Online Quotes. Powered by Blogger.

Monday, September 16, 2013

3 Little-Known Auto Insurance Facts

Auto insurance facts are often misunderstood, even by people who have maintained auto insurance their entire lives. Insurance is a complicated industry; in fact, even some insurance agents do not understand all of the nuances with each policy. While it is difficult to fully understand every detail, there are a few surprising facts everyone should know about their auto insurance.
  1. Auto insurance is required in all 50 states. Even though minimum limits vary, it is illegal to drive without insurance no matter where you are in the United States. Even being under-insured can result in a ticket or worse in many states.

  2. Auto insurance is tax deductible for business use. You can determine the amount of time you use your car for solely business purposes, for example 30%, then 30% of your auto insurance may be deductible.

  3. Auto insurance may not cover theft. If you have items stolen from your vehicle, they may not be covered by either your auto insurance or your home insurance. Your home insurance typically only covers the items, for example a lap top, when it is stolen from your home. Your car insurance may not cover this as it is not listed on your car insurance policy.