Vehicle insurance (also known as auto insurance, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.
Tuesday, 18 October 2016
Car donation for charity in world
Car donation is the practice of giving away no-longer-wanted automobiles or other vehicles to charitable organizations. In the United States, these donations can provide a tax benefit and have become very popular.
United States
Some critics have claimed that car donations are essentially a tax shelter. However, non-profit organizations in the US have come to rely increasingly upon the revenue from car donations. This type of donation has become increasingly widespread; in 2000, 733,000 U.S. taxpayers reduced their taxes by $654 million.
Tax considerations
Although advertised as an easy way to dispose of an old car, donors need to fulfill certain post-donation requirements to qualify for the tax deduction,[1] such as obtaining a written acknowledgment of the car's subsequent sale by the charity,[citation needed] and itemizing tax returns instead of taking the standard deduction.
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005:
The rules for determining the amount that a donor may deduct for a charitable contribution of a qualified vehicle, including an automobile, with a claimed value of more than $500 changed at the beginning of 2005 as a result of the American Jobs Creation Act of 2004. In general, that Act limits a donor’s deduction to the amount of the gross proceeds from the charity’s sale of the vehicle.
For vehicles valued at over $500, taxpayers are required to attach the charity's written acknowledgment to their tax return.
United Kingdom
Car donation schemes in the UK are slightly different to those operating in the United States and only established themselves as a valued source of income for UK charities in January 2010, led by Giveacar – a non-profit organisation. Operating as a non-profit organisation allows charities to avoid the large overheads created by profit-making car donation companies. In addition, whereas car donation in the US has been incentivised through tax breaks, in the UK there are no such tax benefits to donating your car.
Practices
Vehicle donations in America are operated in a wide variety of plans, ranging from highly organized and professional-grade not-for-profit, national, or local charities to scrap yards, haulers, tow-truck companies and salvagers who establish programs that may support a charity.According to Charity Navigator, the guidance of the rating agencies concerning car donation programs, where the charity receives a flat fee for the use of their name by a third party, versus program management by a third party,there are some questionable companies who contract to use a nonprofit’s agencies name and logo to raise funds and then just give them a flat fee unrelated to income or performance. This is frowned upon by rating agencies and the government. However, a percentage return program is viewed positively if the nonprofit receives more than 50% of the generated income.Programs that engage a third party, but with a "cost maximum cap" involved, such as with national charities like the Society of Saint Vincent de Paul, performance in this area is exemplary, with 70-80% on average being returned to the nonprofit.
Benefit to charities
Many charities run donation programs. All of them accept car donations, such as Goodwill, Salvation Army and even the American Cancer Society. Many charities will use your car donation directly to transport volunteers and supplies to areas that need help. Some even have their own car lots which sell the donated cars but many have their donations processed through auto auction companies. Many processing companies also collect and sell donated cars and distribute the money to a charity the donor indicates. The processing company typically takes a percentage of the sale value of the car, but these programs allow charities without their own facilities or staff dedicated to fund raising to benefit from vehicle donation programs.
Ideally, donors should also investigate how much money from the sale of the car goes to the auction processor and how much actually benefits the charity's programs, as opposed to its administrative overhead
United States
Some critics have claimed that car donations are essentially a tax shelter. However, non-profit organizations in the US have come to rely increasingly upon the revenue from car donations. This type of donation has become increasingly widespread; in 2000, 733,000 U.S. taxpayers reduced their taxes by $654 million.
Tax considerations
Although advertised as an easy way to dispose of an old car, donors need to fulfill certain post-donation requirements to qualify for the tax deduction,[1] such as obtaining a written acknowledgment of the car's subsequent sale by the charity,[citation needed] and itemizing tax returns instead of taking the standard deduction.
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005:
The rules for determining the amount that a donor may deduct for a charitable contribution of a qualified vehicle, including an automobile, with a claimed value of more than $500 changed at the beginning of 2005 as a result of the American Jobs Creation Act of 2004. In general, that Act limits a donor’s deduction to the amount of the gross proceeds from the charity’s sale of the vehicle.
For vehicles valued at over $500, taxpayers are required to attach the charity's written acknowledgment to their tax return.
United Kingdom
Car donation schemes in the UK are slightly different to those operating in the United States and only established themselves as a valued source of income for UK charities in January 2010, led by Giveacar – a non-profit organisation. Operating as a non-profit organisation allows charities to avoid the large overheads created by profit-making car donation companies. In addition, whereas car donation in the US has been incentivised through tax breaks, in the UK there are no such tax benefits to donating your car.
Practices
Vehicle donations in America are operated in a wide variety of plans, ranging from highly organized and professional-grade not-for-profit, national, or local charities to scrap yards, haulers, tow-truck companies and salvagers who establish programs that may support a charity.According to Charity Navigator, the guidance of the rating agencies concerning car donation programs, where the charity receives a flat fee for the use of their name by a third party, versus program management by a third party,there are some questionable companies who contract to use a nonprofit’s agencies name and logo to raise funds and then just give them a flat fee unrelated to income or performance. This is frowned upon by rating agencies and the government. However, a percentage return program is viewed positively if the nonprofit receives more than 50% of the generated income.Programs that engage a third party, but with a "cost maximum cap" involved, such as with national charities like the Society of Saint Vincent de Paul, performance in this area is exemplary, with 70-80% on average being returned to the nonprofit.
Benefit to charities
Many charities run donation programs. All of them accept car donations, such as Goodwill, Salvation Army and even the American Cancer Society. Many charities will use your car donation directly to transport volunteers and supplies to areas that need help. Some even have their own car lots which sell the donated cars but many have their donations processed through auto auction companies. Many processing companies also collect and sell donated cars and distribute the money to a charity the donor indicates. The processing company typically takes a percentage of the sale value of the car, but these programs allow charities without their own facilities or staff dedicated to fund raising to benefit from vehicle donation programs.
Ideally, donors should also investigate how much money from the sale of the car goes to the auction processor and how much actually benefits the charity's programs, as opposed to its administrative overhead
Car insurance and Donation
National Federation of the Blind Vehicle
Donation Program
The National Federation of the Blind (NFB) has partnered with Vehicles For Charity to process donated vehicles. Just call toll-free 1-855-659-9314, and a representative can make arrangements to pick up your donation or answer any questions you have.
To donate a vehicle to the NFB, have your title number, VIN, and phone number ready, then:
We will arrange to have your vehicle picked up, and send you the receipt for your tax deduction.
Car Insurance in USA
Car insurance in the USA
is basically signified that, if your car met with an accident and, bear a
physical damage. Car insurance cover ups the risk. At some places, it is
mandatory to carry car insurance and provide insurance proof at the time of car
registration. It is desired from drivers to carry car insurance with them .
Buying a car is very easy but acquiring a car insurance is complex. At some
states it is not mandatory to have car insurance these places are Lowa,
Mississippi, Alabama, New Hampshire, Pennsylvania ,here a law called
financial responsibility is implemented. Car owners are asked to post cash
bonds, cash deposit if car met with an accident and cause a damage.
There are following types of car
insurance cover up schemes
Liability insurance
Liability insurance or casualty
insurance they both are same, this insurance covers property injury liability
and bodily injury liability. In property injury liability the damage caused by
the insured driver to the property whereas bodily injury liability is the
damage caused by the insured driver to someone. In both, the insured driver is
found to be responsible for the injuries. In many states , liability
vehicle insurance is mandatory and states like new jersey, where car liability
insurance is necessary. one can’t drive a car without car liability insurance
coverage. If an accident occurs in this state both the party have to submit the
copies of their car insurance cards as proof of liability coverage. Liability
insurance or casualty insurance includes two policies named as combined single
limit policy for car liability insurance and split limit policy for car
liability insurance.
Combined single limit policy
combined single limit policy coalesce
the both, bodily injury damage coverage and property damage coverage as one
single limit policy.
Split limit policy
Split limit policy split up the
both bodily injury damage coverage and property damage coverage, payments for
property damage are paid under property damage coverage and payments for injury
damage is paid under bodily injury coverage. Bodily injury damage also splits
up into two
Maximum payments per accident
Maximum payment per person
$ 5000 to $ 30,000 for the
death/injury of one person and more, damage to the property.
PIP or No-fault Insurance
PIP is personal injury protection and
personal insurance protection it is a car insurance which covers medical
expenses damages and lost wages. PIP is also referred as No-fault insurance. In
this law, you can claim from your own car
insurance company for the injury. PIP only covers bodily injury. It is a very
beneficial law as it describes that you can demand a claim from your own car
insurance company and saves your time of proving yourself as a victim in a
court. PIP bears all the expenses like medical bills, hospital bills
replacement services, funeral expenses. PIP law is mandatory in Arkansas,
Delaware, Florida, Hawaii, Kentucky, Michigan, New York, New Jersey, Utah.
Uninsured
motorist insurance
in
united states, an uninsured motorist insurance is found very commonly. It is a
vehicle insurance policy basically meant for drivers and designed for
protection. This insurance policy cover ups the damage made by the uninsured
driver it is compulsory in some of the states
Underinsured
motorist insurance
Underinsured
motorist insurance policy covers two damages that are property damage and
injury damage. If it is property damage it pays for your own car and for other
‘s property and injury damage covers the medical expenses and other expenses.
It is mandatory in some states.
Collision
insurance
It
is an insurance policy which protects your car if it is damaged and gets
destroyed in an accident. If your car hit with another car and get damaged ,
the damage will be cover up with this collision insurance policy. In this
insurance a damage can be repaired and if it is not repairable the cash value
will be bearable by the insurance company.
Comprehensive
insurance
A
comprehensive insurance policy is bit differ from collision insurance policy,
it provides the coverage of damages like fire, theft, damaged caused
floods, storms, wreckage, damage caused by animals and trees. Uncertain
situations like storms, tornado, hurricane, hail storm and floods included in
the comprehensive policy.
Best Car Insurance Companies in USA
Car insurance is becoming a necessity of every motorist if you love yourself and love your car you must have assured insurance. Insurance protects you and your vehicle from many problems, and it will protect you financially. If your vehicle met with an accident and damaged physically and bodily injured than the savior is your vehicle insurance company. Here is the best car insurance companies provides you vehicle/motor insurance.
Allstate
AAA
GEICO
Liberty Mutual Insurance
Nationwide
Progressive
StateFarm
The Hartford
USAA
AAA auto insurance company
AAA is also known as Automobile Club Association, is well-known vehicle insurance company in the USA. AAA provides a variety of benefits and discounts and deals in many vehicle insurance plans and policies. AAA offers you discount like
AAA life discount
AAA member discount
Multi-car discount
Good student discount
Pay in full discount
Teen smart discount
Member loyalty discount
Multi-policy discount
AllState vehicle insurance company
Allstate car insurance company provides quality insurance at a good price. With Allstate, you can build a policy according to your need. Allstate is providing a feature of apps like Drivewise and Star Driver for their customers. Allstate also implements many discounts and rewards, few of them are
Vehicle discounts
*Anti-lock-brake discount
*Anti-theft device discount
*Utility discount
Policy discounts
*Auto/Life discount
*eSmart discount
*Full pay discount
*Good payer discount
Lifestyle discount
*Good student discount
*Retired discount
*Senior adult discount
Driving discount
*Premier discount
*Safe driver discount
*Defensive driver discount
*Teen smart discount
GEICO vehicle insurance company
GEICO is highly reputed car insurance company. GEICO provides great and best car insurance rates, settles claims fairly and quickly, GEICO also provide many offers like
Rental reimbursement
Emergency road service
Mechanical breakdown insurance
GEICO provides secure payment methods, payment online and pays through apps. GEICO also offers some exclusive discounts for its customers.
*Discount for senior citizens
*Discount for serviceman/woman
*Discount for federal employees
*Discount for student
*Discount for members and employees
Liberty Mutual Insurance
Liberty Mutual Insurance is a vehicle insurance company, and it gains a fame because of its higher rate of customer satisfaction. They have numerous insurance policies which astonished you, like new car replacement policy where if something went wrong with a car they never replaced it with another they offer you a brand new car. Liberty Mutual Insurance designed various procedures just to satisfy their customers the policies are
* New car replacement
* Better car replacement
* Rental car reimbursement
* Deductible funds
* Teachers auto insurance
Liberty Mutual Insurance also offering discounts like
*Exclusive group savings
*Good student discount
*Hybrid vehicle discount*
*Multi-policy discount
*Multi-car discount
*New graduate discount
*Teen driver discount
*Newly retired discount
*Newly married discount
Nationwide vehicle insurance company
Nationwide vehicle insurance company provides quality insurance services to its customers. They introduce flexible policies and affordable discounts which pleased their customers. Nationwide vehicle insurance company successfully achieved 95% satisfied customers. They provide a benefit of free annual insurance assessment and insurance evaluation. Their policy of written repair guarantees and an option of choosing of a repair shop of your choice make them assorted from other vehicle insurance companies. Nationwide car insurance provides various of insurance discounts and provides different ways of savings. Discount given by the Nationwide vehicle insurance are as follow
*Accident-free discount
*Accident forgiveness insurance
*Anti-theft discount
*Easy pay sign-up discount
*Defensive driving discount
*Nationwide family discount
*Paperless documents
Progressive vehicle insurance company
Progressive vehicle insurance company is beneficial in many ways their priority is customer's protection. Here you can set an insurance policy according to your set budget. Progressive vehicle insurance company have exclusive perks named as the perkShare program. In this program, you can get discounts on your car wash and car rental.
StateFarm vehicle insurance company
One of the best vehicle insurance company scored hundred out of hundred from their customers. They provide the quick solution of your query. It is very fast and very easy. They introduce a unique program for their clients called as Select Service Program in which they provide warranty on limited lifetime repairs by professional repairers. Moreover, this company offers insurance on vintage, antique, or classic vehicles. They have lower insurance premium. Statefarm has numerous discounts like
*Anti-theft discount
*Accident-free discount
*Driver training discount
*Drive safe and save program
*Defensive driving course discount
*Multiple-line discount
*Student away at school discount
*Steer clear safe driver discount
*Vehicle safety discount
claims in state form get settled fast and quickly for claims settlement two programs developed they are Auto damage service program.
The Hartford vehicle insurance company
Hartford auto insurance company is the most pleasant company by the customers. Hartford provides lifetime insurance coverage policy with very low premiums, provides household facility service after an accident. You can save up to 5% with your Hartford vehicle insurance. They offer different discounts which help you in savings likewise
*Discount on airbags
*Anti-theft device discount
*Defensive driver course discount
*Driver training discount
*Vehicle fuel discount
*Good student discount
USAA vehicle insurance company
USAA vehicle insurance company claims for happy and satisfied customers. They provide roadside assistance like motor or car towing, car tire replacement and gas delivery.you can easily get car insurance quotes. They provide easy and flexible methods of payment and easy car renewal policy.Meant for U.S. military members and U.S. military families. for drivers, there is educational material present on USAA website. Discounts provided by USAA
*Safe driving discount
*Driver training discount
*Defensive driving discount
*Good student discount
*Annual mileage discount
*Vehicle storage discount
*New vehicle discount
*Multi-vehicle discount
*Family discount
*Military installation discount
*Loyalty savings
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