Are you a victim of an overpriced auto insurance policy? Trust us, you’re not alone.
There is such a variety of car insurance companies to insure vehicles with, and even though it’s nice to be able to choose, so many choices can make it hard to compare rates and find the lowest cost auto insurance.
It’s important to compare rates once or twice a year since rates fluctuate regularly. Just because you had the best deal a few years ago the chances are good that you can find a lower rate today. There is a lot of bad advice regarding auto insurance online, so with this article, you’re going to get some of the best ways to buy auto insurance cheaper.
Why your price might be higher
It’s important that you understand the factors that come into play when calculating auto insurance rates. When you know what positively or negatively impacts premium levels helps enable you to make changes that may reward you with lower auto insurance prices.
The list below includes a partial list of the pieces that factor into rates.
- Little extras can really add up – There are a lot of extra bells and whistles that you can get tricked into buying when buying auto insurance. Things like vanishing deductibles, accidental death and term life insurance may be wasting your money. They may seem like a good idea initially, but if they’re wasting money remove them from your policy.
- Lower rates come with age – Young drivers in Wyoming are statistically proven to be more careless behind the wheel so auto insurance rates are higher. If you’ve ever had to add a teenage driver onto your auto insurance can be quite pricey. Older drivers are viewed as being more responsible, file fewer claims and tend to be better behind the wheel.
- Your auto insurance rates can be influenced by your job – Occupations such as doctors, architects and accountants tend to pay higher rates than average in part from high stress levels and long work hours. On the flip side, occupations like actors, athletes and retirees have the lowest average rates.
- Being married is a good thing – Having a wife or husband actually saves money when buying auto insurance. Having a significant other is viewed as being more mature than a single person it has been statistically shown that drivers who are married are more cautious.
- Never allow your policy to lapse – Allowing your auto insurance policy to lapse will be a sure-fire way to increase your auto insurance rates. Not only will rates go up, getting caught without coverage may earn you a revoked license or a big fine.Then you may be required to submit proof of financial responsibility or a SR-22 with the Wyoming department of motor vehicles.
- Small claims can cost you – If you are a frequent claim filer, you can expect either a policy non-renewal or much higher rates. Companies in Wyoming award discounts to insureds who do not file claims often. Auto insurance is intended for the bigger claims that can’t be paid out-of-pocket.
- A clean driving record saves money – A bad driving record impacts your car insurance rates tremendously. Careful drivers receive lower rates compared to drivers with tickets. Just one citation can boost insurance rates forty percent or more. If you have flagrant violations such as reckless driving, hit and run or driving under the influence may find they need to submit a SR-22 or proof of financial responsibility with their state motor vehicle department in order to keep their license.
- Is your vehicle built for speed? – The performance level of the vehicle you drive makes a substantial difference in determining your rates. The most favorable rates are generally reserved for low performance passenger models, but other factors influence the final cost greatly.
Discounts are basically free money
Companies offering auto insurance don’t always list every discount in a way that’s easy to find, so we researched some of the more common as well as the least known auto insurance savings.
- Passive Restraints – Cars that have air bags may earn rate discounts of 20% or more.
- Auto/Life Discount – Companies who offer life insurance give lower rates if you buy life insurance from them.
- Driver’s Ed – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class if it’s offered in school.
- Employee of Federal Government – Employees or retirees of the government may qualify you for a discount with certain companies.
- Own a Home – Owning a house in Laramie may trigger a auto insurance policy discount because of the fact that having a home requires personal responsibility.
- Senior Discount – If you’re over the age of 55, you may qualify for a discount up to 10%.
- Pay Now and Pay Less – If you pay your bill all at once instead of monthly or quarterly installments you could save 5% or more.
- Auto/Home Discount – When you combine your home and auto insurance with the same company you may earn 10% to 20% off each policy.
- Anti-lock Brake Discount – Vehicles with anti-lock braking systems prevent accidents and qualify for as much as a 10% discount.
A little note about advertised discounts, most credits do not apply to all coverage premiums. Some only reduce specific coverage prices like physical damage coverage or medical payments. Just because you may think it’s possible to get free car insurance, you won’t be that lucky.
Can switching companies really save?
Allstate and Progressive continually stream ads in print and on television. All the companies have a common claim that you’ll save big after switching to them. How can each company make the same claim? This is how they do it.
All companies are able to cherry pick for the right customer that is profitable for them. For example, a profitable customer might be profiled as a mature driver, has no prior claims, and has a short commute. A propective insured who fits that profile will qualify for the lowest rates and is almost guaranteed to pay quite a bit less when switching companies.
Drivers who don’t meet this ideal profile will have to pay a higher premium and this can result in business not being written. The ad wording is “people who switch” not “everybody who quotes” save that kind of money. That’s the way companies can truthfully advertise the savings. Because of the profiling, you should get a wide range of price quotes. It’s not possible to predict the company that will fit your personal profile best.
Which insurance is the “right” coverage?
When buying the right insurance coverage, there really is not a one size fits all plan. Every insured’s situation is different so your insurance needs to address that. Here are some questions about coverages that may help highlight whether or not you would benefit from professional advice.
- Do I benefit by insuring my home with the same company?
- Can I still get insurance after a DUI?
- Is my business laptop covered if it gets stolen from my vehicle?
- Do I have coverage for damage caused while driving under the influence?
- Are there companies who specialize in insuring high-risk drivers?
- How much liability coverage do I need in Wyoming?
If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed agent. To find an agent in your area, take a second and complete this form or you can also visit this page to select a carrier
Additional detailed information is available at the Wyoming Insurance Department website. Consumers can read industry bulletins, get help finding coverage, and file complaints about an insurance agent or broker.
More comparisons equals lower rates
We covered a lot of information how to get a better price on auto insurance. The key concept to understand is the more times you quote, the better your chances of lowering your rates. You may be surprised to find that the lowest priced auto insurance comes from some of the lesser-known companies. These smaller insurers can often insure niche markets at a lower cost compared to the large companies like Progressive and GEICO.
Cheaper auto insurance is definitely available online and also from your neighborhood Laramie agents, and you should be comparing both to get a complete price analysis. Some companies may not provide online quoting and usually these regional insurance providers provide coverage only through local independent agents.