Nevada Car Insurance
The Nevada Division of Insurance provides oversight of auto insurance in Nevada. This includes regulating insurance companies and ensuring drivers’ compliance with state laws regarding insurance. Insurance is important for drivers in Nevada because it protects them financially when they are involved in a traffic accident. Nevada law mandates that all drivers possess the required minimum amount of liability insurance. This type of insurance covers bodily injury and property damage costs for the other party involved in an accident that you are at fault for. Other forms of coverage are available that are not required by law, such as additional liability coverage, collision, comprehensive, and uninsured motorist coverage.
Required Coverages in Nevada:
- Bodily Injury Liability Per Person: $15,000
- Bodily Injury Liability Per Accident: $30,000
- Property Damage Liability: $10,000
Violating Nevada law by not having car insurance will result in fines starting at $250 and going as high as $1,750, in addition to having your driver’s license suspended, which you will have to pay to have reinstated. More severe punishments can be administered by the court of jurisdiction if you are caught driving without car insurance in Nevada by a law enforcement officer.
Determining Your Rate in Nevada
Several factors are used to determine car insurance rates in Nevada. These factors include your credit score, driving record, vehicle type and use, age, marital status, sex, and where you live. Things like a low credit score, violations on your driving record, and living in an area with a high number of traffic accidents may make you a high risk to ensure, which will make your rate increase. Each company places a different amount of importance on each factor, which is why you get so many different prices when you compare car insurance quotes in Nevada.
The Insurance Information Institute shows that the average cost of liability insurance in Nevada is $622, which is higher than the national average of $474. This number is an average for the entire state, so what you actually pay will likely be different. In their auto insurance guide, the Nevada Division of Insurance includes a rate comparision guide that shows rates from multiple car insurance companies in Nevada, based on different scenarios. This can be used to give you an idea of what to expect when shopping for auto insurance in Nevada.