The vehicle model needing coverage is one of the primary factors in finding the best insurance for welfare recipients. Vehicles with higher performance, poor safety features, or a track record of large liability claims will cost substantially more to insure than safer, lower-performance models. The list below showcases coverage costs for a selection of the most cost-effective automobiles to insure.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $898 |
| Ford F-150 FX2 Super Cab 2WD | $902 |
| Ford Escape Limited 2WD | $922 |
| Ford Fusion S 4-Dr Sedan | $950 |
| Ford Edge SE 2WD | $957 |
| Toyota Prius | $974 |
| Toyota Tacoma 4WD | $979 |
| Ford Explorer XLT 4WD | $985 |
| Toyota Corolla LE | $1,000 |
| Honda Odyssey EX | $1,011 |
| Chevrolet Silverado LT Extended Cab 2WD | $1,016 |
| Volkswagen Jetta SE 4-Dr Sedan | $1,020 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,030 |
| Chevrolet Impala LT | $1,033 |
| Toyota RAV4 2WD | $1,041 |
| Chevrolet Equinox LT 2WD | $1,033 |
| Chevrolet Malibu LT | $1,057 |
| Ford Focus SES 2-Dr Coupe | $1,066 |
| Hyundai Elantra SE 4-Dr Sedan | $1,086 |
| Toyota Camry Hybrid | $1,094 |
| Compare Rates Now Go | |
Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, homeowner, and safe-driver. Premium amounts do not factor in specific location information which can revise insurance rates considerably.
Looking at the data, you can assume that cars like the Honda CR-V, Ford F-150, Ford Escape, Ford Fusion, and Ford Edge are going to be some of the less-costly vehicles to insure for drivers on welfare.
For drivers on welfare, one of the big criteria that are looked at to help calculate auto insurance rates is your address in Madison. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas areas that tend to be more rural have the gratification of cheaper auto insurance rates.
The information below rates the priciest cities in Wisconsin for welfare recipients to buy car insurance in. Madison ranks #17 with an annual cost of $1,030 for the average policyholder, which is about $86 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Milwaukee | $1,410 |
| 2 | Wauwatosa | $1,359 |
| 3 | West Allis | $1,246 |
| 4 | Kenosha | $1,230 |
| 5 | Racine | $1,193 |
| 6 | Greenfield | $1,192 |
| 7 | Oak Creek | $1,166 |
| 8 | Beloit | $1,152 |
| 9 | Franklin | $1,129 |
| 10 | Menomonee Falls | $1,068 |
| 11 | Eau Claire | $1,059 |
| 12 | Wausau | $1,047 |
| 13 | Janesville | $1,042 |
| 14 | Brookfield | $1,035 |
| 15 | Waukesha | $1,034 |
| 16 | La Crosse | $1,033 |
| 17 | Madison | $1,030 |
| 18 | New Berlin | $1,029 |
| 19 | West Bend | $987 |
| 20 | Fond du Lac | $985 |
| 21 | Oshkosh | $980 |
| 22 | Sheboygan | $963 |
| 23 | Manitowoc | $957 |
| 24 | Green Bay | $941 |
| 25 | Appleton | $926 |
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Prices are comparative as specific location information can influence price quotes noticeably.
What is the best car insurance company in Wisconsin?
Choosing a high-quality car insurance provider can be rather challenging considering how many companies provide coverage in Madison. The ranking data in the lists below could help you decide which insurers to look at when trying to find the cheapest insurance for welfare recipients. These ratings are for companies who write in the majority of U.S. states, so companies that focus mainly on Wisconsin business are not taken into consideration for the list.
Top 10 Large Auto Insurers in Madison Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- Liberty Mutual
- State Farm
- Allstate
- Safeco Insurance
- Travelers
- 21st Century
Top 10 Large Auto Insurers in Madison Ranked by Claims Service
- Progressive
- Travelers
- Liberty Mutual
- Nationwide
- USAA
- AAA Insurance
- Safeco Insurance
- GEICO
- Esurance
- The General
Cost difference between full coverage and liability
Paying a lower price for car insurance is probably important to the majority of vehicle owners, and one good way to save on the cost of insurance for welfare recipients is to not buy full coverage. The illustration below illustrates the comparison of annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The costs are based on no accidents, no driving violations, $250 deductibles, single marital status, and no discounts are taken into consideration.
Averaged out for all age groups, comp and collision coverage costs $1,217 per year more than buying just liability insurance. That raises the question if paying for full coverage is worth it. There is no written rule of when to phase out comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is 10% or more of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s replacement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $2,000 after the deductible is paid. If you are paying more than $200 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are some cases where dropping physical damage coverage is not recommended. If you still owe a portion of the original 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 case of an accident, you should keep full coverage in place.
Why it’s important to shop around
Madison, WI car insurance rates are impacted by many factors that will increase or decrease the cost of a policy. Simply getting older, adding a teenager to your policy, or getting a DUI may generate price changes resulting in some rates now being cheaper in comparison to the competition.
Not only may things change on your end, but car insurance companies change premium rates every year or even multiple times each year to adjust for unexpected claims or profits. A period of higher than normal claims may result in additional price hikes, while profitable underwriting can produce lower-priced Madison car insurance rates.
For instance, the graph below shows the company with the cheapest car insurance in Madison, WI for a 30-year-old male driver with no prior accidents, a clean driving record, and excellent credit. If we estimate prices based on his personal risk profile, USAA may have the cheapest car insurance rates in Madison at $635 each year. This is $526 less than the average premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide are also on the list of the best Madison, WI auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison a chargeable claim, less-than-perfect credit, and a stop sign violation. Due to the fact that every insurance company has their own guidelines for establishing rates, comparing quotes most likely will result in a completely different list of companies as shown below.
Rural Mutual Insurance now has the cheapest auto insurance in Madison with Integrity Mutual, Western National, Travelers, and Partners Mutual also having competitive pricing. This example shows why consumers need to compare lots of rates when trying to get the most economical insurance quotes for welfare recipients. Rates are determined by many risk factors and can change substantially, so the most affordable company a year ago may now be one of the more expensive options.
Ideas for finding low-cost auto insurance for welfare recipients
Here are some thrifty ideas that can help Wisconsin drivers buy lower-cost auto insurance.
- Safe vehicles generally have lower rates
- Serious violations like DUI or reckless driving can increase rates dramatically
- If your vehicles are older, consider dropping full coverage
- Increase your policy deductibles
- Staying accident-free helps keep rates low
- Good credit scores may lower your rates
- Comparison shop at least once a year
That last idea is certainly critical, as we noted in this write-up. Car insurance rates change frequently, so don’t be tentative to change insurance companies if a better deal can be had.
Loyalty to a specific company is fine, but we do not recommend it if that dedication is costing hundreds of dollars year after year. In just a few minutes you could compare rates and find cheaper insurance for welfare recipients in Madison.