Commercial Auto Insurance Minimum Requirements in Wyoming
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Owners of all vehicles―private and commercial―must prove that they can pay for any damages or injuries their vehicles cause. This is called "financial responsibility," and it's especially important in Wyoming, where the law requires that the owner of the vehicle at fault in an accident is responsible for all of the damages in that accident.
Ways to Establish Financial Responsibility
In this state, you can establish financial responsibility when you:
- Purchase an insurance policy.
- Secure a bond with a surety company that is authorized to do business in Wyoming or with at least two individual sureties that own real estate in Wyoming.
- Deposit $25,000 (or securities of equal value) with the state treasurer.
A private insurance policy might cover some business use of your vehicle, so it can be tricky to know whether you should buy commercial insurance. Consider the following questions:
- How many and what kind of vehicle(s) do you need to insure?
- How is the vehicle(s) being used?
- Who drives the vehicle(s)?
- Who owns the vehicle(s)?
For example, if you own a roofing company with three trucks that carry equipment and employees, you will need a commercial policy. But if you run a home-based business like Avon or Tupperware, your private insurance is probably enough.
You would also need commercial insurance if any of the following apply:
- Your vehicle carries business equipment or hazardous materials.
- You or your business regularly picks up and delivers goods and/or people.
- You need to protect your employees when they use your company vehicle(s) or their own vehicles on company time.
If you’re still not sure whether you need commercial insurance, call the Wyoming Department of Transportation (WYDOT) at (307) 777-4375.
Because commercial vehicles are used differently from private vehicles, you will need to consider the following when purchasing an insurance policy:
- Who owns the vehicle(s)
- Weight of the vehicle(s)
- Usage of the vehicle(s)
- Legal requirements
In Wyoming, commercial vehicles must have at least the same liability coverage as private vehicles:
- $25,000 per person for bodily injury
- $50,000 per accident for bodily injury
- $20,000 per accident for property damage
Talk to your insurance agent to determine whether you should have more than this minimum coverage.
If you are still unsure about your insurance requirements, contact the WYDOT to review your specific situation.
Your private insurance company probably also offers commercial insurance, but remember there are also companies that specialize in commercial policies, so shop around to get the coverage and rates that are right for you.
Wyoming has an online Insurance Verification System that allows officers and the WYDOT to confirm private insurance coverage with insurance companies. At this time, however, insurance companies are not required to make information on commercial policies available online.
You are required to show proof of insurance (or bond or deposit) if an officer stops you for a traffic violation. Most companies will send you an insurance card, which you should keep in your vehicle.
In addition to the Insurance Verification System that confirms your coverage, insurers are required to give to the WYDOT a list of all insured entities each month. If you are caught without insurance, you will be charged with a misdemeanor unless you can produce proof of coverage within seven days.
Getting caught with no proof of insurance carries some steep penalties. The fine for a first offense ranges from $250 to $750, and for a second offense from $500 to $1,500. You could also face up to six months in jail.
If convicted, you must surrender your vehicle registration and license plates to the county treasurer until you have met all obligations.
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