I really doubt anyone loves paying for insurance, especially when they are aware that it costs too dang much.
Inconceivable but true, most insurance policyholders in Nevada kept their policy with the same company for a minimum of four years, and approximately 40% of consumers have never compared rates from other carriers. The average driver in the U.S. could save about 46.5% every year, but most undervalue the benefits if they switched to a more affordable policy.
How to find lower priced Fiat 500 insurance in Las Vegas
Really, the only way to find more affordable auto insurance rates in Las Vegas is to make a habit of comparing prices annually from different companies that insure vehicles in Nevada.
First, read and learn about what coverages are included in your policy and the changes you can make to prevent rate increases. Many rating criteria that result in higher prices such as accidents, traffic violations, and a poor credit rating can be rectified by improving your driving habits or financial responsibility.
Second, request rate estimates from direct, independent, and exclusive agents. Exclusive and direct companies can only quote rates from one company like GEICO and State Farm, while agents who are independent can quote rates for a wide range of insurance providers.
Third, compare the new rates to your existing coverage to determine if switching companies saves money. If you find better rates, make sure coverage does not lapse between policies.
A valuable tip to remember is that you’ll want to make sure you compare the same amount of coverage on each price quote and and to look at all possible companies. Doing this enables the most accurate price comparison and a complete price analysis.
Since you have so many choices for buying lower-cost insurance for a Fiat 500 in Las Vegas, it is hard for the average consumer to pick the lowest price company.
The car insurance companies shown below provide price comparisons in Nevada. To find the best car insurance in Las Vegas, it’s highly recommended you compare several of them to get the lowest price.
How do Car Insurance Companies Determine Fiat 500 Insurance Rates?
A large part of saving on car insurance is knowing the factors that help calculate the price you pay for car insurance. If you have a feel for what controls the rates you pay, this helps enable you to make changes that can earn you cheaper rates. Many factors are part of the calculation when pricing auto insurance. A few of the factors are predictable such as your driving history, but other factors are less obvious such as whether you are married or how safe your car is.
The items below are some of the most rate-impacting factors car insurance companies consider when setting rates.
- Lower prices with alarms and GPS tracking – Selecting a car model with advanced anti-theft systems can help lower your rates. Theft prevention features such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help prevent your vehicle from being stolen.
- Know your credit rating – Having a bad credit history is a large factor in calculating your car insurance rates. Insureds that have excellent credit scores tend to be more responsible and file fewer claims than those with poor credit. If your credit score is not that good, you may save money insuring your Fiat 500 by repairing your credit.
- Rental and towing coverage may not be needed – There are a ton of add-on coverages that can add up if you aren’t diligent. Things like rental car coverage, better glass coverage, and membership fees are some examples. These coverages may sound good when discussing your needs, but if you don’t need them eliminate them to save money.
- Do females or males drive better? – Statistics have proven that females take fewer risks when driving. The data does not necessarily mean that men are WORSE drivers than women. They both are in auto accidents at about the same rate, but males tend to have higher claims. Men also tend to get ticketed for serious violations such as DWI and reckless driving. Youthful male drivers have the highest risk to insure and thus pay the highest rates.
- Cars with good safety ratings are cheaper to insure – Cars with high safety ratings get lower rates. Vehicles engineered for safety result in less severe injuries and lower rates of occupant injuries translates directly to fewer claims passed on to you as lower rates.
Fiat 500 insurance loss probability – Insurance companies analyze the history of losses to help set a rate to offset losses. Models that the data shows to have higher prevalence or dollar amount of losses will have higher premium rates. The table below shows the insurance loss data used by companies for Fiat 500 vehicles.
For each coverage category, the loss probability for all vehicles, as a total average, equals 100. Values that are 100 or less imply a favorable loss record, while numbers that are greater than 100 indicate a higher chance of having a claim or statistically larger losses.
Fiat 500 Insurance Claim Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Fiat 500 72 76 66 96 89 84 Fiat 500 Convertible 76 79 60 85 Fiat 500 Electric 73 59 76 60 Fiat 500L 112 80 102 128 93 97BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance does more than just repair your car
Despite the high cost of buying insurance for a Fiat 500 in Las Vegas, maintaining insurance is required by state law in Nevada and it also provides benefits you may not be aware of.
- Most states have mandatory liability insurance requirements which means you are required to carry a specific level of liability if you drive a vehicle. In Nevada these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your Fiat has a lienholder, it’s guaranteed your bank will require that you carry insurance to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank will be required to insure your Fiat at an extremely high rate and force you to pay much more than you were paying before.
- Auto insurance protects both your car and your personal assets. Insurance will pay for medical bills for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your 500 are definitely more than the cost, particularly for liability claims. But the average driver in Nevada overpays more than $750 every year so you should quote your policy with other companies at least once a year to make sure the price is not too high.