TLDR:
– Nevada has the second highest auto insurance premiums in the US.
– Auto insurance rates in Nevada increased by 36% over the first half of 2023.
A new report indicates that auto insurance rates in Nevada are expected to continue rising in 2024. The state already has the second highest auto insurance premiums in the country, with an average annual cost of full coverage car insurance at $2,975. The COVID-19 pandemic, rising inflation, and increased driving have contributed to the increase in insurance costs. Insurify predicts that auto insurance rates could increase by 7% nationwide in 2024. Insurance providers in Nevada have already requested rate increases ranging from 5% to 25% from the Nevada Division of Insurance. The division has the authority to lower the approved rate if it is deemed unreasonable. Poor driving and crashes, rising costs of vehicles and repairs, an increase in drivers on the road, and tightening profits of insurance companies are contributing factors to the rising rates. However, industry experts expect that rates will begin to stabilize in late 2024, with fewer rate increase requests in 2025.
To save on auto insurance, experts recommend checking if policies contain extra perks that are not essential for coverage, comparing quotes from multiple providers, asking about discounts such as student or military discounts, and filing complaints if there are issues with an insurance provider. Despite the current high rates, experts believe that a “correction” is needed in the market, and the industry will begin to stabilize in the coming years.
