0
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.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Do you need any special insurance if you are using your personal auto for business reasons?
No.. but you should "declare" business use and mileage to your insurance carrier to avoid problems with a claim down the road.
Can you have two general liability policies?
yes you can have as many policies as you like but no use. the insurance works on the principle of Indemnity. so in case if you have two insurance policy,you will have to declare to both the insurer, if you don't than it would be a insurance fraud. and if claim arise then both insurer will pay the claim in proportion of the premium they charged.
Can a renter receive renters insurance with the possibilty of being sued no claim of lawsuit has been filed?
If you know of anything that may affect the insurance before you take it out, you should declare this to the insurance company. If you do not and they discover that you knew something then the insurance would not be payed and you may be prosecuted for fraud.
Can a driver with no insurance clain of your insurance?
Sorry, the driver with no insurance can claim of your insurance. He/she has no legal right to lodge such unauthorised claim.
Can you sell your vehicle with an insurance claim pending?
Selling your car with insurance claim pending, will simply null and void your insurance claim. Because your damaged car can be subjected to inspection by the Assessor of the Insurance Co. for assessment of the insurance claim any time.
Can an insurance company declare fault in oposition to the police?
Yes they can, in fact they are the sole determinate of fault when a claim occurs. In most cases police never witness accidents and can only describe what happened. But of course, many insurance companies take extreme measures to avoid paying their customer's claims. If you have evidence to the contrary you can pursue your claim against the insurance company and report it to your state insurance commissioner.
What effect does a claim has on insurance company?
A claim is a liability on part of the insurance company. If a customer makes a claim it means that the insurance company has to pay the customer for the amount is eligible to claim and hence it is a expenditure on the balance sheets of the insurance company.
How can one file a claim with Affirmative Insurance?
One can file a claim with Affirmative Insurance by going on the official Affirmative Insurance website. Then one can press the button 'Submit A Claim' to file a claim.
How much do insurance rates increase after claim?
How much increase auto insurance after claim
What if the delay in filing an insurance claim is the fault of the insurance company?
That's not very likely. The insurance company does not file your claim, they accept your claim notice from you. You have to file your claim with the company, not the other way around.
Can I be sued for a bad faith insurance claim?
Usually in a bad faith insurance claim the insurance company is in the wrong. A bad faith claim is when an insurance company fails to pay out what was promised on the claim. More than likely you could sue the insurance company and have a chance at winning your case.
Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
