Car Insurance Laws in Nevada
Car insurance is a legal requirement in Nevada. While you must carry minimum coverage, in many cases, it is a good idea to purchase additional coverage. This may provide additional coverage for vehicle damage and medical costs in the event of a car accident. To get the best coverage possible and to ensure that you abide by all laws, you must understand the basics of car insurance laws in Nevada. As a former insurance agent, our car accident attorney truly understands these laws. He put together the below guide to better assist his clients make sure they have the right coverage.
Car Insurance Limits
By law, all Nevada drivers — including car, truck, and motorcycle drivers — must have at least 15/30/10 coverage. This means that at the very least, a car insurance policy must have $15,000 per person for bodily harm, $30,000 per accident for bodily harm, and $10,000 per accident for vehicle and other property damage.
Of course, the minimum coverage limits may not be enough to pay all of the damages you cause in an accident. The minimum limits were devised decades ago when medical bills and vehicles cost much less than today. For that reason, you would be wise to purchase higher limits of liability limits so that you do not have to pay for a person’s damages out of your own pocket.
Liability Only Insurance
A driver may choose to have liability only insurance. This means the insurance only covers damages that the insured is legally responsible for when he/she causes or contributes to an accident, up to the limits of the policy. Liability only insurance will not pay towards damages that you incur in an accident. If you have liability only insurance and someone rear ends you, then you will only be able to collect damages from the other driver’s insurance policy. Your policy will not cover any damages caused to you or your vehicle.
You may purchase additional insurance coverage. The types of optional coverage that are available to Nevada drivers include:
- Comprehensive Insurance Coverage
This type of insurance covers almost any damage done to your vehicle. This includes hail damage, theft as well as other non-accident types of damage. It does not cover damage caused by a collision with another car, a structure or an object. It does, however, provide coverage to fix your car should you hit an animal. It is subject to a deductible, an amount you pay before the coverage begins paying.
- Collision Coverage
Collision coverage pays to fix your vehicle that is damaged as a result of a collision. Like comprehensive coverage, it is subject to a deductible.
- Rental Coverage
If you are in an accident and it takes days or weeks to repair your car, you may still need transportation. This coverage pays for a rental car while you repair your car.
- Medical Payments Coverage
This coverage pays medical bills incurred by you or a passenger in the event of an accident. It pays regardless of fault for the accident and is not subject to a deductible.
- Uninsured/Underinsured Motorist Coverage
In the event that the person who causes an accident does not have insurance or does not have enough insurance, this coverage will pay for your personal injuries sustained in the accident. This is the most important coverage you can buy as it will pay for your personal injuries caused by another.
- GAP (Guaranteed Asset Protection)
If you purchased your vehicle with a loan and your vehicle is declared a total loss (the vehicle’s value is less than the cost of repairs), this coverage will pay off the vehicle loan if you owe more on the loan than the vehicle is worth.
- Labor & Towing Insurance
If you get into an accident and are unable to move your car, then this type of insurance helps. It pays for roadside assistance, including towing, to get your vehicle to a repair facility.
How Much Does Insurance Cost?
Every insurance company determines how much it will charge. The cost of insurance depends on a variety of factors, including:
- Type of coverage you are getting
- Your age
- Type of car you drive
- Where you live and where your car is parked most of the time
- How frequently you drive your car and how many miles per year you drive your car
- Your credit history
- Your claims history and driving record.
The same type of car insurance for the same type of vehicle may be less expensive for a driver who has never been in an accident and has a clean driving record. Conversely, it may be more expensive for a driver who has had at-fault accidents and/or has moving violations, such as speeding or running a red light.
Get More Information About Car Insurance Laws in Nevada Today
Getting enough coverage on your car and getting affordable coverage can be a delicate balancing act. Also, navigating the world of car insurance laws in Nevada after an accident is often challenging. At Eric A. Stovall, LTD, our car accident attorney assists our clients in getting the reimbursement they deserve from their insurance company after a car crash. Call us today for a consultation at (775)337-1444.