Usage-based Insurance (UBI) is a car insurance coverage that tracks the policyholders’ driving habits through in-vehicle monitoring systems (IVMS). The tracking devices transmit the insurance company’s real-time driving data, such as speed and distance traveled. Thus, the cost of UBI policies is hinged on the actual risk. How Do Car Monitoring Devices and Apps Work?
Generally, homeowners insurance premiums are not tax-deductible. However, in some exceptional circumstances, for instance, when you rent out your property or work from home, you may be able to claim a tax deduction on your homeowner’s insurance premiums. What Is a Tax Deduction? You’re obligated to pay taxes annually on your wages, salary, or other