How Much Car Insurance Coverage Would You Recommend?
As a Nevada attorney at Clear Counsel Law Group, I’ve seen firsthand how proper car insurance coverage can make the difference between financial security and devastating losses. Let’s explore the various types of auto insurance coverage and why having robust protection matters for every driver.
Not to bury the lede, I’ll tell you straight out: You need a minimum of 250,000 of Bodily Injury AND Uninsured / Underinsured Motorist coverage. Anything less than that, you’re looking at bankruptcy or a lifetime of debt for even moderate injuries in a car crash.
Types of Auto Insurance Coverage in Nevada
Auto insurance provides multiple layers of protection. For property damage, coverage options protect both your vehicle and others’ property in various scenarios. This includes coverage for accidents where you’re at fault, protection when another driver damages your car, and situations involving uninsured or underinsured motorists.
Personal injury coverage follows similar patterns. Your policy can include liability insurance for injuries you cause to others, coverage for injuries caused by uninsured drivers, and Medical Payment coverage (MedPay) for immediate medical expenses regardless of fault.
Why Minimum Coverage Isn’t Enough
While Nevada law requires minimum insurance coverage, these basic policies often fall short in real-world scenarios. At Clear Counsel Law Group, we regularly see cases where minimal coverage leaves both parties vulnerable. For those with assets like savings accounts, rental properties, or investments, proper insurance coverage forms a crucial part of your overall asset protection strategy.
The Moral Dimension of Auto Insurance
Carrying adequate insurance goes beyond legal requirements – it reflects our responsibility to fellow drivers. Even careful drivers can make mistakes, and accidents happen in split seconds. When serious injuries occur, having substantial coverage allows you to take responsibility for damages you may cause, even if unintentionally.
Recommended Coverage Levels
For drivers with the financial means, we recommend:
- At least $100,000 in basic coverage
- Preferably $250,000 in coverage
- Consider policies up to $500,000
- Add umbrella coverage of $1 million or more
Umbrella policies provide extra protection at relatively modest costs. They safeguard your assets while ensuring you can adequately compensate others if you cause serious harm.
In case you’re wondering, yes, I have 500k in Bodily Injury coverage, 500k in Uninsured / Underinsured motorist coverage, and a generous umbrella policy.
Taking Action
Contact your insurance agent to review your current coverage levels. Consider whether your limits adequately protect both your assets and your moral obligations to other drivers. At Clear Counsel Law Group, we’re happy to discuss how insurance coverage fits into your broader asset protection strategy. Our car accident lawyers are always happy to look at your insurance and tell you frankly and honestly how we’ve seen those amounts hold up in real-world scenarios.
Remember: while higher premiums might seem burdensome now, they’re insignificant compared to the potential financial and emotional costs of being underinsured after a serious accident.
Need guidance on insurance coverage and asset protection? Contact Clear Counsel Law Group for a consultation with our experienced Nevada attorneys.