New Law May Increase Your Car Insurance

If you live in Nevada, then you may be paying more for your car insurance in July. All drivers will be required by law to have $25,000 in bodily injury coverage per person, $50,000 in bodily injury coverage per accident and $20,000 in property damage coverage. The new law will not go into effect until July. However, insurance companies are already making changes in order to ensure that consumers meet the limits.

Las Vegas has one of the highest car insurance rates in the country. Car insurance rates have increased by 31 percent since 2011. This is 20 percent higher than the national average. The average annual premium in Las Vegas is $2,322. The average premium in the United States is $1,422. The average insurance rate in Nevada is $1,802.

According to lasvegas.cbslocal.com, there are several reasons that car insurance rates are increasing. The insurance industry is just like any other business. The cost of owning a business increases as time goes own. That is why insurance companies have to raise the cost of their services.

More people are also getting into car accidents than they did in the past. Fatal car accidents increased by 6 percent from 2015 to 2016. This increase in car accidents has led to an increase in claims.

Twenty-two percent of households in America filed a claim in 2017. Only 20 percent of households filed a claim in 2014. Experts are predicting that 22.5 percent of people will file a claim by the year 2022.

Distracted driving is one of the things that has lead to the increase in accidents. Severe, unpredictable weather is another thing that has lead to an increase in accidents. The number of severe storms in the United States has increased over the past few years. The increase in car accidents has put a strain on car insurance companies.

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