What would you like to do?
If you have an accident before the deductible is lowered but the claim is not filed until after which deductible applies?
The deductible at the time of the accident not the time of claim.
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No. The other person's insurance should pay everything, including your rental car use during the time that your car is being repaired. UNLESS the person that hit you is claimi…ng innocence and there were no witnesses. Then you may have to pay the deductible if your insurance company can not get them to pay.
Answer It is not worth it. Once you file a claim, your insurance premiums will increase for a couple of years. You should talk to your agent to see how long prem…iums will increase for and how much your increase will be. I would not file an insurance claim to get back $300. If it was over $1000, it might be worth it.
Can you get a tax exemption for money paid for a deductible on an accident claim if the accident is not your fault?
Answer Prefaced by the standard - generally, under most circumstances, etc - and what your looking for is a deduction (of the expense), not an …exemption (which would be advantageous if it was income). Yes, as it would be a casualty loss deduction. However, as the casualty deduction has some restrictions to meet before it can be claimed, which is likely not to be met by the generally modest amount of a deductible, unless you have losses on top of the deductible, it is likely not really available.
If you file a claim to fix 2 different dents that happened in 2 different accidents will you have to pay the deductible once?
Fixin' Dents No, the deductible is per occurence. Think twice about dents however. If a dent costs $600 to fix and you got a $500 dedictible, do yourself a favo…r and pay the extra 100 and save yourself a claim and possible insurance increase.
Where do you file a claim to sue for deductible from a car accident involving a car with no insurance with no insurance?
If I understand your question you are trying to recover a deductible you incurred due to the fault of the other driver who was uninsured? If this is the case it may depend on …the state in which you live and what coverage you may or may not carry. If you are from CA, we have what is called UMCDW or uninsured motorist collision deductible waiver, which if you were carrying this type coverage as part of your auto policy, it would pay your deductible if your vehicle were hit by an at fault, identifiable uninsured driver. If you do not have similar coverage on your policy or in your state, you may simply have to file a claim in small claims court to recover your deductible and good luck. In many cases if you are dealing with an uninsured driver, even if you win judgement you still have to be able to collect it...sometimes the hardest part! In the future you may want to consider a product called CDRP which is a Collision Deductible Reserve Plan to insure your deductible is always available for you when you need to use it. It is a very wise financial move that can not only save you hundreds if not thousands on your car insurance premiums but would give you peace of mind knowing your deductible is always there when you need it! You can learn more about this incredible product at TheFiveMinuteMove.com .
Yes, by filing a Form 1040X...an amended return. A really pretty easy form to complete.
The deductible applies to every individual claim.
Perhaps you did not phrase the question the way you meant to? If you received a settlement, I am baffled as to why you would think that money you received is tax-deductible.… If you still have some expenses that were not covered by the settlement, you may be able to claim a casualty loss deduction or a medical expense deduction. If you paid out a settlement, it would only be deductible if it were a business expense.
A deduction is made "pre-tax" if it avoids at least one form of taxation. Although contributions to "traditional" versions of 401(k) and 403(b) retirement plans, as well a…s 457 plans, are "pre-tax" deductions for purposes of Federal income tax, they ARE subject to FICA withholding. In contrast, Section 125 ("Cafeteria Plan") healthcare premiums are deducted before FICA liability is calculated.
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
In order to know the answer to this, you would need to contact a custumer service representative at your insurance company.
Your deductible may go up. Most likely though, it will be your premiums that skyrocket. After some time with no claims, costs will lessen.
A deductible, or insurance deductible, is an amount of money the first of which the insurance company will not pay towards the cost of the loss suffered. For example, a $500 d…eductible means that the insurance company will not pay the first $500 of a loss. Deductibles are made for the purposes of keeping the costs of insurance down by making the insured pay a certain amount of money and not make a claim towards minor losses. If the accident is the other person's fault, either their insurance company will pay that deductible or you can sue them in court.
Yup . . . and don't forget to file your state return too for sale's tax credits, grocery credits, etc. Adds up to hundreds even if you have a small family!
Both. A taxpayer (the person who can claim the dependent) claims exemptions for themselves and their dependents. Each exemption qualifies them for a deduction. The amount chan…ges each year ($3,700 per exemption for 2011) and a person will multiply the number of exemptions on Form 1040 line 6 by the amount for their total deduction on Form 1040 line 42. The deduction for exemptions reduces their taxable income.
Can you wait until after you get insured before filing a claim from an accident that took place before you had car insurance?
No, car insurance is a legally binding contract that starts on a specific date and time that is usually listed on the declarations page. The insurance company will not hon…or a claim that took place prior to the policy incepting.
If the occurrence is not a traffic accident then it will most likely be a comprehensive claim and therefore if you have comprehensive coverage then you will pay your comprehen…sive deductible. The comp deductible is usually the lower of the two deductibles.