How to save $1,300 on car insurance in Wyoming
Posted On June 20, 2021
A $1 million vehicle insurance policy in Wyoming is now cheaper than buying a new vehicle.
A new state law, signed Tuesday, lets you save $100 in a one-time policy when you buy a new car.
The state Insurance Commissioner’s Office says the $1.5 million savings is the result of the “new vehicle buyer” law, which went into effect Jan. 1.
It allows insurers to offer a new one-year auto policy for $1m, up from the current $500,000 annual policy limit.
In other words, the savings is based on the total cost of a vehicle, not on a percentage of the car’s value.
The insurance company will be paying an average premium of about $1 for a new model year vehicle, which could be worth more than the average $1 cost of buying a used car.
Insurance companies have been offering a similar policy to help consumers buy a used vehicle for a lower monthly payment.
It’s also one of the few states where you can buy a $1 policy on your own, without a loan.
You’ll have to apply for a loan to pay off the policy.
The new law has been lauded by consumer advocates who say the law will help people buy more fuel-efficient cars.
But it also is expected to hurt auto insurance companies, who may be able to lower their rates to cover higher rates for newer cars, the Associated Press reported.
The insurance industry says the new law will encourage more people to buy insurance.
Insurance claims have dropped dramatically in Wyoming, the state’s second-largest, and the state is home to some of the nation’s best-funded public pension systems.
The average monthly premium in Wyoming now is about $350, the Insurance Department said.