Auto insurers to hike Nevada rates later this year

Nevadans might want to check with their auto insurance company.

According to the state of Nevada Division of Insurance, six auto insurers will be raising their auto rates for private vehicles by at least 10 percent in October.

Auto insurance rates have been increasing nationally, as well. The Consumer Price Index for auto insurance has risen 18.6 percent from July 2023 to 2024, according to the Bureau of Labor Statistics.

All insurers must go through the Division of Insurance when requesting a rate change; the actual division-approved rate is typically lower than the indicated rate. This is due to the division’s mission to “protect the rights of Nevada consumers” and ensure “financial solvency of insurers.”

“As claims become more costly due to inflation, lawsuit abuse and increases in everything from repair-related labor rates to parts costs and building materials, insurance carriers around the country have been adjusting rates,” said Country Financial, one of the companies anticipating an increase.

Nevada is ranked No. 4 for highest auto insurance rates in the country, according to Insurance Business America. The average annual cost for full coverage car insurance is $3,549, with residents paying almost 5 percent of their yearly income on auto insurance.

The reason being, according to Insurance Business America: “Nevada’s relaxed alcohol laws and the high number of Las Vegas partygoers drive up auto insurance costs.”

Is your auto insurance increasing?

Amica Mutual customers will be seeing the first increase on Oct. 1, raising its rates for private automotive customers by 17.9 percent and will affect 2,362 Nevadans. The indicated rate change brought to the division was almost 34 percent.

The second to see an increase will be Country Financial customers with either Country Mutual, Preferred or Casualty insurance, all starting on Oct. 9.

“We encourage clients to meet with a Country Financial representative to discuss their individual situations and consider options to effectively manage risks with solutions that best fit their needs,” the company said.

Country Mutual Insurance customers will see the highest increase with a 31.8 percent increase, affecting 1,856 Nevadans. The indicated rate change brought to the division was over 46 percent.

Country Preferred Insurance will increase rates by 29.5 percent, affecting 3,942 Nevadans. The indicated rate change brought to the division was over 44 percent.

Country Casualty Insurance will increase rates by 25.4 percent, affecting 225 Nevadans. The indicated rate change brought to the division was almost 44 percent.

Allstate Fire and Casualty will increase rates by 10.8 percent on Oct. 28, affecting the most Nevadans at 94,804 people. The indicated rate change brought to the division was 10.8 percent.

Farmers Group Property and Casualty Insurance will be increasing auto rates by 24 percent, affecting 8,033 Nevadans. The indicated rate change was around 60 percent.

Emerson Drewes can be reached via email at [email protected]. Follow @EmersonDrewes on X.

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