Auto Accidents

How Does an Accident Affect a Car Lease?

Your leased car was just involved in an accident, what now? An accident does not affect your car lease, as you will still owe the leasing company for its value. However, your auto insurance may cover repairs or pay the leasing company for the value of the vehicle if it is a total loss. Damage to a Leased Car Although you don’t own a leased vehicle, a leasing company will typically require you to carry auto insurance...
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Are Auto Accident Insurance Settlements Taxable?

If you received a settlement after being injured in a car accident, you may be wondering whether or not you have to pay taxes on it. The good news is, most car accident compensation is not taxable. However, depending on how your settlement is structured, you may owe taxes on a portion of it. What Portions of My Settlement Are Taxable? Compensation awarded after a car accident that may be taxable include: Wage Reimbursement Compensation for income...
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What is a Car Accident Release Form?

Insurance companies require a signed car accident release form before paying on a settlement. This form means you are letting go of your right to pursue further legal action against the liable party. Should I Sign a Car Accident Release Form? Whether you should sign a release after a car accident can depend on the specifics of your case. However, it could be a mistake to do so before at least consulting with an experienced Las Vegas...
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What is Considered Property Damage in a Car Accident?

After a car accident, any items or personal belongings, including your vehicle, that needs repair or replacement is considered property damage. As long as you can establish the value of your damaged items, you are entitled to reimbursement. Property Damage Claims Every driver in Nevada is required by law to carry liability auto insurance coverage that includes a minimum of $20,000 for property damage they cause in an accident. Property damage liability will cover damage to your...
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Nevada Diminished Value Claims

If you were involved in a minor car accident in Nevada, your insurance policy might reimburse you for the damage, but the value of your vehicle can still diminish. Even when a car is restored to its original condition, an accident can still put a dent in its resale value. Fortunately, insurance companies in Nevada permit diminished value claims.  What is a Diminished Value Claim? Diminished value is defined as the loss of a vehicle’s value after...
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