Final answer:
The written report (SR1) for property damage of $1000 or more should be submitted to the DMV. This procedure ensures accountability and helps in the overarching regulation of driving standards. It also ties into how automobile insurance risk assessment and premium collection work.
Step-by-step explanation:
If you are involved in a traffic collision with property damage of $1000 or more, you must complete and submit a written report (SR1) to the DMV (Department of Motor Vehicles). This is mandated to ensure that all significant accidents are properly reported and the individuals involved are held accountable, if necessary. The DMV collects and analyzes these reports to maintain records and possibly adjust driving laws and regulations.
Understanding how automobile insurance operates is critical in this context, and involves assessing risks and premiums. For instance, in a simplified scenario where a group of 100 drivers each pays a premium of $1,860 annually, the insurance provider can amass $186,000. This pot of money is then used to cover the different levels of damages sustained by drivers ranging from minor dings to significant accidents within that year.