25
2012
Donate a Car or Boat to Charity? Do Not Forget to Adjust the Insurance Policy
Nonprofit organizations, recognizing the cash-strapped times, have recently started offering an alternative as a tax-deductible donation to their cause: giving them an old car.
Sometimes public radio stations will offer a pick up service and allow supporters to donate a car or boat as a donation to the station. Groups like Boat Angel allow you to make tax deductions by giving them your boat of any size or make. Many of these donations happen at the end of the year so that the donation counts toward that year’s income tax cycle.
It is important to remember to change your insurance policy after the donation. If someone gives away an old car or an old boat, the insurance company can adjust the policy so that the old vehicle is no longer being covered.
“Donating an old car or vehicle is good for you twice,” said Lee Rogers of the Florida Insurance Group. “You get the tax deduction from the donation and you most likely will get a reduction in your insurance policy, too.”
In many cases, the boats, personal watercraft and cars are disassembled for parts, but in some cases, the vehicles are rehabilitated and sold.
“You want to get the car or boat off of your insurance policy as soon as possible after the transaction not only because it will likely save you money, but also because it removes you from being liable for the vehicle,” Rogers said.
The policy can be altered on the same day as the donation if possible, he said.
To learn more, call 1.888.525.2210 or visit http://www.floridainsurance.com.
Categories
Archives
- June 2015
- May 2015
- April 2015
- February 2015
- January 2015
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- February 2014
- January 2014
- November 2013
- September 2013
- August 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- March 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- May 2010
- April 2010
- March 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009