In Nevada, you’re required to carry minimum liability auto insurance, which covers the expenses incurred by the other person in a collision that you’re responsible for. It doesn’t cover a dime of your own repairs or medical bills, but fortunately, comprehensive and collision coverage can be added to your policy. These types of additional coverage provide you with a way of paying for the costs of repairs for your own vehicle.
Obviously, coverage limits vary widely, and there is no one-size-fits-all approach for figuring out how much coverage you actually need. To determine whether you should increase or decrease your collision and comprehensive deductible, consider factors like:
♦ What type of vehicle you have and how old it is
♦ If you had an accident, could you afford to cough up the deductible at anytime
♦ How high of a premium can you afford to pay if your car was totaled
♦ Do you live in a densely populated area, increasing your risk of an accident
♦ How many miles per year do you drive
♦ What other drivers are in your household
Setting a lower deductible may cost you more upfront each month, but in the event of an accident, it can be a relief. On the other hand, if your vehicle isn’t worth much more than the cost of your deductible, then you may not want to pay for collision and comprehension for that vehicle.
Your insurance agent can help you review your policy and determine if your current collision and comprehensive deductible is right for you.