Nearly 20 percent of vehicle owners in Nevada have no insurance coverage on their vehicles as required by state law. And when considering the number of people who drive vehicles for which they
are not insured as determined by the policy, the percentage of uninsured drivers rises further, making Nevada one of the top 10 states in which motorists do not carry mandated insurance coverage. The proliferation of uninsured motorists makes it important for drivers to carry uninsured/underinsured motorist insurance to protect them against potential financial losses if involved in an accident with a driver who is not insured.
Not All Drivers Are Identified
An uninsured driver might have auto insurance in place, but if that drive cannot be found after an accident, as is the case with hit-and-run drivers, that motorist is considered to be an uninsured motorists, according to Nevada law as well as the laws in other states. And some vehicles are insured by policies that specifically name who is insured to drive a specific vehicle. If anyone else is found driving it, that motorist is an uninsured driver illegally operating a vehicle. If involved in an accident with a hit-and-run motorist or some other type of uninsured driver, all costs are borne by the victim unless there is uninsured/underinsured motorist coverage in place or collision insurance to cover the damages.
Many Motorists Are Underinsured
While uninsured motorists can be problematic, so can motorists who are driving legally but still do not have enough liability insurance coverage to pay for medical costs and damages if at fault in an accident. To drive legally in Nevada, a vehicle must have liability insurance coverage of at least $15,000 to pay for medical costs for injuries to a single person in an accident and at least $30,000 to cover the costs of injuries to more than one person. A motorist also must have at least $10,000 in liability coverage to pay for any damages to other people’s property. All of those liability limits easily can be exceeded if involved in an accident that injures one or more people and the vehicle driven is newer and worth much more than $10,000. In such situations, either higher liability limits or an umbrella policy are needed to protect the insured party.
Would $10,000 cover damages to your vehicle if it were totaled in an accident?