The IRS Deductions Blog

Posts Tagged ‘comprehensive deductible auto insurance’

Question: Can I claim my auto insurance deductible on my taxes?

I was in a car accident earlier this year. They hit me and then took off so I had to pay my deductible out of pocket. Can I claim that on my taxes?

Answer: You may be able to claim the loss on your taxes. It will depend on your total income, and the amount of the deductible. You can only claim a casualty loss if the amount of the loss exceeds a certain percentage of your income.

Consult a tax adviser for details!

Items on Amazon Right Now for Deductible Auto Insurance:

Libby High School vandalized again

Canda Harbaugh/The Western News Extensive damage to student lab computers at the high school was discovered Monday.

Auto Insurance Deductibles

Question: Does insurance mandate a Minimum Deductible on collision/comprehensive?

For the past decade, I have owned all my cars outright (no car payments).

However, due to a PT Cruiser that self-destructed upon the expiration of it’s powertrain warranty, I buying a car with an auto loan.

Previously, I have always had $1000 collision and comprehensive deductibles. Typically, do insurance companies permit me to keep this deductible, or will they force me to a lower deductible?
For details on “self-destructing” (not relevant to question). Powertrain warranty ended at 70,000 miles. Between 70k and 84k miles:

- Bad automatic transmission solenoid
- Broken engine mount
- Wheel bearings need to be replaced
- Cooling auxilury motor broke
- Multiple cooling leaks
- Leaking oil pump
- A/C compressor not working and squealing

Answer: Yes. All carriers have a state filed minimum deductible, with the state insurance commissioner. Some states, the commissioner decides what the lowest deductible can be.

Your insurer will allow you to keep the thousand dollar deductible.

Typically, however, a lender is going to require that your deductibles not be higher than $500. So you’ll have to read that loan agreement very carefully – if you agree to it, it’s binding.

Items on Amazon Right Now for Comprehensive Deductible:

Power to the patient: can high-deductible plans and health savings accounts lower premium costs and replace the traditional goal of comprehensive insurance?: An article from: State Legislatures $9.95 This digital document is an article from State Legislatures, published by Thomson Gale on May 1, 2006. The length of the article is 1141 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Power to the…

China Medical Technologies Reports Financial Results for Fourth Fiscal Quarter and Full Year ended March 31, 2010

China Medical Technologies, Inc. , a leading China-based advanced in-vitro diagnostic company, today announced its unaudited financial results for the fourth fiscal quarter and the full fiscal year ended March 31, 2010 .

Reducing Your Monthly Rates For Collision And Comprehensive Car Insurance