Who Has the Cheapest Auto Insurance for Drivers Under 25 in Wyoming?

It’s hard to miss the captivating ads from car insurance companies like Liberty Mutual, State Farm, and Farmers that make promises of the cheapest rates. So drivers should just pick the company with the cutest commercial, right?

It’s not that simple, unfortunately, as there are a whole slew of unknown factors such as whether you have good or poor credit, if you have a tendency to get pulled over, and if you currently have coverage, that help determine the price you have to pay. This article will detail some of these criteria and should give you a good beginning to your search for cheaper coverage.

Cost and performance of the vehicle driven is a large factor when looking for cheaper insurance for drivers under 25. Vehicles with lower performance, a plethora of safety features, or a track record of few liability claims will cost quite a bit less to insure than fast, unsafe models.

The next lists ranks insurance premiums for some of the cheaper vehicles to buy insurance for.

Data based on single female driver age 20, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wyoming minimum liability limits. Discounts applied include claim-free, and safe-driver. Price estimates do not factor in specific garaging location which can change auto insurance rates considerably.

Data rating is based on single female driver age 20, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wyoming minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in the specific area where the vehicle is garaged which can increase or decrease coverage prices substantially.

Cost estimates assume single female driver age 20, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wyoming minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in vehicle location which can affect premiums considerably.

Comparing quotes for cheap auto insurance is not always easy, and figuring out which companies have the best insurance rates for drivers under 25 will take even more diligence. Coverage prices will probably be slightly higher than the average policy in Wyoming, with the extra cost attributed to the posibility of more claims that goes along with selling coverage for drivers age 25 and younger, but affordable coverage may be attainable if you find the right company. Every car insurance company has a unique approach for establishing rates, so let’s take a look at the insurance companies that tend to be cheaper in Wyoming.

Lowest Insurance Price Quotes for Young Drivers

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USAA may have some of the cheapest car insurance rates in Wyoming at around $631 each year. The Hartford, Safeco, National Farmers Union, and GEICO also rank well as some of the cheapest Wyoming insurance companies.

As the rates illustrate above, if you are a policyholder with National Farmers Union and switched to The Hartford, you may see a yearly savings of approxmiately $46. Insureds with GEICO may save as much as $54 a year, and State Farm policyholders might see rate reductions of $119 a year.

Remember that these estimates are averages for all drivers and vehicles in Wyoming and do not factor in a price surcharge for drivers under 25. So the insurer that is best suited for you may not even be in the above rate chart. That point stresses why you need to compare prices as often as possible using your own driver data and vehicle information.

For drivers age 25 and younger, one of the big things that impact the amount you pay each year for auto insurance is where you normally keep your vehicle. Areas with a lot of weather claims or more people like Jackson, Newcastle, and Worland tend to pay higher rates, whereas areas with lower vehicle theft rates and fewer weather claims receive better rates.

The following table ranks the highest-priced areas in Wyoming for drivers under 25 in which to buy car insurance.

Rates are estimated as the specific garaging location can lower or raise premiums noticeably.

The information below illustrates how your choice of deductibles can increase or decrease insurance prices when getting quotes for cheap insurance for drivers under 25. The data assumes a married male driver, comp and collision included, and no discounts are taken into consideration.

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The chart above illustrates that a 50-year-old driver could lower rates by $252 a year by increasing from a $100 deductible up to a $500 deductible, or save $378 by selecting a $1,000 deductible. Even younger insureds, like the 20-year-old example, could reduce their rates up to $830 every year by selecting a higher deductible.

When choosing a higher deductible, it is important to have plenty of money set aside to enable you to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.

Full coverage or liability only

Finding the cheapest auto insurance for drivers under 25 in Wyoming is the goal of the majority of drivers, and one good way to buy cheaper insurance is to not buy comprehensive and collision coverage. The diagram below shows the difference between car insurance rates with full coverage and liability only. The price estimates are based on no claims or violations, $500 deductibles, drivers are not married, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 3863,1433],[‘Age 30’, 1997,785],[‘Age 40’, 1967,727],[‘Age 50’, 1795,681],[‘Age 60’, 1739,669],[‘Age 70’, 2151,895]]);var options = {title: ‘Savings of Only Insuring for Liability’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Wyoming’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

On average, full coverage costs an additional $2,252 per year more than insuring for liability only. That amount may make you wonder if it’s worth it to buy full coverage. There is no specific rule of when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of coverage is 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.

For example, let’s say your vehicle’s claim settlement value is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $10,000 after you pay the deductible. If premium cost is more than $1,000 annually for full coverage, then you might consider buying liability only.

How to find economical insurance for drivers under 25

Below you’ll find a few penny-pinching suggestions that can help you locate the cheapest coverage.

• Buy your auto and home insurance from the same company and save
• Vehicles with good safety ratings are usually cheaper to insure
• Frequent claims may make car insurance unaffordable
• Prevent price hikes by avoiding at-fault accidents
• Avoid speeding and other traffic citations and pay less
• Compare quotes from other companies often

That last tip is incredibly significant, as was stressed in this write-up. Coverage rates can change considerably based on profitability, so you should be ready to buy from a new company if a lower price can be found.

Having a favorite company is fine, but it’s not recommended if that loyalty ends up costing a lot of money. Now is a great time to compare prices and find cheaper auto insurance for drivers under 25.

Cheapest insurance quotes for drivers age 25 and younger

Drivers have many ways to compare insurance quotes in Wyoming, but the most prevalent ways are through an independent insurance agent, a captive (or exclusive) agency such as State Farm or Liberty Mutual, or direct either online or via phone.

All three ways can provide insurance quotes, but buyers need to know the differences in how they work.

Independent insurance agencies are appointed by several companies and can provide price quotes from all of them. These agents are not locked into one company and can give you a larger rate selection, which can help you get improved odds of finding cheaper coverage. If cheaper coverage is found, it’s simple to move the policy and you can remain with the same agent.

Exclusive agents are contracted to one insurance company such as an Auto-Owners or Allstate agent. These guys and gals cannot provide a range of price quotes, so if prices are high they cannot provide alternatives.

Drivers who opt to buy insurance direct forego local insurance agents and buy direct from companies such as Geico or Progressive. This insurance option may be good for people who do not need advice for asset protection and have a good understanding of the exclusions of a policy.

So which method is best for finding the cheapest auto insurance for drivers under 25 in Wyoming? It would be simple to say shopping direct results in the cheapest price because there is no agent involved, but that is generally not the case. We could also say that an independent agency guarantees the lowest rates since they can provide multiple quotes, but that is not necessarily true either. For the right applicant, the exclusive agents have really good rates that cannot be beaten by either independent or direct companies.

Since insurance rates vary so much, the best way to buy the cheapest coverage is to do a thorough rate comparison. The ideal approach is to get quotes from all three to get an idea of which is cheapest. For a list of companies offering online discounts, click here to view.