The new transformations in the auto insurance sector in the Las Vegas valley are bound to start in a week’s time, and people have already started paying more money as a result of it.
AN EXPONENTIAL INCREASE
As a matter of fact, the state has proceeded to raise the requirements with regard to the minimum coverage.
That being said, it is expected that one in every three Nevada residents is likely to have their car insurance premiums increased; especially with regard to body injury coverage for every individual. Analysts expect it to rise from $15,000 all the way to $25,000, with per accident cost rising from $30,000 all the way to $50,000. Moreover, coverage from property damage will rise from $10,000 all the way to $20,000.
Hence, according to the policy that one currently has, and the number of vehicles they own, it is a given that an individual can expect to pay somewhere from $10 up to $50 more with respect to their car insurance premiums from July 1. That’s somewhere from $100 to $600 every year!
SAVING MONEY ON CAR INSURANCE PREMIUMS
It is normal for anyone to want to save as much money as possible. Hence, even a slight $10 increase in car insurance premiums can be a major financial hurdle for some individuals. As a matter of fact, one Eric Young says that this could result in major financial issues for people on a tight budget.
However, there are still a few ways in which one can handle these new changes.
One of the ways to do so is discovering if there is a way to bundle a number of policies depending on whether it belongs to the renters insurance, or the homeowners insurance, together with other options such as auto insurance, and determine whether saving is possible.
Additionally, here are some recommendations one can have a look at.
- One can forgo coverages such as glass and further consider increasing their deductibles.
- Inquire about offers such as occupation, membership, availability of good drivers, and more discounts that could be available.
- Discuss with your agent regarding UBI. As a matter of fact, Usage-based insurance, denoted as UBI, works exceptionally well for individuals who do not spend a large amount of time in front of the wheel. Perhaps an individual who has an average mileage of about 10, 0000 miles every year.
EXTRA TIPS TO HANDLE THE CAR INSURANCE INCREASES
Other helpful tips that one might find beneficial include:
- Doing an occasional shop-around for different car insurance offers that could be available.
- Choosing to minimize optional insurance when it comes to owning an older car. In fact, as per the Insurance Information Institution, if a car happens to have a lesser monetary value by up to 10 times of the car insurance premium in question, then it would be somewhat unnecessary to have collision coverage on it.
- You can also study car insurance quotes before you make the decision of purchasing a car. In fact, there are some vehicles that have a much more significant value as compared to others.
- Always have a great credit score.
- If driving isn’t really your forte, and you drive significantly lesser miles than the estimated average, some insurance companies might award you a discount.