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Part 2: Insurance
Use the internet (www.ibc.ca is a great resource) to find the answers to the following questions:
1. What is a deductible?
Select an insurance company of your choice. You may wish to speak to your guardians about
whether or not you are already insured with a company for other things or what company they
have selected and why. You can google and also find many local insurance brokers. A few
examples of local insurance companies are:
State Farm Insurance
McCam Insurance
PC Insurance
All State Insurance
Insurance Company Chosen: _____________________________________________
Use the insurance company website to answer the questions below. Use the information based on
the vehicle you selected and use your own personal information as much as possible for accurate
information. If you dont feel comfortable sharing this information, try to use alternative
information but make sure it is included in this case study for reference.
Note: If you do not have a license, pretend that you do. You may pick whatever coverage you
like and you are the ONLY driver on the vehicle.
1. What are some of the major factors the insurance company considers when giving an
insurance quote?
3. Based on the factors considered, describe a scenario of when you might have a very high
insurance quote?
2. What size of tank does the car you have chosen have? (You may have to look it up)
3. How much would it cost to fill this tank, based on todays price?
4. Look up the fuel consumption of your car. It will be given as litres per 100km. There
should be a value for city and highway driving. What are the values?
6. Choose a destination anywhere in Canada or the United States that you have always
wanted to visit. Use www.google.ca/maps or www.mapquest.ca to determine the distance
in km to get there. Include a map picture of your road trip.
7. If the whole way was highway driving, how many litres of gas would you need to get
there?
2. Use the internet to look up the price for a based oil change. Be sure to include taxes! You
can choose any place that does them. How much will it cost you?
3. If you drive an average of 25000km per year, how much will you spend on oil changes?
Part 5: Financing
1. Suppose you have $5000 to use as a down payment on the car you are financing. Subtract
that from the price of your vehicle. This is the amount you will need to finance, what is
the amount?
2. Assume your bank is giving you a rate of 2.3% compounded monthly, and paid over a 5
year term. Use the TVM solver online (http://goo.gl/qHxc1k) to determine what your
monthly payments will be. Remember that your PV is $0 and PMT is the value you are
trying to find. Enter the values you used and found below:
3. At the end of the 5 year term, how much will you have paid in total? (Dont forget to
include the $5000 down payment at the start)
2. Based on what you found in question 1, when is the best time to purchase a use vehicle to
get the best value and why?
3. One of the major disadvantages to buying a used car is that you may not know what you
are getting. If you were to buy a used car, what are at least 5 important questions you
might want to ask the previous owner?