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For example, if your comprehensive coverage deductible is $1,000 and a hail storm causes $3,000 in damage to your car, an insurance provider would only cover $2,000 of the damage.
Car insurance can only be claimed as a tax deduction in specific circumstances. It can’t be deducted for personal vehicles, but if your vehicle is used for business, you might be able to include ...
For example: If you must file a claim, and your deductible is $500 — and the body shop’s bill is $3,000 — your insurance company will only pay $2,500. You’re responsible for the remaining ...
To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
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Auto insurance deductibles. Car insurance deductibles typically come into play if you have comprehensive and collision coverage. These coverage types usually make up a full coverage car insurance ...
Here are some unexpected things covered by insurance. Some out-of-the-norm mishaps can happen to a vehicle when it isn't on the road that many drivers don't consider — until it happens to them.