Nevada Minimum Car Insurance Limits are Increasing

The State of Nevada passed a bill increasing the minimum car insurance limits from $15,000 (bodily injury per person)/$30,000 (bodily injury per accident)/$10,000 (property damage) to $25,000/50,000/$20,000.  Nevada is one of eight states remaining that permitted such low limits. Unfortunately, Nevada rates have already been on the rise and this required coverage change will add to that.  

However, do not be disheartened - drivers will now have better coverage!  This coverage protects you if you are found negligent or at fault in an accident.  If you are a victim of an accident, the responsible party will now have more coverage to assist in paying for medical expenses, disability, pain and suffering and loss of wages.  

Some insurance companies will start increasing limits as early as January 2018.  Pay attention to your declaration page and your bill.  Feel free to contact us to discuss coverage options, billing, discounts and re-shopping your insurance with other companies.  

Why are car insurance rates going up in Las Vegas?

Have your car insurance rates gone up this year? You may have no tickets or accidents, your cars are getting older and you have good payment history and yet you still experience rate increases.  Why?!!

We know any rate increase can be frustrating but there is much going on in the market that substantiates prices going up.  

Industry statistics have been provided by Safeco Insurance:  

As of 2015, there are nearly 17.5 million cars on the road.  The more cars on the road the more accidents there are.

3.148 trillion miles were driven in 2015 which is a 3.5% increase over 2014 and the largest annual increase in 25 years.

Bodily Injury Liability accidents have increased by 3%.  

Traffic deaths decreased 22% from 2000-2014.  2015 numbers show a 7.7% increase from 2014!

From 2005 to 2013, the average cost per paid Bodily Injury Liability claim increased by 32.1%. 

Drivers are more distracted. In 2014, 3179 people people were killed and 431,000 were injured as a result of distracted drivers.  Put the cell phone down!!

Safer vehicles mean more expensive claims.  Bumpers with sensors and video cameras cost more to repair and replace.  Side mirrors with blind spot monitoring are much more than a simple side mirror.

How can we save money?  There are several ways:

  1. Price your insurance out before buying a car - the higher the MSRP, the higher the insurance.  Sporty and large vehicles can also be more expensive.

  2. Participate in Telematics.  This is a device or an app that allows your insurance company to monitor the number of miles you drive, the time of day you drive, if you press your brake hard, and if you quickly accelerate.  The better the driver you are, the more of a discount you get.

  3. Talk to your agent about discounts!

    1. Paid in full

    2. Paperless

    3. Multi-policy

    4. Good Student Discount & Drivers Training

    5. Senior Drivers Training

  4. Carpool and drive less miles

  5. Pay in full discount - some companies will discount your premium if you pay in full for 6 months or a year

  6. Paperless discount - ditch the paper and get an e-bill for savings

  7. Multi-policy discount - combine your car insurance with your home, condo or renters insurance

  8. Do not let other people drive your car - your rates can go up if they are in an accident

  9. Buy your insurance at least 8 days before you need it - sounds a little strange but some companies give an Advance Quote Discount

  10. Education and Occupation - ask your agent if there is a discount for your education level and occupation


new year- time to review your insurance!

With the New Year upon us it is time to do your home and renters insurance review.  Add coverage to your home insurance for items like jewelry, watches, guns, gold ware, silverware, and art.  Most policies have limitations to these types of items.  Have you updated or renovated your house?  Be sure to discuss any changes with your agent.  

Also, update your home inventory.  Take pictures of each room and closet.  Save copies of receipts of big purchases.  The more information you have the better.  Save the pictures somewhere safe like a cloud storage.  Do not save them on a hard drive in case the computer is damaged in a fire or stolen.  

Having an inventory helps a claims adjuster identify the property you have and it also helps you remember what you own.