Did you know that on July 1, 2018, Nevada had increased the minimum insurance rate for Bodily Injury Liability from $15,000.00/$30,000.00 to $25,000.00/$50,000.00? Obviously this means higher rates for all of us, however, it also means better coverage for our clients.
By law, all drivers in Nevada must purchase auto insurance. Your automobile insurance policy is one of your most important contracts. In exchange for your premium payment, the insurance company promises to do many things for you and explains a number of things it will not do. It is important for clients to know both what the company will do and what it will not do. All too often people are unaware of what is and is not covered by their auto insurance policies until after an accident occurs. Knowing a few simple things about automobile insurance can mean a great deal to you and your family.
What Types of Coverage Are Available?
Bodily Injury Liability Insurance:
This coverage protects you for damages you cause to other persons through the use of your automobile. This is the coverage that will be increased in July of 2018. The other persons include both passengers in your car or persons in another vehicle involved in an accident with you. The insurance company promises to pay up to the amount stated in the policy for the other person’s medical expenses, lost wages, pain and suffering and other losses. This is a fault-based coverage, that is, the coverage only applies if you are determined to be more at fault than the person that you had injured.
This is an optional coverage that pays for damage to your car from an accident, no matter who caused the accident.
This is an optional coverage that pays for damage to your car caused by fire, theft, vandalism, or other dangers.
Rental Car Coverage:
This is an optional coverage that pays for a rental car while your insured vehicle is in the shop or is unavailable due to an accident.
Uninsured/Underinsured Motorist (UM/UIM) Coverage:
This is an optional coverage (but one which insurance companies must offer to sell you) which covers you or others riding in your car for any bodily injury caused by a person who has either no insurance or not enough to cover all your medical bills and other expenses. This coverage is personal, which means it continues to cover you even if you are riding in someone else’s car, riding a bike or walking.
Medical Payments Coverage:
This is an optional coverage that also must be offered to you that pays you or others who are riding in your car for medical or funeral expenses, no matter who caused the accident. Like UM/UIM, this is also personal coverage.
What insurance should I get?
Nevada auto insurance can be a bit tricky. The minimum amount of coverage may not be sufficient to cover damages caused in an accident or to protect your assets. The “correct” amount of insurance depends on the level of your personal assets which require protection. In most cases, you should buy the highest level of coverage you can comfortably afford. Compare premiums for different levels of coverage. Rates for higher levels are not that much greater than lower levels of coverage (the premium for $100,000 of coverage is not double the premium for $50,000). I recommend all persons carry liability insurance coverage at least in the amount of $100,000 per person/$300,000 per accident. I also recommend uninsured motorist coverage equal to your bodily injury coverage and always purchase at least $5,000.00 in medical payments coverage. This additional insurance coverage will help protect you financially should you be involved in an accident.
If you or a loved one has been involved in an accident, please contact our law firm immediately to speak with an experienced Las Vegas car accident attorney. A law firm committed to the client, we are dedicated to helping you achieve a full recovery.