My car insurance was recently up for renewal and I thought I would put some effort into shopping around.
Many of us that decide to take out that cheap car insurance option will, in the event of making a claim, feel let down by the insurance company somewhat. If you have you ever had to make a claim against your insurance then you may agree with what I’m saying – I bet some of you will have had to chase the insurance company to get things sorted out, alot of you will maybe have had a game of tug-of-war with the insurer about the costs of the claim, and I would risk a fair stack of chips (we are in Las Vegas after all!) on most having found it stressful.
The National Association of Insurance Commissioners included, in its annual report of 2008, a comparison of the average auto insurance premium for Nevada against the rest of the country. The report revealed that the average premium per vehicle in Nevada state was $1,137 annually, whilst private passenger auto insurance for the rest of the country was noticeably less at only $937 per vehicle.
While car insurance is a significant annual cost for most residents of the US, it is slightly more expensive for residents of Las Vegas and Nevada state as a whole, compared to the rest of the country on average.
To get yourself a decent policy and also to get a good deal for their money, you must take care and purchase an auto insurance policy that makes sense and value for you. A good policy is one that both meets your minimum liability as a road user and also provides other levels of cover that you require without quibbles or problems from the insurance company should you need to make a claim.
Now, both bodily injury and property damage coverage (liability coverage) can be bought as split-limit coverage or combined single-limit cover. If you choose to purchase liability cover as a combined single limit, then the figures for bodily injury and property damage are combined ie. $40,000 is the combined single limit for all bodily injury and/or property damage, and this figure is the minimum combined single-limit cover allowable by the law of Nevada.
Comprehensive and collision cover are not required in Las Vegas, under Nevada law. It is also not available in some cases where the condition of the vehicle or the age of the driver would prohibit the costs required ie. the person is of minimum age or the vehicle is almost worthless
Again, medical payments or uninsured/under-insured motorist cover are not strictly required under Nevada law, but all insurance companies are required to offer it to you by law with a level of cover of at least $1000 and uninsured/under-insured motorist cover at an amount equal to your bodily injury cover (this is to protect you in the event you have an accident with another party who is found at fault but does not have the minimum levels of cover required).
If you are planning on leasing a vehicle then you are advised to check the lease agreement since you will mostly be required to have a liability cover of $100,000 per person, $300,000 per accident and possibly a damage cover over the lower limit of $10,000 required by the law in Nevada.
Teri is an insurance actuary and lives in Las Vegas. She writes for the las vegas and Nevada car insurance center where you can find more tips for finding car insurance in las vegas.
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