Wyoming Has the Cheapest Car Insurance, Report Says
With 61 million Americans having reduced their car insurance coverage due to COVID-19, WalletHub on Wednesday released its report on 2021's Best and Worst States for Cheap Car Insurance.
The personal finance website collected quotes from car insurance companies across all 50 states and determined Wyoming to be the cheapest, with an average yearly premium of $274.
"The best cheap car insurance companies in Wyoming right now are USAA, Grange Insurance and Geico," said WalletHub analyst Jill Gonzalez.
Top 5 Cheap Car Insurance Companies in Wyoming:
- Grange Insurance
- State Farm
Gonzalez says one common car insurance mistake that drivers should avoid is failing to even consider switching insurers.
"More than 4 in 10 people think that switching car insurance companies will be hard, according to WalletHub's new survey, but it can actually be pretty straightforward and produce significant savings," said Gonzalez.
"The difference between the cheapest and most expensive car insurance companies in Wyoming is about $568 per year," she added.
Other Key Findings:
- Full coverage car insurance costs 438% more than minimum coverage in Wyoming, on average.
- 16-year-olds pay 420% more for car insurance than 55-year-olds in Wyoming, on average.
- Drivers with a DUI pay 76% more for car insurance than drivers with a clean record in Wyoming, on average.