The words “bargain” and “insurance” really should not be used together, in particular when trying to find the cheapest auto insurance for drivers over age 50. Because of the high cost, let’s teach you a few of the factors the can have a considerable influence on auto insurance prices, and come up with some ways to reduce the cost of your next policy.
For older drivers, one of the more important considerations that are looked at to help calculate insurance cost is your address in Madison. Larger areas are more likely to pay higher prices, whereas areas that tend to be more rural tend to receive slightly lower rates.
The table below sorts the highest-priced places in Wisconsin for drivers over age 50 to buy auto insurance in. Madison shows up at #13 with an annual cost of $1,040 for the average policyholder, which is about $87 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Milwaukee | $1,396 |
| 2 | Wauwatosa | $1,359 |
| 3 | Racine | $1,229 |
| 4 | Kenosha | $1,218 |
| 5 | West Allis | $1,210 |
| 6 | Greenfield | $1,204 |
| 7 | Oak Creek | $1,154 |
| 8 | Beloit | $1,152 |
| 9 | Franklin | $1,117 |
| 10 | Wausau | $1,079 |
| 11 | La Crosse | $1,064 |
| 12 | Eau Claire | $1,059 |
| 13 | Madison | $1,040 |
| 14 | Brookfield | $1,035 |
| 15 | New Berlin | $1,029 |
| 16 | Menomonee Falls | $1,026 |
| 17 | Waukesha | $1,023 |
| 18 | Janesville | $1,011 |
| 19 | West Bend | $1,007 |
| 20 | Oshkosh | $989 |
| Find Cheaper Insurance Go | ||
Rates are approximated as zip code location can influence price quotes considerably.
Figuring out which company offers the best auto insurance rates for drivers over age 50 involves a little more effort than just comparing a company or two. Each auto insurance company has a unique formula for determining prices, so we’ll go over the most affordable auto insurance companies in Madison, WI.
It’s important to understand that Madison, WI auto insurance rates are calculated based on many things that will increase or decrease the cost of a policy. Simply getting older, buying higher coverage limits, or having an accident may prompt premium changes that can now make some companies more affordable than others.
Compare Cheap Insurance Quotes for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $580 |
| 2 | Partners Mutual | $614 |
| 3 | Erie | $717 |
| 4 | Rockford Mutual | $732 |
| 5 | Integrity Mutual | $762 |
| 6 | Nationwide | $768 |
| 7 | Western National | $769 |
| 8 | Pekin Insurance | $775 |
| 9 | Rural Mutual Insurance | $779 |
| 10 | Travelers | $796 |
| 11 | State Farm | $905 |
| 12 | West Bend Mutual | $917 |
| 13 | General Casualty | $926 |
| 14 | The Hartford | $940 |
| 15 | Auto Club Group | $977 |
| 16 | Auto-Owners | $1,126 |
| 17 | American Family | $1,137 |
| 18 | Progressive | $1,164 |
| 19 | Farmers | $1,176 |
| 20 | GEICO | $1,226 |
| Find Your Rate Go | ||
USAA may have some of the most affordable car insurance rates in Madison at around $580 per year. Partners Mutual, Erie, Rockford Mutual, and Integrity Mutual also make the cut as some of the cheapest Madison, WI car insurance companies.
In this example, if you buy coverage from Erie and switched to USAA, you might realize yearly savings of in the vicinity of $137. Wisconsin drivers with Rockford Mutual could save as much as $152 a year, and Integrity Mutual customers might see rate reductions of $182 a year.
To find out how much you can save, click here to start a quote or click through to the companies below.
Be aware that those prices are averages across all types of insureds and vehicles and are not factoring in an exact zip code location for drivers over age 50. So the auto insurance company that fits you best may not even be in the top 30 companies shown above. That underscores the importance of why you need to quote rates from many companies using your own personal information and vehicle type.
Full coverage versus liability-only in Madison
Paying less for auto insurance should be important to most drivers, and one of the fastest ways to buy cheaper insurance for drivers over age 50 is to not pay for full coverage. The diagram below visualizes the comparison of insurance costs with and without full coverage. The data is based on no claims, a clean driving record, $1,000 deductibles, single status, and no discounts are applied to the premium.
As an average for all age groups, full coverage costs an extra $1,296 per year over liability only. That amount may make you wonder if buying full coverage is worth the money. There isn’t a steadfast formula of when to exclude physical damage coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is about 10% or more of the settlement you would receive from your company, then it may be the right time to buy liability only.
There are a few cases where dropping physical damage coverage is not in your best interest. If you still have a lienholder on your title, you must maintain physical damage coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not buy liability only.
Madison auto insurance company ratings
Picking a good quality insurance company is hard considering how many choices there are in Madison. The information shown below could help you analyze which car insurance companies to look at when trying to find the cheapest insurance for drivers over age 50.
The ratings below are only made up of companies that write coverage in many states, so smaller companies that only insure vehicles in Wisconsin are not factored into these rankings. If you wish to compare rates and find cheaper insurance for drivers over age 50, simply click here.
Top 10 Large Auto Insurers in Madison Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Nationwide – A+
- Esurance – A+
- The Hartford – A+
- Erie Insurance – A+
- Progressive – A+
- Allstate – A+
Top 10 Large Auto Insurers Overall in Madison
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
Get discount Madison auto insurance
Insurance companies that offer coverage for drivers over age 50 may have price discounts that could reduce prices by as much as 40% or more if you qualify. Large auto insurance companies and some of the premium reductions they offer are outlined below.
- State Farm may include discounts for good student, multiple policy, defensive driving training, accident-free, student away at school, passive restraint, and Drive Safe & Save.
- GEICO has savings for anti-theft, defensive driver, anti-lock brakes, air bags, daytime running lights, good student, and multi-policy.
- Liberty Mutual discounts include preferred payment discount, safety features, new vehicle discount, exclusive group savings, newly married, and hybrid vehicle.
- The Hartford may offer discounts for good student, bundle, vehicle fuel type, defensive driver, and anti-theft.
- MetLife policyholders can earn discounts including good student, claim-free, defensive driver, multi-policy, and accident-free.
- Progressive offers premium reductions for homeowner, multi-vehicle, good student, online signing, online quote discount, and multi-policy.
The example below illustrates the comparison of insurance premiums with and without discounts applied to the policy premium. The data assumes a male driver, no claims or violations, Wisconsin state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with homeowner, accident-free, multiple vehicle, passive restraint, marriage, and safe-driver discounts applied. When drivers take advantage of discounts, the average savings per year on auto insurance for drivers over age 50 is 29% or $519.
Why you should shop around
Wisconsin auto insurance rates are based on many factors which can substantially change the price you have to pay. Turning one year older, becoming a homeowner, or getting a couple of tickets can trigger price changes that can make some companies cheaper than competitors. In addition, insurance companies modify rates every year or even multiple times each year to adjust for unexpected claims or profits. Higher than normal claims can cause additional price hikes, while a better claims history may cause more affordable Madison car insurance rates.
For example, the bar chart below shows a variety of companies that have the cheapest car insurance in Madison, WI for a 30-year-old male driver with a good driving record, no prior claims, and good credit. If we estimate rates based on his current situation, USAA offers the lowest car insurance rates in Madison at $672 each year. This is $489 less than the average price paid by Wisconsin drivers of $1,161. Partners Mutual, Rockford Mutual, Erie, and Nationwide are also on the list of the top five cheapest Madison, WI auto insurance companies.
Now we will pretend the driver from the first set of rates a chargeable claim, a lower credit rating, and a speeding ticket. Because each insurer uses their own formula for setting prices, comparing quotes could now result in a different list of affordable companies as shown below.
Rural Mutual Insurance now has the lowest car insurance rate in Madison with Pekin Insurance, Western National, Travelers, and West Bend Mutual now being in the top five. This demonstrates why consumers need to compare lots of rates to get cheap auto insurance quotes for drivers over age 50.
Car insurance prices are made up of many different factors and can increase or decrease at any time, so the lowest-price company when you bought your policy may now be wasting a lot of money.