“Forever West” Wyoming, also known as the Equality State is a state of firsts. While Wyoming is the most sparsely populated state in the U.S., it’s the first state to have a system of county public libraries, begun in 1886. Yellowstone National Park was named the world’s first national park in 1872. In 1891, what is now Wyoming’s Shoshone National Forest became the first national forest; the number of national forests has now increased to nine. And, in 1906 in Northeastern Wyoming Devil’s Tower became the first national monument designation.
The travel and tourism industries in addition to the mining industry are the main drivers of Wyoming’s economy.
The citizens of Wyoming are known as Wyomingites; this is highly fitting in such a mineral rich state. And, though Wyoming does not rank first in regards to high auto average annual insurance premiums, it does come in high on the state list as the 14th highest in the nation. Wyomingites pay $1714 annually compared with the national average of $1561.
Wyoming’s mandatory auto insurance requirements
In line with Wyoming’s financial responsibility laws Wyoming motorists are required to carry liability insurance coverage including property damage, and the majority of charges associated with an accident are generally required to be covered by the individual causing an accident.
The mandatory state minimum auto insurance coverages levels according to Wyoming state law to legally operate a vehicle on public roads are:
- $25,000 – bodily injury (BI), one person
- $50,000 – bodily injury (BI), multiple victims, per accident
- $20,000 – property damage (PD)
It is important to note that Wyoming is an at-fault state. This means that though the above limits are in accord with the state-required auto insurance liability minimums, if you are found to be the cause of an accident, you will be financially responsible for vehicle damages and medical expenses for everyone involved.
Given skyrocketing medical costs and oft-expensive vehicle repairs, the costs of being in a car crash can place you in a financially vulnerable position, should you choose only to carry the state-required minimums.
To avoid risking your personal finances in the event of a car crash, it is a good idea to discuss the coverages in your auto insurance policy with your Wyoming auto insurance agent.
While the minimums are in place in an effort to protect everyone to a reasonable degree, further protecting yourself and your financial health by increasing your coverage limits will be to your benefit if you are in an accident and found to be at fault.
Tips for effectively increasing your auto insurance coverage limits in Wyoming
Wyoming ranks as having the 14th highest average annual auto insurance premium in the country. High premiums can be compounded if you do not protect yourself properly. Here are some economical ways to increase your coverage limits to provide greater protection in the event of a car accident:
- Do your homework. Compare policies offered by a variety of insurers. You will find that rates do vary. If you are a good driver with a clean driving record, another more competitive carrier may be able to offer you increased coverage for similar prices to that which you are currently paying.
- Increase your coverage levels using the amounts you save from Multiple Vehicle Discounts and/or Multiple Policy discounts (carrying your auto, life and health insurance with the same carrier).
- Inquire about a Safe Driver or Good Driver discount.
- Inquire about a discount for any 55+ drivers in the home who complete an approved driver safety program.
- Inquire about discounts for anti-theft and safety equipment discounts for anything you have installed on your vehicle.
- Pay your policy in one annual payment, and put the money you save with your annual payment discount back into your policy to purchase higher coverage levels.
While it is most important in a challenging economy to keep your auto insurance costs low, when shopping for Wyoming auto insurance, price shouldn’t be the only consideration. While you are comparing prices, it’s a good idea to compare the longevity of the auto insurance company, its financial health, its reputation for timely service and any other other benefits they may offer.