The minimum insurance coverage for Nevada motorists is set to take effect on July 1st of this year. The new law passed last year is the first increase in the minimum coverage since 1958. Lawmakers sited the increased costs of medical care and the costs associated with fixing vehicles.
Currently, the minimum insurance coverage in Nevada is commonly referred to as 15/30/10. $15,000 per person for bodily injury coverage, $30,000 per accident and $10,000 in property damage per accident. These limits are extremely low based on current medical fees and property damage expenses. For instance, if a person was held liable for an accident whereby the other car was totaled and a family of four injured, the most the at fault driver's insurance company would pay to the victims is $40,000. With the exorbitant cost of today's medical costs, this is grossly an in appropriate amount of money to care for injured victims of an accident , which includes medical bills, loss of work and pain and suffering.
Thus, Governor Brian Sandoval enacted a law in May of last year to increase insurance minimums to 20/50/30
or $20,000 per individual injured, $50,000 per 2+ individuals injured and $30,000 per vehicle damaged. While these numbers are still not enough to cover any major accidents, it is a step in the right direction. With the increase in minimum insurance coverage comes an increase in insurance costs to operate a vehicle. Rates for coverage vary by person, including a driver's record, the type of automobile insured and the amount of driving the person does on a daily basis; however, experts estimate that the resulting increase will be about $10 per month.
Benson & Bingham has been a strong proponent of individuals purchasing insurance coverage far exceeding the current and planned insurance minimums. If insurance coverage for medical and property damages does not compensate the driver and any passengers involved in an accident, those parties may seek further damages from the at fault party, including saved money, investments, and personal property. Consequently, driver's that are under insured run the risk of forfeiting their assets in the event of a major accident.
Benson & Bingham offer a free insurance evaluation if you have been the victim of a vehicle accident
; understand your rights prior to speaking with insurance agents to ensure that you are receiving the maximum compensation after an accident.