This would be a quick read if we could simply give you the name of the one company that has the rock bottom lowest rates in Nevada. It’s just not that easy, however, as there are a ton of unknown aspects such as if you are married, tickets or driving violations, and whether or not you have had gaps between policies, that all help calculate your car insurance rates. In this article, we will teach you about the best ways to avoid high prices and will hopefully give you a good start in finding the cheapest insurance in Las Vegas.
One of the more important components that are looked at to help calculate auto insurance rates is where you normally keep your vehicle. Areas with more people or more claims will most likely have higher rates, whereas more rural areas receive better rates.
The next table sorts the most expensive places in Nevada for high school students to purchase a policy in. Las Vegas makes the list at #5 with an annual rate of $1,892 for car insurance, which is around $158 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Winchester | $2,116 |
| 2 | Sunrise Manor | $2,090 |
| 3 | Paradise | $1,981 |
| 4 | Spring Valley | $1,980 |
| 5 | Las Vegas | $1,892 |
| 6 | Enterprise | $1,851 |
| 7 | North Las Vegas | $1,844 |
| 8 | Henderson | $1,749 |
| 9 | Boulder City | $1,557 |
| 10 | Pahrump | $1,364 |
| 11 | Mesquite | $1,351 |
| 12 | Sparks | $1,317 |
| 13 | Reno | $1,294 |
| 14 | Spanish Springs | $1,253 |
| 15 | Sun Valley | $1,253 |
| 16 | Dayton | $1,141 |
| 17 | Carson City | $1,124 |
| 18 | Gardnerville Ranchos | $1,116 |
| 19 | Fernley | $1,103 |
| 20 | Elko | $1,092 |
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Premium amounts are approximated as the specific Las Vegas residence address can modify premiums considerably.
Finding cheap insurance is difficult, and deciding which companies have the best insurance rates for high school students involves even more shopping around.
Each insurance company uses their own calculation for determining prices, so let’s begin by examining the insurance companies with the overall best prices in Las Vegas, NV.
Find Cheaper Car Insurance for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Allied | $921 |
| 2 | Travelers | $939 |
| 3 | Capital | $988 |
| 4 | Oregon Mutual | $1,182 |
| 5 | American Family | $1,194 |
| 6 | GEICO | $1,219 |
| 7 | Progressive | $1,238 |
| 8 | USAA | $1,297 |
| 9 | Nationwide | $1,321 |
| 10 | Safeco | $1,346 |
| 11 | Farmers | $1,452 |
| 12 | MetLife | $1,615 |
| 13 | Country | $1,651 |
| 14 | State Farm | $1,749 |
| 15 | Mercury | $1,753 |
| 16 | Victoria | $2,093 |
| 17 | Liberty Mutual | $2,249 |
| 18 | Bristol West | $2,384 |
| 19 | Allstate | $2,408 |
| 20 | Encompass | $2,604 |
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Allied may offer some of the best car insurance rates in Las Vegas at around $921 annually. Travelers, Capital, Oregon Mutual, and American Family would also make the list of some of the most economical Las Vegas, NV auto insurance companies.
In the above example, if you have coverage with Travelers and switched to Allied, you might see a yearly price reduction of around $18. Customers with Capital may save as much as $67 a year, and Oregon Mutual customers might realize rate reductions of up to $261 a year.
Be aware that those prices are averages for all drivers and vehicles and are not factoring in an exact location for high school students. So the car insurance company that fits your age and vehicle best may not even be in the top 20 companies in the list above. That is why you need to get quotes using your own personalized driver profile and vehicle information.
Impact of citations and accidents on Las Vegas insurance rates
The recommended way to obtain low insurance premiums in Nevada for teenagers is to drive attentively and avoid traffic citations and accidents. The information below shows how violations and fender-benders can influence insurance prices for different age groups of insureds. The price estimates are based on a married female driver, comp and collision included, $1,000 deductibles, and no discounts are applied to the premium.
The data in the chart shows the average cost of auto insurance in Nevada per year with a clean driving record and no accidents is $996. Receive two speeding tickets and the average cost rises to $1,404, an increase of $408 each year. Then include two accidents along with the two speeding tickets and the 12-month cost of insurance for high school students increases to an average of $3,113. That’s an increase of $2,117, or $176 per month, just for not being a responsible driver!
Full coverage rates compared to liability-only
Saving on insurance is important to the majority of vehicle owners, and a great way to reduce the cost of insurance for high school students is to only buy liability insurance. The illustration below illustrates the difference between car insurance rates with and without full coverage. The costs are based on no claims or driving citations, $250 deductibles, drivers are not married, and no other discounts are factored in.
Averaged for all age groups, full coverage costs $1,621 per year more than buying just liability insurance. That touches on the question if physical damage coverage is worth the money. There is no specific rule for dropping physical damage coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s book value is $11,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $10,500 after paying the physical damage deductible. If it’s costing in excess of $1,050 a year for comprehensive and collision coverage, then it’s probably a good time to buy liability coverage only.
There are some scenarios where only buying liability is not a good idea. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Types of discounts on Las Vegas car insurance rates
Car insurance companies that sell policies for high school students may additionally offer policy discounts that can reduce rates by as much as 25% or more if you meet the requirements. The best insurance companies and their possible discounts are detailed below.
- AAA has discounts for good driver, good student, pay-in-full, education and occupation, AAA membership discount, and multi-car.
- Progressive may include discounts for homeowner, online signing, continuous coverage, multi-policy, and multi-vehicle.
- State Farm offers premium reductions for safe vehicle, driver’s education, accident-free, multiple autos, and anti-theft.
- Esurance policyholders can earn discounts including anti-lock brakes, Pac-12 alumni, homeowner, DriveSense, good driver, claim free, and emergency road assistance.
- Nationwide offers discounts including business or organization, good student, Farm Bureau membership, accident-free, multi-policy, defensive driving, and easy pay.
The diagram below illustrates the comparison of auto insurance rates with and without discounts applied to the policy premium. The data assumes a female driver, no claims or driving citations, Nevada state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with continuous coverage, paid-in-full, paperless filing, anti-theft, vehicle safety, and passive restraint discounts applied. When discounts are applied, the average amount saved each year on insurance for high school students is 28% or $447.
Here’s why you should shop around
Las Vegas, NV insurance rates are impacted by many factors that control the price you have to pay for coverage. Improving your credit rating, filing a claim, or getting a ticket for careless driving can trigger rate changes resulting in some rates now being affordable when they were higher priced.
Also, car insurance companies change prices without warning in order to protect their financial rating. Higher than normal claims can result in rate hikes, while profitable underwriting can produce more affordable Las Vegas car insurance rates.
To help illustrate this point, the bar chart below analyzes the cheapest car insurance in Las Vegas, NV for a 30-year-old female driver with a clean driving record, no accidents, and good financial standing. If we compare prices based on her current situation, Allied might offer the lowest car insurance rates in Las Vegas at $1,604 each year. This is $30 more than the average policy premium paid by Nevada drivers of $1,574. Travelers, Capital, Oregon Mutual, and American Family round out the rest of the top five cheapest Las Vegas, NV auto insurance companies.
In this next rate comparison, we will give the driver from the above example a claim, a lower credit rating, and a speeding citation. Because every insurance company has a unique approach for setting rates, analyzing rates could result in a different list of affordable companies as shown below.
GEICO now has the best insurance rate in Las Vegas, NV with Nationwide, USAA, Safeco, and Travelers now rounding out the top five. This illustrates why it is crucial to compare rates to get the best car insurance rates for high school students.
Rates are determined by many things and change dramatically, so the best company when you last compared rates may now be priced much higher than other options.