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Answer :
Skipping car insurance would expose Pete to full repair and injury expenses in an accident, would be illegal, and forfeits the benefit of risk distribution among policyholders. Therefore, the correct option is d. All choices are correct.
The decision for Pete to skip car insurance for the first year is a bad decision for multiple reasons. First, in the event of a car accident, Pete could be responsible for paying the total costs for any car crash repair costs and injury expenses incurred by himself or others involved in the crash. Second, driving without insurance is typically against the law, meaning that Pete would be driving illegally. Furthermore, insurance is designed to spread the financial risk of potential accidents across a large group of people, so that in the event of an accident, the financial burden does not fall solely on the individual at fault.
For example, if 100 drivers each paid a $1,860 premium, the insurance company would collect the necessary $186,000 to cover accidents within the group. This illustrates how insurance helps manage potential financial losses by distributing the costs among policyholders.
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