Like most states, Nevada requires its drivers to carry a minimum level of liability insurance. Currently, the state minimum requirements, which are expressed as 15/30/10, cover $15,000 in medical expenses incurred by the driver you hit, $30,000 in medical expenses for all passengers of that vehicle, and $10,000 in damage caused to the other person’s property.
Changes Are Coming
In April of 2017, the Nevada Senate approved a bill that will nearly double the minimum liability coverage limits. Beginning on July 1, 2018, drivers will be required to carry at least $25,000 in bodily injury liability, $50,000 in bodily injury liability per accident, and $20,000 in property damage liability.
While drivers who currently carry the state minimum coverage requirements may see a small increase in monthly premiums, overall, this is great news for Nevada residents. Starting in July, those minimum limits will be higher, providing greater protection for all drivers.
What Does the Change Mean for Me?
If you have more than the Nevada state minimum coverage, then you probably won’t be impacted by the new bill. However, if you currently carry the state’s minimum coverage requirements, then your insurance company will be required to update your policy so your premium will most likely be going up in price.
Nevada Insurance Enrollment can help you evaluate your coverage and assist in determining whether it’s sufficient for your needs and lifestyle, as well as the state’s new requirements. We always recommend carrying as much insurance as you can afford, to financially cover your assets.
What Coverage Am I REQUIRED To Have?
Are your rates going up? Part of the reason could be that effective 7/1/2018 the State of Nevada is requiring all drivers in Nevada carry 25/50/20 liability coverage.
Like most states, Nevada requires that their drivers carry liability coverage, which pays for damage to the other person’s car and bodily injuries if you cause an accident.
Nevada drivers must carry: This is MINIMUM Coverage from 7/1/2018 and beyond:
♦ $25,000 of bodily injury coverage per person
♦ $50,000 of bodily injury per accident
♦ $20,000 of property damage coverage
Making Sense of the Numbers
Nevada Minimum Coverage – 25 / 50 / 20
Like most states, Nevada requires that its drivers have liability insurance. You may have noticed that Nevada’s minimum limits are expressed as three numbers: 25/50/20. These numbers are expressed in thousands, and reflect how much your insurance will cover in the event of a covered accident.
♦ If you are responsible for an accident that caused bodily injury to someone else, your liability insurance will cover up to $25,000 of their medical expenses
♦ If two or more people are injured in an accident that you were responsible for, your insurance would cover up to $50,000 of their total medical expenses
♦ If you damage someone’s vehicle or personal property in a collision, up to $20,000 of damages would be covered by your insurance.
Do we recommend you carry the minimum. Absolutely not! Anything above and beyond these numbers that you don’t cover, you are “self-insuring”. Meaning, if you hurt someone and send them to the hospital, and their hospital bill is greater than $25,000, you are saying that your future income and assets will be exposed to pay the remaining medical payments for the other person. This is a very big deal.
Many think, well that will never happen to me. Well, it may not? Or it may! We know folks that have a payment to others for the rest of their lives! And we are not being dramatic!
BE PROTECTED CORRECTLY
Call us here at Nevada Insurance Enrollment and allow us to run quotes at a higher liability amount and get you more coverage. Sometimes it’s just a few dollars more to double or triple the coverage you are carrying. Don’t be underinsured.