Finding the right car insurance for your needs is a crucial decision everyone must make. Unfortunately, many people choose the first option they come across, and we can’t blame them. Car insurance companies often require potential customers to go through a lengthy rigmarole just to get a quote for their insurance. And it is asking a lot of someone to do this a couple dozen times to compare the different available rates. Fortunately for Nevada residents, new market research has made all the necessary information readily available for anyone looking for car insurance in the state.
This article will break down Nevada car insurance market data to help you decide which car insurance carrier you should choose. It’ll be done by getting the averages of insurance premiums by several factors, such as zip code, make and model of your car, whether you have been in an accident before, and whether you have been charged with a DUI before. You can then determine the average insurance premium someone in your location, and with your driving history, pays and hopefully pays less or at least knows the fair market value for your insurance premium.
The Most Important Factors That Affect Insurance Premiums
Location: Simply put, the more densely populated your residence is, the higher your premiums will tend to be. For example, the average annual premium in Elko, Nevada, is around 1,006 dollars. Meanwhile, in Las Vegas, it skyrocketed to 1,869 dollars.
Make and Model: Insurance companies will raise your premiums depending on how expensive it will be to repair damages that may occur after an accident. That is why European and luxury cars will almost always have the highest insurance premiums. Ford’s tend to have the lowest tips in Nevada, averaging around 1,200 dollars. Meanwhile, BMW is the highest at 1,800 dollars.
DUI History: Driving under the influence, besides being incredibly stupid and dangerous, will hurt your wallet if caught. In Elko, Nevada, the average annual insurance premium jumps from 1,006 dollars to 1,871 after a DUI conviction. In Las Vegas, your yearly premium can skyrocket up to 3,476 if convicted of a DUI. Our advice is never to drive while impaired, but if you slip up, at least you know what you should be paying.
Accident History: Similar to a DUI conviction, having an at-fault accident on your driving history can significantly increase your average insurance premium. In Elko, Nevada having one accident raises the average annual insurance premium to 1,239 dollars. After two accidents, it climbed to 1,848. In Las Vegas, those numbers are 2,302 dollars and 3423 dollars, respectively.
Get A Fair Deal on Your Insurance Premiums
With the market research provided from the link above, you should understand the average annual premium someone in your driving situation should be paying. There are a lot of variables that insurance companies factor in when deciding on your insurance premium. In that confusion, many people end up agreeing to unfavorable contracts. It is essential to remain informed about the changes in the Nevada insurance market, and with this research, you will be.