Author: Creed Anderson

Important Information About Fraud & Car Insurance in Salt Lake City

Unfortunately, car insurance fraud is an all too common reality in the United States, and Salt Lake City is no exception. Statistics About Car Insurance Fraud Consider these startling statistics about car insurance fraud: Fraudulent auto insurance claims total billions of dollars each year. Some experts also estimate that 14% of all auto insurance claims are fraudulent. Insurance fraud costs the average American family between an estimated $400-$700 every year. Types of Car Insurance Fraud Today we’re going to discuss the different types of car insurance fraud so you know what to look out for when protecting yourself from fraudulent claims. Organized fraud This occurs when multiple parties work together to stage incidents to make fraudulent insurance claims. For example, if two drivers plan a collision with one another in order to benefit from the claim money and splitting it. Insurance companies collaborate with law enforcement to combat this type of fraud. Premeditated fraud Fraud is considered premeditated when a policyholder makes a claim for damage to their car that didn’t actually happen in an accident or how the report that it took place. It often also involves making claims for medical treatments for injuries after a collision that a policyholder didn’t actually have. Opportunistic fraud Opportunistic fraud can begin with a legitimate claim, but the damage is exaggerated or inflated to get a bigger insurance payout. It also...

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Are Car Insurance Settlements Taxable?

In the event you are injured or your property is damaged in a car accident, you might receive a settlement from the other driver’s insurance. This money can go toward repairing or replacing your vehicle, your medical bills, and other damages you sustained as a result of the accident. Howoever, you might also be left wondering if car insurance settlements are taxable so you are ready for this when tax season comes around. Are car insurance settlements taxable? As much as we would like to give you one answer to this question, the truth is there are a number of factors that are taken into account in order to answer it. The IRS can tax income that makes you wealthier before. So, in the event your settlement exceeds whatever your lost wages, medical bills, and other damages cost you, any surplus could be taxed. But in the event you receive a $10,000 settlement when your expenses were $12,000, this isn’t likely to be taxable. As for the specifics when it comes to coverage for different damages, this also plays a role. Here are some guidelines to keep in mind. Car insurance settlements for lost wages is taxable Auto insurance settlements for repair or replacement of car or other property is tax-exempt Car insurance settlements for medical bills are tax-exempt Tax laws vary for car insurance settlements for pain and...

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Your Top Questions About Car Insurance in Salt Lake City Answered: Part Two

We get phone calls from clients in Salt Lake City every day who have questions on a variety of home and car insurance related topics. In case you have any of those questions yourself, we have put together some of the most frequently asked questions (along with their answer) for you in this post. Last month, we began this series by covering some of your other questions, specifically about what different types of car insurance cover and how much insurance you need. You will find that first article right here. Salt Lake City Car Insurance FAQ If you have any questions that aren’t covered in this post, be sure to give us a call so we can help you directly. What is the average cost of car insurance in Salt Lake City?   The average cost of carinsurance in Salt Lake City, or anywhere in Utah for that matter, will vary based on several factors. For instance, your age and gender will impact your rates, along with any traffic tickets or claims you’ve had in the past. Even what model of car you drive will influence how much you must pay for car insurance. Other things like your commute and the area you live will play a role too. How much is car insurance for a 16-year old driver on average? Just like with any other driver, costs for...

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Does Having Children Affect Your Car Insurance Rates?

When you have kids, just about everything in your life changes. From your schedule to your budget, your eating and sleeping habits and beyond, you’re in for the ride of your life. But what about car insurance? Will having kids mean a change to your car insurance rates? There are some situations where the answer is yes, and we’re going to talk about them today. If you choose a safer vehicle Let’s say you swap out your Lamborghini for a more practical SUV with a higher safety rating when you have children. Doing this will usually result in a lower insurance rate simply because you’re driving a safer vehicle. If you purchase a home Maybe you make the switch from renting to owning a home when you have kids. Being a homeowner can come with car insurance benefits, including a discount on your car insurance policy. At the same time, it’s worth inquiring about bundling your home and auto insurance policies to save even more. Safer driving habits Most new parents find themselves driving more cautiously than ever before. In turn, this can mean you get fewer (or no) tickets and ultimately qualify for a safe driving discount. The longer you can maintain a safe driving record, the better. When your children start driving If you have young children now, it might be hard to imagine them ever being...

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We Answer Your Top Questions About Car Insurance in Salt Lake City

Most drivers want to be informed about their car insurance options, and our team is committed to helping you find all of the information you’re looking for. With that in mind, today’s post is going to answer the top questions we get about car insurance in Salt Lake City. How much insurance do I need? Finding the right balance between having enough insurance coverage and getting a policy that fits your budget can be tough. When it comes to home much insurance you need, that comes down to the legally required insurance minimum where you live. For Salt Lake City drivers (or any Utah drivers), these are those minimums: $25,000 in liability coverage for bodily injury per person $65,000 in liability coverage for bodily injury per accident $15,000 in liability coverage for property damage $3,000 for personal injury protection as a no-fault state If you decide to purchase underinsured or uninsured motorist coverage, it is required by law to have at least $25,000 per person and $50,000 per accident. However, adding collision and comprehensive coverage is encouraged for most drivers. And that brings us to answering your next top question. What do collision and comprehensive insurance cover? Collision insurance can help you cover the cost of repairing or replacing your own vehicle if it’s damaged in a collision with another vehicle, an object, or a single vehicle collision. For...

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