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Wyoming Car Insurance

Auto Insurance Basics in Wyoming

Most regulations governing the auto insurance industry reside at the state level. Like Wyoming, each state sets standards for coverage, consumer protections and grants insurance carriers the right to conduct business within their domain. As a basic level, car insurance pays for damages resulting from an accident. But there are two different systems for governing how those payments are made. These two models of car insurance are known as “at fault” and “no fault”.

In the no fault model of car insurance, each party in an accident seeks payment for damages from their own carrier. These damages can take the form of medical bills for bodily injury, property damage to your vehicle, or both. No fault systems tend to pay out claims more quickly and efficiently because it bypasses the court system in getting restitution to damaged parties. In fact, most no fault systems place restrictions on policy holder’s ability to pursue excess damages through civil courts. They usually will only allow it in those cases where the costs of severe physical injury or disablement are not met by the insurance payout. Some believe that a no fault system does not adequately incent drivers to take all due cautions when driving, because they will not be held solely liable for an accident.

The alternative model, and the one that is employed in Wyoming, is the at fault system of insurance. In a fault-based system the party who has caused the accident is on the hook for any resulting damages to the other party. A driver who suffers losses from an accident caused by another driver can seek damages from the following methods; they can initiate a lawsuit in civil court, they can file a claim with the insurance company of the at fault driver, or they can file a claim with their own insurance company (who will doubtless just turn around and file the claim with the at fault party’s insurer). Proponents of at fault insurance laud the fact that there are few restrictions for pursuing claims over and above any insurance payments through the civil court system. But engaging lawyers and going through the courts is time consuming and cumbersome. Both system have their merits and drawbacks and it has never been proven conclusively if one or the other system is cheaper overall.

Auto Insurance Requirements in Wyoming

In Wyoming all vehicle owners must meet the state’s Financial Responsibility requirements. The vast majority of drivers in the state meet that obligation by purchasing auto insurance. Any vehicle must have the following minimum coverage in order to be legally operated within the state: $25,000 of liability coverage for the bodily injury or death of a single victim; $50,000 of liability for multiple injuries, and $20,000 for property damage liability insurance. Now, keep in mind that liability kicks in when you are at fault for causing injury or losses to drivers or passengers in another vehicle. It will not cover you for your won losses. For that you would need to look to your own collision and personal injury protection policies which are not mandates under Wyoming law. So, many drivers choose to buy insurance which covers them over and above the minimum requirements. The potential for serious losses in a car accident is real and most financial advisors recommend that people take out as much coverage as they can.

Average Cost of Coverage in Wyoming

The average cost of annual car insurance in Wyoming for a safe driver is about $1,300 per year or a bit below the national average. But that figure is for full coverage, which is defined as liability. Comprehensive and collision insurance. The average cost of the state minimum coverage for a safe driver usually less than half of that amount. If you have an accident or serious moving violation on your record you will pay more for your car insurance coverage. The same holds for your credit rating. Good credit will get you better prices and weak credit will force you to have to pay more for insurance. Other factor that will influence your insurance price are your place of residence, your age, the make and model of your car and, of course, the level of coverage that you choose to buy. It’s good to have a policy with high maximum payouts and low deductibles but you pay higher annual premiums for that cushion.

Age Average Rate (yearly)
16 $5,574
17 $4,528
18 $3,992
19 $3,315
20s $1,922
30s $1,332
40s $1,299
50s $1,151
60s $1,157
70s $1,354

Cheapest Car Insurance Companies in Wyoming

Since there are so many factors that contribute to calculating annual car insurance rates, it’s almost impossible to say for sure who can give you the cheapest rate. There are many companies providing coverage to Wyoming drivers including most of the big name players like Allstate, MetLife and others. Also take a look at smaller regional carriers and specialty companies like USAA who caters exclusively to members of the armed forces.

Rank Company  Avg. Premium (annual)
1 SAFECO $1,036
2 USAA $1,073
5 Farmers $1,957
6 Metropolitan $2,261
7 Allstate $2,601

Unique Car Insurance Rules and Penalties in Wyoming

Wyoming mandates that vehicle owners demonstrate proof of adequate financial responsibility in order to drive a car legally. And most drivers choose to buy insurance to meet that obligation. But you can also deposit $25,000 directly with the state treasurer or post a surety bond in the same amount. In return you will receive a certificate which serves as your proof of responsibility. Driving without insurance is a misdemeanor in the state and is punishable by fines, reinstatement or, in rare cases, even imprisonment.

Violation Avg. Annual Auto Insurance Rate % Insurance Rate Increase $ Insurance Rate Increase
Hit and Run $2,371 72% $996
Refused Breathalyzer/Chemical Test $2,220 61% $845
DUI $2,355 71% $980
Racing $2,007 46% $632
Reckless Driving $2,236 63% $862
Driving with a Suspended License $2,007 46% $632
At-Fault Accident $1,897 38% $522
Driving with an Open Container $1,650 20% $275
Operating a Vehicle Without Permission $1,588 15% $213
Passing a School Bus $1,588 15% $213
Improper Passing $1,588 15% $213
Following Too Closely $1,588 15% $213
Speeding $1,817 32% $442
Failure to Stop at a Red Light $1,568 14% $193
Illegal Turn $1,588 15% $213
Driving Wrong Way/Wrong Lane $1,588 15% $213
Failure to Yield $1,588 15% $213
Speeding in a School Zone $1,817 32% $442
Driving Too Slowly $1,817 32% $442
Distracted Driving $1,462 10% $87
Driving with Expired Registration $1,568 14% $193
Failure to Show Documents $1,568 14% $193
Not-at-Fault Accident $1,391 1% $17
Failure to Use Child Safety Restraint $1,568 14% $193
Failure to Wear a Seat Belt $1,568 14% $193
Driving Without Lights $1,550 13% $175

How to Get the Cheapest Car Insurance in Wyoming

The secret to getting the cheapest car insurance rates isn’t really a secret at all. If you simply get quotes from multiple providers you will see for yourself the often wide differences in prices between carriers. Quotes are free to obtain and you under under no obligation to buy their product. Our online tool at General.com will help you easily get free quotes and easily let you save money.

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