David Benjamin, a Nevada-based media consultant, said in an Aug. 18 post on X that his car insurance costs rose by 15% despite not having received a ticket or getting into an accident.
"My @GEICO car insurance just went up 15," said Benjamin. "No tickets or accidents? They say too many bad drivers in Henderson Nevada!"
A report from Insurify found that Nevada drivers pay an average of $3,271 for full coverage car insurance, making it the fourth most expensive state in the country behind Maryland, South Carolina, and New York. By the end of 2024, Insurify projected that Nevadans will be paying $3,531 for their car insurance.
Insurify CEO Snejina Zacharia (left) and Henderson resident David Benjamin (right)
| insurify.com, X/thetoyman1
According to the Wall Street Journal, while politicians such as Senator Elizabeth Warren have blamed rising insurance costs on climate change and corporate greed, higher insurance costs are being driven primarily by a combination of inflation, excessive litigation, and "government-made" issues. While weather-related events such as wildfires are causing some damage, the higher costs of insurance can often be tied directly to litigation and the role of trial attorneys.
Excessive litigation is contributing to Nevada's expensive car insurance, according to a fact sheet from Nevadans for Fair Recovery, a political action committee (PAC). The PAC is backing a ballot initiative that would cap attorney contingency fees at 20%, meaning that plaintiffs would be guaranteed to keep 80% of their settlements or awards. By reducing the volume of excessive litigation in the state, the contingency fee cap could lower the extra costs imposed on Nevada residents.
Benjamin is a Henderson resident who has worked as a senior account executive for CBS radio and a national sales manager for Can U Imagine, according to LinkedIn.