by Camalot Todd, Nevada Current
The Nevada Division of Insurance will host a live webinar to discuss the rising costs of car insurance on November 1, from 10 to 11:30 a.m. The event is open to the public.
Car insurance rates are rising nationally — in the last year alone auto insurance increased by 18.9%, according to the U.S. Bureau of Labor Statistics. More car accidents since the 2019 pandemic, increased costs for repairs and parts, and more natural disasters are among some of the explanations for rising rates.
Compounding on these costs is Nevada’s tax on insurance premiums, which is the state’s fourth largest source of general fund revenue. The state levies the second-highest tax on insurance premiums in the nation at 3.5% behind Hawaii at 4.265%, according to the National Association of Insurance Commissioners.
Panelists include speakers from the American Property Casualty Insurance Association, the Nevada Department of Motor Vehicle, and Nevada Independent Insurance Agents.
Those interested in attending can register here.
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