Are Car Accident Settlements Taxable?

A question that I’ve been asked several times just recently is, will I have to pay taxes on my car accident settlement money? The general answer to that is, no. Personal injury cases have a specific exemption through Congress from having to pay income taxes on the recovery.

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Choosing Auto Insurance Coverage

If you go into an insurance agent and say, “I need insurance coverage and just give me full coverage and I’m fine,” full coverage is a complete misnomer. It means nothing. So you don’t know what you’re going to get when you say give me “full coverage.”

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THE AFTERMATH OF CAR ACCIDENTS – STEPS TO TAKE, MISTAKES TO AVOID

In a country with millions of miles of roads and approximately 253 million cars, car accidents are an unfortunate fact of life. In the US alone, over 37,000 people die in road crashes every year. And nearly 2 and a half million Americans are injured or disabled in car accidents annually. The effects of road crashes are often long-term and far-reaching.

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WHAT TO DO RIGHT AFTER A CAR ACCIDENT

The most important thing to do after an automobile accident is check to make sure that you’re not injured and to help anybody who is injured. Many people ask if they should move the vehicle and we recommend that you not do that unless it is creating a major hazard.

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