Nevada Div. of Insurance - Finacial Responsibility

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FINANCIAL RESPONSIBILITY

To ensure that innocent parties are adequately compensated for their injuries, Nevada law requires that all registered owners of a motor vehicle have security for tort liability arising from the use of their motor vehicles. For most Nevadans, security will be in the form of an insurance policy.

Nevada law requires that the insurance policy must minimally provide coverage in the amount of $15,000 for bodily injury or death of one person in an accident, $30,000 for bodily injury or death of two or more persons in an accident, and $10,000 for injury or damage to the property of others. This coverage is generally described as 15/30/10. When you have liability coverage, your insurance company will pay for the victim's damages up to your policy limits. If you choose, you can increase your coverage for added protection.

The penalty for not having liability auto insurance is severe. Nevada Revised Statute 482.480 states that if you are the owner of a motor vehicle that is registered, or should be registered, and you are found guilty of operating or allowing someone to operate your motor vehicle without insurance, you will be required to pay a reinstatement fee to the Department of Motor Vehicles, Insurance Verification Program. The fee amount is $250 unless you can provide proof that the vehicle was dormant, which may reduce the fee to $50. If you are found to be without insurance by a law enforcement officer, the penalty will be administered by a court of jurisdiction and is generally more severe.

If you do not carry insurance, and you or someone using your motor vehicle with your permission is involved in an accident, your registration and driver’s license may be revoked. You may also be required to have an insurance company certify that you have insurance. Most insurance companies will charge you an additional fee for this certification (commonly referred to as a SR-22) that you will have to maintain continuously for a three-year period.

Finally, once you have gone without insurance for any period of time you may find it difficult to find insurance you can afford. Many companies do not insure people who have not had insurance or have allowed their insurance to expire. Other companies will simply charge you more for insurance.

As you can see, going without insurance can cost you much more than carrying the liability coverage that is required by Nevada law.

Source: Nevada Division of Insurance

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