States are allowed to set their own regulations regarding car insurance. This means that drivers need to be very aware of exactly what these regulations say in their home state. Someone who has recently moved to Nevada, for instance, could have an inaccurate idea about its insurance requirements if these mandates were different in their previous state.
But, even those who have lived in Nevada all their lives may not be fully aware of how these laws work. To help remedy this reality, here are a few key facts that everyone should keep in mind.
Insurance is required
First and foremost, auto insurance is required by law. Anyone who drives a vehicle needs to have at least the minimum level of insurance in case they cause an accident that injures someone else.
What does liability insurance provide?
Liability insurance, which is the minimum amount of insurance drivers have to carry, needs to cover $25,000 per person for bodily injury. It also needs to cover $50,000 per car accident, when considering injury, and $20,000 per property damage scenario.
Is that actually enough?
This coverage may be enough to cover minor injuries, but major injuries like traumatic brain injuries or spinal cord injuries could cost hundreds of thousands or even millions of dollars. Insurance is not going to be able to offer nearly enough to cover these types of costs, at least when it has been purchased at the minimum.
Are there other types of coverage?
Yes, you can buy comprehensive auto insurance. This is a type of plan that also includes things like theft or vehicle damage, fires, floods or even vandalism. You may also want to consider collision insurance. This covers your vehicle in a crash. Whether or not you are at fault, this policy will pay for repairs to the car. It is important not to confuse the two. Many people will buy comprehensive insurance, assuming that that means they have collision insurance when they actually do not. All drivers need to know what their policy offers.
What should you do after an accident?
If you have been in an accident someone else caused, you may be facing significant medical bills and other costs. It’s very important to understand all of your legal rights and options at this time, as well as the coverage of both drivers. Seeking legal guidance can help to provide this clarity.