The Green Mountain State has one of the cheapest car insurance rates in the US. The average premiums for both state required minimum liability-only and full coverage policies are substantially below the national average. The ratio of uninsured drivers is 8.8% and well below the country average as well. With the second-lowest population among states, it’s fitting that this state boasts one of the highest car ownership ratios, with nearly one car for every resident.
Vermont has more dirt roads than asphalt. In addition, there is a higher chance of hitting wildlife in this state than most other parts of the county. So, adding Collision and Comprehensive coverage to your car insurance policy may be prudent to make sure you are protected against such incidents as well as fire, theft, vandalism, acts of nature and accidents, unless your auto lost most of its value.
Vehicle Insurance Requirements in Vermont
Minimum liability coverage requirements are:
- $25,000 for bodily injury or death per person.
- $50,000 total for bodily injury or death per accident.
- $10,000 for property damage.
Uninsured/underinsured motorist bodily injury and property damage coverage is required as well with the following minimum limits:
- $50,000 in uninsured/underinsured motorist bodily injury per person
- $100,000 in uninsured/underinsured motorist bodily injury per accident
- $10,000 with a $150 deductible in uninsured motorist property damage
Auto Insurance Costs in Vermont
The average premium for a liability-only policy is $238 and it is only 38% of the country average. The average cost of a full coverage vehicle insurance policy is $1,061 and it is nearly half the US average of $2,014.
In several states like New York, Michigan, and Florida, drivers pay higher premiums for a liability-only policy than Vermonters pay for a full coverage policy. The affordability of auto insurance in this state should serve as an encouragement for motorists to ensure they have adequate coverage tailored to their needs. This stark comparison underscores the impact of external factors such as traffic congestion, crime rates, local weather conditions, and overall accident statistics on the determination of insurance premiums.
Cheap Car Insurance Companies in VT
The following companies are highly competitive and can provide significantly lower quotes than others in the Green Mountain State. It’s essential for motorists to regularly check and compare prices to avoid overpaying for premiums. Initiating your search with insurers known for their affordability increases your likelihood of finding a favorable deal.
- State Farm
- Concord
- Geico
- Vermont Mutual
- Patriot Insurance
These companies consistently provide affordable rates across the state, regardless of which city you reside in. There isn’t a significant disparity in automobile insurance costs between cities, likely due to the absence of large urban areas. In general, Vermonters embrace a rural lifestyle compared to residents of other states, and this is evident in their vehicle insurance expenses. Low rates are consistently available throughout the state.
Vermont Automobile Insurance and Driving Facts
- In Vermont, driving without insurance can result in penalties such as license suspension until proof of insurance is provided, fines of up to $500 for both first and subsequent offenses, and a requirement to file an SR-22 form for 3 years. While jail time is not specified in Vermont’s laws for uninsured driving, the other consequences can still have significant financial and legal implications.
- According to NHTSA data from 2021, the ratio of drunk driving-related fatalities in Vermont was in line with the national average at 31%. However, it’s noteworthy that in 2020, Vermont had the second-lowest ratio of drunk drivers under the age of 21 involved in fatal crashes.
- According to the National Insurance Crime Bureau, Vermont experienced the most significant increase in auto theft figures between 2020 and 2021, with a substantial jump of 57.2%. While Vermont may not be one of the states with the highest auto theft rates overall, this upward trend is a cause for concern.
- Vermonters are one of the best drivers in the country based on drunk, drowsy, distracted and careless driving statistics.
- Vermont is one of the US states with the most snowfall so snow is one of the main weather-related driving hazards here.
- Vermonters have one of the best average credit scores in the nation at 731, according to Experian. This is good news because credit history is one of the influential factors in vehicle insurance premium calculations.
- Vermont lacks major urban centers and is renowned for its predominantly rural character. Consequently, statistical data frequently indicates a notably higher fatality rate in accidents that occur within rural areas.
Where you reside and work can have a significant impact on your car insurance premiums. Living in a safe neighborhood and having a short commute to work can often earn you additional discounts. Furthermore, one of the key strategies to secure affordable vehicle insurance rates is to actively shop around and compare policies, helping you find the best deals available in the market.