Tax Law Term “Auto Insurance Company“
An auto insurance company is a corporation primarily engaged in the business of providing insurance to protect the insured against losses involving the use of automobiles. Such insurance may include liability coverage for bodily injury, property damage, medical payments, and collision and comprehensive damages to the insured vehicle. Car insurance may also include uninsured motorist coverage. Expenses for insurance incurred for cars used in a trade or business are tax deductible. The deduction is allowed only for that part of car insurance expenses that is attributable to business.
Vehicle insurance (also known as car insurance, motor insurance or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region. Wikipedia
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