Automobile Insurance Project
Part I – Purchasing a Car
Answer the following questions based on the Purchase of a New Car:
What type of car do you want to buy?
What is the base price?
What options are you adding?
How much does each option cost?
What is the destination charge?
What is the sticker price?
What is the total purchase price of the car excluding sales tax and DMV fees?
Answer the following questions based on the Purchase of a car older than 2009:
What type of car do you want to buy?
What is the base price?
What options are you adding? If Applicable
How much does each option cost? If Applicable
What is the destination charge? If Applicable
What is the sticker price?
What is the total purchase price of the car excluding sales tax and DMV fees?
1) Find a purchase price from any site other then KellyBlueBook
2) Go to www.kbb.com; compare the retail price as per Kelly Blue Book and determine how much you should offer to pay for the car?
Part II – Financing the Car – Choose to use New or Used Car from above
Answer the following questions:
If you financed 75% of the cost of the car, how much is your downpayment?
How much is left to finance?
Using the Internet, find a car loan.
What is the interest rate?
If you were to pay this loan off over 5 years, what would be your monthly payment? How much would you pay in interest over the course of the loan?
Part III - Insurance
Using www.insweb.com or any website of your choice - determine the insurance for your vehicles.
For the basic information, you will be a 21 year old with a license for 2 years, no accidents or claims.
Decide the level of coverage to obtain a price quote.
Why did you make the selection that you did?
How much will the premium be?
Part IV – Conclusion
Print out ALL corresponding materials after you generate an insurance quote.
Write a check for the first month premium to the Insurance Co. you have chosen. – Blank Check file is on Assignment Drive
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