Have You Heard About the 2022 Car Insurance Trends?

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    car insurance
    January 14 2022

    As we welcome the new year it seems like everything is changing. This includes the car insurance industry. Forbes just released 2022 Outlook For Car Insurance Buyers, an article on 2022 car insurance trends. Below we will discuss some of those trends as well as Nevada car insurance requirements.

    If another driver injures you in a car accident, contact an experienced personal injury lawyer. A personal injury lawyer will help to protect your rights and ensure you receive maximum compensation.

    As a Las Vegas accident victim you don’t want to fight alone against insurance companies. They do not have your best interests in mind. Anthem Injury Lawyers has a dedicated team of lawyers and staff ready to help you with your personal injury case. Insurance companies and other parties are not interested in helping you receive what you should as a victim in a Las Vegas accident. Your Las Vegas accident lawyer should have a proven track record of winning cases like yours for significant compensation. Our lawyers offer you 25 years of experience winning top compensation for Las Vegas accident victims.

    Time is of the essence when pursuing compensation in accident cases. Don’t delay—have our Las Vegas accident lawyers review your case. Sometimes people avoid contacting an accident lawyer because they worry about cost. You don’t have to worry about affordability. Our attorneys don’t get paid unless they win your case. Contact Anthem Injury Lawyers at (702) 857-6000 to make an appointment for a free consultation.

    2022 Car Insurance Trends

    It seems like the past few years have brought a bunch of unexpected changes to every aspect of our lives. How will these changes impact car insurance? Forbes has made the following predictions about car insurance to look for in 2022.

    Unsafe Driving Contributes to Car Insurance Rate Hikes

    The pandemic impacted the number of cars on the road. However, it did not decrease the amount of accidents. In fact, states have seen an increase in speeding drivers and other unsafe driving choices.

    According to Forbes, an uptick in speeding since the pandemic, record-breaking numbers of fatal crashes and increasing claims costs are likely to mean higher overall car insurance rates in 2022.

    If you have been injured by a speeding driver, contact an experienced personal injury lawyer. The experienced team at Anthem Injury Lawyers will work aggressively to protect your rights and help you receive maximum compensation. We work on a contingency basis, so you don’t have to worry about upfront fees. Our law office is in Henderson, Nevada, and we work with clients in Las Vegas and vicinity. Contact us today at (702) 745-8167 to make an appointment for a free consultation.

    Inflation Adds to Rate Increases

    Inflation touches every industry, including car insurance. Inflation has increased the average cost for auto parts. In 2021, the average cost for auto parts rose by 6 percent. This can influence car insurance rates and cause premiums to rise.

    Gap Insurance Can Bridge High Vehicle Values

    In 2022, gap insurance may be important for new car buyers. Gap insurance covers the difference between what you owe on your car loan and the value of your totaled car.

    Why will gap insurance be so important? The high cost of new vehicles combined with high used car valuations has impacted car insurance payouts. However, if you buy a car now at an inflated price and you later make a claim when vehicle values drop back down, you may be in a tough position. Gap insurance may be a priority for car owners who have bought cars with inflated prices.

    Insurance Rates for Electric Vehicles Should Come Down

    The increase in electric vehicles on the market may contribute to lower insurance rates. This is because there will be more lower cost electric vehicle models available. Additionally, as more electric vehicles come to market, repair costs may also go down. 

    Usage-Based Auto Insurance Should Gain Steam

    The face of auto insurance may be changing. Auto insurance companies are under pressure to reduce their reliance on pricing factors that aren’t related to actual driving.

    Currently, auto insurance companies use several factors to determine your rate. For more information, see our article Do You Know How Auto Insurance Rates Are Determined?

    Telematics and usage-based insurance may change the focus from the current factors to your actual driving behavior. Telematics technology monitors your driving behavior and habits. Usage-based insurance uses your driving behavior to impact your car insurance rates.

    Nevada Auto Insurance Requirements

    Regardless of the 2022 trends, if you drive in Nevada you are required to have automobile insurance. Nevada requires that automobile liability insurance policies carry minimum coverage of the following:

    • $25,000 for bodily injury or death of one person in any one accident.
    • $50,000 for bodily injury or death of two or more persons in any one accident.
    • $20,000 for injury to or destruction of property of others in any one accident.

    Coverage must be validated by an insurance company authorized to do business in the State of Nevada.

    Nevada LIVE Verification

    Nevada LIVE verification applies only to liability insurance. In Nevada, you must present evidence of insurance on a printed card or on a mobile device to register your vehicle. It must be presented at most registration transactions. It must also be carried in your vehicle at all times and presented to any law enforcement officer upon request.

    Nevada Does Not Have a Grace Period

    Nevada does not have a grace period if you let your insurance coverage lapse. A one-day lapse in your insurance coverage will result in a possible suspension of your registration. The minimum penalty is a $251 reinstatement fee.

    Don’t deal with the stress of talking to insurance companies alone. If you are injured in a car accident, contact an experienced personal injury lawyer. The law firm of Anthem Injury Lawyers has a dedicated team of personal injury lawyers serving Las Vegas area residents. We are here for you. There’s no need to worry about affordability—our Las Vegas car accident lawyers aren’t paid unless you win. Call Anthem Injury Lawyers today at (702) 857-6000 to make an appointment for a free consultation.

    EXPERIENCED LAS VEGAS PERSONAL INJURY LAWYERS

    We hope the above discussion helps you understand more about auto insurance in 2022. If another driver injures you in a Las Vegas area accident, you should speak with an experienced personal injury lawyer. Some people wonder why they need a personal injury lawyer to help them. A personal injury lawyer will work aggressively to protect your rights and help you receive maximum compensation for your injuries.

    Award-winning law firm Anthem Injury Lawyers is a team of experienced and dedicated personal injury lawyers. We are based in Henderson, Nevada, and serve clients throughout the Las Vegas area. When we say we offer personal injury law experience, we mean over 25 years of experience. This is the combination of knowledge and expertise you need to win significant compensation as a victim in a Las Vegas area accident. Our decades of experience, our expertise, plus our deep familiarity with all aspects of Nevada law, give you a powerful advantage. You will need that advantage to fight against those who may keep you from receiving what you deserve as a Las Vegas accident victim.

    Your choice of an accident lawyer is one of the most consequential decisions you will ever make. It’s important to select a Las Vegas attorney that can put you in the best position to win your case. That’s why you need to speak with Anthem Injury Lawyers. Get the best accident attorneys in Las Vegas fighting for you. Our experts offer you the best opportunity to win top compensation. Contact Anthem Injury Lawyers today at (702) 857-6000 to make an appointment for a free consultation.

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