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Wyoming Auto Insurance
Wyoming driving laws designate that the state operates under a tort system. For Wyoming motorists, this means they must pay for any damages they cause in the event of an accident, including medical and property expenses. To legally operate a vehicle in the state, drivers must purchase minimum liability coverage to protect their fellow drivers.
Wyoming Auto Insurance Rates
Wyoming auto insurance annual expense in 2003 averaged $617.46 per driver, ranking Wyoming as the 25th most expensive state in the country. Wyoming motorists paid an average $319.68 for liability coverage, $255.80 for collision coverage, and $220.65 for comprehensive coverage.
Wyoming auto insurance rates are determined differently by individual companies. Most companies use a formula that incorporates two categories of variables into their rate equation. First, a company will calculate the cost to provide auto insurance to the entire state of Wyoming, including any legal fees and settlement costs, number of claims, tax rates, and numerous other statewide expenses.
After the statewide averages are calculated, the carriers will then create risk categories in which to place drivers. Different factors determine which category a driver will be placed into but some of the more common ones include age, sex, marital status, car type, and driving history.
Once a company has compiled all this information, they can associate an individual driver's cost by placing the driver in a risk category and dividing up the statewide cost of doing business in Wyoming among all the categories. In other words, a driver's rate may increase or decrease based not only upon their individual behaviors and traits, but also based upon the behaviors of their fellow motorists.
Wyoming Auto Insurance Coverage Requirements
Wyoming auto insurance liability minimums are set at 25/50/20. When a driver causes an accident, this coverage pays $25,000 per person injured, up to $50,000 for all bodily injuries, and $20,000 for any property damages.
As always, legal minimums should not be considered adequate coverage. Although Wyoming auto insurance laws do not require any additional coverage, insurance providers offer collision, comprehensive, uninsured motorist bodily injury protection protection, uninsured motorist property damage coverage, and personal injury protection (PIP) in addition to liability coverage. Whether or not you opt to purchase these extra coverage options will depend on your personal circumstances.
Wyoming Auto Insurance Companies
There are numerous highly-rated companies offering coverage to Wyoming drivers. Make sure you shop around to get the best rates possible.
Get More Information
For more information on Wyoming auto insurance, to file a consumer complaint, or to get individual company ratings, contact the Wyoming Department of Insurance.
Wyoming Department of Insurance
East 122 West 25th Street
Cheyenne, WY 82002
Phone: (307) 777-7401
Toll Free Number Inside Wyoming: (800) 438-5768
For other Wyoming Insurance Resources, See:
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