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To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage up to $50,000) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example, flexible spending, 401(k), or 403(b) accounts).
If an insured driver hits a car full of people and is found by the insurance company to be liable, the insurance company will pay $25,000 of one person's medical bills but will not exceed $50,000 for other people injured in the accident. The insurance company will not pay more than $25,000 for property damage in repairs to the vehicle that the ...
In that instance, filing a car insurance claim could help save you money. When you caused an accident or damage to someone else’s car or property. If your accident caused damage to anything ...
If the driver of the car you were injured in does not have PIP or medical payments coverage, then it is usually possible for you to file a claim through their liability insurance.
Car insurance is a way to protect yourself financially if you are involved in a car accident or suffer a covered loss through fire, theft, vandalism or an act of nature.
Although the benefits will vary depending on the state, no-fault benefits will generally: (1) pay for an injured person's car crash-related medical bills and lost wages; (2) be paid by the injured person's own insurance company; and (3) be paid regardless of whether the injured person was at-fault for the crash.
For example, a driver with a single at-fault accident on their record pays an average full coverage car insurance rate of $3,580—41 percent higher than the average for a driver with a clean ...