Nevada Auto Insurance Premium Increase

Effective July 1, 2018, Nevada auto insurance minimums will increase from the current requirements of 15/30/10 ($15,000 per person/$30,000 per accident for bodily injury liability and $10,000 for property damage liability) to 25/50/20. That is because of Senate Bill 308 (SB308), approved by a 16-5 vote.

Nevada is one of the last states that requires such low insurance minimums. The new minimum requirements will bring Nevada in line with other states.

Auto insurance rates have been on the rise for the past several years in due part to the rising costs of medical care and vehicle repair. You may see increases on your insurance premiums to reflect the new minimums but the benefit of the new limits will serve to financially protect you in the case of a motor vehicle accident. For example, an emergency room visit exceeding $15,000 makes way for additional coverage under the new limit increase of $25,000.

There is a possibility that Nevada can see a spike in uninsured drivers due to the increase in premiums. Although Uninsured/Underinsured coverage is not required in Nevada, be sure to talk to an insurance carrier about considering this optional coverage.