Minimum Insurance Coverage In Nevada Has Increased

As of July 1, 2018, the minimum insurance coverage in Nevada will be increased, resulting in a 9% jump in auto insurance rates for one-third of motorists.

This change is the first increase in minimum coverage since 1958 and brings Nevada closer in line with other states’ minimum insurance coverage. If you already have more than the new minimum coverages, your premium rates shouldn’t be affected but it’s always best to get several quotes from insurance carriers and always speak with a Las Vegas personal injury attorney to learn what your coverage means if you’ve been in an accident.

Currently the minimum insurance coverage in Nevada is known as 15/30/10 – $15,000 per person for bodily injury coverage, $30,000 per accident and $10,000 in property damage per accident. With the new law, the minimum insurance coverage will be increased to $25,000 per person for bodily injury coverage, $50,000 per accident and $20,000 in property damage (25/50/20).

In addition to these requirements, drivers can purchase Uninsured/Underinsured Motorists (UM/UIM) coverage. By law, insurance companies must offer this protection at a level no less than the minimum liability limits. To prepare for these legal changes, its best to review your auto insurance policies and selected limits. Contact your insurance company to determine what coverage and limits are best for you.

Although this increase means some individuals could see a small increase in monthly premiums, it’s a good direction for Nevada as it provides greater protection for all drivers in Nevada. If you are a victim of a car accident, this increase in coverage will protect you better if you are injured. Regardless of the insurance policies, it’s always best to contact an attorney if you were in any type of auto accident.

Why Was The Minimum Insurance Requirement Increased?

Nevada is one of the top 10 states that is having an increase in the number of accidents. There are a variety of reasons leading to this such as:

  • Increase in distracted drivers and pedestrians
  • Increased traffic congestion
  • Insurance fraud
  • Decriminalization of both medical and recreational marijuana
  • Increase in accident claims outside of Las Vegas
  • The surging population boom

Nevada Ranks #7 in the Country for Accident Fatality Rates

Due to the increasing cost of these accidents, the state legislature decided to increase the minimum drivers are required to carry. This new law should add roughly $10 per month to an individual’s auto insurance bill but because of the potential expenses that can be incurred in a car accident, it’s best to speak to an attorney to learn why you should carry more than just the minimum requirement.

Understanding the New Nevada Minimum Insurance Coverage

Making sense of the numbers can be tricky. It’s always best to speak to a Las Vegas accident attorney who can break it down for you and answer any specific questions you may have. With the new 25/50/20 law, if you are found at fault for an accident that caused bodily injury to someone else, your insurance will cover up to $25,000 of their medical expenses. If bodily injuries exceed that amount, and in really bad car accidents they most likely will, you will have to pay the remainder out of pocket. This is why it’s highly encouraged to purchase more than just the minimum.

If there were more than 1 person injured in an accident that you are at fault for, your insurance will cover up to $50,000 for their total medical expenses. And lastly, with this new minimum, your insurance will cover up to $20,000 of property damage. With a growing population and increase in motorists on the road, being underinsured can cost your future income and assets. It’s best to speak to a Las Vegas car accident attorney to learn how much of an impact a car accident can have on your future.

Call Harris & Harris Injury Lawyers today on (702) 384-1414. You can also submit our online contact form and we will get back to you promptly.