Nevada Auto Insurance
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Nevada Auto Insurance Requirements
Auto insurance requirements are determined not by the federal government, but rather by state law. Nevada law requires that anyone driving on any of its public roads be financially capable of compensating for any bodily injury and/or property damage that driver causes as a result of a motor vehicle accident.
Minimum coverage requirements
That’s why Nevada requires that every motor vehicle liability policy have these minimum coverage requirements: 15/30/10. In other words, the insurance policy will cover $15,000 worth of bodily injury damage when an accident involves a single occupant vehicle or $30,000 towards the combined bodily injury expenses when an accident involves a multi-occupant vehicle. It also covers up to $10,000 worth of repair costs for damage done to property including the other driver’s vehicle, buildings, fences, and more.
Liability coverage is all Nevada state law requires. However, motorists should consider these optional coverage options:
Comprehensive/Collision
Both comprehensive and collision protect a vehicle from physical damage caused by the driver of that vehicle or by something beyond the driver’s control. Both require a deductible, which is an amount the insured agrees to pay before insurance kicks in. Collision covers the cost of vehicle repairs when the vehicle hits or is hit by another vehicle. Comprehensive covers vehicle repair costs resulting from severe weather, wildlife, theft and several other situations. The insurer usually will not pay a repair amount greater than the car’s current market value. When repair costs exceed this amount, the insurer will consider the vehicle “totaled” and will compensate the owner for an amount equal to the vehicle’s value.
Gap coverage
Optional gap coverage comes into play when the amount the vehicle owner owes on a totaled vehicle’s loan is greater than the car’s current market value.
Under-insured/Uninsured Motorist
This is another optional auto insurance coverage option that covers a vehicle’s repair costs when it is involved in a hit-and-run accident or when an uninsured motorist causes damage. When the at-fault party’s insurance is insufficient to cover repair costs, underinsured motorist coverage pays the difference. In a transient state like Nevada, it’s prudent to carry this type of auto insurance coverage.
Nevada Division of Insurance
More information regarding Nevada’s auto insurance requirements can be found on the Nevada Division of Insurance website located at http://doi.state.nv.us as well as the Carson City and Las Vegas insurance branch offices.