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I am a resident of New York State and was involved in a personal injury accident. The settlement that I received is considered wages. You will have to check with your state and local tax laws. I am sure that a phone call to Jackson & Hewwitt or H & R Block in your state will work as well.

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โˆ™ 2005-11-14 13:03:03
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Q: Do you have to pay taxes on car accident settlement from the at fault insurance company?
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You were recently in a car accident their insurance company went with a 5050 split you got your insurance company involved and they found the other party 100 at fault what is the next step?

Let your insurance company know everything that you know about the accident and about what the other person's insurance company has proposed, and then let your insurance company handle the rest. If the other person was 100% at fault for the accident, your insurance company has a very powerful incentive to reject the counter-party settlement offer of a 50/50 split. Let your insurance company know everything that you know about the accident and about what the other person's insurance company has proposed, and then let your insurance company handle the rest. If the other person was 100% at fault for the accident, your insurance company has a very powerful incentive to reject the counter-party settlement offer of a 50/50 split.


Do you have to report your insurance company if you had accident and you are not at fault?

No.


What happens if an accident is your fault and you have have insurance?

When this happens, your Insurance company pays for damages. If the accident is your fault, your insurance rates can go up.


Can you sue your friend's insurance company if you were in an accident but they were not at fault?

You can.


Can you still collect on your own insurance without paying the deductible after an accident.?

If you have collision coverage on your vehicle you can collect from your insurance company for the damages. You will not have to pay the deductible if you were determined by the insurance company to not be at fault for the accident. They then go after the other insurance company to get the money they paid you back. If you do not carry collision coverage then you need to file with other insurance company, they will then decide who was at fault for the accident if their party was at fault they then pay you for the damages to your vehicle.


Will your insurance company pay you a diminished value if accident is your fault?

No, if it is your fault you are not eligible to received diminished value from your insurance company. It has to be a third party claim, ie the party at fault's insurance company pays the damages if you can recover them.


Does your insurance go up if you get into an accident and the insurance company sees it as no fault?

Yes, usually.


What are car insurance laws in California if someone hits me and they are at fault?

They or their insurance company needs to pay for damage and medical bills in the accident. If they don't have insurance, they can still be sued for the accident by the victims insurance company.


Will your insurance premium go up if you are not at fault in Michigan?

Usually if an accident is determined not to be the insured's fault, then their insurance rates will not rise as the insurance company did not lose any money from covering the driver involved in the accident. If the accident is determined as being inconclusive, the rates may rise some, to adjust for the amount of money the insurance company lost in the accident.


Are there any insurance companies in Ontario that sell no fault insurance?

No-fault insurance generally refers to the individual working with their own insurance company, despite who may have been at fault for the accident. In Ontario, the Ontario Auto Insurance sells no-fault insurance.


If you were in an accident with no insurance and it was not your fault but the other car at fault has insurance and was issused a ticket will there insurance company pay you or the bank?

The at-fault party's insurance should cover your vehicle. EVEN THOUGH OUR INSURANCE HAD RUN OUT BY AMONTH?


How do you sue another persons insurance company for an accident that was your fault?

If the accident was your fault, the other party's insurerhas no duties owed you.


What can be done with a totaled vehicle under lien and only liability insurance?

If the accident is your fault, your insurance company is not going to pay out anything. If it is the other person's fault, the other insurance company will be liable.


Can a insurance company sue me after an accident. Because after their investigation they found me a fault. I was not issued a ticket for the accident?

Yes.


What if the driver at fault will not call their insurance company to report the accident?

If the other party is refusing to call their insurance company - then you should call their insurance company and file the claim.


What can you do if you were ticketed in an accident and found not guilty in court but your insurance company had already paid the other driver's claim and increased your premium?

You will need to open a consumer complaint with ChoicePoint and get the accident fault indicator changed to N.A.F.(not at fault) on your CLUE report. Then notify your Insurance company after your CLUE report is corrected. Then the company will remove the premium impact of an "at fault" accident.


What if you deny fault auto accident and it was your fault?

The insurance company is the one that determines fault so if you deny it, they can still rule against you.


If your auto is hit the other driver's auto insurance pays all medical expenses and so does your health insurance must you reimburse your company?

You do not have to reimburse your insurance company if the accident is the fault of the other driver and the claim is made on their insurance. If the accident is the fault of the other driver and their insurance does not cover everything and you make a claim on your insurance for reimbursement, your insurance will subrogate (collect back) from the other company.


Are you still at fault if the other person does not have insurance?

Yes, If the accident was your fault, then it is your fault. Whether or not they have insurance has nothing to do with who's at fault, or who actually caused the accident.


How long after no fault car accident do you have to get settlement from other parties insurance company?

Varies by state to state. Usually its a 1 year period. Contact an injury attorney near you.


What if you were in a car accident and it was not your fault but you had no collision?

If the police report says the other driver was at fault, try to recover from his or her insurance company. If you don't have collision coverage, you can't collect from your insurance company.


Can insurance Agencies make you retain a totaled car even if the accident wasn't your fault?

An insurance agency represents the insurance company. This is the decision of the client, not the agency or the company. This has no bearing on the fault of the accident...unless they have not inspected the vehcile yet...when in most cases the vehicle is stored at a facility.


Where does money come from in wrongful death car accident?

The insurance company of the driver "at fault,' or from their personal funds if they have no insurance.


Can you be charged higher car insurance after you were involved in an accident and it was on a different company policy it was also not your fault and settled by the other driver?

If I understand your question you are in an accident not your fault and it was settled, but the insurance was through a different company than the one you had ? I think they can hike the rates.


Does a driver that is involved in an accident believe they r at fault?

Some do. I work for an insurance company and many will take ownership of the accident.

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