What kind of Insurance should I have?

At a bare minimum, you are required by the state of Nevada to carry liability insurance in the amount of 15,000 to 30,000 dollars. This means that the maximum amount that a single person can receive from this policy for their injuries in 15,000 dollars and the maximum that all parties in the vehicle can receive is 30,000 dollars. For example, if there’re five people in a car, all with relatively equal injuries, each person would receive a maximum of 6,000 dollars.

Now, one of the major misconceptions about insurance is the meaning of “full coverage.” Full coverage means that not only do you have liability and collision coverage, but uninsured and underinsured coverage as well. This means that if someone hits you and has no insurance or their coverage limit is not high enough to cover your damage and injuries, your insurance will make up the difference, up to whatever your limit is.

Of course, Nevada allows for lots of different coverages that you may want to add to your policy. Some of the more valuable ones are Med Pay, rental car coverage and gap insurance.

Ranging in values, Med Pay is relatively inexpensive and covers any medical treatments you may undergo in relation to your accident, no questions asked.

Rental car coverage will pick up the cost of a rental while your vehicle is being repaired.

Gap insurance covers the difference between what the insurance company is willing to pay for a car that is beyond repair and what you actually owe on the vehicle.