The automobile gave people more personal freedom and access to jobs and services. It led to the development of better roads and transportation. Industries and new jobs developed to supply the demand for automobile parts and fuel. These included petroleum and gasoline, rubber, and then plastics.
Most automobiles are power by an internal combustion engine. Fuel, usually gasoline or petrol, is burn with air to create gases that expand. A spark plug creates a spark that ignites the gas and makes it burn. This energy moves through cylinders in which pistons slide up and down.
On January 29, 1886, Carl Benz applied for a patent for his “vehicle powered by a gas engine.” The patent – number 37435 – may be regarded as the birth certificate of the automobile. In July 1886 the newspapers reported on the first public outing of the three-wheeled Benz Patent Motor Car, model no.
How Much is Automobile Insurance
The average Automobile insurance cost in the United States is $1,655 per year for full coverage, or about $138 per month, according to 2022 data pulled from Quadrant Information Services. Minimum coverage costs an average of $480 per year. These are national average rates for drivers with clean records.
However, auto insurance premiums vary based on more than a dozen factors, according to the Insurance Information Institute (Triple-I), including your location, the type of vehicle you drive, and your driving record, so you may pay more or less than the national average.
Credit-based insurance scores are a rating factor used in most states to help determine Automobile insurance premiums. Statistics show that drivers with poor credit tend to file more claims and be involved in more severe incidents compared to drivers with good credit.
Bankrate’s insurance editorial team analyzed Automobile insurance rates by state, insurance carrier, and vehicle manufacturer, as well as the driver’s age, driving record, gender (where allowed), and other common rating factors to determine the average cost of Automobile insurance. These Automobile insurance prices might help you understand how much your auto insurance policy could cost, which may be beneficial when looking for an auto insurer that fits your budget and coverage needs.
Many factors help determine the cost of car insurance
The amount you’ll pay for car insurance is impacted by a number of very different factors—from the type of coverage, you have to your driving record to where you park your car. While not all companies use the same parameters, here’s a list of what commonly determines the bottom line on your auto policy.
- Your driving record – The better your record, the lower your premium. If you’ve had accidents or serious traffic violations, it’s likely you’ll pay more than if you have a clean driving record. You may also pay more if you’re a new driver without an insurance track record.
- How much you use your car – The more miles you drive, the more chance for accidents so you’ll pay more if you drive your car for work, or use it to commute long distances. If you drive only occasionally—what some companies call “pleasure use”—you’ll pay less.
- Location, location, location – Due to higher rates of vandalism, theft, and accidents, urban drivers pay a higher auto insurance price than those in small towns or rural areas. Where you park your car (on the street or in a secure garage) and anti-theft features may impact the bottom line as well.
Other factors that affect the premium price that can vary from one area or state to another are cost and frequency of litigation; medical care and car repair costs; the prevalence of auto insurance fraud; and weather trends.
- Your age – In general, mature drivers have fewer accidents than less experienced drivers, particularly teenagers. Insurers generally charge more if teenagers or young people below age 25 drive your car.
- Your gender – Statistically, women tend to get into fewer accidents, have fewer driver-under-the-influence accidents (DUIs), and—most importantly—have fewer serious accidents than men. So all other things being equal, women often pay less for auto insurance than their male counterparts.
- The car you drive – The cost of your car is a major factor in the cost to insure it. Other variables include the likelihood of theft, the cost of repairs, engine size, and the overall safety record of the car. Automobiles with high-quality safety equipment might qualify for premium discounts.
Insurers not only look at how safe a particular vehicle is to drive and how well it protects occupants but also how much potential damage it can inflict on another car. If a specific vehicle model has a higher chance of inflicting damage when in an accident, an insurer may charge more for liability insurance.
- Your credit – Similar to your credit score, your credit-based insurance score is a statistical tool that predicts the likelihood of your filing a claim and the likely cost of that claim.
- The type and amount of auto insurance coverage – The limits on your basic auto insurance, the amount of your deductible, and the types and amounts of policy options (such as collision) that are prudent for you to have all affect how much you’ll pay for coverage.
- NEVER race or religion – It is illegal to use race or religion to set insurance rates.
Where to donate a car
The easiest way to donate your car is to simply contact a charity and arrange for it to come to pick up your vehicle. Many of the larger charities like Habitat for Humanity, Goodwill, and the Salvation Army offer dedicated services for this, complete with phone hotlines and websites with donation forms. There are even dedicated car donation services like Charitable Adult Rides & Services, which handles all of the details and lets you choose the charity you’d like the proceeds to go to.
If you’re up for a bit more work, another option is to simply sell the car yourself and donate the money. In some cases, this can be more beneficial to the charity, since you may be able to sell it yourself for more than the charity could get at auction for it. At the end of the day, it’s your choice.
Steps to stay safe when donating your car
Donating your car to a charity is generally safe. Still, you’ll want to take a few steps to help protect yourself and not be held liable for anything that happens with your car after you give it away.
- Be wary of organizations that sound too good to be true — for example, if they promise that you can deduct however much you want from your taxes.
- Get a receipt from the charity.
- Remove your car’s license plates once you’re done driving it.
- File a transfer form to sign over your title with your state’s transportation or motor vehicle agency.
What to know before you donate your car
One of the biggest benefits of donating your car is that you might be able to deduct your charitable donation. But just like anything else the IRS controls, it’s not as simple as handing the car over to a charity and then deducting its value from your taxable income. Instead, you’ll need to meet certain criteria in order to deduct the donation from your taxes. You can get more info from the IRS’ guide to vehicle donation.
1. You’ll need to itemize your deductions
You can claim a charitable deduction (including for cars) only if you itemize your taxes. And unfortunately, with the new tax law changes, most people are better off claiming the standard deduction, so your car donation might not benefit you at all come tax time.
2. You’ll need to donate to a charity that qualifies
In order for your donation to count as a tax deduction, you’ll need to hand your car over to a registered 501(c)(3) organization or tax-exempt religious institution. You can verify the charity’s eligibility by calling the IRS hotline at 1-877-829-5500 or by visiting the IRS website.
3. You’ll need to collect certain documents
After you hand off your car to the charity, you should get a written receipt right away. Depending on what the charity does with your car, you’ll also get either a written acknowledgment or a Form 1098-C (Contributions of Motor Vehicles, Boats, and Airplanes) at some point. Keep hold of this document, as you may need the information to file your taxes, and you may even need to send the document itself in if you’re deducting more than $500 from your taxes.
In addition, if you’re donating a car worth more than $5,000 and the charity doesn’t plan to sell it for cash. You’ll need to get an official written appraisal at least 60 days before you donate the car as well.
4. Filing the proper tax forms
Most charities sell the cars that are donate to them for money. In that case, you can deduct the car’s final selling price, which the charity will provide to you with written acknowledgment or Form 1098-C.
You’ll need to file the following documents with your tax return, depending on how much you can deduct:
- $500 or less: Nothing in particular, but hang on to your records in case you’re audited.
- $501 to $5,000: File Form 1098-C or the written acknowledgment, plus Section A of Form 8283.
- More than $5,000: File Form 1098-C or the written acknowledgment, plus Section B of Form 8283 and the written appraisal of the vehicle if the charity isn’t selling it.
However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section.
Either way, let me know by leaving a comment below!
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