NLIC.org

Gene Said:

What is the annual insurance premium?

We Answered:

The expected value of a claim is 2.6% x $95,000 or $2,740.

Figure you want to make a profit, so the premium must be higher than that.

Grandpa

Ken Said:

Does this mean I will be paying taxes on what my company contributes to my health insurance premium?

We Answered:

Where did you come up with $4000 in tax? What that would mean is that the PREMIUM paid by your employer would be considered taxable income to you.

Kay Said:

How much would My insurance premium be?

We Answered:

It will depend if you have had any tickets, accidents, or anything else that might cause your insurance policy to go up. Since there are a number of items that can cause your insurance rate to increase or perhaps decrease, you will need to contact your Geico insurance person and ask them what the rate will be for the truck. It wouldn't be fair to you for me to give you a figure because it wouldn't be correct and may not be even close. All it might do is build up your hopes only to find out my answer was several hundred dollars short of the actual amount. You will find out anyway when you contact Geico and advise them to put the truck on the insurance policy. Just make sure you have coverage on the truck before you go out driving it. You sure don't want to have an accident without insurance on the truck and for sure if the accident is your fault. Drive safely and have fun!!