Question

Vladimir had a car accident that left him with minor injuries. The car damage was estimated at $3,000 while his medical bill was $800. If his car coverage policy has a $300 deductible and his health insurance has $150 deductible. How much in total will the insurance company cover?

Now if the car damage was estimated at $2300 while his medical bill was $800 and his car coverage policy has a $400 deductible and his health insurance has $200 deductible, how much in total will the insurance company cover then?

Now if Vladmir has $5,000 damage to his car and he was also treated for minor injuries, costing $2,300 . And His car insurance has a $400 deductible, after which the full loss is paid and  health insurance has a $200 deductible and covers 70% of medical costs (total), then what was his out-of-pocket costs from the incident?

Answer 1

SOLUTION

CASE 1

TOTAL INSURANCE COVER

CAR DAMAGE COVERAGE =$3000-$300=$2700

HEALTH INSURANCE =$$800-$150=$650

TOTAL INSURANCE COVER =$2700+$650=$3350

CASE 2

TOTAL INSURANCE COVER

COVERAGE FOR CAR DAMAGE =$2300-$400=$1900

COVERAGE FOR HEALTH INSURANCE =$800-$200=$600

TOTAL INSURANCE COVER =1900+$600= $2500

CASE 3

COVERAGE FOR CAR =$5000-$400=$4600

COVERAGE FOR MEDICAL = $2300*70% =$1610=$200=$1410

PAY OUT OF POCKET

FOR CAR =$400

FOR MEDICAL =$2300*30%= $690+$200=$890

TOTAL OUT OF POCKET EXPENSES = 400+890=$1290

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