Boyd's car, which originally cost $20,000, has a market value of $12,000 . She has collision insurance on the car with a $250 . deductible. One night she skidded on some ice, slammed into a building, and completely destroyed her car. How much can she collect from the insurance company?
$11,750 . Automobile insurance has open coverage. When a loss occurs, the insurance company is liable for the fair market value of the vehicle minus the deductible.
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