Wyoming Auto Insurance Requirements
Wyoming has very tough auto insurance laws and penalties for not demonstrating required financial responsibility. Minimum auto insurance coverage requirements in Wyoming are mandated by state law and the Wyoming Insurance Department. The following minimum coverage is required on every registered vehicle, except as noted below:
(Source: Wyoming Insurance Department)
Driving without the mandatory liability insurance in Wyoming is viewed as a serious offense. Failure to maintain auto insurance coverage is a misdemeanor and can result in a fine of not less than $250 or more than $750, 6 months in jail, or both. Subsequent offenses are subject to higher fines, reinstatement fees, and jail time.
The Wyoming Automobile Insurance Plan is available to drivers who are unable to obtain required coverage through the voluntary market. More information is available on the AIPSO website.
Alternatively, drivers not wishing to carry basic liability insurance in Wyoming may deposit cash or securities in the amount of $25,000 with the state treasurer, or obtain a surety bond. The state treasurer will issue a certificate of financial responsibility in lieu of an insurance card.
Factors Influencing Car Insurance Premiums in Wyoming
Getting a quote for cheap car insurance in Wyoming requires some research and rate comparisons between different insurance companies, even though Wyoming ranks below national averages for car insurance costs. Some factors that impact insurance rates in Wyoming include:
– Wyoming is not a “no-fault” state, and does not require PIP insurance
– Vehicle repair costs are generally more expensive in Wyoming than elsewhere
– Overall accident fatality rates are much higher than national averages
– A lower percentage of uninsured drivers compared to national averages
– Auto insurance fraud
– Vehicle theft rates near national averages
The average auto insurance premium for residents in Wyoming is $1,714 in 2011; the national average is $1,790.
Tips for Obtaining Cheap Car Insurance in Wyoming
– If you’re over 55, take a state-approved defensive driving course for a policy discount
– Several insurance companies offer “pay as you drive” car insurance for low mileage drivers in Wyoming
– Maintain a good driving record
– Bind multiple policies (homeowners, life, auto) with the same provider
– Maintain a good credit score
– Create a personal “emergency fund” of up to $1500 and increase deductibles accordingly
– Discuss affinity discounts with your insurance provider
– Drop comprehensive and collision insurance on older vehicles
Wyoming Statistics
– Auto Theft: Wyoming has had a fairly stable rate of vehicle theft in the past 10 years. This can be attributed primarily to anti-theft devices being standard on recent model cars, as well as public awareness of the issue:
(Source: Auto Thiefs)
– Automobile Accidents: The total vehicle miles traveled in Wyoming has remained fairly constant in recent years, but vehicle accident fatality rates are still very high. Wyoming is well above the national average in numbers of deaths in car crashes, despite having a fairly low population concentration.
(Source: National Highway Traffic Safety Administration)
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