25,000 per accident for property damage. I could purchase minimum liability coverage for $243.20 for the entire year, or I could purchase full coverage for $523.80 per year with deductibles for property damage, comprehensive, collision, rental reimbursement, and emergency road side service. I could save $280.60 per year by purchasing liability only.
Research
The website for the Georgia Department of Transportation (GDOT) (2006), there were over six million automobile accidents in Georgia from 2000 to 2006. According to GDOT an average of 873,000 people are involved in a motor vehicle crash each year out of a population of an estimated nine million. The Georgia Department of Revenue estimates around 12 percent of motorists are uninsured in the state. Full coverage can be purchased for only $280.60 more per year, should I purchase full coverage auto insurance?
To make an informed decision, I researched the cost of automobile insurance and the likelihood of getting into an accident. My research data was from Georgia Department of Transportation and consisted of automobile statistics spanning seven years. Although I plan to travel a bit during the year, my primary use for the automobile is in Hinesville, Georgia which is Liberty County.
Interpretation
Once...
Decision of Uncertainty
University of Phoenix
Decision
I recently moved back to the United States (US) from Germany and I had to decide if I should continue to purchase full coverage auto insurance consisting of collision and comprehensive or only liability auto insurance. Due to a considerable decrease in pay returning back to the US, this could be a significant financial decision for my budget. Through my research, I realized the state of Georgia has a mandatory minimum amount of insurance one must purchase. The website Georgia Car Insurance Center states this includes $25,000 per person for bodily injury, $50,000 per accident for bodily injury to two or more people, and $25,000 per accident for property damage. I could purchase minimum liability coverage for $243.20 for the entire year, or I could purchase full coverage for $523.80 per year with deductibles for property damage, comprehensive, collision, rental reimbursement, and emergency road side service. I could save $280.60 per year by purchasing liability only.
Research
The website for the Georgia Department of Transportation (GDOT) (2006), there were over six million automobile accidents in Georgia from 2000 to 2006. According to GDOT an average of 873,000 people are involved in a motor vehicle crash each year out of a population of an estimated nine million. The Georgia Department of Revenue estimates around 12 percent of motorists are uninsured in the state. Full coverage can be purchased for only $280.60 more per year, should I purchase full coverage auto insurance?
To make an informed decision, I researched the cost of automobile insurance and the likelihood of getting into an accident. My research data was from Georgia Department of Transportation and consisted of automobile statistics spanning seven years. Although I plan to travel a bit during the year, my primary use for the automobile is in Hinesville, Georgia which is Liberty County.
Interpretation
Once...