The words “low-priced” and “auto insurance” really shouldn’t be used in the same sentence, in particular when trying to find the cheapest coverage for good students. To save some money, let’s go over some situations that significantly impact auto insurance prices, and find out if we can help you reduce the cost of your next policy.
Establishing which companies offer the cheapest auto insurance rates for good students takes a bit more work in order to find coverage that fits your budget.
Every auto insurer uses a little different formula for determining prices, so we will examine the overall cheapest auto insurance companies in Madison. We do need to point out that Wisconsin auto insurance rates are impacted by many things that may substantially change the cost of coverage. Getting older, buying higher coverage limits, or getting a few speeding tickets can trigger changes in premium that can cause some rates to be more affordable than before.
Find the Cheapest Auto Insurance for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $580 |
| 2 | Partners Mutual | $608 |
| 3 | Erie | $724 |
| 4 | Pekin Insurance | $745 |
| 5 | Rockford Mutual | $746 |
| 6 | Nationwide | $752 |
| 7 | Integrity Mutual | $770 |
| 8 | Rural Mutual Insurance | $772 |
| 9 | Western National | $793 |
| 10 | Travelers | $804 |
| 11 | The Hartford | $912 |
| 12 | General Casualty | $926 |
| 13 | West Bend Mutual | $926 |
| 14 | State Farm | $932 |
| 15 | Auto Club Group | $968 |
| 16 | American Family | $1,125 |
| 17 | Progressive | $1,152 |
| 18 | Auto-Owners | $1,160 |
| 19 | Farmers | $1,176 |
| 20 | GEICO | $1,190 |
| Compare Rates Now Go | ||
USAA quotes some of the cheapest car insurance rates in Madison at around $580 annually. Partners Mutual, Erie, Pekin Insurance, and Rockford Mutual would also be considered some of the cheaper Madison, WI auto insurance companies.
As the rates illustrate above, if you are currently insured with Pekin Insurance and switched to USAA, you could see an annual premium reduction of in the neighborhood of $165. Policyholders with Rockford Mutual could save as much as $166 a year, and Nationwide policyholders might lower prices by up to $172 a year.
It’s important to note that these policy prices are averages across all drivers and vehicles in Wisconsin and do not take into consideration a vehicle location for good students. So the auto insurance company that has the cheapest price for you may not even be in the list above. That emphasizes why you need to compare rates from multiple companies using your own driver and vehicle profiles.
The car, truck, or SUV requiring coverage is one of the main factors when quoting cheap insurance for good students. Vehicles with average performance, a plethora of safety features, or low incidents of liability claims will cost substantially less to insure than adrenaline junky models.
The list below outlines coverage rates for a handful of the most cost-effective vehicles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $3,940 |
| Honda CR-V EX-L 2WD | $3,984 |
| Toyota Prius | $4,290 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $4,411 |
| Ford Focus SE 4-Dr Sedan | $4,629 |
| Honda Civic DX 4-Dr Sedan | $4,636 |
| Nissan Altima 2.5 4-Dr Sedan | $4,673 |
| Chevrolet Malibu LS | $4,679 |
| Toyota RAV4 Sport 4WD | $4,673 |
| Toyota Camry LE | $4,682 |
| Volkswagen Jetta S 4-Dr Sedan | $4,673 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $4,717 |
| Ford Explorer Eddie Bauer 4WD | $4,726 |
| Dodge Grand Caravan Crew | $4,717 |
| Ford F-150 SVT Raptor Super Cab 4WD | $4,722 |
| Hyundai Elantra Blue 4-Dr Sedan | $4,891 |
| Chevrolet Impala LTZ | $4,935 |
| Ford Edge Limited AWD | $4,941 |
| Toyota Corolla LE | $4,935 |
| Honda Odyssey EX-L W/Rear Entertainment | $4,945 |
| Jeep Grand Cherokee Limited 2WD | $4,979 |
| Chevrolet Equinox LTZ 2WD | $4,989 |
| Chevrolet Silverado LTZ Extended Cab 4WD | $4,979 |
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Above prices assume single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate information does not factor in garaging location in Madison, WI which can influence prices greatly.
Based upon the rates shown, we can expect cars like the Ford Escape, Honda CR-V, and Toyota Prius should be the less-costly vehicles to insure for student drivers.
Ending up with the highest-rated insurance company can be rather challenging considering how many choices there are in Wisconsin. The information in the next section could help you analyze which insurers you want to consider buying from. These ratings only include companies with a nationwide focus, so smaller companies that only insure vehicles in Wisconsin are not factored into these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| Erie Insurance | 92 | 90 | 82 | 88% | A+ | 88.5 |
| The Hartford | 87 | 89 | 84 | 87% | A+ | 88 |
| Esurance | 84 | 88 | 85 | 83% | A+ | 86 |
| Farmers Insurance | 79 | 88 | 84 | 87% | A | 84.7 |
| The General | 88 | 80 | 85 | 80% | A- | 84.5 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
How careless driving impacts auto insurance rates
The easiest way to receive affordable auto insurance premiums for student drivers is to be a cautious driver and avoid tickets and accidents. The chart below highlights how traffic violations and at-fault claims can impact yearly insurance costs for different age groups of insureds. The premium estimates are based on a single female driver, full physical damage coverage, $100 deductibles, and no discounts are applied to the premium.
In the chart above, the average cost of car insurance in Wisconsin per year with no violations or accidents is $1,709. Receive two speeding tickets and the average cost surges to $2,302, an increase of $592 each year. Next add one accident along with the two speeding tickets and the yearly cost of auto insurance for good students goes up to an average of $2,898. That’s an increase of $1,189, or $99 per month, just for not driving attentively!
Liability-only versus full coverage
Paying a lower price for auto insurance is probably important to the majority of people, and a great way to pay lower rates for insurance for good students is to buy only liability coverage. The example below illustrates the difference between annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The data is based on no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, physical damage insurance costs an additional $1,296 per year more than just buying liability insurance. Many of you may wonder when is it safe to stop buying full coverage. There is no clear-cut formula that is best for determining when to drop full coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
There are some conditions where eliminating full coverage is not recommended. If you haven’t paid off your loan, you have to keep full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Compare rates to save
Madison, WI auto insurance rates are calculated based on many things that control the cost of a policy. Simply turning a year older, buying a home instead of renting, or getting a driving violation can trigger changes in premium that can now make some companies cheaper than competitors.
Also, companies change the rates they charge in Wisconsin multiple times each year to adjust for heavy claims or excess profits. A period of increased losses can result in increased rates, while profitable underwriting can cause cheaper Madison car insurance rates.
To help illustrate this point, the data below analyzes the cheapest car insurance in Madison, WI for a 35-year-old male driver with no accidents or violations, and solid credit. Based on his current rating profile, USAA offers the lowest car insurance rates in Madison at $693 per year. This is $468 less than the average policy premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Nationwide, and Rockford Mutual are also included in the most affordable Madison, WI auto insurance companies.
Now let’s give the driver from the first set of rates a chargeable claim, less-than-perfect credit, and a traffic citation. Since each company uses a different method to establish rates, getting updated rate quotes may now present a completely different list of affordable companies as shown below.
Rural Mutual Insurance now has the lowest price in Madison, WI with Pekin Insurance, Western National, Travelers, and Partners Mutual completing the list. This demonstrates why Madison drivers need to shop around to get the most economical auto insurance quotes for good students.
Prices can be altered by many risk factors and can change without notice, so the best price the last time you shopped your coverage around may now be one of the higher cost companies.
The Madison car insurance agencies listed below are willing to aid you in deciding which coverages are best, since some drivers have questions and prefer to have a little guidance when buying car insurance for good students. It can be difficult to find coverage yourself, so insurance agents licensed in the state of Wisconsin can provide peace of mind knowing your policy gives you sufficient coverage for your assets.
To find an agent by location nearest to you, click the button at the bottom of the list or click here to compare price quotes.
- Universal Insurance Agency Corporation
6709 Raymond Rd – Madison, WI 53719 – (608) 216-7060 - Farmers Insurance – Laura Beck Nielsen
1915 Winnebago St #102 – Madison, WI 53704 – (608) 237-3747 - The Curtis Agency
2929 Atwood Ave – Madison, WI 53704 – (608) 250-2501 - Allstate Insurance Agent: Susan Kempfer-Weeks
712 S Gammon Rd – Madison, WI 53719 – (608) 274-4147