Monthly Archives: November 2014

Question: What happens if my car insurance coverage is not enough?

Answer: The State of Nevada only requires injury (BI) coverage in the amount of $15,000 per person and $30,000 per accident and $10,000 for property damage. It’s often written as $15/$30,000 BI/$10,000 PD. This minimum amount certainly meant more when it was placed into effect over 30 years ago than it does today!  For a detailed overview, please see our page on Car Insurance Laws in Nevada. If you are at fault in an auto accident and seriously injure someone or total their new car, the minimum amount of insurance required by the state will not come close to paying all the bills. After your insurance company pays its maximum benefits to the other driver, you are responsible for the remainder of the bills. As an easy example, if you have only $10,000 of property damage and total the other person’s new car valued at $30,000, you will be responsible…
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Question: How much car insurance coverage should I have?

Answer: All insurance is designed to pay for a loss you cannot afford to take yourself. When trying to determine how much insurance you should buy, you need to examine what assets you have that you need to protect. Are you young, just starting a career and really have no assets yet? Do you own your own home? Do you own your own business? Are you a professional making a large income? Do you have significant assets? There is no one easy answer to this question. Please feel free to call me at 775-337-1444 and discuss this topic. You can also discuss it with your insurance agent to make sure you have as much insurance as you need. Not to leave you without a concrete example, homeowners should have no less coverage than $100/300,000BI/$100,000PD coverage (or $300,000 combined single limit coverage…a coverage discussed next) and should consider an umbrella or…
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Question: My auto insurance doesn’t have liability in these three separate amounts but rather has one, single amount. What does that mean?

Answer: The State’s minimum coverage of (BI) coverage in the amount of $15,000 per person and $30,000 per accident and $10,000 for property damage is called split limits, i.e. there limits are divided into how it would pay for one person, several persons and what type of damage is involved. There is another type of coverage available in Nevada by most insurers: combined single limit coverage. Rather than splitting the coverages and amounts, the coverage for both BI and PD is placed into one single stated amount, for example, $100,000 CSL (combined single limit). With CSL, if you are responsible for an accident your coverage will pay up to maximum amount regardless of the number of people you have injured. Also, it will pay up to the maximum amount in property damage. Just, remember regardless of the type of damage or the number of people you injure, your policy will…
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Posted in Personal Injury | Comments Off on Question: My auto insurance doesn’t have liability in these three separate amounts but rather has one, single amount. What does that mean?