The IRS Deductions Blog

Posts Tagged ‘insurance’

Question: Would i have to pay collision deductible if am not at fault for a accident?

I was driving on a 3 lane street, I was in the middle lane and the person on my left was the one who hit me, she hit me trying to avoid hitting someone else. the police came and they told us to exchange info and they left( my insurance told me that they filed a report at the police station). I went and got my car apprised 2 days ago and am waiting for it in the mail. On my coverage i took the $500 Deductible for collision, am just wondering would i still have to pay my deductible if i wasn’t at fault for the accident?

Answer: It depends.

If you entered the claim in through YOUR insurance you will have to pay the deductible to have your car fixed, then your insurance company will go after or subrogate against the other person who was at fault. If your insurance company gets any money back from the other insurance company (who accepts liability for their driver being in fault for the accident) you will be the first person to get your deductible back. Sometimes this process can take 1- 6 months or more to get your $500 back from the other insurance company.

If you entered the claim in through the other person’s insurance, no you do not have to pay a deductible, but your insurance company will not be involved with the claim and you will have to do everything.

Hope this helps.

Items on Amazon Right Now for Collision Deductible Insurance:

In deer vs. car, nobody wins

Deer-car accidents can be costly, according to repair shop owners. Accidents may have peaked during deer-mating season in November but are still happening frequently.

Collision Deductible Reserve Plan – CDRP – IDA Opportunity Video

Question: At what point should I stop carrying comp and collision on my 2000 Ford Focus?

The car is in good condition and comp and collision costs about $250 a year for a $500 comp deductible and $50 Comprehensive Deductible. Should I drop this coverage since the car is 8 years old?

Answer: It is a risk that you asking about. Are you willing to, or can you afford to loose the worth of the vehicle is it were totaled? The car is worth about $2,500 to $3,000 per Kelly Blue Book (www.kbb.com)(edmunds.com). I would say no, not now. When the vehicles worth is about the same as the deductible and a couple of years comprehensive premium, then I would say drop it. You have a year or two to meet that point.

Items on Amazon Right Now for Comprehensive Coverage Deductible:

Get a health cover and have a relaxed holiday

A travel policy is not enough as most domestic ones do not provide health cover.

Understanding Your Auto Insurance Policy – Deductible Collision: Part 4 of 6

Question: How do Republicans propose to guarantee that a person with a pre-existing condition would have?

access to affordable health insurance?

I’m not talking about someone who holds off buying health insurance until they get sick, and then decides he wants to buy it.

I’m talking about someone who has group insurance through an employer, and who develops some illness, and then later loses his health insurance. Even if he immediately tries to buy health insurance on the individual policy market, the insurers will tell him that he has a pre-existing condition and will either not cover that condition, or they won’t sell him any insurance at all.

What’s the Republican plan to guarantee that this person will not be denied health insurance or not be quoted a rate so high or with such a high deductible as to be a useless policy?
The problem with high risk pools is that you’re grouping all the people with pre-existing conditions together, which means their insurance is too expensive.

Being given access to insurance that you can’t afford is no help.

Answer: Sadly , their answer is always that such a person should rely on charities or fund raisers, basically, the critically ill that cannot afford their treatment are SOL.

Items on Amazon Right Now for High Deductible Health Insurance Quotes:

New Year’s Health Insurance Tips for 2011

MOUNTAIN VIEW, CA–(Marketwire – 12/16/10) – Today eHealthInsurance (NASDAQ: EHTH – News ), the leading online source of health insurance for individuals, families and small businesses, released a series of tips to help health insurance consumers find affordable coverage and get the most for their health insurance dollars in 2011. In 2010, families with employer-based health insurance saw a 14 …

High Deductible Major Medical Insurance Plans- Get the …

Question: Can I avoid Deductible on renters insurance?

My neighbor upstairs had little fire. But his sprinkler caused some ceiling and carpet damage in my apartment. Now my apartment manager says that they will charge my insurance company for restoration of our unit…. Is that fair? Cause if they charge my insurance, I will have to pay my deductible part which is $500 and my premium will go up next year for no reason. Please help what should I do?

Answer: I am a commercial broker and specialize in multi-family properties. Your renters insurance in no way would cover this claim and the manager is ludicrous for thinking it would.

As previously stated your renters insurance covers your personal belongings, not the structure or building. Also you are in no way liable for this so again it wouldn’t be covered under the liability portion of your renters insurance.

This scenario is exactly why the owner of the apartment building has insurance. If they refuse to fix the damages on their end you may be entitled to legally withhold your rent but check with a qualified attorney first. The owner has a duty to provide a livable apartment unit and water damage leads to mold. So if they refuse to fix it then move out as soon as possible.

Sounds like this place might be trouble anyways.

Items on Amazon Right Now for Deductible On Renters Insurance:

Jason Alderman: Financial Responsibilities for the Self-Employed

Some people go into business for themselves so they can call their own shots; others turn to self-employment out of necessity after falling victim to…

Person Income Tax

Question: New Jersey taxes: Are cobra payments deductible ?

Can I add COBRA payments to my medical expenses on NJ 1040 (New Jersey taxes)?

Answer: Yes. The COBRA payments are insurance premiums, and deductible on NJ-1040 to the extent they exceed 2% of your AGI.

Items on Amazon Right Now for Cobra Deductible:

Employee Benefits Administrator, Medcom, Launches Premier MERP Plan to Fill Executive Compensation Gap Left by Health …

The recent Health Care Reform bill will effectively eliminate a popular tax advantaged medical expense reimbursement plan for executives — the fully insured MERP.

COBRA and Individual Health Insurance