Las Vegas Insurance Rates are too High!
Why did my auto insurance triple when I moved from (any city in America) to Las Vegas? That seems to be the biggest shock when people move to Las Vegas. If you’re a local, maybe you don’t know how well most people have it in other parts of the country. Here are a few reasons why insurance rates are so much higher in Las Vegas.
1.)Las Vegas is a true three shift town. We have a large day shift population as well as a swing and graveyard shifts that put most other cities to shame. With all those cars on the road there is more chance of accidents occurring. Especially at night into the early morning. The higher volume of cars on the road at the peak accident times equals higher rates of accidents. Since insurance is a “pool of risk” the more accidents we have the more rates are going up.
2.)It doesn’t rain a lot in Las Vegas and oil builds up on the road. When it rains the oil gets pulled up from the asphalt and when you slam on your breaks your car hydroplanes into the car in front of you. As we learned from above, more accidents equals higher insurance rates.
3.)Las Vegas went from roughly 700,000 people in 1996 to 2,000,000 people by 2007. It was nearly impossible to keep up with the rate of people moving to Las Vegas and the roadways did not get updated nearly as quickly. More traffic, poorer street conditions, more accidents.
4.)Las Vegas is a tourist town. People come from all over and drive our roadways. And crash. They do not understand how aware and defensive you must be to drive in Las Vegas.
5.)People come from all over the world to work in Las Vegas. Go to any casino on the strip and read the employees name tags. You could pin every country in the world on a map. With that comes different driving styles, rules, bad habits…etc.
These are some of the unseen factors that affect the actuary tables that increase your insurance in Las Vegas.