If you drive a vehicle on Nevada roads, it MUST be insured. Even if you don’t drive a vehicle on Nevada roads, you have it stored in a garage, for example, it must be insured or else you must turn in the vehicle’s plates to the DMV.
Automobile insurance is expensive. This is a fact of life! Nevada requires that automobile liability insurance policies carry minimum coverage of $15,000 for bodily injury or death of one person in any one accident; $30,000 for bodily injury or death of two or more persons in any one accident; and $10,000 for injury to or destruction of property of others in any one accident.
If you think about it, $15,000 for bodily injury of another person will only cover the basics like the ambulance and assistance received at the crash site. If the injured victim has medical expenses that exceed $15,000, it is entirely possible for that individual to bring a lawsuit against you to recover the additional medical expenses not covered by your automobile insurance.
While medical insurance for a driver is not mandatory in Nevada, it is wise to get coverage. Why? Say you were injured in a motor vehicle crash and you have inadequate private medical insurance. You will be held responsible for all medical care provided.
The cost of the emergency room services does not include the cost of the ambulance, doctors and other medical specialists. The legal minimum of $15,000 bodily injury coverage, therefore, may not be adequate to cover a major injury.
Nevada law requires that automobile liability insurance policies carry minimum coverage: $15,000 for bodily injury or death of one person in any one accident; $30,000 for bodily injury or death of two or more persons in any one accident; and $10,000 for damage or destruction of others property in any one crash.
Insurance premiums are not only tied to your driving history, car model, neighborhood and so forth, but also to your credit score. Credit scores are thought by insurance companies to correlate with a person’s potential crash risk. Bad credit will increase the cost of auto insurance premiums.
Your automobile insurance must be enforced and uninterrupted while the registration for the vehicle remains in your name. There is no grace period when your insurance coverage lapses. A first offense for letting your automobile insurance lapse is $250 per vehicle. And if you let your insurance lapse over 90 days you will be required to provide an SR 22 to the Nevada DMV. Your insurance company can charge you from $150 up to $265 for an SR 22. Letting your automobile insurance lapse becomes very expensive – the reinstatement fee for registration after allowing insurance to lapse a second time is $500 per vehicle. A third lapse in automobile insurance will cost a reinstatement fee of $750 and a fine ranging from $500-$1000. There is no grace period. Your insurance company cannot backdate your lapse.
When registering a vehicle, the vehicle owner must present evidence of current insurance on that vehicle. This requirement is valid whether you are registering a vehicle for first-time, renewals, reinstatement or license plate changes. And proof of insurance must be carried in your vehicle at all times and presented to any law enforcement officer upon request. If you are stopped by law enforcement without proof of auto insurance, you will be issued a citation. Keep in mind that a law enforcement citation is completely separate from any DMV action.
An SR-22 is a Certificate of Financial Responsibility that your insurance company will file with the DMV. You will be required to carry an SR22 if you allow your automobile insurance to lapse for more than 90 days. At least one registered owner of the vehicle is required to maintain an SR22. Your auto insurance company is required to notify the Nevada DMV if you drop the automobile insurance coverage or let it lapse a second time. Penalties for failure to maintain insurance under the SR-22 requirement include a suspension of your driver license and the registrations of all vehicles registered to you.
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