Nevada Provides Online Policy Resources for Consumers

Nevada regulators are making it easier for consumers to figure out exactly what they’re getting into when they sign an auto insurance policy.

The state Division of Insurance has posted on its website policy forms from the 10 largest vehicle and home insurers in the state, which could be a valuable resource for Nevadans who are trying to do an auto insurance comparison to find the best overall deal.

Officials stressed that the paperwork from major coverage providers including State Farm, Progressive and Zurich Financial Group consists of only those policy forms that insurers require all customers to sign and does not include paperwork related to optional types of coverage or any alterations to standard policies.

“It is important for Nevadans to have as much information as possible available to aid in their purchasing decisions,” Commissioner Scott J. Kipper said in a news release. “Easy viewing access for consumers of major insurers’ policy forms facilitates a more transparent and competitive marketplace for insurance.”

Regulators say allowing consumers to look over insurer forms will give them a chance to learn exactly what a policy covers in the event of an accident or other loss—and what is excluded.

Division officials say consumers should ask their agent or coverage provider to make available policy forms “that broaden, narrow or otherwise customize the coverage offered.”

State regulators say the 10 insurers whose forms can now be downloaded for free from the division’s site wrote 79 percent of auto and 82 percent of homeowner premiums in Nevada in 2010.

According to the results of a survey released last year by the National Association of Insurance Commissioners (NAIC), consumers in Nevada and other states could use all the help they can get when it comes to making sense of policy details.

The survey found that only 41 percent of Americans feel knowledgeable about making decisions regarding coverage of their vehicles, homes and other property.

The national phone poll of 1,000 people found that they answered an average of just 4 in 10 questions about coverage correctly.

And respondents knew little about basic coverage concepts, with 63 percent unaware that personal property stolen from a vehicle is covered by homeowner or renter’s coverage, as opposed to auto policies.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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