Come July 1, 2018, the State of Nevada will raise the required basic minimum limits for auto insurance, resulting in premium hikes for roughly a third of Nevada drivers. If you are unsure of how this new law might affect you, reach out to your insurance agent or read the Nevada Division of Insurance FAQs here.
Some industry professionals have opined that the Silver State’s 24-hour cities pose increased risk as a result of higher incidence of drunk driving and auto accidents, but the data does not support this. Nevada is actually about average in DUI rates across the U.S. according to the CDC and below average in fatal motor vehicle crashes according to the Insurance Institute for Highway Safety.
We know it can be frustrating to be stuck with an expensive premium, and even more so when you don’t know why you’re paying what you’re paying and what you can do to get your rates down. Some factors in the price you pay are outside of your control, like possibly where you live and the car you drive. Insurance actuaries (the people who determine insurance prices by calculating risk pools) likely charge more for insurance in areas where the risk of an accident/theft is greater. Also, if you drive a new car, you are likely to pay more since the cost of repairs is usually higher. But there are some things within your power to change, and thereby lower your auto insurance rates in the long run. Here’s what you can do:
Get your credit score up. Research shows that higher credit scores are associated with lower risk, so it stands to reason that auto insurance companies will avail themselves of credit reports in calculating what to charge policy holders for their premiums. If this sounds unfair, you’re not alone. Massachusetts, Hawaii and California have outlawed the practice. For the rest of us, a free credit report app like Credit Karma can help you monitor your score while building better credit.
Know your limits. You may not want all of the insurance coverage you have. Any changes to your deductible or limits will likely reflect in a change in premium. It can be difficult to understand what you want or need to cover in your auto policy, so reach out to an insurance expert for help. At A and H Insurance, our auto quotes are free and we have representatives available to explain to you what you’re paying for. We’ll help you find the best plan at the lowest cost.
Get married. We know the divorce rate is scary high in the U.S. today, but if you’re on the fence about tying the knot, just know there are some unexpected benefits to doing so, like potentially lower auto insurance rates. Apparently, those actuary friends of ours determined that married people are less likely to get in a car accident. Who’s in a rush to get home to their crabby spouse, anyway?
Keep a clean driving record. We all like scoring points. But with auto insurance (and golf), less is better. Traffic violations and car accidents communicate a simple message to insurance companies: you’re risky. Even if the accident is not your fault, you may still be subject to a higher premium. Life isn’t fair and, unfortunately, neither is insurance.
Drive less. More time behind the wheel means— you guessed it—a higher risk of an accident. Insurance companies want to know how much you drive for this very reason. Living closer to your job site or riding your bike could help keep your driving to a minimum.
Shop around. Take advantage of competition by requesting quotes from different insurance carriers. Or, skip the headache and let us do it for you. Visit our website to request a quote or call us at 775-829-2600. If you shop around yourself, make sure the limits/deductible amounts you are quoted on are the same for each company so you get an apples to apples price comparison.