Lesser Known Facts About Auto Insurance In Monterey

by | Mar 1, 2018 | Insurance

In California, auto insurance coverage is available at varying coverage levels. The state requires auto drivers to purchase auto liability and personal injury protection. By reviewing facts about auto coverage, the auto owner receives the best benefits at the most affordable rates. A local insurer provides details about Auto Insurance in Monterey.

What Portion of Commercial Auto is Tax Deductible?

The percentage of time that the vehicle is used for business purposes defines what percentage is tax deductible. Business owners who use their commercial auto for business only deduct the full cost of their commercial auto premiums on their taxes.

Does the Policyholder’s Occupation Affect Their Premiums?

Yes, select professionals are deemed a lower risk than others. For example, an engineer who sits at a desk all day is less of a risk than a delivery trucker. Occupations that don’t place the policyholder at risk for an accident are classified as low risk. The low-risk occupations provide more discounts on insurance premiums.

When Changing Insurance Policies Do Drivers Have to Cancel Their Previous Policy?

Yes, the new insurer won’t notify the existing insurance provider about the new policy. The responsibility of canceling the policy is on the policyholder. Additionally, the policyholder must provide new proof of coverage to their local Department of Motor Vehicles.

Does the Auto Owner Continue to Pay for Coverage After a Total Loss?

No, once the automobile is a total loss, the auto owner stops making all premium payments. Any payments that are deducted from the auto owner’s bank account is reimbursed. After an accident, the auto owner must check for outgoing payments and ask for reimbursement.

Who Pays the Sales Tax on a Replacement Vehicle?

The insurer pays the sales tax if the totaled vehicle was covered by a policy issued by their agency. Auto owners must file a request for the payment when buying a replacement vehicle.

In California, auto insurance coverage is tax deductible for business owners. The policyholder’s occupation could offer discounts based on their risk of an accident. Additional provisions are available after a total loss as well. Auto owners who want to learn more about Auto Insurance in Monterey visit us website right now.

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