In the State of Nevada, as long as you drive a motor vehicle, the law requires you to also possess an auto insurance policy. Failure to purchase one will prohibit you from registering a car, result in violations and penalties, and also put you and other people on the road at risk – financially speaking – in the event that you get involved in a traffic accident. This is why you should arm yourself with the knowledge of how Nevada car insurance works and the laws made specifically for it.
Average cost of car insurance in Nevada
The National Association of Insurance Commissioners (NAIC) claim that the average person pays roughly $935.90 for car insurance in Nevada each year.
They broke this figure down to:
$648.19 is the average annual liability insurance expenditure.
$284.79 is the average annual collision insurance expenditure.
$114.77 is the average annual comprehensive insurance expenditure.
Young Drivers in Nevada
The level of coverage has a significant effect on auto insurance premiums. Our study showed that young drivers in Nevada can have an annual average of:
- $1028 for state minimum coverage1,
- $2028.8 for basic full coverage2 and
- $2988 for premium full coverage3.
Generally, teens and inexperienced drivers spend more towards their insurance than older motorists. Because they’re still learning, their odds of getting involved in a collision remain high. Insurance companies take this into careful consideration, and for them to avoid huge losses on their part, they tend to charge young drivers with higher rates.
Female Drivers in Nevada
Women have quite the impressive driving record, and statistics reveal that they have low road-related accident rates. This is why a female driver can expect the following affordable annual premium averages:
- $566.8 for state minimum coverage,
- $1097.2 for basic full coverage and
- $1649.6 for premium full coverage.
Our methodology4 determined that women can have premiums nearly 50% less than young drivers. Of course, individual quotes still depend on several other factors, such as the type of car driven and its safety features, as well as driving history.
Senior Drivers in Nevada
A senior driver in NV can expect the following annual premium averages:
- $518.8 for state minimum coverage,
- $994.4 for basic full coverage and
- $1520.8 for premium full coverage.
Minimum car insurance requirements
Nevada residents who own and operate automobiles should carry liability insurance. Without showing this to the Nevada Department of Motor Vehicles (DMV), you can’t obtain the registration for your motor vehicle. To comply with the state laws, you should purchase the minimum required amounts for each of the three mandatory coverage types.
With liability insurance, people you have injured or properties that you have damaged through a road traffic accident you caused will receive coverage. However, this will only apply if you have the following in your policy: a $15,000 coverage minimum for bodily injury/person, a $30,000 coverage minimum for total bodily injury/accident, and a $10,000 coverage minimum for property damage.
Aside from this minimum coverage program commonly referred to as “15/30/10,” you may also want to consider spending a little bit more on your policy to make it a little more extensive. Choosing to add collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage (UM/UIM), and/or medical payments coverage to your insurance program will provide you with greater financial protection. Other useful add-ons include rental reimbursement, towing and labor, as well as Guaranteed Asset Protection (GAP) coverage.
Violations and Penalties
A first time offense will result in you having to pay for a fine of $250 to $1,000. Authorities will base the amount they will charge you with depending on the insurance length lap. Also, unless you pay the $250 reinstatement fee, your registration will remain suspended. You also have to show the SR-22 Proof of Financial Responsibility, in the event that your insurance have lapsed for more than 90 days already.
For a second offense, the fine goes up to a range of $500 to $1,000. You also have to pay a higher reinstatement fee of $500 to have your car registration reinstated. The same SR-22 regulation applies.
A third-time violation has the same fine range as second offenses. However, for you to have your motor vehicle registration reinstated, you have to pay the fee of $750. Again, the SR-22 law applies here, but you also will receive a license suspension of 30 days or more.
Driving safety in Nevada
As the Centers for Disease Control and Prevention (CDC) reports, Nevada’s 91% count of motorists and front-seat passengers who use seatbelts exceed the national average of 86%.
The National Highway Safety Administration cited that in 2015, 325 driving fatalities happened. 30% (97) of it was caused by alcohol impaired driving.
This led to CDC rating NV’s overall vehicle occupant death at 5.4 per 100,000 residents.
As you can see, the penalties and fines associated with not having proper Nevada car insurance can really stress you and your finances out. So rather than risking it, you should just follow the state laws, or even go beyond it and have better protection with a more extensive policy.
|1||State minimum coverage includes the minimum liability insurance limits required in your state but excludes the following:
|2||Basic full coverage includes:
|3||Premium full coverage includes:
|4||Methodology: To achieve accurate results we obtained estimates for 10 cities in the state: 5 of the largest cities and 5 randomly picked smaller cities. For each city, we collected premiums for 3 levels of coverage: state minimum coverage, basic full coverage and premium full coverage. We used 3 different driver profiles for the case studies. For the young driver profile we used a 20-year-old single male or female with 1 year driving experience. Second, the profile fit that of a 35-year-old married female with 12 years of driving experience. The last profile we used in our studies is a male senior driver who was 68-year-old with 45 years of driving experience. The vehicle we used for all three driver profiles was a 2012 Honda Accord EX.|