Current Financial Situation

• Assets(Jamie Lee and Ross combined):Checking account, $4,300
• Savings account, $22,200
• Emergency fund savings account, $20,500
• IRA balance, $26,000
• Cars, $10,000 (Jamie Lee) and $18,000 (Ross)

• Liabilities(Jamie Lee and Ross combined):Student loan balance, $0
• Credit card balance, $2,000
• Car loans, $6,000

• Income:Jamie Lee, $50,000 gross income ($37,500 net income after taxes)
• Ross, $75,000 gross income ($64,000 net income after taxes)

• Monthly Expenses(Jamie Lee and Ross combined):Mortgage, $1,252
• Property taxes and insurance, $500
• Utilities, $195
• Food, $400
• Gas/Maintenance, $275
• Credit card payment, $250
• Car loan payment, $289
• Entertainment, $300

1. Considering the value of Jamie Lee and Ross's automobiles, what type of automobile insurance coverage would you suggest for them?