Unbelievable but true, about 70% of customers renewed their policy with the same company for a minimum of four years, and virtually 40% of consumers have never compared rates from other carriers. Wisconsin insurance shoppers can cut their rates by almost $370 a year just by comparing rates, but most undervalue the large savings they would see if they switched to a cheaper policy.
The best way we recommend to save on auto insurance rates in Madison is to compare prices annually from providers who provide auto insurance in Wisconsin.
- First, gain an understanding of how companies set rates and the steps you can take to drop your rates. Many risk factors that increase rates such as careless driving and a lousy credit rating can be improved by making small lifestyle or driving habit changes. Keep reading for more details to get better rates and find available discounts that you may qualify for.
- Second, request price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from a single company like Progressive or Farmers Insurance, while agents who are independent can quote rates from multiple companies. Get quotes now
- Third, compare the new rate quotes to your current policy to determine if you can save on Prius insurance in Madison. If you can save money and decide to switch, make sure there is no coverage gap between policies.
- Fourth, give notification to your current company to cancel your current policy and submit payment along with a signed and completed policy application for the new coverage. Immediately upon receiving it, place your new proof of insurance paperwork in a readily accessible location in your vehicle.
One piece of advice is to use identical limits and deductibles on each price quote and and to get price quotes from as many carriers as you can. Doing this ensures a level playing field and and a good selection of different prices.
Finding and comparing affordable policy in Madison can be fairly easy. If you have coverage now or are just looking to switch companies, use these tips to get lower rates and still have adequate protection. Comparison shoppers only need to know the most efficient way to shop for auto insurance online.
Low Cost car insurance in Madison, WI
The companies in the list below can provide free quotes in Madison, WI. If multiple companies are listed, we recommend you get rates from several of them in order to find the most competitive rates.
Rate information and statistics
The information shown next highlights detailed analysis of insurance premium costs for Toyota Prius models. Learning how insurance prices are established can be of help when making smart choices when buying a car insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Prius | $218 | $410 | $236 | $14 | $70 | $948 | $79 |
| Get Your Own Custom Quote Go | |||||||
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Premium costs do not factor in Madison location which can raise or lower insurance rates noticeably.
How careless driving impacts Madison insurance rates
The chart below highlights how speeding tickets and at-fault fender-benders influence Toyota Prius insurance costs for each different age group. The rate quotes are based on a single female driver, comp and collision included, $100 deductibles, and no discounts are factored in.
How much more does full coverage cost in Madison?
The example below shows the difference between Toyota Prius insurance premiums with and without physical damage coverage. The premiums assume a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no discounts are applied.
Are you wasting money paying for full coverage?
There isn’t a steadfast formula to exclude physical damage coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s say your Toyota Prius book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after the policy deductible has been paid. If you are paying over $700 a year for full coverage, then it may be the right time to buy liability only.
There are some situations where dropping physical damage coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Don’t overlook these nine Toyota Prius insurance discounts
Car insurance is not cheap, but companies offer discounts that you may not even know about. Certain credits will be shown at the time you complete a quote, but lesser-known reductions have to be manually applied prior to receiving the credit.
- Low Miles Discount – Driving less can earn discounted prices on garaged vehicles.
- Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices prevent vehicle theft and will save you 10% or more on Prius insurance in Madison.
- Senior Citizens – If you qualify as a senior citizen, you are able to get a small decrease in premiums.
- Bundled Policy Discount – If you combine your auto and home policies and insure them both with the same insurance company you could save at least 10% off all policies.
- Club Memberships – Being a member of a civic or occupational organization in Madison could trigger savings when shopping for insurance.
- Passive Restraints – Factory options such as air bags may qualify for discounts of 20% or more.
- E-sign Discounts – A handful of larger companies will give a small break just for signing your application on the web.
- Auto/Life Discount – Select insurance companies reward you with a discounted insurance rate on car insurance if you buy a life insurance policy as well.
- Government Employee Discount – Having worked for a branch of the government could cut as much as 10% off but check with your company.
Don’t be surprised that most of the big mark downs will not be given to the entire cost. The majority will only reduce the price of certain insurance coverages like liability, collision or medical payments. So even though they make it sound like you would end up receiving a 100% discount, it’s just not the way it works. But any discount should help reduce your policy premiums.
The information below visualizes the comparison of Toyota Prius insurance costs with and without discounts applied. The price estimates are based on a male driver, no violations or claims, Wisconsin state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, multi-policy, claim-free, safe-driver, and homeowner discounts applied.
Auto insurance companies that may offer many of the previously listed discounts may include but are not limited to:
If you need lower rates, check with each company which discounts they offer. A few discounts might not be offered on policies everywhere. For a list of insurance companies with the best discounts in Madison, click this link.
You are unique and your car insurance should be too
When it comes to choosing proper insurance coverage, there isn’t really a “perfect” insurance plan. Each situation is unique.
These are some specific questions might help in determining whether or not you will benefit from professional help.
- Is my teenager covered with friends in the car?
- Why do I need rental car insurance?
- How do I insure my teen driver?
- Are all vehicle passengers covered by medical payments coverage?
- If my car is totaled with they pay enough to replace it?
- Do I need more liability coverage?
- Does my insurance cover a custom paint job?
- Will I lose any money if I cancel my policy before it expires?
If it’s difficult to answer those questions but you think they might apply to your situation, you may need to chat with an insurance agent. If you don’t have a local agent, take a second and complete this form. It’s fast, free and you can get the answers you need.
Exclusive versus independent insurance agencies
A lot of people would prefer to sit down with an agent and that is a smart decision Professional agents are highly skilled in risk management and help file insurance claims. An additional benefit of getting online price quotes is that you can obtain lower prices and still choose a local agent. And providing support for small agencies is important particularly in Madison.
After completing this quick form, your insurance data is emailed to agents in your area who will give competitive quotes for your coverage. You won’t even need to leave your computer as quotes are delivered instantly to you. If you need to get a price quote from a specific company, you would need to go to their quote page and fill out the quote form the provide.
Shown below is a short list of insurers in Madison that may be willing to give price quotes for Toyota Prius insurance in Madison.
GEICO Insurance Agent
2001 W Beltline Hwy Suite 100 – Madison, WI 53713 – (608) 242-9322 – View Map
American Family Insurance – Josh Erickson Agency LLC
5530 Eastpark Blvd – Madison, WI 53718 – (608) 241-8444 – View Map
Aaron Perry – State Farm Insurance Agent
2605 Monroe St – Madison, WI 53711 – (608) 238-7107 – View Map
Johnson Insurance
525 Junction Rd #2000 – Madison, WI 53717 – (608) 203-3880 – View Map
Selecting an insurer is decision based upon more than just the price. The questions below may impact your decision as well.
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
- How long has the business existed?
- Are claim adjusters local or do you have to take your car somewhere else?
- Are they properly licensed to sell insurance in Wisconsin?
- Is vehicle mileage a factor when determining depreciation for repairs?
Insurance coverage considerations
Having a good grasp of insurance helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.
Medical payments coverage and PIP
Coverage for medical payments and/or PIP pay for bills such as dental work, chiropractic care, prosthetic devices, pain medications and ambulance fees. They are utilized in addition to your health insurance program or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants in addition to any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states and may carry a deductible
Comprehensive coverage
This pays for damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive coverage protects against claims such as hitting a deer, a broken windshield, damage from flooding and vandalism. The maximum amount a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Uninsured/Underinsured Motorist coverage
This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. Covered claims include injuries to you and your family as well as damage to your Toyota Prius.
Since a lot of drivers only purchase the least amount of liability that is required (25/50/10), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Frequently these coverages are set the same as your liability limits.
Coverage for liability
Liability insurance will cover damages or injuries you inflict on a person or their property. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/10 which means a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and a total limit of $10,000 for damage to vehicles and property. Occasionally you may see a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.
Liability coverage protects against things such as emergency aid, loss of income, bail bonds, medical expenses and attorney fees. How much liability should you purchase? That is your choice, but you should buy as large an amount as possible. Wisconsin state minimum liability requirements are 25/50/10 but you should consider buying more coverage.
The chart below demonstrates why buying low liability limits may not be adequate coverage.
Collision coverage
Collision coverage pays for damage to your Prius from colliding with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things like damaging your car on a curb, sideswiping another vehicle and hitting a parking meter. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Drivers also have the option to raise the deductible on your Prius in order to get cheaper collision rates.
Do the work, save more money
We’ve covered many ways to get a better price on Toyota Prius insurance in Madison. The key thing to remember is the more quotes you get, the more likely it is that you will get a better rate. Consumers could even find that the best prices are with an unexpected company.
Drivers switch companies for many reasons like denial of a claim, policy cancellation, being labeled a high risk driver or questionable increases in premium. Regardless of your reason for switching companies, switching companies is not as hard as you think.
The cheapest Toyota Prius insurance in Madison can be found on the web and also from your neighborhood Madison agents, so you should compare both to get a complete price analysis. Some companies don’t offer rate quotes online and these smaller providers prefer to sell through independent agents.
Helpful resources
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- Who Has the Cheapest Car Insurance Quotes for Postal Workers in Madison? (FAQ)
- What Car Insurance is Cheapest for Felons in Madison? (FAQ)
- Who Has the Cheapest Car Insurance Quotes with Multiple Speeding Tickets in Madison? (FAQ)
- Who Has Affordable Car Insurance Rates for a Nissan Sentra in Madison? (FAQ)
- How Much are Auto Insurance Rates for Drivers with Good Credit in Madison? (FAQ)
- What if I Can’t Find Coverage? (Insurance Information Institute)
- Keeping Children Safe in Crashes Video (iihs.org)
- Cellphones, Texting and Driving (iihs.org)