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How to Write Off Car Insurance on Your Taxes.
Car insurance is also known as vehicle insurance, motor insurance, or auto insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Car insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.
Common Car Insurance coverages
Comprehensive
Also known as “other than collision,” this coverage can help pay for damage to your vehicle from vandalism, theft, weather events, and accidents involving animals.
Collision
Regardless of who’s at fault, a collision can pay for damage to your vehicle if you hit another vehicle or object, another vehicle hits you, or your vehicle rolls over.
Gap coverage
Gap insurance may help you cover the “gap” between what you owe on your car and your car’s actual cash value.
Uninsured motorist
If an uninsured or underinsured driver causes an accident that results in property damage and/or bodily injury, uninsured motorist coverage may help pay for damage and medical costs for you and your passenger(s).
Bodily injury liability
If you cause an automobile accident that results in injuries, bodily injury protects you by paying for damages you may become legally liable for as a result of the accident, including medical bills and loss of income for the injured party.
Roadside Assistance
Roadside Assistance coverage may even be available when you and your family household members are passengers in someone else’s vehicle, or during a roadside emergency in which your vehicle is disabled.
Car Insurance in the USA
Vehicle insurance, car insurance, or auto insurance in the United States and elsewhere, is designed to cover the risk of financial liability or the loss of a motor vehicle that the owner may face if their vehicle is involved in a collision that results in property or physical damage. Most states require a motor vehicle owner to carry some minimum level of liability insurance. States that do not require the vehicle owner to carry car insurance include Virginia, where an uninsured motor vehicle fee may be paid to the state, New Hampshire, and Mississippi, which offers vehicle owners the option to post cash bonds. The privileges and immunities clause of Article IV of the U.S. Constitution protects the rights of citizens in each respective state when traveling to another. A motor vehicle owner typically pays insurers a monthly fee, often called an insurance premium. The insurance premium a motor vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, marital status, credit score, whether the driver rents or owns a home, the age, and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored. Most insurance companies will increase insurance premium rates based on these factors and offer discounts less frequently.
Top Car Insurance providers in the USA
In the United States in 2017, the largest private passenger vehicle insurance providers in terms of market share were State Farm (18.1%), GEICO (12.8%), Progressive Corporation (9.8%), Allstate (9.3%), and USAA (5.7%). Insurance is secured either by working with an independent insurance agent or with an insurance broker who is authorized to sell insurance policies. Some can represent several agencies or a growing number of online brokers who provide policy purchases through online sites.
Best Car Insurance Companies Ratings 2021 by Forbes
USAA
American Family
Geico
Nationwide
State Farm
Progressive
Travelers
Allstate Excellent
Auto-Owners
Farmers
Erie Insurance
MetLife
The most common types of car insurance
Six main types of car insurance coverages are available when you purchase a policy, which include:
Bodily injury liability
Medical payments or personal injury protection (PIP)
Property damage liability
Collision
Comprehensive
Uninsured and underinsured motorist coverage
How are auto insurance premiums calculated? Read more at https://www.nose-piercings.com/car-insurance.html
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