Jake will need to pay $1000, the property damage insurance will cover $4,400 and the collision insurance will cover $1980.
A property damage insurance is a type of insurance that covers the damage you cause to someone else property. In a car accident, this covers the damages done to other cars or properties but not to your car.
Collision insurance covers the damages to your car when there is a collision. Moreover, the insurance is deductible if you need to pay a specific amount before you are covered by the insurance. For example, Jake's insurance will only cover him if the damages are worth more than $1000.
The property damage insurance is likely to cover $4.400 in damages that include the damage to the sign and another car ($2000 + $2400 = $4400).
Jake has a total of $2980 accounting for the damages in his car and the insurance will only cover the damages after $1000. This means they will cover $1980 ($2980 - $1000 = $1980).
Jake will need to pay $1000 because of the $100 deductible collision insurance.
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