March 6th, 2018
CARSON CITY, NV – The Division of Insurance (“Division’) has partnered with the Nevada Department of Motor Vehicles (“DMV”), Nevada Highway Patrol (“NHP”) and the Nevada Insurance Council (NIC) to inform Nevada consumers of a new law that will increase the minimum vehicle liability insurance to be in compliance with the law and avoid paying penalties.
As of July 1, 2018, all consumers who have the current minimum protection levels of $15,000 per person for bodily injury, $30,000 per accident for bodily injury, and $10,000 per accident for property damage, often referred to as 15/30/10 will need to purchase higher limits of $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: http://doi.nv.gov/Consumers/Automobile_Insurance/Higher_Minimum_Vehicle_Liability_Requirements/. Consumers are also encouraged to check in with their insurance agent or company to determine how this new law will affect their policy personally.
About the Nevada Division of Insurance
The State of Nevada Division of Insurance, a Division of the Nevada Department of Business and Industry, protects the rights of Nevada consumers and regulates Nevada’s $14 billion insurance industry. The Division of Insurance has offices in Carson City and Las Vegas. In 2017, the Division investigated more than 3,200 consumer complaints and recovered over $5 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV.