How long has it been since you shopped around for more affordable auto insurance rates in Laramie, WY? Are you regretting buying an overpriced auto insurance policy? Don't sweat it because many consumers are feeling buyer's remorse and feel like there's no way out.
A recent study showed that almost 70% of insureds kept buying from the same company for four years or more, and approximately 40% of consumers have never shopped around. Many drivers in Wyoming can cut their rates by as much as 20% a year by just comparing quotes, but most undervalue the amount of money they would save if they replace their high priced policy.
You have multiple car insurance companies to choose from, and though it is a good thing to have a selection, more options can take longer to adequately compare rates.
To get cheaper Laramie car insurance quotes, there a variety of ways to obtain and compare prices from all the different companies. The fastest way to find affordable insurance rates is to jump online and get quotes.
Doing online quotes comparisons is so easy that it takes the place of having to actually drive to different agent offices. Buying insurance online eliminates the middleman unless you're the type of person who wants the trained guidance that you can only get from talking to an agent. You can, however, comparison shop your insurance online but purchase the actual policy in an agency. When comparing insurance rates, know that comparing more quotes will improve the odds of getting a lower rate. Not every company does quotes online, so it's important to compare quotes from them, too.
The auto insurance companies shown below can provide price comparisons in Laramie, WY. If several companies are displayed, it's a good idea that you get price quotes from several of them to get the most affordable price.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT Crew Cab 2WD||$1,498||$749||$125|
|Chevrolet Silverado LTZ Crew Cab 4WD||$1,020||$510||$85|
|Dodge Grand Caravan SE||$1,048||$524||$87|
|Dodge Ram Crew Cab ST 2WD||$1,542||$771||$129|
|Ford Escape XLT 4WD||$804||$402||$67|
|Ford Explorer Limited 4WD||$1,084||$542||$90|
|Ford F-150 STX Regular Cab 2WD||$1,074||$537||$90|
|Ford Focus SE 4-Dr Sedan||$1,336||$668||$111|
|Honda Accord LX-P 4-Dr Sedan||$954||$477||$80|
|Honda CR-V LX 4WD||$1,048||$524||$87|
|Honda Civic EX 4-Dr Sedan||$1,488||$744||$124|
|Honda Odyssey EX||$1,050||$525||$88|
|Hyundai Sonata Limited 4-Dr Sedan||$1,602||$801||$134|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,340||$670||$112|
|Toyota Camry Hybrid||$1,232||$616||$103|
|Toyota Corolla XLE||$998||$499||$83|
|Toyota Tacoma Double Cab 4WD||$1,096||$548||$91|
|Get Your Own Custom Quote Go|
Prices above based on married female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Wyoming minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Rate quotes do not factor in Laramie location which can alter rates greatly.
Difference between liability only and full coverage rates
The diagram below shows the comparison of Hyundai Elantra annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no claims or violations, $500 deductibles, single male driver, and no other discounts are factored in.
Hyundai Elantra rates are for example purposes only. To get rates for your specific vehicle, click here.
When to eliminate full coverage
There is no definitive rule of when to drop comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is 10% or more of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let's assume your Hyundai Elantra replacement cost is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $4,000 after paying the physical damage deductible. If it's costing you more than $400 annually to have full coverage, the it may be a good time to stop paying for full coverage.
There are a few situations where dropping physical damage coverage is not in your best interest. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
It may be expensive, but it's not optional
Despite the high cost, buying insurance serves an important purpose.
First, just about all states have mandatory liability insurance requirements which means you are required to buy specific minimum amounts of liability coverage in order to drive the car legally. In Wyoming these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
Second, if you bought your vehicle with a loan, more than likely the lender will force you to carry insurance to ensure they get paid if you total the vehicle. If you do not pay your insurance premiums, the bank will be required to insure your vehicle at an extremely high rate and require you to fork over for it.
Third, insurance protects both your vehicle and your personal assets. It will also pay for medical transport and hospital expenses for not only you but also any passengers injured in an accident. As part of your policy, liability insurance also covers legal expenses if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will pay to have it repaired.
The benefits of having insurance outweigh the cost, especially for larger claims. According to a recent study, the average American driver is overpaying over $820 a year so compare quotes from several companies at least once a year to save money.
How your Laramie rates are determined
An important part of buying insurance is that you know some of the elements that play a part in calculating the level of your policy premiums. When consumers understand what determines base rates, this enables informed choices that could result in better auto insurance rates. Many different elements are part of the equation when you quote your car insurance policy. Some of the criteria are obvious such as your driving history, although others are more transparent like where you live or your commute time.
- Big city or small town - Having an address in areas with lower population has definite advantages when trying to find low car insurance rates. People in densely populated areas tend to have much more traffic and a longer drive to work. Fewer drivers means fewer accidents and lower theft and vandalism rates.
- The more you drive the more you pay - The more miles you rack up on your car every year the higher your rate. A lot of companies apply a rate determined by how the vehicle is used. Autos that do not get driven very much cost less to insure as compared to vehicles used primarily for driving to work. Ask your agent if your auto insurance coverage is showing the correct driver usage, because it can save money.
- Credit history impacts premiums - Your credit history is likely to be a major factor in your rate calculation. So if your credit rating is not that good, you could be paying less to insure your vehicle by improving your rating. People that have excellent credit scores tend to be better risks to insure than drivers with worse credit.
- Vehicles with better crash test results cost less to insure - Vehicles with high crash test scores tend to be cheaper to insure. Vehicles engineered for safety protect occupants better and better occupant protection means less money paid by your insurance company and lower rates for you. If your car or truck scored better than four stars on Safercar.gov it is probably cheaper to insure.
- Raise physical damage deductibles and save - Deductibles for physical damage represent how much money you are required to spend out-of-pocket if the claim is covered. Physical damage coverage, otherwise known as comp (or other than collision) and collision, protects your car from damage. Some examples of covered claims would be rearending another vehicle, damage caused by hail, and damage from wind. The more expense you're willing to pay, the less your company will charge you for insurance.
Laramie car insurance discounts
Companies that sell car insurance don't list the entire discount list very clearly, so the following list contains both the well known and the harder-to-find credits that may apply to you.
- Active Service Discounts - Being deployed with a military unit may lower your car insurance rates slightly.
- Renewal Discounts - Select companies give a discount for switching policies prior to the expiration date on your current policy. The savings is around 10%.
- Good Grades Discount - Being a good student could provide a savings of up to 20% or more. Most companies allow this discount well after school through age 25.
- Accident-Free Discounts - Drivers with accident-free driving histories pay less in comparison to drivers who are more careless.
- Save with a New Car - Insuring a vehicle that is new can cost up to 25% less because new model year vehicles are generally safer.
Consumers should know that most credits do not apply to the entire policy premium. A few only apply to individual premiums such as collision or personal injury protection. So even though you would think you can get free auto insurance, you aren't that lucky.
Companies and some of the discounts include:
- State Farm discounts include student away at school, defensive driving training, anti-theft, multiple autos, safe vehicle, and multiple policy.
- GEICO may include discounts for defensive driver, five-year accident-free, membership and employees, emergency military deployment, anti-lock brakes, multi-policy, and federal employee.
- Progressive offers discounts including online signing, homeowner, good student, multi-policy, continuous coverage, online quote discount, and multi-vehicle.
- 21st Century offers premium reductions for anti-lock brakes, theft prevention, 55 and older, defensive driver, air bags, and student driver.
- American Family policyholders can earn discounts including TimeAway discount, good driver, mySafetyValet, bundled insurance, early bird, and defensive driver.
- The Hartford offers discounts for anti-theft, defensive driver, air bag, vehicle fuel type, and bundle.
- AAA may offer discounts for AAA membership discount, good student, anti-theft, education and occupation, multi-car, multi-policy, and pay-in-full.
When quoting, ask each insurance company what discounts are available to you. Savings might not be offered on policies in Laramie. To see a list of car insurance companies that offer many of these discounts in Wyoming, click this link.
What if I want to buy from local Laramie insurance agents?
Some consumers still like to buy from a licensed agent and that is just fine! A nice benefit of comparing rates online is you may find the best rates and still buy from a local agent. And providing support for local agents is definitely important in Laramie.
To find an agent, once you fill out this short form, the quote information is transmitted to agents in your area that can give you free Laramie car insurance quotes for your car insurance coverage. It simplifies rate comparisons since you won't have to do any legwork due to the fact that quote results will go to your email. You can find better rates AND a local agent. In the event you want to compare rates from a particular provider, you would need to go to their quote page and fill out their quote form.
If you want to buy car insurance from a reputable insurance agent or broker, you need to know there are two different types of agents from which to choose. Agents can be described as either independent (non-exclusive) or exclusive.
Independent Car Insurance Agents
Independent insurance agents are normally appointed by many insurers so they can write business through lots of different companies and get you the best rates possible. If premiums increase, they simply switch companies in-house and you don't have to switch agencies. When shopping rates, it's recommended you get several quotes from at least one independent agent in order to compare the most rates.
Agents that choose to be exclusive have only one company to place business with like Farmers Insurance, American Family, State Farm and Allstate. They usually cannot compare other company's rates so keep that in mind. They are highly trained on their company's products and that enables them to sell even at higher rates.
Picking an insurance agency requires you to look at more than just a cheap quote. Agents should be asked these questions:
- Do they have designations such as AIC, CPCU, or CIC?
- How often do they review policy coverages?
- Is the agency active in community causes in Laramie?
- Can glass repairs be made at your home?
- What company do they have the most business with?
- Are you getting all the discounts the company offers?
- Are all drivers listed on the coverage quote?
- If you have an accident, will your rates go up?
Once you have received acceptable answers to any questions you may have and a low price estimate, it's a good possibility that you have found an insurance agent that is professional and can adequately provide car insurance.
Shop around and save
Throughout this article, we presented some good ideas how to lower your auto insurance car insurance rates in Laramie. The key thing to remember is the more times you quote, the better your comparison will be. Consumers could even find that the biggest savings come from a small local company. Smaller companies can often insure niche markets at a lower cost as compared to the big name companies such as Allstate, GEICO and Progressive.
When searching for cheap Laramie car insurance quotes, it's a bad idea to buy lower coverage limits just to save a few bucks. There have been many situations where an accident victim reduced liability limits or collision coverage only to discover later that the small savings ended up costing them much more. The proper strategy is to get the best coverage possible at a price you can afford while not skimping on critical coverages.
Even more information is available by following these links:
- Choosing a Car for Your Teen (State Farm)
- Who Has Affordable Car Insurance Rates for Teenage Males in Wyoming? (FAQ)
- What Auto Insurance is Cheapest for Drivers with a DUI in Wyoming? (FAQ)
- Warning systems don't curb driver distraction (Insurance Institute for Highway Safety)
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)