Nevada insurance minimums are increasing July 1, 2018

On June 1, 2017, The State of Nevada enacted Senate Bill 308 (SB308) which will amend the Nevada Revised Statutes requirements of NRS 485.3091 and increase the minimum insurance limits each driver is required to carry. Effective July 1, 2018, the minimum insurance limits will increase to 25/50/20 ($25,000 per person/$50,000 per accident for bodily injury liability and $20,000 for property damage liability). Currently the state law requires a driver to carry 15/30/10 ($15,000 per person/$30,000 per accident for bodily injury liability and $10,000 for property damage). Nevada was one of only 6 states remaining that offered such low limits (1 state allows for lower limits.) The vast majority of states require drivers to carry at lease25/50/25 limits.
Will this affect my insurance rates? Yes, most likely. It is unknown the extent to which it will affect your rates. Each insurance company will have different premiums and we encourage you to obtain several if not many quotes.
Will this affect me if I am the victim in an accident? Yes, for the better we believe. Nevada is in the top 10 states seeing a rise in the number of accidents. Why is this? It is unknown, but there are many theories as to the rationale including the following: 1) distracted driving 2) decriminalization of medical and recreational marijuana 3) distracted walking 4) traffic congestion 5) fraud. With the increase in accidents comes a natural increase in the possibility that you will be hit by another motorist. The current insurance minimum required of 15/30/10 means that $10,000 alone will be available to fix and / or total your car and that $15,000 will be the maximum you can recover for the injuries that someone else inflicts on you from the insurance company. An ambulance and ER visit alone just on the day of the accident can potentially run in excess of $20,000. It is unlikely that a wrongdoer in an accident who has only purchased $15,000 in coverage has a lot of money in their bank account to pay you more if they cause you to be seriously injured. Increasing the minimum limits is one step in protecting the innocent injured as a result of a car crash.
*Please also consider purchasing uninsured / underinsured motorist coverage as a way of protecting yourself in an injury crash that is not your fault. You can’t control what someone else does in following or not following the law on carrying insurance, but you can control if you purchase this protection to protect yourself and your car’s occupants.

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