What Auto Insurance is Cheapest for High School Students in Madison?

The words “low-cost” and “insurance” probably shouldn’t be used together, especially when you are trying to find the best car insurance rates for high school students. Because of the high cost, let’s familiarize you with a few of the things that have an impact on auto insurance prices, and see how we can help you shave a little off your next policy.

The make and model of vehicle needing coverage is probably the biggest factor that determines if you can find economical insurance for high school students. Vehicles with economical engines, good crash test ratings, or a low likelihood of liability claims will cost significantly less to insure than higher performance models. The data below ranks auto insurance rates for a number of the cheapest automobiles to insure.

Cheapest Vehicles to Insure in Madison, WI
Insured Vehicle Estimated Cost for Full Coverage
Honda Accord EX 4-Dr Sedan $3,901
Honda CR-V LX 2WD $3,906
Ford Escape Limited 2WD $3,937
Toyota Prius $4,209
Chevrolet Silverado LS Regular Cab 4WD $4,356
Ford Explorer XLT 4WD $4,392
Ford F-150 XLT Super Cab 2WD $4,401
Volkswagen Jetta SE 2.5 Station Wagon $4,448
Ford Edge SEL 2WD $4,592
Chevrolet Equinox LT AWD $4,628
Toyota RAV4 Sport 4WD $4,634
Toyota Tacoma Double Cab 4WD $4,628
Toyota Camry LE $4,636
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Table data represents single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium amounts do not factor in specific location information which can change price quotes noticeably.

Looking at the data, we can assume that models like the Honda Accord, Honda CR-V, and Ford Escape are going to be a few of the less-costly vehicles to insure for teenagers. The price for car insurance will be more expensive just because there is more liability exposure for high school students, but overall those particular models will most likely have the least expensive rates that you are likely to find.

For teenagers, one of the more important considerations that determine auto insurance rates is where your car is garaged in Madison. Areas with more people or even just a higher incidence of claims likely pay more, whereas areas with less people or fewer weather incidents benefit from lower coverage costs.

The table below rates the highest-priced areas in Wisconsin for high school students to purchase car insurance in. Madison comes in at #18 with an annual cost of $1,030 for car insurance, which is around $86 per month.

How much does car insurance cost in Madison, WI?
Rank City Premium Per Year
1 Milwaukee $1,396
2 Wauwatosa $1,305
3 Kenosha $1,230
4 Racine $1,229
5 West Allis $1,210
6 Oak Creek $1,202
7 Franklin $1,163
8 Greenfield $1,156
9 Beloit $1,118
10 Eau Claire $1,091
11 Wausau $1,069
12 Menomonee Falls $1,068
13 Brookfield $1,067
14 La Crosse $1,064
15 New Berlin $1,060
16 Waukesha $1,054
17 Janesville $1,042
18 Madison $1,030
19 West Bend $1,017
20 Oshkosh $989
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Price information shown is comparative as specific Madison zip code can impact auto insurance rates noticeably.

The example below illustrates how your deductible choice can affect annual premium costs when trying to find cheap insurance for high school students. The rates are based on a single male driver, full physical damage coverage, and no policy discounts are applied.

A 50-year-old driver could cut expenses by $256 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $384 by switching to a $1,000 deductible. Youthful drivers, like the age 20 example, can save up to $852 or even more by using a higher deductible. If you do raise deductibles, it will now be necessary to have additional savings on hand to enable you to cover the extra out-of-pocket expense associated with higher deductibles.

Cautious drivers save money

The common sense way to earn good car insurance prices for teenagers is to drive cautiously and avoid accidents and traffic citations. The example below highlights how traffic violations and at-fault collisions drive up car insurance costs for each different age category. The rate quotes are based on a married female driver, full coverage, $100 deductibles, and no discounts are applied.

The data charted above shows the average cost of car insurance in Madison per year with a clean driving record and no accidents is $1,142. Receive two speeding tickets and the average cost surges to $1,626, an increase of $484 each year. Then add in one accident along with the two speeding tickets and the annual cost of car insurance for high school students goes up to an average of $2,112. That’s an increase of $970, or $81 per month, just for not being more responsible behind the wheel!

Liability rates compared to full coverage

Saving money on car insurance is the goal of the majority of vehicle owners, and a great way to find cheap insurance for high school students is to buy only liability coverage. The chart below compares insurance costs with full physical damage coverage compared to only buying liability only. The data assumes no claims, a clean driving record, $500 deductibles, single marital status, and no policy discounts are applied.

Averaged for all ages 20 through 70, physical damage insurance costs $1,476 per year more than buying just liability insurance. Many drivers may wonder if buying full coverage is a good investment. There isn’t a written rule for phasing out physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s book value is $11,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $10,000 after paying your policy deductible. If you are paying in excess of $1,000 a year to have full coverage, then it’s probably a good time to buy liability coverage only.

There are some situations where only buying liability is not in your best interest. If you still have a lienholder on your title, you have to carry full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.

How to find economical auto insurance for high school students

It’s not impossible to find cheaper rates, and here are some of the better money-saving ideas that can help Madison drivers locate more affordable auto insurance.

The last tip in the list is certainly necessary, as was pointed out in this article. Coverage prices in Madison fluctuate constantly, so don’t be tentative to buy a policy from a new company if a better rate can be found.

Brand loyalty is not necessarily bad, but is isn’t recommended if it’s costing you money that could be going to better use. Spend a few minutes and shop around to find cheaper insurance for high school students.

The insurance agencies below are willing to provide answers to your questions and help you determine which coverage meets your needs best, since some people prefer to have a little guidance when buying car insurance for teenagers. It’s not always easy to find the cheapest car insurance policy, and a licensed agent can add peace of mind knowing your coverage gives you suitable coverage if you have an accident. To locate a Madison insurance agent near you, click the link after the list or click here to compare price quotes now.

More Madison, WI insurance agents