In the state of Wyoming, drivers are legally obligated to purchase and maintain adequate auto insurance coverage on all vehicles they own and operate. When obtaining a Wyoming car insurance policy there will be many variables and options you will need to consider. First, it is important to know that many different auto insurance agencies will offer different levels of coverage at different prices. So when you begin your search, you will need to know the type of coverage you need and the amount of money you want to spend.
Your auto insurance plan will represent: the minimum requirements, any optional coverage amounts, premium and policy amount paid, and the deductable amount paid on claims. The minimum amount is dictated by the laws of the state. For example, the state of Wyoming requires liability coverage of $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $20,000 per accident for personal property.
Optional coverage amounts may include higher dollar limits paid on liability, collision, comprehensive, underinsured and/or uninsured motorist. The premium is the financed portion of the total policy price. The premium may also include a down payment and/or finance charges. Finally, the deductible refers to the portion paid by the policy holder due before the insurance company is obligated to make its payment on a claim. The deductible amount is set by the customer in amounts ranging from $0 to $1500 or more. Different agencies may price these variables very differently, so it is important to shop a number of agencies for car insurance quotes before making a purchase decision.
Premiums and Discounts
Deciding on paying the premium in full or making payments, your coverage types and dollar limits, and your deductible amount are the first steps in determining what your policy will cost. The best way to save money on car insurance is to have an agency apply discounts to your policy. Many agencies offer discounts for good driving record, credit score (consult your credit report via Equifax, etc.), senior and good student discounts, vehicle safety and security features like side-curtain airbags and Lo Jack, and if you piggyback the auto policy onto a homeowner's policy.
Agencies will also discount rates if you take defensive driving or other type of course to erase a minor citation. Your auto insurance policy price will also be affected by the type of car you drive. Cars with higher safety ratings, lower cost of repair, and reduced occurrence of theft will lower the price of insurance on that vehicle.
Choosing an Insurer
Finally, consumers must consider the financial stability of a potential agency they are shopping; research which are the most financially stable auto insurance underwriters using Standard & Poors, A.M. Best. The A.M. Best Company offers financial rankings, credit worthiness, and financial histories including companies responses to hard (deliberate) and soft (overestimation) insurance fraud. This will be important when you file a claim and give some idea of how your auto insurance agency will treat you.
Understanding the Wyoming car insurance minimums set by the state, the financial stability of the insurance organization you're considering, all available discounts that you qualify for and other factors that determine premium rates will keep you safe and save you money well into the future.