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You and your next door neighbor may drive similar vehicles and have the exact same auto insurance coverage from the exact same provider, but your premiums may be drastically different. Why?
To determine your premium, your auto insurance company uses a complex algorithm that takes countless factors into consideration. Some of those factors are obviously related to driving, such as how many speeding tickets you’ve had and when you received your last one, the age and type of vehicle you drive, and how many insurance claims you’ve filed in the past.
Other factors seem completely unrelated to your driving habits, such as your age and gender, occupation and marital status. If you have a teen driver on your policy, they may even look at their grades in school.
All of these factors come together to paint a picture of who you are and how likely you are to file an insurance claim. In other words, if you are a 25-year-old unmarried male with a lead foot and an affinity for expensive cars, you’re going to pay more for insurance than your married counterpart who has a sparkling driving record and drives an old clunker. The more likely you are to file a claim and the more money that your insurance provider is likely to pay out on your behalf, the higher your premium will be.
You may notice that your premium can change from year to year. That’s because if even one factor that affects your rate changes, say, you got married, bought a house, or changed careers, your premium is re-calculated.
Your auto insurance premium is based on a wide array of personal factors. Here are 13 things that your auto insurance provider considers when calculating your premium.
Obviously, the level of coverage you choose will have the most significant impact on how much your coverage costs. The more money an insurer could potentially pay out on your claim, the more money you’ll pay for your coverage.
Generally speaking, older drivers are less likely to be in a collision and therefore enjoy more affordable premiums. Younger drivers, on the other hand, typically pay the most for coverage.
In Nevada, auto insurance companies can base their rates partly on a policyholder’s gender. Because men are statistically riskier drivers, they typically pay a higher auto insurance rate than women.
As a whole, married drivers are safer drivers and therefore pay less for auto insurance coverage than their unmarried counterparts.
Not only do drivers with clean driver’s histories qualify for better rates, but they are also often eligible for discounts for good driving, which can save a significant amount of money each month.
Boat insurance provides coverage for various types of damage that you may otherwise be financially responsible for. Property coverage pays for damage to the boat due to incidents such as accidents, sinking, theft, vandalism or weather damage.
A standard homeowners insurance policy covers sudden and accidental water damage that comes from inside your home, such as a burst pipe or broken appliance. It also covers water damage that results from rainwater coming in through an opening caused by a named peril.
While vehicles are safer than ever and roadways are engineered to prevent accidents, the fact is that traffic fatalities claim thousands of lives per year. Despite arguments that the majority of posted speed limits are outdated, and unrealistic, numerous crash tests show that higher speeds greatly increase a driver’s risk of serious injury or even death.
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Because past behavior is indicative of future behavior, drivers who frequently file claims will pay more for their coverage.
Studies have shown that drivers with credit scores under 600 are more likely to be involved in a collision. For this reason, insurers factor your credit score when determining your premium.
Different geographic locations have different exposures to risk, resulting in varying auto insurance rates.
Inexperienced drivers pose a greater risk to the insurer and will automatically pay more for auto insurance coverage, regardless of their age.
Any lapse in coverage will result in a higher monthly premium, and don’t forget we have penalties here in Nevada from the DMV if there is any lapse in coverage. In Nevada it’s best to carry, at a minimum, liability coverage. If you don’t have at least liability coverage, when you do come back into the market to get a policy, you will pay higher rates; at least initially for the first 6 months or so. Drivers who have never had a lapse in their auto insurance coverage are statistically less likely to be involved in a collision. Keeping at least state minimum liability coverage will keep your rate down lower than if you decide to not carry any insurance at all.
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If you drive a vehicle that is more likely to be stolen, you can expect to pay more for auto insurance coverage. The age of a vehicle also affects the rate. The bells and whistles in your auto may cost more to insure because it would cost more to replace. Year, Make, Model are some of the many factors in premium costs.
Your auto insurer will want to know why you’re driving your vehicle. If you drive every day to work or school, your exposure to risk is greater than that of someone who only drives once a week to go to the grocery store.
The more time you spend on the road, the more likely you are to get into a collision. Therefore, those who put more annual miles on their vehicle than the average driver pay a higher premium.
Our auto insurance agents can help you get the best coverage for the best deal on auto insurance coverage. Contact us today to talk about your driving habits and needs, and we’ll help you understand your options.
Are you worried that you’re overpaying for auto insurance? We can help you review your coverage and see if you qualify for any discounts.
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Anthem Blue Cross and Blue Shield offered health insurance plans in Nevada years ago, but they discontinued their ACA-compliant (Obamacare) individual plans for a few years. In 2020, Anthem is offering health insurance plans statewide, giving Nevadans in all counties health insurance options we did not have in 2019.
Umbrella insurance is a special type of insurance coverage that protects you from lawsuits and claims that go beyond the limits or scope of your other liability insurance. It protects your assets and your financial outlook by extending the liability coverage on your homeowners, renters, auto or boat insurance when your limits are exhausted.
The majority of health insurance companies have a contract with a network of hospitals and other providers. In this contract, there are negotiated rates for different services. This negotiated rate is generally lower and sometimes significantly lower than what a provider would charge someone who is paying out of pocket.
To help customers avoid buyer’s remorse, health insurance policies are required to offer a free-look period. If at any time during this period you find that you’re dissatisfied with your policy, you can cancel it and get your money back.
Anthem Blue Cross and Blue Shield offered health insurance plans in Nevada years ago, but they discontinued their ACA-compliant (Obamacare) individual plans for a few years. In 2020, Anthem is offering health insurance plans statewide, giving Nevadans in all counties health insurance options we did not have in 2019.
Umbrella insurance is a special type of insurance coverage that protects you from lawsuits and claims that go beyond the limits or scope of your other liability insurance. It protects your assets and your financial outlook by extending the liability coverage on your homeowners, renters, auto or boat insurance when your limits are exhausted.
The majority of health insurance companies have a contract with a network of hospitals and other providers. In this contract, there are negotiated rates for different services. This negotiated rate is generally lower and sometimes significantly lower than what a provider would charge someone who is paying out of pocket.
To help customers avoid buyer’s remorse, health insurance policies are required to offer a free-look period. If at any time during this period you find that you’re dissatisfied with your policy, you can cancel it and get your money back.