Insurance in the state of Nevada is a legal requirement. You will need to buy Las Vegas car insurance to be legally allowed to drive in and around the city as well as to other parts of the state. Nevada has the Insurance Verification Program, which means that the state motor vehicle bureaus and insurance companies are linked; information about new policies, cancelled policies and renewals are automatically sent from one to the other.
The State Minimum Insurance for Las Vegas, Nevada
Like most states, Nevada has state minimum requirements for insurance coverage. These requirements include:
- $15,000 for one person’s injury or death in an accident
- $30,000 for more than one person’s injury or death
- $10,000 for property damage
Keep in mind that these minimums are only that: minimum. In the event of an accident, costs can climb much higher than these amounts and may leave you facing a lawsuit and other expenses.
The Cost to Buy Las Vegas Car Insurance vs. the National Average
Comparing insurance costs can help put it into perspective. It will also give you an idea of how much your insurance may possibly cost you. In 2011, the averages for insurance costs:
- Nationwide average: $1,561
- The State of Nevada: $1,300, 39th least expensive in the nation
- Las Vegas: $2,027, dramatically higher than the cost of the national average
Why Does it Cost More to Buy Las Vegas Car Insurance vs. the Rest of the State?
Las Vegas is a bustling city with more than a million people driving the streets at any one point. In addition to residents, there are travelers from all over the world plus major events that often send the number of people there skyrocketing.
- Males make up more than 50% of the population in Las Vegas.
- Those male drivers cause more than 80% of the accidents on the streets there.
- Every day, more than 11,000 people come to the city because of their job, increasing the on road traffic by nearly three percent.
- Workers who both live and work in Las Vegas number more than 100,000.
- Las Vegas is the number one city on the list of the top metro areas with high auto theft rates. At least 7,000 cars were stolen in Las Vegas and the immediate surrounding area in 2009
- In one year, there were 243 fatalities in the city of Las Vegas
- Of those, 68 fatalities, slightly more than 40%, were alcohol related.
The Most Stolen Vehicles in Las Vegas
While there are a number of sports and luxury model cars in the city, the most stolen cars in Las Vegas are older vehicles. These include:
- 2005 Dodge Ram Pickup Truck
- 2006 Ford F150 (truck)
- 1995 Acura Integra
- 1992 Honda Accord
- 1995 Honda Civic
- 2001 Chevrolet Extended Cab 4×2