In an already-expensive insurance landscape, State Farm drivers in Nevada will see a major surge on their policy renewals starting this month. The average annual coverage is expected to increase by $191, bringing the new average policy cost to $1,375.
The Nevada Division of Insurance recently approved a rate increase of 16% for State Farm customers, affecting nearly half a million drivers in the Silver State. This change goes into effect May 6 and is expected to bring the insurance group an additional $107.5 million in written premium.
As the top auto insurance carrier in Nevada, State Farm boasts 17.5% market share across the state, according to 2019 data. However, drivers looking to shop around may want to consider other top providers, including Geico, Progressive, or Farmers Insurance. Check out our matching tool to get your quote.
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Nevada’s Rising Insurance Prices
Unfortunately, Nevada drivers are no strangers to high insurance rates. They recently made the list of top five most expensive states for full-coverage car insurance, alongside Michigan, Florida, Louisiana, and Delaware.
According to researchers, high rates of accidents and auto theft statewide are leading factors in residents’ rising costs. Fortunately, there are a few steps that NV drivers can take to bring down their policy prices.
How to Cut Insurance Costs and Rev Up Your Savings
Want to get around rising insurance costs? Explore these options to make sure you’re not overpaying on your policy.
Shop Around and Compare Quotes
The best way to find a deal on auto insurance is to compare plans across providers. Prices can vary significantly between companies, so taking the time to explore your options can lead to substantial savings. There are even online tools available for you to enter your information and find plans matched to you in minutes!
Maintain a Clean Driving Record
Safe drivers are often rewarded with lower car insurance premiums. Avoiding accidents and traffic violations demonstrates to insurers that you’re a responsible driver, which can result in discounted rates.
Opt for a Higher Deductible
Choosing a higher deductible can often lower your monthly premiums. However, it’s crucial to ensure you can afford the deductible in the event of a claim, no matter how unlikely.
Look for Discounts
Some insurers offer special discounts for specific groups, such as military personnel, students with good grades, or members of certain organizations. Keeping an eye out for these programs across providers can help you maximize savings.
You can also ask your provider about bundling your auto and homeowners insurance policies to unlock exclusive discounts.
