Argh… they got me. I usually filter out PR emails, but I went ahead and took the Insurance Intelligence Quiz by the National Association of Insurance Commissioners (NAIC). According to them, a recent survey found Americans only answered an average of 4 out of 10 questions correctly. The quiz turned out to be reasonably quick and the questions weren’t horrible, so I figured I’d share it for the semi-competitive folks out there that want to test their insurance knowledge.
Quiz Spoilers below…
I ended up getting 8 out of 10 correct. I did not know that auto insurance was not required in all 50 states. Well, technically not required in New Hampshire and Wisconsin. I found this information from Carinsurance.com:
New Hampshire state law does not require minimum auto insurance coverage. However, if you are at-fault in an accident without having insurance coverage you will be required to get car insurance. In this state it is advised that if you own a vehicle you get at least some type of bodily injury coverage, in addition to $25,000 worth of property damage.
Many people believe that Wisconsin does not require insurance, which is true however you must have other means to pay for damages you cause if you are at fault in an accident.
Wisconsin has a financial responsibility law that pertains to any motorist licensed to drive in Wisconsin. This law is designed to make sure anyone operating a vehicle has insurance or enough money to pay for damages to others that may have been caused by a motor vehicle. These requirements may be met through an automobile liability insurance policy, a surety bond, personal funds or a certificate of self-insurance.
I also missed the 100/300/100 question, which is bodily(per person)/bodily(total cap)/property damage. This is a quick way to check up on how much your insurance covers in the even of an accident. I used to think my insurance was pretty cheap, only to find out it was because my coverage limits were near the state minimum.