Final answer:
The law may require that the police be notified when damage from a collision exceeds a certain monetary threshold, which can vary. Common thresholds may be $1,000, $1,500, $2,000, or $5,000, depending on the jurisdiction.
Step-by-step explanation:
By law, when a collision involves injuries or damage to vehicles or property, it is often required to inform the police. The specific monetary threshold which necessitates police notification can vary by jurisdiction. However, if we take into consideration general practices and information, it's common for the law to require a report when the damage exceeds a certain amount, such as $1,000, $1,500, $2,000, or $5,000. Without the specific jurisdiction, it's not possible to give a definitive answer, but each option represents a possible reporting threshold. Looking at an example involving automobile insurance, let's say there are 100 drivers with varying accident costs. If 60 of them have minor damage costing $100 each, 30 have medium-sized accidents costing $1,000 each, and 10 have large accidents costing $15,000 each, the total damage would amount to $186,000. In this scenario, if each driver pays a $1,860 premium, the insurance company would collect exactly what is needed to cover all the damages from the accidents through the premiums paid by these drivers.