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Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
Do you need to file your auto insurance claim with your taxes when filing them?
Your auto insurance claim has nothing to do with filing your income taxes. You file your auto claim by notifying your agent right when the incident occurs so they can start working on the claim as fast as possible.
Do you need to file an auto insurance claim for a fender bender?
You need to file an insurance claim on any accident in which a claim is going to be made on both parties.
Can you file an insurance claim if you did not get a police report?
Yes, you do not need a police report to file a insurance claim.
How do you calculate insurance claim?
Obviously need more detail...what type of claim etc..
Will your comprehensive auto insurance cover your car if you were not at fault in the accident but other drivers insurance denies claim?
Let your insurance company/agent handle the claim--they will collect from the other insurance if there is a valid claim. You'll need a police report.
Do I need to file taxes on insurance payment for home repair?
The amount that is for the loss of property is not taxable - as long as you didn't (and don't) claim a casualty loss on it for tax. (The payment means you have no tax loss).
Can you purchase liability insurance only when you need it?
By "only when you need it" do you mean only when you are aware of a claim or potential claim? If so, the answer is "NO". You cannot buy insurance on a burning house, so to speak.
Do I have to declare an insurance claim?
Normally you don't have to worry about taxes. If, however, the payout is more than the adjusted basis, you have to report the extra cash as income. As claim settlements are compensation for a loss, they need not be declared unless you received more than what the car costed.
Is there a statute of limitations for insurance companies to settle a claim on auto insurance?
Yes, but it varies by the state and insurance companies can extend the amount of time to pay claim, such as if they need to investigate fraud.
How does one file an auto insurance claim?
If you need to file an auto insurance claim, you need to start by contacting your insurance company. It is important that you have all necessary information when filing a claim. If the claim is due to an accident, be sure to exchange license plate numbers, contact and insurance information with the other party. If a police report is filed, make sure you have the case number. Your insurance agent will then take you through the rest of the process.
Do you claim slashed car tires on homeowners or auto insurance?
Slashed tires coverageYou will need to file the claim under your Auto Insurance policy. Your homeowners insurance does not pay for car damage. That's what auto insurance is for.
