It takes a little time, but the best way to get budget car insurance rates is to do an annual price comparison from insurance carriers who provide car insurance in Madison. Drivers can shop around by completing these steps.
- Take a little time to learn about how companies set rates and the changes you can make to keep rates in check. Many risk factors that increase rates like accidents, careless driving, and an unacceptable credit history can be amended by making minor changes to your lifestyle.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from a single company like Progressive and State Farm, while agents who are independent can quote rates from many different companies. Select a company
- Compare the new rate quotes to your existing coverage and see if there is a cheaper rate in Madison. If you find a lower rate quote and decide to switch, make sure there is no lapse in coverage.
- Give notification to your agent or company of your intention to cancel your current auto insurance policy. Submit the required down payment along with the signed application to the newly selected company. Once the paperwork is finalized, place your new proof of insurance certificate with your registration paperwork.
One key aspect when comparing rates is that you use identical deductibles and limits on every price quote and and to get prices from as many companies as you can. Doing this ensures an apples-to-apples comparison and a complete price analysis.
Unbelievable but true, most drivers renewed their policy with the same company for well over three years, and virtually 40% of consumers have never compared rates from other carriers. Wisconsin drivers could save an average of as much as $400 each year by just comparing rate quotes, but they just feel it’s too hard to find cheaper insurance by shopping around.
If you’re already insured or need a new policy, use these money-saving tips to reduce premiums and possibly find even better coverage. Shopping for more affordable insurance coverage in Madison is quite easy. Comparison shoppers just have to use how to find the lowest price using one simple form.
Why Your Insurance Premiums might be higher
One of the most helpful ways to save on auto insurance is to to have a grasp of some of the factors that go into determining your policy premiums. If you understand what impacts premium levels, this allows you to make good choices that can earn you better auto insurance rates.
The itemized list below are just a few of the factors that factor into your rate level.
Cautious drivers pay lower prices – Your driving citation history impacts premiums far more than you think. Getting just one ticket can boost insurance rates forty percent or more. Careful drivers get better prices compared to drivers with tickets. Drivers who have gotten careless violations such as DUI or reckless driving may be required to complete a SR-22 with their state’s licensing department in order to keep their license.
The illustration below illustrates how traffic citations and accident claims can raise Pontiac Vibe insurance rates for each age group. The premiums assume a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.
Job and insurance rates – Occupations like real estate brokers, air traffic controllers, and stock brokers tend to have higher premiums than the average policyholder attributed to intense work requirements and lots of time spent at work. Other careers such as professors, athletes and the unemployed have lower than average premiums.
Save by driving vehicles with better crash test results – Safe vehicles cost less to insure. The safest vehicles reduce injuries and fewer serious injuries translates directly to fewer claims which can result in lower premiums. If your Pontiac Vibe scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.
Drive lots and pay more – The higher the miles on your Pontiac each year the more you will pay for auto insurance. Most companies charge rates partially by how you use the vehicle. Cars and trucks that sit idle most of the time get more affordable rates than those used for commuting. It’s always a good idea to double check that your policy correctly shows the right rating data. An incorrectly rated Vibe may be costing you higher rates.
Are you male or female? – Statistics show that females tend to be a little less risky than males. That doesn’t necessarily mean that males are worse at driving than females. Women and men have fender benders at a similar rate, but males tend to have more serious accidents. They also receive more costly citations like reckless driving and DUI.
The illustration below shows the difference between Pontiac Vibe auto insurance rates for male and female drivers. The prices are based on no violations or accidents, comprehensive and collision coverage, $500 deductibles, single marital status, and no discounts are factored in.
More than one policy can earn a discount – Many auto insurance companies apply discounts to policyholders who consolidate policies with them in the form of a multi-policy discount. This can amount to ten percent or more. Even if you already get this discount, it’s in your best interest to get quotes from other companies to confirm you are receiving the best rates possible.
Consider raising coverage deductibles – Insurance for physical damage, also known as collision and other-than-collision, covers damage that occurs to your Pontiac. A few examples of covered claims are a broken windshield, flood damage, and burglary. The deductibles define the amount you are required to spend out-of-pocket if you file a covered claim. The more of the claim you have to pay, the lower your rates will be.
Pontiac Vibe coverage analysis
The coverage information shown below highlights detailed analysis of insurance prices for Pontiac Vibe models. Being aware of how auto insurance policy rates are calculated is important to be able to make informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Vibe 1.8 | $94 | $194 | $220 | $14 | $66 | $588 | $49 |
| Vibe 2.4 | $94 | $194 | $220 | $14 | $66 | $588 | $49 |
| Vibe AWD | $106 | $228 | $220 | $14 | $66 | $634 | $53 |
| Vibe GT | $106 | $228 | $220 | $14 | $66 | $634 | $53 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Rate information does not factor in specific garaging location which can lower or raise insurance rates greatly.
How high should deductibles be?
When buying auto insurance, a common question is how high or low should comp and collision deductibles be. The following tables may help to illustrate how much more you’ll pay of buying low and high insurance deductibles. The first rate table uses a $250 deductible for comprehensive and collision coverage and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Vibe 1.8 | $178 | $300 | $196 | $12 | $58 | $769 | $64 |
| Vibe 2.4 | $178 | $300 | $196 | $12 | $58 | $769 | $64 |
| Vibe AWD | $200 | $352 | $196 | $12 | $58 | $843 | $70 |
| Vibe GT | $200 | $352 | $196 | $12 | $58 | $843 | $70 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Vibe 1.8 | $144 | $242 | $196 | $12 | $58 | $652 | $54 |
| Vibe 2.4 | $144 | $242 | $196 | $12 | $58 | $652 | $54 |
| Vibe AWD | $164 | $284 | $196 | $12 | $58 | $714 | $60 |
| Vibe GT | $164 | $284 | $196 | $12 | $58 | $714 | $60 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Rates do not factor in specific garaging location which can increase or decrease prices significantly.
Using the data above, we can ascertain that using a $250 deductible will cost you about $10 more each month or $120 annually than opting for the higher $500 deductible. Because you would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you usually have more than 25 months between claims, you would save money if you choose a higher deductible.
How to calculate if a higher deductible is a good decision
| Average monthly premium for $250 deductibles: | $67 |
| Average monthly premium for $500 deductibles (subtract): | – $57 |
| Monthly savings from raising deductible: | $10 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $10 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 25 months |
One important issue to know is that raising deductibles means you will have to pay more when you have a physical damage claim. You should have enough savings in order to pay the higher deductible in order to repair your vehicle.
Full coverage rates compared to liability-only
The illustration below shows the comparison of Pontiac Vibe insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The premiums are based on a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
Are you wasting money on full coverage?
There is no set guideline of when to eliminate physical damage coverage on your policy, but there is a general guideline. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s assume your Pontiac Vibe claim settlement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $5,000 after paying your deductible. If you are paying in excess of $500 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some scenarios where dropping full coverage is not financially feasible. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Madison insurance discounts
Insurance is not inexpensive, but you might find some hidden discounts that could help you make your next renewal payment. Larger premium reductions will be automatically applied when you get a quote, but some may not be applied and must be manually applied before you will receive the discount.
- Passive Restraint Discount – Factory options such as air bags and/or automatic seat belt systems can get savings of 20 to 30 percent.
- Driver Safety – Taking part in a defensive driving class may get you a small discount and easily recoup the cost of the course.
- Own a Home – Simply owning a home can earn you a little savings since home ownership means you have a higher level of financial diligence.
- Pay Upfront and Save – If you can afford to pay the entire bill instead of making monthly payments you can actually save on your bill.
- Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn better premium rates if you take out life insurance.
- Anti-lock Brake System – Cars, trucks, and SUVs equipped with ABS or steering control are safer to drive and qualify for as much as a 10% discount.
- Waiver for an Accident – This one isn’t a discount, but some insurance companies will forgive one accident before your rates go up if you are claim-free prior to being involved in the accident.
- Theft Prevention System – Cars, trucks, and SUVs optioned with advanced anti-theft systems can help prevent theft and can earn a small discount on your policy.
- Low Mileage Discounts – Keeping the miles down on your Pontiac could qualify for lower rates on the low mileage vehicles.
Discounts reduce rates, but you should keep in mind that most credits do not apply to the whole policy. Some only reduce individual premiums such as comp or med pay. Even though the math looks like you could get a free insurance policy, insurance companies wouldn’t stay in business.
The diagram below shows the difference between Pontiac Vibe insurance prices with and without discounts applied. The premium estimates are based on a female driver, no claims or driving citations, Wisconsin state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, marriage, claim-free, homeowner, and multi-car discounts applied.
Some of the insurance companies that may include some of the above discounts are:
It’s a good idea to ask all the companies which discounts you qualify for. Some discounts may not apply everywhere. To view insurers that offer discounts in Madison, click here.
One last thing to lower rates
Budget-conscious Pontiac Vibe insurance is available online and from local agencies, and you should be comparing both in order to have the best chance of saving money. Some insurance companies do not offer the ability to get a quote online and usually these small, regional companies sell through independent insurance agencies.
You just read many ideas to compare Pontiac Vibe insurance car insurance rates in Madison. The most important thing to understand is the more price quotes you have, the more likely it is that you will get a better rate. Consumers could even find that the most savings is with a lesser-known regional company.
While you’re price shopping online, it’s a bad idea to buy poor coverage just to save money. In too many instances, someone dropped uninsured motorist or liability limits and discovered at claim time that they should have had better coverage. The aim is to purchase a proper amount of coverage at the lowest possible cost and still be able to protect your assets.
For more information, feel free to visit the resources below:
- Auto Crash Statistics (Insurance Information Institute)
- Who Has Cheap Auto Insurance for Drivers with Accidents in Madison? (FAQ)
- Who Has Affordable Auto Insurance for Young Drivers in Madison? (FAQ)
- How Much is Auto Insurance for Drivers with a Bad Driving Record in Madison? (FAQ)
- What Auto Insurance is Cheapest for a Hyundai Elantra in Madison? (FAQ)
- Who Has the Cheapest Car Insurance Quotes with Multiple Speeding Tickets in Madison? (FAQ)
- What Insurance is Cheapest for Drivers Under 25 in Madison? (FAQ)
- What is a Telematics Device? (Allstate)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Rental Car Insurance Tips (Insurance Information Institute)