Nevada Residents: This Market Research Can Help You Find the Best Car Insurance

If you live in Nevada and drive, the state requires that you obtain bodily injury (BI)  and property damage (PD) insurance. Therefore, the minimum requirements are 25/50/20. This means that if you hit another car, the insurance will allow up to $25,000 per person injured or $50,000 per accident. Property damage includes $20,000 to cover damage to the other party’s vehicle or to the damage you cause to items like the outside of a building or fence.

How Insurance Companies Set Insurance Prices – What Market Research Reveals

Market research shows that you can cut costs on insurance, based on your driving record, the type of driving you do, where you live, your gender, age, and type of vehicle you drive. That is why it is important to regularly compare rates, as you might save money on what you’re currently spending.

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Insurance Options for Nevada Residents Who Drive

While Nevada has put limits in place for car insurance, Nevada residents may also opt for higher purchasing limits to protect themselves. For example to cover damage caused to your own vehicle, you might consider getting collision coverage. Doing so will prevent you from paying for damages out of your own pocket.

What Comprehensive Insurance Covers

Comprehensive car insurance covers any damage your car sustains for other reasons besides a collision. The insurance will pay for damages resulting from vandalism, fire, flood, or natural disasters such as weather extremes. If you have an older car, you might choose to forego this optional insurance. However, if you lease a car or have purchased a new vehicle, you’re usually required to get the coverage.

Underinsured and Uninsured Motorist Insurance

If you get involved in an accident with a driver who is underinsured or uninsured, you can use underinsured/uninsured motorist insurance to pay for vehicle damages. Currently, about 13% of Nevada’s drivers don’t have adequate insurance to cover a driver they hit when they’re at fault in an accident.

Opting for More PD Insurance

You may find that the $20,000 PD limit to be too low of coverage, especially if you get involved in an accident where you hit other structures besides another vehicle. If you feel the state’s minimum is too low, you might want to increase your PD protection, provided you can afford to do so.

What Collision Insurance Covers

If you opt for collision insurance, the policy will cover your repair bills or the fair market value for your car if it is totaled. Your insurance will protect you, regardless of the at-fault party. Insurance specialists recommend you buy the coverage if your vehicle’s worth surpasses the insurance premiums you’ll pay for the next five years.

Electing to Buy Both Collision and Comprehensive Insurance

If you buy both collision insurance and comprehensive insurance, the protection is called physical damage coverage. Both types of insurance will cover you in case you’re involved in an automobile accident, motorcycle mishap, or truck accident in Nevada.

Check Your Insurance Rates Against Other Policies about Every 6 Months

Remember, even a one-day lapse of insurance coverage subjects you to a $250 fine. So, play it safe and aways make sure you can meet the terms of the state and your insurance company’s policy’s payment due dates. Check comparables about every six months to make sure you’re receiving the best rate.