Mark owns a $100,000 car, and has a personal auto insurance policy that includes liability...
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Mark owns a $100,000 car, and has a personal auto insurance policy that includes liability coverage of $50,000 and an underinsured motorists coverage with a limit of $100,000. While driving, Peter accidently drove into Marks car, causing significant damage to both cars. The cost of repairing Marks car is $75,000 and the cost of repairing Peters car is $10,000. Peter has a personal auto insurance that only provides liability and medical coverage. Peters insurance policy has a liability coverage limit of $50,000 for property damages.
1- How much will Peters insurer pay toward the damages to Marks car? Explain your answer.
2- How much will Marks insurer pay toward the damages to Marks car? Explain your answer.
3- How much will Marks insurer pay toward the damages to Peters car? Explain your answer.
4- How much will Peters insurer pay toward the damages to Peters car? Explain your answer.
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