Tired of wondering where the money will come from to insure your vehicles every month? You're in the same situation as many other Nevada drivers.
It's hard to fathom, but nearly 70% of customers have bought insurance from the same company for at least four years, and practically 40% of insurance customers have never compared quotes from other companies. American consumers can save hundreds of dollars each year by just shopping around, but most tend to underestimate the rate savings if they switched to a more affordable policy.
There are many auto insurance companies to purchase coverage from, and though it is a good thing to have a selection, too many choices makes it more difficult to find the lowest rates.
Locating the best rates in Elko can really be easy if you know what you're doing. If you are paying for car insurance now, you should be able to get lower rates using the techniques covered below. But Nevada vehicle owners do need to know the way insurance companies determine how much to charge and use this information to your advantage.
Are you eligible for every discount?
Insuring your vehicles can cost a lot, but you can get discounts that can drop the cost substantially. Some trigger automatically when you quote, but some discounts are required to be specially asked for before they will apply.
- Military Rewards - Being deployed with a military unit could mean lower car insurance rates.
- Early Renewal Discounts - Some car insurance companies give discounts for buying a new policy prior to your current policy expiring. This can save 10% or more.
- Professional Organizations - Affiliation with qualifying clubs or civic groups could earn you a nice discount on your next renewal.
- Use Seat Belts - Drivers who always wear seat belts and also require passengers to wear their seat belts can save up to 10 percent (depending on the company) off the personal injury premium cost.
- Save with a New Car - Buying a new car instead of a used car may earn a small discount compared to insuring an older model.
- Anti-lock Brake System - Cars, trucks, and SUVs with ABS braking systems or traction control can stop better under adverse conditions and earn discounts up to 10%.
- First Accident Forgiveness - This isn't a discount exactly, but companies like State Farm, Progressive and GEICO may permit one accident without raising rates with the catch being you have to be claim-free prior to being involved in the accident.
- Federal Government Employee - Active or former government employment could cut as much as 10% off with some car insurance companies.
- Drive Safe and Save - Insureds who avoid accidents can pay as much as 50% less compared to accident prone drivers.
- Early Payment Discounts - If you pay your entire premium ahead of time rather than paying monthly you could save up to 5%.
Policy discounts save money, but some credits don't apply to your bottom line cost. A few only apply to specific coverage prices like physical damage coverage or medical payments. Even though it appears it's possible to get free car insurance, nobody gets a free ride.
Some of the insurance companies that have some of the discounts shown above possibly include:
When getting a coverage quote, ask every insurance company to give you their best rates. Some of the discounts discussed earlier might not be offered in Elko.
To find more affordable prices, there are a couple of ways of comparing rate quotes from many different Nevada insurance companies. The recommended way to lower the rate you pay for insurance is to jump online and get quotes.
Comparing quotes online is fast and free, and it replaces the need to waste gas driving to all the different insurance agencies. The internet has reduced the need for local agents unless you prefer the professional advice that you can only get from talking to an agent. It is possible with some companies compare online quotes but buy the policy through an agent.
When price shopping your coverage, comparing all the rates in your area helps improve the odds of finding the best price.
The providers in the list below provide quotes in Nevada. If several companies are displayed, it's highly recommended you visit several of them in order to find the most affordable rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT Extended Cab 4WD||$1,012||$506||$84|
|Chevrolet Silverado LS Regular Cab 4WD||$1,200||$600||$100|
|Dodge Grand Caravan SE||$1,234||$617||$103|
|Dodge Ram Quad Cab TRX4 Off Road 2WD||$1,004||$502||$84|
|Ford Escape XLS 4WD||$900||$450||$75|
|Ford F-150 Lariat King Ranch 4WD||$1,344||$672||$112|
|Ford Focus S 4-Dr Sedan||$702||$351||$59|
|Honda Accord EX 2-Dr Coupe||$1,014||$507||$85|
|Honda CR-V LX 4WD||$672||$336||$56|
|Honda Civic SI 2-Dr Coupe||$1,458||$729||$122|
|Nissan Altima 2.5 S 4-Dr Sedan||$754||$377||$63|
|Toyota Camry SE||$1,150||$575||$96|
|Toyota Corolla LE||$1,014||$507||$85|
|Volkswagen Jetta S 4-Dr Sedan||$972||$486||$81|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Price estimates do not factor in specific Elko garaging location which can change rates noticeably.
Does full coverage make sense?
The example below visualizes the comparison of Toyota Corolla insurance rates with full coverage compared to only the Nevada minimum liability coverage. The price estimates are based on no violations or accidents, $100 deductibles, single male driver, and no policy discounts are applied.
Toyota Corolla rates are for example purposes only. To get rates for your specific vehicle, click here.
Should you pay for full coverage or liability only?
There is no clear-cut rule to delete physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is more than about 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let's assume your Toyota Corolla replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $2,000 after paying your policy deductible. If you are paying in excess of $200 a year to have full coverage, then it's probably a good time to buy liability coverage only.
There are some situations where buying only liability insurance is not financially feasible. If you still have a loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Premiums by gender and age
The illustration below illustrates the difference between insurance prices for male and female drivers in Elko. Data assumes a clean driving record, no claims, full physical damage coverage, $250 deductibles, marital status is single, and no discounts are taken into consideration on a Toyota Corolla LE.
Toyota Corolla rates are for example purposes only. To get rate quotes for your specific vehicle, click here.
Physical damage deductible comparison
The example below shows how choosing a deductible and can increase or decrease Ford Fusion premium costs for each different age group. The information is based on a single male driver, full coverage, and no discounts are taken into consideration.
Ford Fusion rates are for example purposes only. To get rates for your specific vehicle, click here.
Decisions you make can impact your rates
Consumers need to have an understanding of some of the factors that are used to determine auto insurance rates. When consumers understand what influences your rates, this enables informed choices that can help you get lower rates. Lots of things are taken into consideration when you get your auto insurance bill. Some are pretty understandable like an MVR report, but other factors are not quite as obvious such as whether you are married or your vehicle rating.
- Cheaper rates by consolidating - Lots of insurers afford a discount to clients who carry more than one policy in the form of a multi-policy discount. Even if you qualify for this discount already, it's still a good idea to compare rates to guarantee you are still saving the most.There is a chance you can save even more by insuring with multiple companies.
- Stay claim-free and lower premiums - If you file a lot of claims don't be surprised to see either a policy non-renewal or much higher rates. Insurance companies in Nevada generally give discounts to drivers who file claims infrequently. Auto insurance is intended for more catestrophic claims.
- Vehicle theft costs us all - Driving a car that has a built-in theft deterrent system can save you a little every year. Anti-theft features like OnStar, LoJack tracking, and tamper alarms all hinder auto theft.
- High comp and collision deductibles cost less - Physical damage deductibles define the amount you are required to spend in the event of a claim. Insurance for physical damage to your car, also known as collision and other-than-collision, insures against damage to your car. Some examples of claims that would be covered would be a windshield broken by a bird, animal collisions, and having a roll-over accident. The more you have to pay, the better rate you will receive.
- Traffic violations inflate prices - A bad driving record has a lot to do with how much you pay for insurance. Just one citation may increase your cost twenty percent or more. Drivers with clean records pay less for auto insurance as compared to careless drivers. Drivers who have multiple citations such as DUI or willful reckless driving might be required by their state to complete a SR-22 with their state in order to legally drive.
- Responsible credit scores equal low premiums - Having a bad credit score will be a significant factor in calculating your premium rate. Consumers who have excellent credit scores tend to file fewer claims than those with bad credit. If your credit score can use some improvement, you could pay less to insure your vehicle by spending a little time repairing your credit.
- Battle of the sexes - Statistics show that females take fewer risks when driving. However, don't assume that females are better at driving than males. Females and males are responsible for accidents in similar numbers, but guys cause more damage and cost insurance companies more money. Not only that, but men also get more serious tickets like DWI (DUI) or reckless driving.
Car insurance is not optional
Despite the potentially high cost of car insurance, maintaining insurance may be mandatory for several reasons.
- The majority of states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific level of liability in order to drive the car legally. In Nevada these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your vehicle, almost every bank will force you to have insurance to ensure loan repayment if the vehicle is totalled. If you do not pay your insurance premiums, the bank may buy a policy for your vehicle for a much higher rate and force you to reimburse them the higher premium.
- Insurance protects not only your vehicle but also your assets. It will also cover many types of medical costs incurred in an accident. Liability coverage also covers legal expenses if anyone sues you for causing an accident. If your vehicle gets damaged, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.
The benefits of carrying enough insurance definitely exceed the cost, particularly when you have a large claim. But the average driver in Nevada overpays more than $865 each year so compare rate quotes once a year at a minimum to ensure rates are competitive.
One last note
We just showed you some good ideas how to lower your insurance car insurance rates in Elko. The key thing to remember is the more rate comparisons you have, the better your comparison will be. You may even be surprised to find that the lowest car insurance rates are with the least-expected company. Smaller companies can often insure niche markets at a lower cost than their larger competitors like Allstate or State Farm.
When shopping online for insurance, don't be tempted to reduce needed coverages to save money. In many instances, consumers will sacrifice full coverage and learned later that their decision to reduce coverage ended up costing them more. The proper strategy is to buy a smart amount of coverage for the lowest cost while not skimping on critical coverages.
Low-cost insurance in Elko can be bought online in addition to local insurance agencies, so you need to shop Elko car insurance with both in order to have the best chance of saving money. Some insurance providers don't offer online price quotes and these small, regional companies only sell coverage through independent agencies.
Helpful learning opportunities
- Booster Seat Ratings (iihs.org)
- Understanding Your Insurance Deductible (Insurance Information Institute)
- Think You're a Safe Driver? (State Farm)
- Child Safety FAQ (iihs.org)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)