How Much Does Car Insurance Cost?

Car insurance is an essential expense when you lease, finance, or own a vehicle. The amount of car insurance you pay is affected by several different factors, including where you live, the coverage you need, your age and driving history, deductible amounts, and the make, model, and year of the vehicle. 

What are the different car insurance coverages available in Nevada?

• Liability insurance: Covers damages caused to another person or their property as a result of an at-fault accident.
• Collision coverage: Pays for repairs to your car after an accident, regardless of fault. 
• Comprehensive coverage: Pays for damage from non-accident causes such as hail, flood, fire, and theft. 
• Medical payments coverage: Helps pay medical bills if you or passengers in your vehicle are injured in an auto accident. 
• Uninsured/Underinsured motorist coverage: Protection against other drivers who can’t afford to pay for the damages they cause. 
• Roadside assistance: Provides help with jump starts, tire changes, and more if your car breaks down while on the road.

What auto insurance coverage do you need in Nevada?

In Nevada, all drivers must carry liability insurance with a minimum of $25,000 in bodily injury coverage per person and $50,000 in total bodily injury coverage per accident. In addition to this, the state requires drivers to have at least $20,000 in property damage protection for any one accident.

What if I lease or have a loan on my vehicle?

If you lease or have a loan on your vehicle in Nevada, you are required to have full coverage protection, including collision and comprehensive insurance. While optional, you may also want to have gap insurance to cover any difference between what is owed on the lease or loan and the actual cash value of the car.

Check out our quality used vehicles in Las Vegas to find your dream car today. 

What happens if I don’t have insurance?

You can face serious penalties if you are caught driving without insurance in Nevada. You could be fined up to $1,000 and have your license suspended for one year. Your vehicle registration may also be revoked or suspended until proof of insurance is provided.

If you are involved in an accident while uninsured, you will be responsible for paying all costs associated with the accident. This includes any medical bills, property damage repairs, and other related expenses. Furthermore, if the other driver sues you for damages, they may be able to collect from your personal assets.

What is the average cost of car insurance in Nevada?

The average cost of car insurance in Nevada is $973 per year for minimum coverage and $2,779 for full coverage. However, this rate can vary significantly depending on your age, driving record, and the type of coverage you choose.

Do traffic violations affect insurance rates?

Traffic violations can have a significant impact on your insurance rates. Violations like speeding or reckless driving will increase the cost of your premiums, while more serious offenses such as DUI can cause your policy to be canceled altogether.

Does my credit score affect my insurance rates?

In Nevada, your credit score can affect your insurance rates. Insurers use credit scores to determine risk and set premiums accordingly. A good credit score typically means lower premiums, while a poor one could lead to higher rates.

How do the vehicle’s make, model, and year affect insurance rates?

Generally, newer vehicles with better safety features result in lower rates, while older cars with fewer safety features could lead to higher costs. Additionally, insurers consider certain types or styles of vehicles riskier and may charge higher premiums as a result.

How do deductible amounts affect insurance rates?

The higher your deductible amount, the lower your insurance premiums will be. This is because a higher deductible means you are responsible for more of the cost if you file a claim. However, it’s important to note that if you choose a high deductible and then have an accident, you could end up paying more out-of-pocket than if you had chosen a lower one.

How does my age affect insurance rates?

Your age is one of the most significant factors in determining your insurance premiums. Typically, younger drivers are charged higher rates due to their lack of experience and increased risk on the road. On the other hand, older drivers often receive lower rates because they’ve demonstrated safe driving habits over time.

How do prior accidents affect insurance rates?

Having a prior accident on your record can significantly increase your insurance premiums. Insurers view past accidents as evidence you may be more likely to be involved in future ones and will adjust rates accordingly. Furthermore, depending on the type of accident and severity of the damage, insurers may even refuse to provide coverage at all.

How does where I live in Nevada affect insurance rates?

Where you live in Nevada can affect your insurance rates. Areas with higher crime rates and more traffic tend to have higher premiums while living in a rural area typically results in lower costs. Additionally, certain areas may be subject to additional fees or taxes that are not applicable elsewhere.

For example, insurance premiums in Las Vegas are typically higher than in the rest of Nevada. This is due to the city’s high population density, greater exposure to theft and vandalism, and increased risk of traffic accidents.

Why factor in insurance costs when shopping for used vehicles?

You will want to obtain insurance quotes from multiple insurers to get an idea of how much insurance will cost if you proceed to buy the used vehicle. Most insurers will provide an estimate based on the make, model, and year of the car you want to purchase.

Once you have your quotes, determine the monthly insurance cost and add that to your estimated monthly car payment. This will let you know how much your new-to-you vehicle will cost monthly. 

We make used car buying in Las Vegas fun

At Newport Motors in Las Vegas, we make buying a used car fun and exciting. We never use sales tactics or pressure you into purchasing a vehicle. Our goal is to provide you with the best car-buying experience.

Stop by our Las Vegas showroom and drive home your new-to-you vehicle today. 

Sources:

Cox-Steib, J. (2023). Average Cost of Car Insurance in Nevada for 2023.

How to Estimate Car Insurance Costs Before Buying. (2022).

Understanding Auto Insurance. (2013).