Nevada Insurance (NV)

Nevada Car Insurance Requirements
When purchasing auto insurance in Nevada, it is advisable that you look for guidance from an insurance agent.

You can buy physical injury and property damage or liability coverage as split limit coverage or as joint single limit coverage. The two liability limits for bodily injury and property damage are for split limit coverage of 15/30/10 ($15,000 per person for physical injury, $30,000 per accident for physical injury, and $10,000 per accident for property damage) and 100/300/50 ($100,000 per person for physical injury, $300,000 per accident for physical injury, and $50,000 per accident for property damage). The minimum limits of liability mandatory under Nevada law are 15/30/10 ($15,000 per person for physical injury, $30,000 per accident for physical injury, and $10,000 per accident for property damage). If you go in for buying the coverage as a combined single limit, the minimum permissible is $40,000 under Nevada law.

Comprehensive and collision coverage are not obligatory by Nevada law. In certain cases, such coverage may not be available at all, owing to the age or condition of the automobile. However, in case you borrowed money to purchase your automobile, your lender may necessitate you to bear this coverage until the loan is repaid. You need not carry medical expenses or uninsured/underinsured motorist coverage, but all insurance companies are under compulsion to offer you medical costs coverage of a minimum of $1,000 and uninsured/underinsured motorist coverage in an amount equal to your physical injury coverage. If you plan to let out an automobile, you should examine your lease agreement. Commonly, these agreements call for you to carry liability coverage in the amount of $100,000 per person, $300,000 per accident and may require you to carry property damage coverage over and above the $10,000 limit stipulated by Nevada law.

How to save money in Nevada Car Insurance
The key to comparison shopping is to ascertain the insurance coverage that will suit your requirements before you start, and then to find out and weigh the comparative costs of the coverage as on offer from a number of companies. Comparison shopping may be time-consuming but is economic nonetheless.
No one wants to dish out more for auto insurance than is entirely indispensable. The only fruitful way you can ensure you are not paying too much is to shop around and know what different companies charge for the same products and services.
As one example, the rate comparison may deal with the imaginary scenario of a married couple, both forty-years old with good credit scores. If the man sought Liability Limits of $15,000 per person/$30,000 per accident/$10,000 per accident property damage, he could be asked to pay anywhere from $940 to $4,211 annually in Las Vegas or $547 to $3,004 in Reno to insure a 2001 Toyota Camry.

Information is accessible to consumers from a number of neutral sources, such as public libraries, the Nevada Division of Insurance, consumer groups and consumer publications.

Because the insurance industry has developed many words not usually used by the average person, consumers may require referring to a good glossary or dictionary of insurance terms from the public library.
Consumers may also find access to a broad diversity of information from the Nevada Division of Insurance, which has staff available to answer questions regarding auto insurance coverage.
You should be aware that your Nevada auto insurance policy is a legal contract. To avoid falling into the trap laid by cons, you should:
  1. Confirm with the Nevada Division of Insurance to find out if the company is licensed in Nevada. Companies licensed by the State are required to present annual statements to the Division of Insurance, which allow it to evaluate a company's persistent ability to recompense claims and to take remedial action in advance of potentially destructive troubles.
  2. Verify that your insurance agent is selling you a state licensed product. If you apprehend an insurance agent is trying to dole out to you an unlawful product, contact the Division of Insurance.
  3. Make sure you are dealing with a licensed insurance agent. If the person trying to sell you the coverage states that he or she doesn't need a license for no matter what reason, be cautious.
  4. Ask your agent for the name of the insurer and verify the documents you get to see whether it names a licensed insurer that is fully insuring the coverage.
  5. Never pay cash. Always obtain a receipt for all payments and ensure the receipt shows such relevant details as your policy number, date of payment, period of coverage, and the name of the insurance company providing the coverage.
Contact the Nevada Division of Insurance
Committed to serve you for providing you one-stop solution to all your insurance needs, the Nevada Division of Insurance acts a source of unbiased information and assistance to you. If you are confused over any part of your insurance policy, please feel free to contact them.
State of Nevada Insurance Commissioner Carson City Office:
788 Fairview Drive, Suite 300
Carson City, Nevada 89701
Ph: (775) 687-4270
Fax: (775) 687-3937
Nevada Department of Insurance
Las Vegas Office:
2501 East Sahara Avenue, Suite 302
Las Vegas, Nevada 89104
Ph: (702) 486-4009
Fax:(702) 486-4007