Nevada ranks among the most costly states for car insurance premiums and drivers could pay up to 239 more each year than their national counterparts due to factors like traffic congestion, lack of population dispersion across its landscape, and an increased likelihood of accidents and wrecks.
State regulations and insurance requirements can add costs, but shopping around and being smart about what type and amount of coverage you buy can keep costs under control. When comparing prices, remember that driving record and vehicle safety rating play the biggest role in determining rates.
NerdWallet conducted an in-depth investigation of Nevada’s auto insurance market to help drivers better understand why premiums in that state can be so high. We reviewed quotes for minimum liability car insurance policies including $100,000 for bodily injury per person and $300,000 per accident for property damage (known as 100/300/100), plus collision and comprehensive. Furthermore, we examined rates assuming a 40-year-old driver with a clean driving record purchasing a Toyota Camry five days a week who commutes an estimated 12,000 miles annually commuting five days per week using public transit systems.
We conducted a comprehensive analysis to identify the cheapest car insurance rates in Nevada for various driver profiles. The figures obtained through real quotes from individual insurers that offered policies with these coverages – these companies included: Allied, Allstate, American Access Casualty, American Family, Capital Insurance Group Country Financial Farmers Geico Hallmark Insurance CSAA Kemper MENDOTA and Mercury (all quotes had similar limits and deductibles but vehicle types and driving histories may vary).
Cost of auto insurance policies can differ widely among providers, making comparison shopping and researching all your options essential. Also important: checking with Standard & Poor’s or AM Best about any potential insurer’s financial stability ratings before making your choice.
Note that your credit rating and whether or not you will add a teenage driver can also have an impact on your rates; an at-fault accident or speeding ticket alone could increase rates by 19 percent on average.
If you’re considering adding a teenage driver to your policy, one way they may save money could be staying on their parent’s policy instead of purchasing their own policy. On average, young drivers save 30-61% when staying under parental car insurance instead.
Car insurance is required by every state, yet not all drivers must carry it. If you opt not to have coverage and drive without it anyway, however, penalties will be levied against you: First offense up to $250 plus fines up to $1250 as well as an SR-22 certificate requirement of 90 days; within 5 years second offense fees up to 500 plus fines of up to $1,000 as well as possible license suspension of 180 days may be assessed as punishments.