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Nevada Auto Insurance Information

A study was conducted a few years ago that estimated that as many as 1/3 of all drivers on the road in Nevada either do not carry any insurance. A few laws have been passed since then to combat this terrible problem for Nevadans.

Nevada State Department of Motor Vehicles requires that all drivers on highways of the state of Nevada carry a minimum of 15/30/10 BIPD. Failure to do say my result in any or all of the following:

• Suspension of Registration - The Nevada Department of Transportation Motor Vehicle Division will suspend the registration for your car if you do not carry at least 15/30/10 BIPD limits for liability coverage. The cost to have a suspended registration reinstated is $250. The fee can be lowered to $50 if the person owning the vehicle can prove that it was insured at the time of the citation.
• Self-Insurance - A person or a business entity with more than 10 vehicles may be considered for self insurance.
• SR22 - Motorists with driver license suspensions or revocations may be required to file SR-22 Proof of Financial Responsibility with the DMV to regain their driving privileges. This is not part of the Insurance Verification Program
• Large Fines - Fines of $250 are given to drivers who have been stopped by Law Enforcement and cannot produce proof of Minimum Financial Responsibility. Generally, if you do have insurance but dont have the paperwork with you, a judge will reduce the fine to $50. However, driving without insurance will result in the larger fine!

Contacting the DMV for Nevada:

Department of Motor Vehicles
Insurance Verification Program
555 Wright Way
Carson City, Nevada 89711-0800
1-800-344-0483
(775) 684-4850

Bodily Injury Property Damage

BIPD is the coverage that pays out to other persons that are not occupants of your insured vehicle. Property Damage covers your damage to other vehicles or objects such as homes, fences, poles etc.

UM / UIM - Uninsured and Underinsured Motorist

Coveres occupants of your insured automobile in the event it is involved in a not-at-fault accident with another vehicle that does not carry any insurance or damages to occupants have exceeded the coverage the other motorist had obtained and the difference is paid out from yur policy.

Comprehensive Coverage

Comprehensive Coverage on your Auto pays out in the event your vehicle has suffered a loss that is non-collision related. There are a couple exceptions to this, for example: Hitting an animal on the road is comprehensive and rolling the vehicle is collision.

Collision Coverage

Covers the cost to fix or replace your vehicle to the point it was just prior to the incident. Most companies pay out based on ACV or Actual Cash Value. You may also consider GAP coverage if you owe more than the car is worth.

Towing

Towing or Roadside Assistance coverage is an endorsement on your auto policy that will allow your car to be towed at no cost or at a pre-specified covered amount on your policy. The coverage also often allows for roadside assistance in the event of key lockout, or run out of gas type of situations as well. Towing coverage often is very inexpensive. Some companies require that you have Physical Damage (comp + collision) coverage on the car to obtain towing coverage.

Glass Waiver of Deductible

Glass Waiver of Deductible or Glass Buyback coverage is specifically for coverage on your windshield or other auto windows. Glass breakage is perhaps the most common claim made overall for automobiles. Insurance companies will offer to you at additional cost, the option of having a $0 deductible to replace glass in your auto. This coverage is tied to your Comprehensive deductible, so you must have that in order to benefit from the glass coverage endorsement.

Medical or Medpay

Medical Coverage on your Auto Policy is a First Pay coverage. We at Get Covered USA highly recommend this coverage because of this. For example, you are involved in an accident (regardless of fault) and you are injured and taken to a hospital. You will immediately begin to accumulate medical bills. If you have medpay coverage then the insurance company will pay these as they become due. The alternatives are for your health insurance to cover the bills, which many treatments may be declined or if you dont have any health coverage at all you will be responsible for everything out of pocket. BIPD, UM and UIM will cover your medical damages, however these coverages do not kick in until all treatments have been completed! Medpay coverage might be available under a Liability Only type policy!

Additional Points of Interest for Nevada Insurance

• The Minimum Liability amount you must carry according to Nevada State Law is 15/30/10 BIPD

• The top insurance carriers in Nevada by policy count are State Farm, Allstate, Farmers Insurance

• Flood Insurance is needed in some portions of Nevada.

• Earthquake coverage might also be required near some fault lines .

• By Policy Count, the top 3 insurers in Nevada are State Farm, Allstate and Farmers Insurance

• Nevada allows the use of consumer reports to determine rate structure by insurers.

• If you own a home or have a significant amount of money saved, you should consider carrying higher limits of liability or BIPD coverage as well as increased Personal Liability Coverage on your home. An Umbrella policy will pick up excess liability coverage above 250/500/100 limits on auto and 500,000 on home. Ask your insurance agent to give you more information on Umbrella Policies!

• Many people pay their Homeowners Insurance Premium out of Escrow, others prefer to pay it directly to the company themselves.

• The Nevada Department of Motor Vehicles or NV MVD also requires that you carry insurance on the vehicle to avoid suspension in registration. If your registration is suspended you might have to carry an SR22 for up to 3 years.

• DUI's also create a need for the insured driver to carry an SR22

• Nevada has one of the highest auto theft rates in the nation. Due to its proximity to the United States/Mexico Border, many vehicles are stolen and transported into Mexico to be stripped for parts or sold whole.

• Using an EFT or Electronic Funds Transfer Method will give you a discount off of your insurance rate with most insurance companies. It might not be reflected in your Auto or Home Insurance quote so make sure you ask about it if you are ok with this payment method.