Motorcycle Insurance Specialists
Auto Insurance Business Use
My business auto was totaled. Insurance paid for it.What is the proper acctg. entry for the loss of the asset?
How do I determine if there is a gain or a loss. Insurance paid the remaining balance on the bank auto loan. I did not receive any additional money for the car.
If you received cash for it….
Cash (Debit)
Accumulated Dep. (Debit)
Loss on Asset (if a loss) (Debit)
Gain on Asset (if a gain) (Credit)
Asset Account (Credit)
If they just paid off the loan instead of cash, you Debit Loan instead of cash. To determine if it is a gain or a loss, fill in the rest of the entry first and see which side still needs an entry to balance. If the Credit side is lower, you have a gain and if the Debit side is lower you have a loss.
Auto Insurance Virgin Islands
Which auto insurance companies accept United States Virgin Islands (USVI) driving experience as valid?
I am a US citizen and, until recently, used to live in the USVI. When getting my insurance, Geico did not accept that experience as valid. Does anyone know of any popular auto insurance companies that accept it?
carinsurance.enacre.net – try this one. I have their car insurance and, as I know, they can provide such a service.
Auto Insurance Laws
Do you want your state to repeal the mandatory auto insurance law?
I can see both sides of this issue and I’m almost split 50/50. Almost. Yes, I would like to see them repeal the laws.
I already have to pay an extra surcharge for uninsured motorists even though we have the laws. So that wouldn’t change. I also choose to carry full coverage. I’d still keep insurance on my cars but I don’t want the government telling me that I have to.
I live in a state where we have a lot of rural areas and farmers. Some of them drive very little on the roads with their vehicles yet they are required to carry insurance anyway. I don’t think that they should be forced to carry insurance. If they cause damage to someone else’s property it can go to small claims court.
Besides, the stipulation on any car loan is that you must carry full coverage until the loan is paid off. So many people would have to carry it anyway.
