Using the table below, show the amount of the quote you received from Progressive and its breakdown by coverage? [Note: you should show the 6-month amount, i.e. paid in full, NOT the amount you would pay each month] The Progressive website sometimes allows you to obtain comparative rates from certain other companies. If you were able to obtain comparative rates from other companies, how did their rates vary from Progressive. Alternatively, you may obtain a comparative quote from GEICO at https://www.geico.com/. Or other insurance company such as State Farm, Hanover.

Coverage	Limits/Deductibles*	6-Month Premium
Bodily Injury & Property Damage Liability	$25,000 per person $50,000 per accident $25,000 property damage
Uninsured Motorists Bodily Injury	25,000 per person $50,000 per accident
Uninsured Motorists Property Damage	$25,000
Medical Payments	No coverage
Comprehensive	$1,0000 deductible
Collision	$1,000 deductible
Rental Car Reimbursement	$30 per day
Roadside Assistance	No Coverage
Total

*If you choose difference coverages and policy limits than what are shown in the second column then change what is shown in this column according to the coverages and policy limits you chose.

1. After you have received a quote based on your initial coverage selection, lower your deductibles from $1,000 to $500 and obtain a revised quote from Progressive. How did the quote change and why? What is the premium cost of purchasing lower versus higher deductibles?

2. Starting from the initial coverage package and quote, raise your liability limits. How does firms quote change and why? What is the premium cost of higher versus lower liability limits? How does the cost of lower deductibles compare with the cost of increased limits and what does this imply about optimizing your expenditures on auto insurance?