Who Has the Cheapest Car Insurance Rates in Las Vegas?
Las Vegas is a city with a notorious reputation for good times and secretive getaways. It’s also a bustling metropolis with drivers who commute to work every day, cart kids to soccer practice, and who are upstanding pillars of their community. All of these regular inhabitants of Vegas need to have insurance if they wish to drive. Their insurance premiums are based on factors that are unique to their town and state, including population, average commute, and credit scores, among others.
The city of Las Vegas has a population of approximately 645,000 citizens that are a part of wider metro population of 2.23 million. The average commute for those in Vegas is 25.4 minutes for a one-way drive to or from work, while the metro area’s average commute is 24.3 minutes. These drive times are on the high side nationally. Two-car households in Vegas thus might commute as much as 500 total minutes per week. When errands and leisure trips are included, a single household might spend as much as 600 minutes per week behind the wheel. Insurance actuaries have attached risk levels to each minute and that is how premiums are impacted.
Las Vegas drivers should also be aware that their premiums are higher due to the area’s high rate of automobile theft. In 2018, the metro area ranked 24th for stolen cars. The region recorded 10,364 total thefts, for a population adjusted rate of 464.41 per 100k residents.
This page includes vital information for drivers shopping for the best insurance rates in Las Vegas, NV.
What Insurance Coverage is Needed for Drivers in Las Vegas
Drivers in Las Vegas, NV should never gamble while driving the city’s highways and byways. In fact, the state mandates that all drivers carry at least a minimum level of insurance so that everyone’s risk is hedged by adequate coverage. To meet the state’s minimum standards, every driver’s auto policy is mandated to cover up to $25,000 in injuries/bodily damage per person and up to $50,000 for all injuries/bodily damage in a collision. Policies should also cover $20,000 in total property damage.
While that may seem like a lot of coverage, the very cheapest policies will not apply any of those funds to the at-fault driver in an accident. These liability policies also do not cover damage to the policyholder’s vehicle if it is damaged as a result of theft or weather, for example. Thus, it’s not recommended that drivers settle for the state’s minimum coverage. Rather, drivers should opt for a collision or comprehensive policy.
Most Expensive and Least Expensive Insurance Rates by Zip Code
Cheap Car Insurance in Las Vegas by Insurer
The following chart details the lowest cost auto insurance companies in Nevada. Progressive and Nevada Farm Mutual lead the pack with the most affordable average rates. However, you should consider the others as well, since they may offer services or packages that offset their higher cost.
Low Cost Auto Insurance for Bad Credit in Las Vegas
Credit scores matter when it comes to purchasing automobile insurance in Nevada. While most automobile insurance companies don’t use credit scores in their underwriting practices, they do set premiums according to their insured drivers’ credit scores. Companies consider other factors, too, such as driving record and zip code, among others.
Full Coverage Vs. Liability Coverage
What is Liability Only Coverage?
Liability-only coverage means coverage that only pays for the loss others incur if you are at fault in an automobile accident. These are for the medical expenses, other property damage or car repairs that you cause to another or their property in an accident.
One has the option of paying for more than the state minimum requirements outlined above for liability insurance. That is a good idea because you will be personally liable from your own finances and assets if you harm someone else or their property in an accident and your state minimum coverage levels do not fully reimburse the losses of the other party.
Why You May Want Full Coverage Car Insurance
Full coverage means that you not only have adequate insurance to cover the losses of others if you are at fault in an accident. Full coverage means you have all the liability coverage you need to care for the harm to others if you have an accident and are at fault, and you have coverage for your own losses as well. There are two main kinds of other coverages that drivers purchase in order to repair their vehicles in the event of an accident they cause:
What is Collision Coverage?
Collision insurance covers the cost of repairing your own car if you are in an accident that is your fault. A way to save money on collision insurance is to purchase it with a higher deductible. For example, it will likely be very expensive to have collision coverage on your vehicle with a $500 deductible, but a $1,500 deductible or a $2,000 deductible will save considerable money on your automobile full coverage policy.
What is Comprehensive Coverage?
Comprehensive insurance covers the cost of repairing your vehicle for those things that were not your fault, like extreme weather that damaged your vehicle, or a deer that walked in front of you, theft, or vandalism. Comprehensive insurance tends to be much cheaper than collision. Even those with older vehicles may benefit from carrying comprehensive insurance because it is relatively cheap and will cover things like windshield replacement.
What are the Major Differences Between Full Coverage and Liability?
The chief distinction between full and liability coverage is that full coverage ensures that any damage done to your car can be covered by insurance. Liability insurance only protects you from claims when you are at-fault in an accident. You will still need to pay for any damage to your own car, you just won’t have to pay for damage you caused to another person’s car. Full coverage can cover damage to your car even if the other driver is not insured and cannot compensate you for damages.
Finally, all states require that you carry at least a liability insurance policy so that collision victims receive compensation in the event of an accident. At-fault drivers are likewise protected from claims resulting from an automobile accident.
Average Annual Car Insurance Rates in Nevada by City
Additional cities in Nevada you can check out.
North Las Vegas
Ways to Obtain a Lower Cost Auto Insurance Policy
The following auto insurance discounts can be used to help lower your premiums in Las Vegas:
These are the Common Reasons for Insurance Rates in Las Vegas NV
There are quite a few factors included in determining your cost for auto insurance such as:
Check Out Car Insurance Companies in Las Vegas and Reviews
Helpful Las Vegas, Nevada Vehicle Resources:
Live Traffic Accidents by City
DMV in Nevada (Find Locations, Vehicle Registration, Titles and Insurance Info)