Liability insurance rates scheduled to go up after July 1 - FOX5 Vegas - KVVU

Liability insurance rates scheduled to go up after July 1

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The Nevada Department of Motor Vehicles, Nevada Division of Insurance and the Nevada Insurance Council have sent out a reminder that liability insurance rates will go up after July 1 this year.

According to the Nevada DMV, the current minimum coverage in the state is the lowest in the U.S.

“The costs of medical care and automobile repairs have gone up significantly,” DMV Director Terri Albertson said. “The cost of a crash can easily exceed these older minimums.”

Motorists have already been notified of these changes during their most recent policy renewals, the Nevada DMV said.

The new minimums were established by Senate Bill 308, which was approved by Governor Brian Sandoval in June 2017.

The minimums, according to the DMV, will follow 20/50/20 coverage, or $20,000 for bodily injury per person, $50,000 per bodily injury per crash and $20,000 for property damage per crash.

Currently, liability coverage covers 15/30/10, or $15,000 for bodily injury per person, $30,000 for all persons for bodily injury per crash and $10,000 for property damage per crash.

Drivers who carry the current minimum liability coverages will see an increase in their premiums, and the higher limits could affect up to 650,000 drivers and 736,000 vehicles, according to the DMV.

The DMV said that while the higher premiums will affect low-income drivers, the higher limits will help better protect those drivers in the event of a crash as costs can well exceed the 15/30/10 coverage.

According to the DMV, there are approximately two million licensed drivers in Nevada and 2.3 million vehicles that require insurance.

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