Question

If you are involved in a collision and it involves damages in excess of $750 or any bodily injury, you are required to make a financial responsibility report to the DMV within ____days.

Answer 1

You are required to report to the DMV within a certain number of days if involved in a collision with damages over $750 or if there is any bodily injury. The specific time frame can vary, but a common period is within 10 days. Always check with the local DMV for exact regulations.

Step-by-step explanation:

If you are involved in a collision and it involves damages in excess of $750 or any bodily injury, you are required to make a financial responsibility report to the DMV within a specific number of days. Although this number can vary by jurisdiction, a common requirement is to report this to the DMV within 10 days of the incident. It is crucial to check with your local DMV for the specific rules that apply in your area.

Using the provided insurance example, when we group 100 drivers together, the collective risk and cost are shared. For instance, small dings and chips might cost $100 each for 60 drivers, while 30 drivers might incur $1,000 in damages, and 10 drivers could face $15,000 in damages due to large accidents. Without the ability to predict which drivers fall into which risk category, the insurance company charges a premium, such as $1,860 per driver, to collectively cover the $186,000 needed for all potential accidents.