Final answer:
Theo Norton's annual premium is $345,100, which includes coverage for property damage and bodily injury, as well as deductibles for comprehensive and collision coverage.
Step-by-step explanation:
The annual premium for Theo Norton's insurance can be calculated by adding up the costs for each component of the insurance policy. First, let's calculate the cost of the property damage insurance by multiplying the value of the property damage coverage ($50,000) by the driver factor (2.30). The cost of property damage insurance is $115,000. Next, we can calculate the cost of bodily injury insurance by multiplying the value of the bodily injury coverage ($100,000) by the driver factor (2.30).
The cost of bodily injury insurance is $230,000. Finally, we add the costs of property damage and bodily injury insurance together, and then add the deductibles for comprehensive and collision coverage. In this case, the deductibles are $50 each. So, the total annual premium for Theo Norton is $345,100 ($115,000 + $230,000 + $50 + $50).