How to Depreciate a Wrecked Vehicle?

Answer Depreciation is both the decrease in an asset's value due to its usage and the accounting procedure used to represent this phenomenon on the accounts. In each period that a depreciable asset is use... Read More »

Top Q&A For: How to Depreciate a Wrecked Vehicle

How Many Years Can You Depreciate a Vehicle on Your Taxes?

Depreciation is the accounting process by which businesses recognize the gradual loss in value of assets through wear and tear or obsolescence. Businesses and their owners do not generally deduct t... Read More »

How can you insure an already wrecked vehicle?

Answer You can insure the remaining undamaged area(s) of the vehicleby taking it to your agent andworking an agreement as to whatis covered for any future damagesthat may incur. The vehicles valuew... Read More »

How does the insurance rate the value of a wrecked vehicle?

Answer Typically they go by what the same year make and model sells for in your area. Please note that they do not go by what the list price is on vehicles listed in the newspaper as that is not u... Read More »

If a hit and run vehicle knocks an insured moving vehicle into your liability-only parked vehicle whose insurance pays for damage to your car?

Answer The "At Fault" party is responsible for your damage, regardless of who ran. The driver who ran from the scene is not necessarily the at fault party. The question is who caused the accident? ... Read More »