The words "economical" and "auto insurance" really shouldn't be used together, in particular when looking for the best insurance rates for high risk drivers. To help control this cost, let's open your eyes to some of the factors that have a considerable impact on auto insurance prices, and find out if you can reduce the cost of your next policy.
For high risk drivers, one of the largest criteria that are looked at to help calculate the amount you pay each year for auto insurance is the neighborhood you call home in Wyoming. Areas with increased crime or more people like Newcastle, Evanston, and Worland are more likely to pay higher prices, whereas areas with less crime or weather claims have the benefit of cheaper auto insurance prices.
The information below ranks the most costly cities in Wyoming for high risk drivers to buy auto insurance in.
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Table data uses approximated as specific Wyoming garaging address can affect auto insurance rates greatly.
The vehicle model driven is one of the biggest factors when trying to find affordable auto insurance for high risk drivers. Vehicles with higher performance, a lack of advanced safety features, or high incidents of liability claims will cost substantially more to insure than more economical and safe models. The data below estimates coverage costs for some of the cheaper automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$3,261|
|Honda Accord LX-P 4-Dr Sedan||$3,321|
|Ford Escape Limited 2WD||$3,360|
|Ford F-150 XL Regular Cab 2WD||$3,529|
|Dodge Grand Caravan CV||$3,643|
|Volkswagen Jetta 2.0T Station Wagon||$3,645|
|Jeep Wrangler Sahara 4WD 2-Dr||$3,750|
|Honda Odyssey EX W/Rear Entertainment||$3,780|
|Ford Explorer XLT 4WD||$3,801|
|Chevrolet Equinox LS AWD||$3,932|
|Toyota RAV4 Limited 2WD||$3,942|
|Jeep Grand Cherokee Laredo 2WD||$3,973|
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Data assumes single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Wyoming minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Estimates do not factor in garaging location in Wyoming which can decrease or increase premiums considerably.
Based on these rates, cars like the Honda CR-V, Honda Accord, and Ford Escape will definitely be some of the less-costly vehicles to insure for high risk drivers. The cost of auto insurance will be higher anyway just because there is a higher risk for high risk drivers, but generally speaking those particular models will most likely have the best insurance prices that you are likely to find.
Finding reliable, cheap insurance is not easy, and finding out which companies have the cheapest car insurance rates for high risk drivers in Wyoming takes even more work. Rates could be much more expensive than the average policy in Wyoming due to the potential for higher claims associated with offering coverage for high risk drivers, but affordable insurance should be possible with some perseverence.
Each company has a unique approach to determine rates, so we need to take a look at the car insurance companies that tend to have lower prices in Wyoming. It's important to know that Wyoming car insurance rates are influenced by many factors that can increase the policy premium. This price variation is why Wyoming drivers need to take the time to shop around when trying to get the most budget-friendly auto insurance rates for high risk drivers. Insurance rates are calculated by many different factors and can increase or decrease at any time, so the best option the last time you shopped around may now be quite expensive.
Cheapest Insurance Rates for Risky Drivers
USAA offers some of the lowest car insurance rates in Wyoming at around $631 per year. Safeco, The Hartford, National Farmers Union, and GEICO also qualify as some of the best Wyoming auto insurance companies.
As illustrated above, if you currently buy coverage from National Farmers Union and switched to Safeco, you might see an annual premium reduction of approximately $34. Policyholders with GEICO may save as much as $42 a year, and State Farm policyholders might reduce rates by $107 a year.
Remember that these rates are averages across all drivers and vehicles and do not take into consideration a price surcharge for high risk drivers. So the car insurance company that can offer the best rates for your situation may not even be in the list above. That's why you need to compare rates from as many companies as possible using your own individual information.
The example below shows how choosing a deductible can impact insurance costs when quoting cheap insurance for high risk drivers in Wyoming. The costs are based on a married male driver, full coverage, and no discounts are taken into consideration.
The data above shows that a 50-year-old driver could save $252 a year by switching from a $100 deductible up to a $500 deductible, or save $378 by changing to a $1,000 deductible. Young drivers, like the 20-year-old example, could shave as much as $830 or even more just by choosing higher deductibles when buying full coverage. If you do decide to increase your deductibles, it is a good idea to have plenty of discretionary funds to allow you to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Get discounts on Wyoming auto insurance
Auto insurance companies that offer coverage for high risk drivers may have price discounts that can reduce rates by 35% or more if you are eligible. Popular car insurance companies and a selection of discounts can be found below.
- Farm Bureau may offer discounts for 55 and retired, safe driver, renewal discount, multi-vehicle, and multi-policy.
- MetLife may include discounts for good driver, defensive driver, good student, accident-free, and multi-policy.
- Progressive offers discounts including multi-policy, good student, homeowner, multi-vehicle, online signing, and continuous coverage.
- AAA discounts include anti-theft, good driver, education and occupation, multi-car, and AAA membership discount.
- American Family offers discounts for air bags, mySafetyValet, accident-free, good driver, bundled insurance, and multi-vehicle.
- GEICO has savings for multi-policy, good student, air bags, anti-theft, and driver training.
- State Farm policyholders can earn discounts including multiple autos, accident-free, student away at school, multiple policy, passive restraint, Steer Clear safe driver discount, and anti-theft.
The information below shows the difference between annual premium costs with and without discounts applied to the policy rates. The rate quotes are based on a male driver, two traffic citations and one accident, Wyoming state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with continuous coverage, vehicle safety, multiple vehicle, multiple policy, paperless filing, and paid-in-full discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on car insurance for high risk drivers is 28% or $866.
Tickets and at-fault accidents raise rates
The common sense way to maintain low car insurance premiums in Wyoming for high risk drivers is to be a safe driver and not receive tickets or have accidents. The information below highlights how traffic violations and at-fault collisions can drive up auto insurance costs for different insured age categories. The premiums assume a married female driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
In the prior example, the average cost of car insurance per year with no violations or accidents is $1,583. Add in two speeding tickets and the average cost jumps to $2,256, an increase of $673 each year. Then add two accidents along with the two speeding tickets and the annual cost of car insurance for high risk drivers in Wyoming jumps again to an average of $4,638. That's an increase of $3,055, or $255 per month, just for not keeping your driving record clean!
Shop around and save
Wyoming car insurance rates are influenced by many factors that control the price of coverage. Getting older, buying a home instead of renting, or having an accident can trigger price changes that may make certain companies cheaper in comparison to the competition. Also, insurers file new rates every year in order to remain profitable. Higher than normal claim frequency or severity may result in more expensive prices, while lower claim expenses can result in lower-cost Wyoming car insurance rates.
The graph below shows which companies have the cheapest car insurance in Wyoming for a 40-year-old male driver with a clean driving record, no accidents, and a high credit rating. If we look at prices based on his personal profile, USAA quotes the lowest car insurance rates in Wyoming at $650 a year. This is $470 less than the average rate paid by Wyoming drivers of $1,120. The Hartford, Safeco, National Farmers Union, and GEICO are the rest of the cheapest Wyoming auto insurance companies.
Now let's give the driver from the first rate comparison a claim, less-than-perfect credit, and a few blemishes on his driving record. Since each company has a proprietary formula for determining prices, comparing prices may now result in a substantially altered list of the cheapest companies as shown below.
Grange now has the cheapest insurance rate in Wyoming with The Hartford, GEICO, California Casualty, and Safeco completing the list. This demonstrates why it is critical to compare many different companies to get the cheapest insurance quotes for high risk drivers.
Rates can be determined by many risk factors and can change without notice, so the lowest-price company a year ago may now be quite expensive.