In an ideal world, we could just give you the name of the one company in Wisconsin that has the cheapest coverage in Wisconsin. It's not that easy, however, as there are a whole bunch of unknown elements like if you are a homeowner or renter, the deductible level you need, and if you have a spouse, that all go into determining the rate you pay. In this article, we will cover these topics and will hopefully give the reader a jump start in finding the best auto insurance in Madison.
One of the more important considerations that are used to help calculate the annual cost of car insurance is where you choose to live. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas areas with less crime or weather claims have the luxury of lower rates.
The table below lists the most costly cities in Wisconsin for veterans to buy car insurance in. Madison is ranked at #16 with an annual cost of $1,030 for the average policy, which is approximately $86 each month.
|Rank||City||Average Per Year|
|22||Fond du Lac||$956|
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Information shown are approximated as specific Madison zip code can impact auto insurance rates greatly.
The vehicle model to be insured is a large consideration when shopping around for low-cost insurance for veterans. Vehicles with lots of speed or power, poor crash test ratings, or a track record of large liability claims will cost substantially more to insure than safer models.
The next table illustrates insurance rates for a number of the most cost-effective automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$980|
|Honda CR-V EX 4WD||$1,002|
|Ford F-150 STX Regular Cab 4WD||$1,101|
|Dodge Grand Caravan CV||$1,109|
|Toyota RAV4 Limited 4WD||$1,162|
|Ford Explorer Eddie Bauer 4WD||$1,184|
|Chevrolet Impala LS||$1,303|
|Ford Edge SEL AWD||$1,310|
|Hyundai Elantra SE Touring Station Wagon||$1,308|
|Volkswagen Jetta 2.0T Station Wagon||$1,312|
|Hyundai Sonata Limited 4-Dr Sedan||$1,328|
|Toyota Camry LE||$1,336|
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Premium amounts do not factor in specific location information which can change premiums noticeably.
Based upon the table data, you can see that vehicles like the Ford Escape, Honda CR-V, Ford F-150, Dodge Grand Caravan, and Toyota RAV4 should be the most affordable vehicles to insure for veterans.
Get discounts on Madison car insurance rates
Auto insurance companies that offer coverage for veterans may also offer price discounts that can reduce rates by 40% or more if you are eligible. A list of companies and a partial list of their discounts can be found below.
- Progressive includes discounts for multi-vehicle, continuous coverage, good student, online quote discount, multi-policy, and homeowner.
- AAA may have discounts that include education and occupation, AAA membership discount, good driver, pay-in-full, anti-theft, multi-car, and good student.
- Farmers Insurance may offer discounts for electronic funds transfer, alternative fuel, business and professional, youthful driver, good student, and switch companies.
- GEICO may include discounts for daytime running lights, multi-policy, defensive driver, emergency military deployment, and seat belt use.
- Esurance offers discounts for multi-policy, emergency road assistance, paid-in-full, homeowner, and Switch & Save.
- SAFECO discounts include teen safe driver, anti-lock brakes, multi-car, anti-theft, drive less, and accident prevention training.
- State Farm offers premium reductions for Drive Safe & Save, multiple policy, Steer Clear safe driver discount, passive restraint, and accident-free.
The illustration below compares insurance costs with and without discounts. The rates are based on a female driver, a clean driving record, no claims, Wisconsin state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with multiple policy, accident-free, multiple vehicle, vehicle safety, claim-free, and homeowner discounts applied. When discounts are factored in, the average savings per year on insurance for veterans is 28% or $257.
How accidents and violations affect rates
The easiest method to score cheap insurance rates in Wisconsin for veterans is to drive attentively and avoid getting tickets or having accidents. The example below illustrates how traffic citations and at-fault accidents can raise insurance premiums for each age group. The information is based on a married female driver, full physical damage coverage, $100 deductibles, and no discounts are applied to the premium.
The data charted above shows the average cost of a car insurance policy in Wisconsin per year with no accidents or violations is $1,363. Receive two speeding tickets and the average cost surges to $1,943, an increase of $580 each year. Now get two accidents along with the two speeding tickets and the yearly cost of insurance for veterans goes up to an average of $4,019. That's an increase of $2,656, or $221 per month, just for not driving carefully!
The chart below illustrates how choosing a deductible can impact insurance costs when searching for cheap insurance for veterans. The information is based on a single female driver, full coverage, and no discounts are taken into consideration.
In the chart above, a 40-year-old driver could lower their policy premium by $246 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $370 by choosing a $1,000 deductible. Even younger insureds, such as the 20-year-old example, could reduce their rates as much as $632 or more by choosing a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it's a good idea to have enough savings set aside to allow you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.