Nevada announces new minimum rates for vehicle liability insurance coverage

(Carson City, NV – Insurance News 360) – On July 1, 2018, a new law will go into effect that requires all consumers to purchase automotive insurance premiums that increase the minimum protection levels to $25,000 in bodily injury per person, $50,000 in bodily injury per accident, 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 at:  Consumers are also encouraged to check in with their insurance agent or company to determine how this new law will affect their policy personally.

Source: Nevada Division of Insurance.

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