Nevada state officials are reminding as many as 600,000 vehicle owners they could face auto insurance rate increases July 1, when minimum liability coverage requirements go up.
Officials announced earlier that almost one in three of Nevada’s 2 million licensed motorists could be paying $10 more a month.
It’s been several decades since Nevada drivers have been required to carry auto liability insurance in the amount of $15,000 in bodily injury per person, $30,000 in bodily injury per accident, and $10,000 in property damage (“15/30/10”). In the 2017 Legislative Session, Senate Bill 308 was passed, increasing the minimum motor vehicle liability insurance coverage to $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,” explained Insurance Commissioner Barbara Richardson. “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.”
Officials say some policyholders with minimum uninsured motorist coverage could pay $45 more a month.
The state Department of Motor Vehicles, Division of Insurance and Nevada Insurance Council say the increase brings Nevada more in line with insurance coverage requirements in other states.
The Insurance Division has posted frequently-asked-questions on its website.
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