That the car owner would save money in the long run by buying the insurance or by taking the chance. If according to the records 8% of the drivers face one accident due to their fault and the average cost of repair is $5000 for these type of accidents and the cost of the $500-deductible collision policy is $350 per year.

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Chapter 8.3, Problem 43E

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That the car owner would save money in the long run by buying the insurance or by taking the chance. If according to the records 8% of the drivers face one accident due to their fault and the average cost of repair is $5000 for these type of accidents and the cost of the $500-deductible collision policy is $350 per year.

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