Important Announcement to Your Auto Insurance!
On June 1, 2017, The State of Nevada enacted Senate Bill 308 (SB308) increasing the minimum insurance limits each driver is required to carry. Effective July 1, 2018, the minimum insurance limits will increase to 25/50/20 ($25,000 per person/$50,000 per accident for bodily injury liability and $20,000 for property damage liability). Currently the state law requires a driver to carry 15/30/10 ($15,000 per person/$30,000 per accident for bodily injury liability and $10,000 for property damage). Nevada was one of 8 states remaining that offered such low limits. The vast majority of states require drivers to carry a minimum of 25/50/25 limits.
When the law goes into effect on July 1, 2018, some insured’s could see rate increases of 8-50% and in some instances these increases could be higher. Auto Insurance rates in Nevada have been on the rise for the past several years. With the rising costs of medical care as well as increases in the cost to repair vehicles with new technology, insurance companies have been forced to raise rates over the last several years, putting a financial burden on many drivers in Nevada. As companies have raised rates, some drivers have elected to reduce their coverage to the state minimum limits in order to make their insurance more affordable. With the increase in premiums Nevada could see a spike in uninsured drivers, driving up the cost for Uninsured Motorist coverage as well.
Nevada drivers can prepare now by reshopping their auto insurance and obtaining a policy review. Talk to an agent about the cost of increasing your limits and optional coverage. Insurance Specialists represents multiple companies with a variety of rates and features. Feel free to contact us for a policy review. See more here