The state of Wyoming requires drivers to have auto insurance for all owned vehicles. The cost of these insurance plans is a headache for most of us. The handy information shown below will help Wyoming drivers keep their car insurance premiums as affordable as humanly possible.
Wyoming Minimum Liability Coverage
Wyoming state law decrees that the minimum liability insurance coverage required for each owned vehicle is 25/50/20. This means that, for each vehicle owned, the driver must buy an auto insurance plan worth at least $25,000 in Personal Injury Protection (also known as PIP, covering total bodily injury per person), $50,000 in coverage against injuries to others (covers total bodily injury per accident), and $20,000 to cover expenses related to property damage. So the maximum insurance payout on a passenger vehicle owned in the state of Wyoming is $95,000, if you buy the minimum coverage. A form called SR-22 may also be required as proof of having purchased the state minimum auto insurance coverage.
According to researchers at the Insurance Information Institute, state minimum coverage is not enough to pay for real accidents. Drivers often pay lofty out-of-pocket sums to cover the difference. The Institute recommends 100/300 coverage for each owned vehicle, as well as Uninsured Motorist protection (UMI). At this time, roughly one in ten drivers in Wyoming are operating uninsured vehicles. Some states even require UMI coverage.
Penalties for Driving Without Insurance in Wyoming
Driving without insurance in the state of Wyoming is a misdemeanor. If you get caught driving without insurance, you will have to pay a fine of anywhere from $250 to $750. In some cases, jail time might be ordered. For second offenses, you will have to pay anywhere from $500 to $1,500 and serve time in jail.
Auto Insurance Rates in Wyoming
The average annual car insurance premium for a vehicle owned in the state of Wyoming was $1,732 in March of 2012, quite a bit higher than the national average of $1,438. In fact, Wyoming has the eighth highest average auto insurance premium of all U.S. states. According to research from Top50States.com, Wyoming’s high average premiums are at least partly due to the state’s relatively high rate of DUI deaths. A DUI not only leads to an increase in the drunk driver’s premiums, but a small increase everyone else’s premiums as well. Also affecting state auto insurance premium settings is the fact that Wyoming autos suffer more hail damage than autos in any other state in America. Last year alone, insurance carriers in Wyoming paid out more than thirty-two million dollars in claims on hail damage alone.
Low Cost Car Insurance Programs in Wyoming
Vehicle owners in the state of Wyoming find many creative ways to keep car insurance costs at a minimum. For example, paying off your annual premium all at once, rather than monthly, saves money on administrative fees. Increasing your deductible amount by just a little bit can save even more on premiums. Some Wyoming residents go as far as to maintain a physical address in another city (or even another state) where car insurance is cheaper. These are all valid ways to lower your premiums.
Also, annual rates can be even lower if you qualify discounts. Driving safely (or not at all) can score a Good Driver discount and an Accident Free discount. Academic excellence can earn a Good Student discount. Seniors (55 and above) can get a discount for completing a defensive driving course. Also available are multiple policy discounts and multiple auto discounts, among others.
Obtaining Auto Insurance Quotes in Wyoming
According to a survey by J.D. Power and Associates, the most highly regarded auto insurance companies in the state of Wyoming are Aflac, Allstate, Community First, Farm Bureau, Geico, Primerica, State Farm and Wyoming Financial. Be sure to look online to compare consumer reviews and complaint ratios. For instance, Allstate and State Farm have a higher complaint rate than the others mentioned here. Call the better ones and compare quotes. Do your own cost comparison. Above all, grab those discounts.