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Auto Insurance Laws And Requirements

March 01, 2012 | Comments: 0 | Views: 163

Nevada auto insurance requirements exist so that vehicle owners can pay for damage and personal injuries that result from an accident they caused. Drivers must comply with the state's laws in regards to the type of coverage they obtain in an auto policy. The policy can only be purchased from an insurer that is approved to provide coverage in the state.

According to Nevada Revised Statute 485, vehicle owners must have coverage provided by an insurer licensed to do business in the state of Nevada. The policy must remain active while the vehicle is in the state. If the policy is cancelled or terminated, the insurer will notify the Department of Motor Vehicles.

NRS 485 also requires vehicle owners to possess an auto policy with bodily injury coverage of at least $15,000 per person and $30,000 total to cover the expenses for multiple people injured in an accident. The auto policy must also have at least $10,000 of property damage coverage per accident.

The limits established for basic liability insurance are fairly small and may not cover all of the expenses that are incurred in a major auto accident. As a result, many vehicle owners choose to purchase higher coverage limits to protect themselves if they are at fault for an accident. Having higher policy limits that sufficiently cover the damages in an accident is important. It reduces the chances of injured parties trying to garnish or seize the at-fault driver's personal assets in a lawsuit.

The insurance requirements for teen drivers are the same as they are for adult drivers. Since teenagers are new drivers, they are more prone to getting into accidents. Even though teenagers only need the same basic liability coverage as other adults, the cost of premiums for teenagers tends to be a lot higher. When shopping for insurance, teens can find out if it is cheaper to get their own policy or to be added to the policy of a relative or household member.

Nevada has an Insurance Verification Program that helps the Department of Motor Vehicles identify uninsured vehicles. If it is reported that a vehicle doesn't have proper coverage, the owner will be notified. The written notification will request the owner to verify the existence of a valid policy. When verification isn't received by the designated date stated in the notice, the Department of Motor Vehicles will cancel the vehicle's registration. Penalties for driving without valid registration or an active policy may include fines, license suspension, and law enforcement impounding the vehicle.

You can find details about Nevada auto insurance requirements and a list of reasons and ways to avoid insurance lapse fines on our site, now.

Source: EzineArticles
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