Have you noticed a large increase in your car insurance premium? If so your not alone. There are many factors that drive the cost of Nevada car insurance. In Nevada auto insurance rating factors include things like prior insurance history, prior claims history, traffic tickets or citations issued by law enforcement, credit, occupation, education level, marital status, and your garaging address. Insurance is based on determining and planning for a major loss. This is done by using probability to accurately determine an acceptable premium to assume a risk. When you make an offer to an insurance company you are asking someone to pay for damages that are not foreseen. The insurance company accepts the risk based on different qualifying factors.
The prior insurance rating factor accounts for up to 15% of your Nevada auto insurance rate. In order to obtain the maximum discount you would need to maintain continuous Nevada car insurance with the same auto insurer for a considerable period of time. The time period is usually 2-5 years.
Claims history is major rating factor. A Nevada auto insurance claims include payments of $500 and higher. Claims of $500 or lower is usually granted the small accident forgiveness. In addition accidents that are at fault or not at fault usually results in a larger Nevada auto insurance premium. A not at fault accident would result in a higher premium because the probability of an insured driver having an at fault accident greatly increases.
Things like speeding tickets or other moving violations impact your Nevada auto insurance premium, because the probability of having an at fault accident increases dramatically. It pays to slow down, obey the posted traffic signs and signals. It is not only the law, but it just makes good sense to be a responsible driver.
According to historical information married couples with children save more on Nevada auto insurance then single people in Nevada. This may seem unfair. The reasoning is understanding. First married couples has historically proven to be more safe and responsible drivers, while single people tend to incur more at fault accidents. Is this true in all cases, NO but based on prior claims history this has been the case.
Education, this is important factor but a small rating factor. This factor may account for up to 5% of the Nevada auto insurance rate. The higher the education the bigger the savings. Again this is because insured drivers with higher education have less lapses, higher retention, fewer claims, and less moving violations then people of less then college education.
In Las Vegas your vehicle address is a huge rating factor. This is based on prior claims in the area such as accidents, vehicle thefts, burglaries, criminal activities, retention, and market saturation of competing insurance carriers.
At Insurance Group of Nevada we work to fight for lower rates by obtaining the maximum discounts for our customers. As an independent agent we represent the customer not the insurance company. We are authorized partners with different insurance carriers. Being an independent insurance broker gives us leverage when determining the best car insurance rate for our customers.