Auto Insurance in Nevada is Complex — Let’s Make it Simple!
The insurance industry has spent a great deal of time and effort in 2 endeavors. First – they have worked very hard to make insurance look very complex and Second – they have also expended a lot of effort to “commoditize” insurance. Well, I am here to pull back the curtain and give you a head start on spending your insurance dollars well – it’s all about “Value”.
Let’s start by simplifying the concepts of Auto insurance in Nevada.
Basically Auto insurance in Nevada is broken into 3 categories:
1) Auto Liability Insurance
The part that protects those You may cause injury to (along with damaging property). This is called Liability and it is the only part required by NV law. This coverage provides funds to help those that you injure to manage their medical issues. It also provides funds to repair or replace any damage you cause to property (cars, light poles, block walls, etc).
2) Uninsured/Underinsured Motorist Coverage Plus Medical Payments
Next is the part that protects you and those in your car and this includes Uninsured/Underinsured Motorist coverage plus Medical Payments.
- Starting with Uninsured Motorist Coverage (UM), this would pay for medical costs you and your passengers incur if you are injured by someone else and they either have no insurance or “not enough”.
- There is also the option for Medical Payment coverage which is designed to cover minor medical costs for you and those in your vehicle resulting from an accident – Regardless of who causes the accident.
3) Comp and Collision Coverage
Comp and Collision Coverage will help repair or replace your vehicle if it is damaged through a wide range of circumstances. Based on the circumstance, you pay the deductible chosen and the insurance addresses the remaining cost.
How to Determine Which Coverage You Need
So the next question is…What coverage’s do you need? That is the 64 thousand dollar question and it is also the reason that insurance should Not be considered a commodity.
The best way to be sure that you are spending your insurance dollars wisely is to sit down with an Experienced and Caring Insurance Professional. Find someone who will spend the time with you to review your financial risks and actual needs and then work with you to craft a protection package that not only addresses these needs but also fits your budget.
So, there are a lot of ways to purchase insurance but to be sure that the money you are spending will actually do what you want it to do, invest the time to talk with someone local and experienced who can help to guide you to the most appropriate answer.