Nevada has recently voted to raise the minimum amount of insurance motorists are required to carry on their automobiles. As of July 1st, 2018, motorists will be required to carry coverage of $25,000 for causing bodily injury or death of a single person, and $50,000 for the deaths of two or more people. Further, individuals will be required to carry a minimum of $20,000 to cover property damage caused in an automobile accident.
How Nevada Compares to Other States
The change in the law will bring Nevada closer in line with the minimum insurance coverage drivers are required to have in other states. In regard to personal injury and wrongful death coverage, Nevada’s coverage will be roughly the same as it is in the majority of states. Where the law differs from other states is in regard to the amount of property damage coverage. The new requirement for $20,000 in coverage is almost double what is required in many other states.
Insurance Rates are Rising Across the State
Nevada is currently the 12th highest state in the nation in regard to the cost of automobile insurance. As the economy has improved and more motorists have taken to the roads, insurance rates continue to rise. While statistically, the number of accidents is decreasing, the cost of these accidents continues to climb. Thus, the reason the state legislature voted to increase the minimum insurance drivers is required to carry.
Many automobile accident lawyers in Las Vegas recommend carrying more than the minimum amount of coverage required by law. The recent increase in the minimum coverage requirement will add roughly $10 per month to an individual’s auto insurance bill. However, this is an insignificant amount when compared to the potential expenses that can be incurred in an automobile accident.
As with other states, the majority of motorists in Nevada are insured by State Farm, Geico, Progressive, Farmer, and Allstate. Each of these companies calculates their rates based on the driver’s claims history, driving record, zip code, and make/model/year of the vehicle. It remains to be seen how much these companies will raise their rates based on the state’s new minimum insurance requirements. In the meantime, motorists seeking to secure as much coverage as possible without “breaking the bank” should begin shopping for premiums and policies that best suit their needs and driving habits.