A report from Insurify released on August 11 projected that car insurance rates in Nevada will increase by a total of 20% in 2024, resulting in Nevada drivers paying an average of $3,531 for full coverage car insurance by the end of the year.

According to the report, Nevada currently has the fourth most expensive car insurance in the country, with drivers spending an average of $3,271 for their insurance as of June this year. The only states with more expensive car insurance than Nevada are Maryland, South Carolina, and New York. Nevada’s current car insurance rates are 40% more expensive than the national average.

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 supporting a proposed 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.

Attorney advertising campaigns fuel the large volume of tort litigation that raises costs for Nevada businesses and residents, according to a press release from the American Tort Reform Association (ATRA). Every Nevadan pays an extra "tax" of more than $1,100 every year due to the costs associated with excessive tort litigation. According to ATRA, Nevada also loses more than 31,000 jobs annually due to those costs.

Insurify is a virtual insurance agency that uses artificial intelligence (AI) to provide quotes for consumers to allow them to compare insurance policies. According to its website, 10.4 million Americans have used Insurify’s services to find insurance coverage.