Auto insurance: Nevada raises required minimum
The Nevada Division of Insurance has partnered with the Nevada Department of Motor Vehicles, Nevada Highway Patrol and the Nevada Insurance Council to inform Nevada consumers of a new law, increasing the minimum vehicle liability insurance to be in compliance with the law and avoid paying penalties.
As of July 1, 2018, all consumers who have the current minimum protection levels of $15,000 per person for bodily injury, $30,000 per accident for bodily injury and $10,000 per accident for property damage — often referred to as 15/30/10 — will need to purchase higher limits.
The higher limits are $25,000 in bodily injury per person, $50,000 in bodily injury per accident and $20,000 in property damage (“25/50/20”).
“While this new law isn’t going into effect until July, the division has already received and approved filings from insurance companies with the new minimum vehicle liability limits,” Insurance Commissioner Barbara Richardson said.
“This means some companies may have already begun to implement this new requirement for their policyholders when they renew their policies or when they write new business,” she said.
For consumers interested in learning more about this new requirement, the Nevada Division of Insurance has posted important information and frequently asked questions on its website.
Consumers are also encouraged to check in with their insurance agent or company to determine how this new law will affect their policy personally, the state said.
