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How Much Will My Insurance Premium Increase After a Car Accident in Nevada
In Nevada, following your first at-fault car accident, you can expect a 25% to 45% rise in your car insurance rate; however, the increase in your car insurance rate will depend on a variety of factors, including the percentage you were found to be at-fault for, the severity of the auto accident, and your diriving history.
Insurance rate increases after an at-fault car accident can last anywhere from three to five years, and there's the possibility of you being marked as a high-risk driver, which will raise rates across all car insurance companies, even if you try switching from your current insurance coverage provider.
Nevada already has higher average car insurance rates than other states due to the high rate of uninsured and reckless drivers, so a rise in your auto insurance rate could be financially crippling, making it essential to prevent such from happening by schudle a free consultation with a Las Vegas car accident lawyer from the Rodney Okano Car Accident Lawyer Law Firm who can help you naviagte your car accident case, mitgate your fault, and obtain a finaincal settlement to cover your injuries and damages.
Why Do Insurance Rates Increase After a Motor Vehicle Accident
Car insurance rates increase after an auto accident for numerous reasons, some more notable than others.
Understanding some of the factors that lead to and the rate increases is critical to developing a plan to escape higher rates.
Classified as Higher Risk
After being involved in an at-fault car accident, or sometimes even a car crash you're partially or not at all at-fault for, insurance companies will move you to a high-risk driver group.
Drivers who are considered high risk typically face insurance increases and limited access to coverage.
Car Accident Claim Payouts
If you were at fault for the car crash and the injured party (plaintiff) filed a claim with your insurance company seeking financial compensation for the injuries and damages you caused, your insurance provider will often raise your insurance rates in order to offset the insurance claim payout.
Nevada Insurance Regulations
Under Nevada law, insurance companies can access past driving records, which include past car accidents, speeding tickets, and other traffic offenses.
This past driving history made available to insurance providers is typically used to determine rates, meaning one car accident can haunt you across insurance providers.
Claim Frequency
Regardless of fault, if you're involved in multiple accidents in a short period of time, an insurance company may make the assumption that you're a high-risk driver and raise your insurance premium.
How Can You Lower Your Car Insurance Rate Following a Car Crash
After a car accident, besides recovering a settlement for your injuries and damages, finding ways to lower your car insurance rate may be a top priority of yours.
Luckily, there are ways you can fight an insurance rate increase, which are:
- Look into Accident Forgiveness: Some insurance providers offer accident forgiveness, which allows drivers to be forgiven for their first at-fault accident and avoid an insurance increase, hence the name accident forgiveness.
- Shop Around for Forgiving Rates: Do research and try to find an insurance provider that offers the lowest rates for high-risk drivers.
- Increase Your Insurance Deductible: While maybe not the smartest decision for short-term financial stability, you could raise your deductible (an out-of-pocket cost in a claim) in order to lower your monthly insurance premium.
- Prioritize Safe Driving: To restore your rates to the way it was before the accident, it's crucial that you practice extremely safe driving and avoid any traffic tickets, car accidents, and other offenses that could raise your rates.
- Speak with an Attorney (If You Have an Ongoing Claim): If you're amid a car accident claim, speaking with a Las Vegas car accident attorney could be beneficial in lowering your rate, as they gather evidence and build a case in your favor, creating the possibility of you completely avoiding liability and an insurance increase.
Can a No-Fault Car Accident Raise My Car Insurance Premiums in Nevada
Under Nevada's at-fault system, the at-fault driver is legally responsible for paying for the injuries and damages they caused in a car accident, meaning in most cases, you should not see an increase in your auto insurance prices, as the at-fault driver's insurance company will be the one covering your damages.
However, there are situations where even in a no-fault car wreck, your rates could rise, including:
- Comparative Liability: Nevada allows for multiple parties to be at-fault for a car accident, meaning if you contributed to the accident in any way, such as by speeding or driving distracted, the other driver who is primarily at-fault could have grounds to sue and seek damages from your insurance company.
- Comprehensive Claims: If you were hit by an uninsured driver or involved in a hit-and-run, you may have to utilize your own car insurance company to cover costs through comprehensive coverage, which, while unfair, could lead to rises in your rates.
- Frequent Claims: If you have a history of filing claims, no matter who's at fault, the insurance company may issue a rate increase due to a short succession of multiple claims.
If you fear a rate increase after a no-fault accident, it's advisable to speak with a Las Vegas car accident attorney from the Rodney Okano Car Accident Lawyer Law Firm, as they will personally communicate with your insurance agent on your behalf to ensure you receive the lowest average rates.
Which Insurance Companies Offer the Cheapest Rates After a Car Accident
Knowing what insurers offer discounts and lower insurance rates even after a car accident is crucial to ensuring financial security following a car wreck.
Below is a table highlighting the cheapest car insurance companies for those without a clean driving record due to a motor vehicle accident.
Carrier | Post Accident Annual Premium | Post Accident Monthly Cost |
|---|---|---|
USAA (Available only to military members) | $2,960 | $246 |
Erie | $2,565 | $213 |
Nationwide | $2,791 | $232 |
Geico | $3,044 | $253 |
AAA (Triple-A) | $3,252 | $271 |
Insurance rates are constantly fluctuating, so it's important to speak with multiple agents from different insurance companies to get the most up-to-date premium costs.
When Will Insurance Rates Go Down After a Car Accident
In Nevada, at-fault accidents affect one's rate for around three to five years. This timeline of increased premiums is typically affected by the severity of the accident, whether you were at fault, and your insurer's policies.
Although if you are eligible and your insurance company offers accident forgiveness, it may be a way to shorten or avoid high insurance rates.
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Rodney Okano Car Accident Lawyer is a Las Vegas personal injury law firm with over 20 years of experience helping clients obtain maximum compensation following injuries from accidents such as car crashes, worksite injuries, and slips and falls. Over those years, The Rodney Okano Car Accident Lawyer Law Firm has become an experienced law firm that can ensure exceptional results for any of its clients.
