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Answer :
Zeke needs auto insurance with collision and uninsured motorist coverage, personal injury protection or med-pay, and disability insurance to cover vehicle damages, medical costs, and loss of income from being unable to work.
Zeke would need several types of insurance to adequately cover the various damages and losses he has incurred. Firstly, auto insurance with collision coverage would address the $3,400 in vehicle damages due to being rear-ended.
As the other party is an uninsured motorist, Zeke might also benefit from having uninsured motorist coverage. Secondly, for the medical costs from the ER visit amounting to $2,750, personal injury protection (PIP) or med-pay (Medical Payments) on his auto insurance would be useful.
Lastly, to cover for the loss of income for the next 6 months as he can't work due to injuries, disability insurance would provide financial support during the time Zeke is unable to earn an income.
An example of automobile insurance for a group of 100 drivers: If each driver pays a $1,860 premium annually, the total collected by the insurance company would be $186,000. This amount would cover the costs of different categories of accidents within that group.
The cost of minor incidents like door dings could be $100 each, medium-sized accidents may average $1,000, while severe accidents could cost $15,000 in damages. The pooled premiums help spread the risk and ensure funds are available for those who need them due to car accidents.
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