Michael Scarn purchased a Personal Auto Policy (PAP) that included collision coverage. Michael lost control of his vehicle while driving home from a disappointing visit to a local beet farm. Excess beet juice on his tires caused him to skid across the median and into oncoming traffic. Another vehicle hit his car, causing severe damage to it. Ignoring any deductible, which of the following is TRUE about the insurer's financial obligation for damage to Michael's car? 1. It will pay an amount equal to the greater of ACV or what is necessary to repair or replace Michael's car II. The amount paid depends on whether he is determined to be at fault I only Il only 1 & 10 a neither I nor 11