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Part I: Please respond (at least 100 words) to the following scenario. Consumers commonly focus on the price when buying auto insurance.They feel less pain from buying auto insurance by paying as...

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Part I: Please respond (at least 100 words) to the following scenario.Consumers commonly focus on the price when buying auto insurance.They feel less pain from buying auto insurance by paying as little as possible.Can this strategy backfire?How?Would lower premium costs cause you to change insurance companies?What is the risk with this strategy?More than your opinion.What does the text or other sources recommend?
Answered Same Day Aug 03, 2021

Solution

Tanmoy answered on Aug 03 2021
152 Votes
Low premium car insurances can backfire
People buy expensive cars but when it comes to car insurance they opt to choose insurance with a low premium. This is because car insurance works with the concept of either using the insurance or losing it. Low premium insurance will save your pocket for a certain timeframe but if any mishap, accidents or damages happens and you want to claim your car insurance, problems might occur with the amount you receive which will be...
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