Why Can Buying Auto Insurance In Las Vegas Be So Expensive?

Today we're covering a topic that can affect tourists on vacation in Las Vegas, but it is mostly going to affect those already living in Southern Nevada, and those who plan on moving here. Buying car insurance in Las Vegas can be expensive compared to the state where you used to live. When I moved from San Jose, CA to Las Vegas the change in auto insurance was not that different. However, for someone coming from another state, the price difference for auto insurance can be big.

There are several factors that go into calculating how much a person's monthly premium will be for their insurance. Factors like the type of car you drive, how much crime/how often cars are stolen, people who drive without insurance, people who drive without a driver's license, people who have at least one DUI on their record all play a part in car insurance rates.

However, what is arguably the biggest component that makes buying auto insurance expensive in Las Vegas is the fact that Nevada has a collateral source rule on the books. This law prevents and injured party's compensation that they could legally sue the plaintiff for from being reduced because they already received money from another source. This happens in personal injury accidents, car accidents, workman's comp for workplace injuries on the job, etc. You could have already receive money from your own insurance company, from your employer or just from a friend who wants to help you financially. Even after receiving this compensation, you can still sue the party who is liable for your injuries. This could be an individual, it could be your boss or it could be a hotel or casino. This rule applies all over the state of Nevada, whether it happens in a smaller town like Laughlin, Mesquite or Boulder City, or in a larger town like Henderson or North Las Vegas. This law is great for personal injury attorneys, but is a nightmare for auto insurance providers. The fact that an injured party can get paid by their own insurance company, and then get paid again the responsible party's insurance company is a large reason why insurance companies have to charge a higher than average rate for insurance. They need to make up all of the money they have to pay to people in these injury cases. This is why you see so many billboards around the Las Vegas area for personal injury attorneys who people who slip and fall in a casino, or get injured while at work or who get hurt in a car accident.

Collateral Source Rule in Personal Injury Law
https://www.alllaw.com/articles/nolo/personal-injury/collateral-source-rule.html

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