Your auto insurance premium is based on a variety of factors, your personal info may cause you to pay more or less for your coverage than your neighbor pays. The application process for auto insurance can be complicated, and not verifying important information or even deliberately lying can have serious consequences.
For many, auto insurance is a significant monthly expense. In some cases, you may be tempted to get rid of the payment entirely by foregoing auto insurance coverage. However, doing so can have some serious negative consequences.
When it comes time to renew your auto insurance, do you simply stay with the insurer that you’ve known and trusted for years? For some, this works out fine. For many, however, this is a costly mistake. If it’s been a while since you’ve shopped around for auto insurance, you could be throwing hundreds of dollars away.
Your auto insurance needs are unique, and your policy should be also. Knowing the right questions to ask your auto insurance agent as you’re building a policy can help ensure that you get great coverage at a great price.
While auto insurance can be pricey, Nevada Insurance Enrollment can help you find the right balance between great insurance coverage and an affordable auto insurance premium. Understanding the options available to you, what coverage you’re required to carry, and evaluating your exposure to risk are good first steps.
Auto insurance coverage can be confusing, largely because insurance laws and requirements vary greatly from one state to another. As a Nevada driver, you’re required to carry liability insurance in the amounts of 25/50/20 (learn more about state minimum coverage here). However, in states like Arizona where coverage runs cheaper, state minimum coverage is a little skimpier.
Bodily injury liability auto insurance is comprised of two parts, which are generally written like 25/50 or $25,000/$50,000. The first number states how much your auto insurance will pay out for bodily injury to a single person, while the second number tells you the limit your insurance will pay out for multiple people.
Property damage liability insurance, required in Nevada, keeps you from having to pay for damages that result from an accident that you caused. This insurance pays to repair or replace the vehicle that you hit, and can also take care of the repair or replacement costs of any personal belongings.
In April of 2017, the Nevada Senate approved a bill that will nearly double the minimum liability coverage limits. Beginning on July 1, 2018, drivers will be required to carry at least $25,000 in bodily injury liability, $50,000 in bodily injury liability per accident, and $20,000 in property damage liability.
Determining if you can use a personal auto insurance policy or that you should get a commercial auto insurance policy can be tricky. Sometimes you can buy a personal auto policy for business use and can be enough for some businesses. But if you are required to cover high liability coverage, have an unusual vehicle to insure, haul equipment, are a taxi or rideshare driver, you are probably going to need commercial auto insurance or special endorsements and coverages.