How Much Does Car Insurance Cost for Homeowners in Nevada?

The words “affordable” and “insurance” really don’t belong together, especially when trying to find the best coverage prices for homeowners. Because it’s not cheap, let’s start the ball rolling by going over a few of the factors that determine insurance rates, and find some ways to reduce the price of your next policy.

When shopping for cheaper car insurance for people who own their homes, one of the many components that car insurance companies use to calculate auto insurance rates is where you normally keep your vehicle in Nevada. Larger areas like Winchester, Spring Valley, and Enterprise tend to pay higher rates, whereas cities that are not as densely populated tend to receive slightly lower rates.

The illustration below shows the highest-priced places in Nevada for homeowners to buy car insurance in.

Annual rates are approximated as the specific garaging location can influence auto insurance rates greatly.

Deciphering which company offers the cheapest auto insurance rates for homeowners will take a bit more effort than just comparing a company or two. Each company has their own unique process to establish rates, so let’s look at the rankings for the most budget-friendly auto insurance companies in Nevada.

It’s a good idea to know that Nevada auto insurance rates are influenced by many factors which can substantially decrease or increase the price of coverage. Simply having another birthday, increasing liability limits, or getting a couple of tickets may generate price changes that can make some companies cheaper than others.

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Allied has some of the cheapest car insurance rates in Nevada at around $921 each year. Travelers, Capital, American Family, and Oregon Mutual also make the cut as some of the cheaper Nevada car insurance companies.

In the above rates, if you currently have coverage with Travelers and switched to Allied, you might realize savings of roughly $18. Policyholders with Capital might save as much as $67 a year, and American Family policyholders might lower prices by up to $261 a year.

To see how much you can save, click here to start your custom quote or visit any of the companies below.

Bear in mind that those estimates are averages for all drivers and vehicles and and are not figured with a price discount for homeowners. So the insurer that is best for you may not even be featured in the above list. That underscores the importance of why you need to get rate quotes from many companies using your own driver data and vehicle information.

The car, truck, or SUV you are insuring is probably the most important factor when looking for cheap auto insurance for homeowners in Nevada. Vehicles with lots of speed or power, a lack of modern safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer, lower-performance models.

The information below illustrates insurance costs for a handful of the cheaper automobiles to insure in Nevada.

Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Premium amounts do not factor in vehicle location which can influence auto insurance rates significantly.

Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Rate quotes do not factor in vehicle garaging location which can change coverage rates substantially.

Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Nevada minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Information does not factor in specific location information which can alter premium rates greatly.

The chart below demonstrates how choosing different deductibles can increase or decrease insurance rates when researching cheap insurance for homeowners. The rate quotes are based on a married female driver, full coverage, and no policy discounts are applied.

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In the chart above, a 30-year-old driver could reduce rates by $332 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $500 by choosing a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, have the ability to save $704 or even more by using higher deductibles when buying full coverage.

When raising deductibles, it will be required to have emergency funds available to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.

Full coverage rates compared to liability only

Finding cheap auto insurance for homeowners in Nevada is the goal of most vehicle owners, and one easy way to buy cheaper insurance is to buy only liability coverage. The example below shows the comparison of premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on a clean driving record, no claims, $500 deductibles, single status, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 3327,1237],[‘Age 30’, 1723,679],[‘Age 40’, 1693,629],[‘Age 50’, 1547,589],[‘Age 60’, 1499,579],[‘Age 70’, 1851,773]]);var options = {title: ‘Comparison of Full Coverage and Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Nevada’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If averaged out across all ages, physical damage coverage costs $1,940 per year more than just buying liability insurance. Many drivers may wonder when is it a good idea to stop buying full coverage. There is no definitive guideline of when to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.

There are a few situations where dropping physical damage coverage is not a good plan. If you haven’t satisfied your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.

Does Allstate, Progressive, State Farm, or Geico have the cheapest car insurance?

When researching auto insurance for people who own their homes in Nevada, the companies with the most market share are Allstate, Progressive, State Farm, and Geico. Combined they have almost 50% of all policies written. They all offer your standard coverages, but each one has a unique set of features, discounts, and options that drivers can select from. The next table breaks down ratings for price and service, as well as some optional coverages that are available for policyholders.

Who has the cheapest insurance quotes for people who own their homes?

Thanks to the internet, there are a lot of ways to shop for and buy auto insurance in Nevada, but the three most common methods are through an independent agent, an exclusive insurance agency like Liberty Mutual or State Farm, or direct online or over the phone from a company like Progressive or Geico. You can use whichever you prefer, but it’s important to understand the differences in how they give price quotes.

Independent agents work with multiple companies and can get rate quotes from each one. These types of agents are not locked into one company and can compare multiple rates, which can give you a better comparison. If your premiums go up, it’s easy for the agent to move the policy and that require little work on your part.

A captive or exclusive agent is able to quote prices with one insurance company like Allstate or State Farm agents. Exclusive agents normally do not have the ability to provide rate quotes from other companies, so they have to upsell other benefits.

The third popular method of shopping for auto insurance is direct, which means you skip an agent and buy from a direct company like Geico or Progressive. Shopping direct is good for families who have an average risk profile and understand what auto insurance covers.

Which method works best to find cheap auto insurance for homeowners in Nevada? The majority of people assume that shopping direct yields the cheapest rates since that eliminates agent commissions, but unfortunately, it’s not that cut and dried. A valid argument could also be made that going through an independent agent guarantees the lowest rates because they can shop around, but again, it’s not a sure thing. In a lot of cases, exclusive agencies have coverage prices that are the cheapest.

Due to the fact that auto insurance rates vary so much, the only true way to get the cheapest rates is to get rate quotes and compare. Take some time and get rate quotes from independent agents, exclusive agents, and direct companies to get a good idea who is cheapest. A great place to start is our list of online companies offering discounts: click here to view.