This is a question we get on a regular basis.
The State Minimums are in reference to the Liability Section of your car insurance policy. These include both:
Bodily Injury: Currently $25,000 per person and $50,000 per accident
Property Damage: $20,000 each accident or occurrence
Because medical payments can vary quite a bit, let’s just look at the Property Damage amount.
The average cost for a new vehicle is around $34,000.
If you are in an at-fault accident and you total a new car, the most that will be paid out is $20,000, leaving $14,000 that you get to figure out how to pay.
One common statement that we hear is that “well I don’t have any assets so they won’t get much.”
Your paycheck is an asset and they can take portions of that to pay the amount left after an accident.
To contrast that, it is usually very inexpensive (just a few dollars a month) to go up to the next level of $50,000/$100,000/$50,000.
So, whether you live in Nevada or any other state, it is worth looking at higher limits and making sure the insurance you are buying is going to be worth it when an accident comes.