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Best 4 Car Insurance Companies in Nevada 2021
While comparing quotes for the state’s minimum coverage, we found price differences of several hundred dollars among four insurance agencies, which underscores why it is worth your while to shop around and compare. Using sample data to get a quote, Geico was the best car insurance company among the four in this list, with an annual premium of $1,546. State Farm was the only provider within a few dollars of Geico. Now, this doesn’t mean that these companies will also be your cheapest option. Insurance agencies use a wide variety of factors to calculate rates, and no two drivers will ever be the same.
Insurance companies use things like location, age, vehicle make and model, and many other factors to produce rates specifically for each customer. The best way to find cheap car insurance is to put in the work. It’s recommended to check five at the very least
If you gather all of your quotes using online tools, you should find your search to be relatively quick and easy. If you must call the company to obtain a quote, you may find the process extended by a few minutes. One way to keep call time to a minimum is to gather all information pertinent to your vehicle (make, model, year, vehicle identification number, etc.) and your driving history ahead of time.
Our Top 4 Picks for the Best Cheap Car Insurance in Nevada
The four companies on this list of best insurance companies in Nevada all meet strict criteria for customer service and financial stability.
No one needs the additional stress of squabbling with their provider after an accident. That’s why this list includes insurers that have the highest J.D. Power rankings for the Southwest region of the country and an A.M. Best rating of “Excellent” or greater. J.D. Power is a global marketing information firm that gives grades based on customer service, and A.M. Best is an organization that scores insurance companies based on their financial solvency. So between the two, you can rest assured you’ll be treated well and that your provider actually has the money to pay your claim.
When you gather your quotes and look at the data, you can find a huge range in the amount you’re quoted. It just goes to show how volatile the market can be and how important it is to shop around.
When you find the best price for your insurance needs, think about using some of those possible savings to upgrade your coverage and become better insured. Not only do companies often reward you with discounts for choosing better policies, but you will also probably find yourself fully appreciative of having the extra coverage in the event of a collision.
Nevada’s Minimum Coverage Requirements for 2021
Nevada requires a relatively low amount of liability insurance on any registered vehicle. Drivers need $15,000 bodily injury coverage per person, $30,000 bodily injury coverage per accident, and $10,000 property damage coverage (that’s 15/30/10 in insurance-speak).
It’s Best to Shop for a New Policy in Nevada Every Couple of Years
You should shop around for car insurance every couple of years or so, depending on how much things have changed in your life. Moving to a new town and improving your credit score are examples of things that can lower your rate. If you’re a young driver, you might be able to reduce your relatively hefty insurance premiums by taking advantage of a good student discount. Completing a driving skills class is another way to receive a discount on car insurance. Insurance companies differ in the discounts and incentives they offer, which is why it makes sense to look at several of the available options to see which one will save you the most money while providing the level of coverage you need.
In the past few years, insurance providers have begun to calculate rates based on much more than a driver’s risk. The practice, called price optimization, is a profit-maximizing technique that allows an insurer to estimate the likelihood its customers will shop for better rates. One study found that 68 percent of strategic price changes (over the course of a year) were directly related to maximizing profits. Insurance companies analyze a tremendous amount of your data, such as credit score, online shopping habits and social media activity to predict how likely you are to shop for better rates. Then, they can charge you just enough to maximize profit, but not so much that you find the payment uncomfortable.
Price optimization is one of the greatest incentives to shop around for better coverage each year. Not only will it help you find potential savings — it will keep your current provider from attempting to gouge you with incremental price hikes. Think about it: Insurers take notice when you apply for quotes, and they definitely don’t want to lose you as a customer.
If you are concerned with price optimization on your policy or have noticed incremental or unexplainable increases in your premium, contact your agent and see what’s up. Even better, you could address a letter to your U.S. senator.
States like Washington and Florida (15 in total) have released bulletins addressing the use of price optimization based on based on factors not related to risk. Unfortunately, Nevada has not taken any official steps to thwart price optimization by car insurance agencies. So, for now, it’s up to the drivers themselves to avoid becoming a victim of this practice.
You don’t want to pay more than you have to for car insurance coverage, especially since averages are already high. Take the time to shop around, compare quotes and investigate more than the minimum coverage. It’s the only way you’re going to find the best car insurance for you.