New Vehicle Liability Insurance Minimums Effective July 1
Drivers who carry the current minimum coverage will see a premium increase with the higher limits.
A new state law will increase the minimum vehicle liability insurance coverage.
The Division of Insurance says starting July 1, 2018, all consumers who have the current minimum protection levels of $15,000 per person for bodily injury, $30,000 per crash for bodily injury, and $10,000 per crash for property damage, often referred to as 15/30/10 will need to purchase higher limits of $25,000 in bodily injury per person, $50,000 in bodily injury per crash, and $20,000 in property damage (“25/50/20”).
“While this new law isn’t going into effect until July, the Division has already received and approved filings from insurance companies with the new minimum vehicle liability limits,” explained Insurance Commissioner Barbara Richardson. “This means some companies may have already begun to implement this new requirement for their policyholders when they renew their policies or when they write new business.”
For consumers interested in learning more about this new requirement, the Division has posted important information and Frequently Asked Questions on its website.
Consumers are also encouraged to check in with their insurance agent or company to determine how this new law will affect their policy personally.
(Nevada Division of Insurance contributed to this report.)