The car insurance rates for a liability-only policy in the Equality State are among the most affordable in the nation. Although full coverage policies tend to be approximately six times more expensive than liability-only vehicle insurance coverage on average, they remain affordable compared to numerous other states and the national average. With an impressive ratio of 1.4 cars per capita, this state boasts one of the highest rates of auto ownership in the country. Given its sparse population and the second lowest population density in the US, it’s understandable why private vehicle ownership is prevalent and necessary for transportation purposes in this state.
Wyoming Minimum Car Insurance Requirements
Here are the legally required minimum coverage in WY
- $25,000 for bodily injury or death per person.
- $50,000 total for bodily injury or death per accident.
- $20,000 for property damage.
You can be pulled over if you are texting and driving as it is banned. Also, you are required to use tire chains or have winter tires in hazardous conditions in the winter in Wyoming. You can check the chain law here.
The roads have seen about 1/4 increase in traffic over the last two decades in this state as it is a popular holiday destination. So, you need to be extra careful due to increased tourist traffic in the summer and snow in the winter.
Vehicle Insurance Prices in Wyoming
The state required minimum liability-only coverage costs $263 on average and it is only 42% of the national average. Full coverage vehicle insurance costs $1,582 on average. Although it is still 21% cheaper than the US average, a full coverage policy is 6 times more expensive than the liability only in this state, on average.
This large premium gap can make it harder for people to choose a full coverage automobile insurance policy that provides protection for their own automobiles as well. It certainly makes a case for dropping Collision and Comprehensive coverages the moment your vehicle’s value depreciates sufficiently, as you would be saving a lot of money in the process.
Cheap Car Insurance Companies in Wyoming
Knowing which insurance providers offer the most competitive rates in your area simplifies the process of finding affordable coverage. For this reason, we are pleased to inform you that the following auto insurers are among the most affordable in this state. Thus, it is advisable to consider them as your first choice when requesting a quote.
- State Farm
- Geico
- Farmers
- Allstate
- American National
In this state, there isn’t a specific city with significantly higher or lower average automobile insurance premiums. Most cities fall comfortably around the median figures. Sheridan, Green River, Rock Springs, Cheyenne, and Riverton are the most affordable cities for insuring cars, while Lander, Fort Washakie, Worland, Buffalo, and Jackson are the priciest cities in Wyoming for automobile insurance. However, the price range is so narrowly distributed that there’s little cause for concern or celebration.
Wyoming Vehicle Insurance and Driving Facts
- Wyoming has the highest average yearly mileage in the country with 24,069 miles travelled on average. This figure is substantially higher than the country average. Many auto insurance companies consider the estimated yearly mileage when they calculate premiums.
- Wyoming has one of the lowest ratios of uninsured motorists in the country at 5.8%. This figure is less than half of the US average.
- WY has one of the highest ratios of drunk driving issues in the country as this state has one of the highest ratios of fatalities involving drunk drivers and DUI arrests.
- Based on several metrics such as drunk, dangerous, drowsy and distracted driving, Wyoming has one of the top ten worst drivers in the country.
- Wyoming experiences a high ratio of fatal crashes linked to both drunk driving and adverse weather conditions. While the actual numbers are low due to a small driver population, the proportion of incidents is notable. Snowy weather predominantly contributes to these incidents, causing 58 percent of weather-related crashes in 2017, compared to 33 percent caused by rainfall, according to autoinsuranceez.com.
- Forbes reports that in Wyoming, having a DUI conviction on your record leads to an average increase of 67% in vehicle insurance costs.
- Automobile insurers are required to offer minimum $25,000 per person, $50,000 per accident Uninsured Motorist Bodily Injury (UMBI) coverage in WY. But this coverage can be declined in writing.
It’s important to note that finding the most affordable carriers is one of the most effective ways to reduce premiums. While there are various discounts and ways to save money on car insurance, nothing is as straightforward as shopping around, and anyone can benefit from it, regardless of age, gender, credit score, driving history, or experience.