Comparing quotes for cost effective insurance is not the easiest thing to do, and finding out which companies have the lowest-priced car insurance rates in Madison takes a bit more work. Each insurance company has a unique formula for establishing rates, so let’s take a look at the car insurance companies with the overall best prices in Wisconsin.
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $598 |
| 2 | Partners Mutual | $608 |
| 3 | Erie | $724 |
| 4 | Pekin Insurance | $752 |
| 5 | Nationwide | $752 |
| 6 | Rockford Mutual | $754 |
| 7 | Integrity Mutual | $762 |
| 8 | Rural Mutual Insurance | $772 |
| 9 | Western National | $793 |
| 10 | Travelers | $804 |
| 11 | West Bend Mutual | $899 |
| 12 | The Hartford | $912 |
| 13 | State Farm | $923 |
| 14 | Auto Club Group | $948 |
| 15 | General Casualty | $954 |
| 16 | Auto-Owners | $1,126 |
| 17 | American Family | $1,159 |
| 18 | Progressive | $1,164 |
| 19 | Farmers | $1,165 |
| 20 | GEICO | $1,190 |
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USAA has some of the lowest car insurance rates in Madison at around $598 per year. Partners Mutual, Erie, Pekin Insurance, and Nationwide would also be considered some of the best Madison, WI auto insurance companies.
In the above example, if you have coverage with Partners Mutual and switched to USAA, you may see annual savings of around $10. Customers with Erie might save as much as $126 a year, and Pekin Insurance insureds might reduce prices by as much as $154 a year.
These prices are averages for all insureds and vehicles and are not factoring in a specific location in Madison. So the insurer that has the lowest price for you may not even be in the list above. That affirms the importance of why you need to quote rates from many companies using your own personalized driver profile and vehicle information.
For drivers in Madison, one of the largest considerations that are used to help calculate insurance cost is where you choose to live. Regions with more people or even just more weather-related claims will most likely have higher rates, whereas areas that tend to be more rural benefit from lower rates.
The illustration below lists the most expensive places in Wisconsin in which to buy car insurance. Madison makes the list at #15 with a yearly cost of $1,040 for the average policyholder, which is about $87 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Milwaukee | $1,368 |
| 2 | Wauwatosa | $1,305 |
| 3 | West Allis | $1,246 |
| 4 | Racine | $1,217 |
| 5 | Greenfield | $1,204 |
| 6 | Kenosha | $1,194 |
| 7 | Oak Creek | $1,154 |
| 8 | Beloit | $1,152 |
| 9 | Franklin | $1,129 |
| 10 | Menomonee Falls | $1,068 |
| 11 | Brookfield | $1,067 |
| 12 | Waukesha | $1,065 |
| 13 | New Berlin | $1,049 |
| 14 | Eau Claire | $1,049 |
| 15 | Madison | $1,040 |
| 16 | Wausau | $1,037 |
| 17 | La Crosse | $1,022 |
| 18 | Janesville | $1,022 |
| 19 | West Bend | $1,007 |
| 20 | Oshkosh | $989 |
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Rate information is estimated as specific Madison garaging address can alter price quotes substantially.
Low rates can quickly become overpriced
Madison car insurance rates are impacted by many factors that will increase or decrease the price you have to pay. Getting older, having a teenage driver, or getting a speeding ticket may prompt premium changes that can now make some companies cheaper than others. Not only may things change on your end, but auto insurance companies file new Wisconsin car insurance rates at least once a year to ensure their profitability. An extended period of higher than normal claims can result in more expensive prices, while lower claims can produce cheaper Madison car insurance rates.
The bar chart below shows a variety of companies that have the cheapest car insurance in Madison, WI for a 40-year-old male driver with a clear driving record, no claims, and great credit. Based on his current risk factors, USAA may offer the cheapest car insurance rates in Madison at $646 per year. This is $515 less than the average price paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance round out the rest of the cheapest Madison, WI auto insurance companies.
Now let’s give the driver from the first example a couple of claims, a lower credit rating, and a speeding citation. Since each auto insurer has a unique approach to determining premium rates, analyzing rate quotes may now present a different list of the cheapest companies as shown below.
Western National now has the cheapest car insurance in Madison, WI with Rural Mutual Insurance, Integrity Mutual, Travelers, and West Bend Mutual now rounding out the top five. This example demonstrates why it is crucial to spend some time comparing rates when trying to find cheap car insurance quotes in Madison. Insurance prices can be determined by many risk factors and change frequently, so the most affordable company a year ago may now be priced much higher than other options.
The vehicle on the policy is one of the primary factors that determines whether or not you can buy cheap coverage in Madison. Vehicles with higher performance, a lack of modern safety features, or a track record of large liability claims will cost quite a bit more to insure than more modest models.
The list below shows insurance rates for a selection of the most cost-effective automobiles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $922 |
| Honda CR-V EX-L 2WD | $931 |
| Ford Escape XLT 4WD | $953 |
| Nissan Altima 2.5 4-Dr Sedan | $984 |
| Chevrolet Silverado LS Extended Cab 4WD | $990 |
| Jeep Grand Cherokee Laredo 2WD | $984 |
| Honda Odyssey LX | $991 |
| Toyota Tacoma Double Cab 4WD | $1,004 |
| Honda Civic LX 4-Dr Sedan | $1,016 |
| Ford Explorer XLT 4WD | $1,021 |
| Chevrolet Impala LS | $1,047 |
| Jeep Wrangler Unlimited Sahara 4WD 4-Dr | $1,065 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,071 |
| Toyota RAV4 Limited 4WD | $1,076 |
| GMC Sierra 3500HD SLE Crew Cab 2WD | $1,076 |
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Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Price estimates do not factor in your specific Madison, WI location which can affect auto insurance rates significantly.
Looking at the numbers, we can expect models like the Toyota Prius, Honda CR-V, Ford Escape, and Nissan Altima will definitely be the most affordable vehicles to insure for drivers in Madison.
Get discount Madison car insurance rates
Auto insurance companies that offer quotes in Madison may also offer rate discounts that could reduce prices by as much as 30% if you meet specific criteria. Popular auto insurance companies and the discounts they provide are:
- Travelers includes discounts for hybrid/electric vehicle, home ownership, IntelliDrive, save driver, continuous insurance, and multi-car.
- 21st Century has savings for driver training, automatic seat belts, student driver, homeowners, and theft prevention.
- State Farm may have discounts that include multiple policy, Drive Safe & Save, driver’s education, safe vehicle, accident-free, and anti-theft.
- GEICO may include discounts for seat belt use, defensive driver, membership and employees, daytime running lights, and emergency military deployment.
- SAFECO may offer discounts for bundle discounts, accident prevention training, drive less, teen safety rewards, homeowner, and anti-theft.
- AAA policyholders can earn discounts including pay-in-full, good student, multi-policy, AAA membership discount, multi-car, anti-theft, and good driver.
The example below illustrates the comparison of insurance rates with and without discounts. The premiums are based on a female driver, no claims, a clean driving record, Wisconsin state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with defensive driving course, marriage, accident-free, vehicle safety, multiple policy, and passive restraint discounts applied. When these discounts are applied to the policy premium, theamount saved on auto insurance in Madison is 28% or $426.
Full coverage versus liability only rates
Saving money on auto insurance should be important to the majority of people, and one of the easiest ways to pay less for insurance in Madison is to only buy liability insurance. The illustration below shows the difference between insurance prices with full physical damage coverage compared to only buying liability only. The rates are based on no accidents, no driving violations, $100 deductibles, single marital status, and no policy discounts are applied.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs an additional $1,327 per year over liability only. That touches on the question if buying full coverage is worth the money. There isn’t a written rule to stop buying full coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s assume your vehicle’s settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after paying the physical damage deductible. If it’s costing in excess of $300 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
Tickets and at-fault accidents raise rates
In a perfect world, the best way to earn the cheapest auto insurance premiums in Wisconsin for drivers in Madison is to drive safely and not receive tickets or have accidents. The information below shows how violations and fender-benders can increase insurance premiums for each different age group. The premium estimates are based on a single female driver, comp and collision included, $500 deductibles, and no discounts are factored in.
The data above shows the average cost of an auto insurance policy per year with a clean driving record and no accidents is $1,042. Get two speeding tickets and the average cost surges to $1,388, an increase of $346 each year. Then add in two accidents along with the two speeding tickets and the 12-month cost of auto insurance in Madison increases to an average of $2,745. That’s an increase of $1,703, or $142 per month, just for not driving safely!