Below is the information from a brochure for Fret-No-More Auto Insurance outlining the insurance coverage options they offer. To be considered "full" coverage, an insurance plan must include one level of coverage from each category. What is the annual premium for the full-coverage insurance plan with the highest coverage limits and the lowest deductibles available from Fret-No-More?

| Type of Insurance Coverage | Coverage Limits | Annual Premiums |
|----------------------------|-----------------------|-----------------|
| Bodily Injury | [tex]$100 / 300,000 | $[/tex]42.10 |
| Property Damage | [tex]$100,000 | $[/tex]193.78 |
| Collision | [tex]$100 deductible | $[/tex]490.25 |

Calculate the total annual premium.

Question

trangym06 trangym06

17-06-2024
Mathematics

Answered

Below is the information from a brochure for Fret-No-More Auto Insurance outlining the insurance coverage options they offer. To be considered "full" coverage, an insurance plan must include one level of coverage from each category. What is the annual premium for the full-coverage insurance plan with the highest coverage limits and the lowest deductibles available from Fret-No-More?

| Type of Insurance Coverage | Coverage Limits | Annual Premiums |
|----------------------------|-----------------------|-----------------|
| Bodily Injury | [tex]$100 / 300,000 | $[/tex]42.10 |
| Property Damage | [tex]$100,000 | $[/tex]193.78 |
| Collision | [tex]$100 deductible | $[/tex]490.25 |

Calculate the total annual premium.

Answer :

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To determine the annual premium for the full-coverage insurance plan with the highest coverage limits and the lowest deductibles available from Fret-No-More, we'll look at each category of coverage and select the options that meet these criteria.

1. Bodily Injury Coverage:
- [tex]$\$[/tex] 25 / 50,000[tex]$ with an annual premium of $[/tex]\[tex]$ 21.35$[/tex]
- [tex]$\$[/tex] 50 / 100,000[tex]$ with an annual premium of $[/tex]\[tex]$ 32.78$[/tex]
- [tex]$\$[/tex] 100 / 300,000[tex]$ with an annual premium of $[/tex]\[tex]$ 42.10$[/tex]

The highest coverage limit for bodily injury is [tex]$\$[/tex] 100 / 300,000[tex]$ with an annual premium of $[/tex]\[tex]$ 42.10$[/tex].

2. Property Damage Coverage:
- [tex]$\$[/tex] 25,000[tex]$ with an annual premium of $[/tex]\[tex]$ 115.50$[/tex]
- [tex]$\$[/tex] 50,000[tex]$ with an annual premium of $[/tex]\[tex]$ 142.44$[/tex]
- [tex]$\$[/tex] 100,000[tex]$ with an annual premium of $[/tex]\[tex]$ 193.78$[/tex]

The highest coverage limit for property damage is [tex]$\$[/tex] 100,000[tex]$ with an annual premium of $[/tex]\[tex]$ 193.78$[/tex].

3. Collision Coverage:
- [tex]$\$[/tex] 100[tex]$ deductible with an annual premium of $[/tex]\[tex]$ 490.25$[/tex]
- [tex]$\$[/tex] 250[tex]$ deductible with an annual premium of $[/tex]\[tex]$ 343.33$[/tex]

The lowest deductible for collision coverage is [tex]$\$[/tex] 100 with an annual premium of [tex]$\$[/tex] 490.25[tex]$. To find the total annual premium for the full-coverage insurance plan with the highest coverage limits and the lowest deductibles, we add up the premiums from each category: - Bodily Injury Coverage: $[/tex]\[tex]$ 42.10$[/tex]
- Property Damage Coverage: [tex]$\$[/tex] 193.78[tex]$ - Collision Coverage: $[/tex]\[tex]$ 490.25$[/tex]

Now, summing these up:

[tex]\[ \$ 42.10 + \$ 193.78 + \$ 490.25 = \$ 726.13 \][/tex]

Therefore, the annual premium for the full-coverage insurance plan with the highest coverage limits and the lowest deductibles available from Fret-No-More Auto Insurance is [tex]$\$[/tex]726.13$.