It's impossible to miss the commercials from companies like GEICO and Liberty Mutual that make claims of the cheapest price, so drivers just need to pick the company with the cutest commercial, right?
It's not that easy, however, as there are a lot of unknown elements such as how safe your vehicle is, if you are a good driver, and what level of deductibles you wish to have. We will attempt to cover the best ways to pay less and will give you a solid foundation to find cheaper car insurance in Wisconsin.
Trying to buy cost effective car insurance is confusing at best, and determining which company quotes the best auto insurance rates for high mileage drivers will require a little more work.
Every car insurance company uses their own formula to determine premium rates, so we'll take a look at the overall cheapest auto insurance companies in Madison, WI. It's a good idea to be aware that Wisconsin auto insurance rates are determined by lots of factors that control the cost of your policy. Events like turning one year older, buying a different vehicle, or getting caught speeding can trigger rate changes that can cause some rates to be more expensive than before.
Best Cheap Insurance Rates in Wisconsin
|Rank||Company||Cost Per Year|
|5||Rural Mutual Insurance||$756|
|12||West Bend Mutual||$926|
|15||Auto Club Group||$977|
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USAA has some of the lowest car insurance rates in Madison at around $580 per year. This is $581 less than the average rate paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Rural Mutual Insurance would also make the list of some of the more affordable Madison, WI car insurance companies.
As shown in the rates above, if you buy coverage from Rural Mutual Insurance and switched to Partners Mutual, you might realize annual savings of in the neighborhood of $130. Policyholders with Pekin Insurance may save as much as $142 a year, and Nationwide policyholders might lower prices by up to $149 a year.
Remember that these rates are averaged across all types of drivers and the different vehicles they drive and and are not figured with an exact location for high mileage drivers. So the company that can offer you the lowest price may not even be in the top 30 companies shown above. That underscores the importance of why you need to get car insurance quotes using your own driver data and vehicle information.
For high mileage drivers, one of the more important criteria that aid in calculating auto insurance rates is your address in Madison. Areas with more people or more claims tend to pay more, whereas more rural areas profit from lower rates.
The illustration below ranks the most costly cities in Wisconsin for high mileage drivers to purchase car insurance in. Madison shows up at #13 with a yearly premium of $1,040 for the average insured, which is approximately $87 monthly.
|20||Fond du Lac||$985|
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Annual rates are approximated as specific Madison garaging address can lower or raise coverage rates greatly.
The type of vehicle to be insured is one of the biggest factors that determines if you can find the most affordable car insurance for high mileage drivers. Vehicles with higher performance characteristics, a lack of advanced safety features, or an increased likelihood of liability claims will cost substantially more to insure than more economical and safe models.
The list below showcases insurance premiums for the most economical vehicles to insure in Wisconsin.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$1,000|
|Ford Escape XLT 2WD||$1,067|
|Honda Accord LX-P 4-Dr Sedan||$1,100|
|Ford Focus SE 4-Dr Sedan||$1,134|
|Chevrolet Impala LS||$1,140|
|Honda Odyssey LX||$1,169|
|Ford F-150 XL Crew Cab 2WD||$1,194|
|Ford Edge Limited AWD||$1,216|
|Toyota Camry SE||$1,225|
|Nissan Rogue S AWD||$1,238|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,248|
|Volkswagen Jetta SEL 4-Dr Sedan||$1,238|
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Data rating is based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Estimates do not factor in vehicle location which can raise or lower premium rates considerably.
Based upon the rates shown, we can conclude that makes and models like the Honda CR-V, Ford Escape, and Honda Accord should be the less-costly vehicles to insure for high mileage drivers.
Discounts on Madison auto insurance
Insurance providers that offer quotes for high mileage drivers may also provide price discounts that could potentially reduce rates by 30% or more if you are eligible. A list of auto insurance companies and the discounts they provide are detailed below.
- Progressive has discounts for online signing, continuous coverage, good student, homeowner, online quote discount, multi-vehicle, and multi-policy.
- The Hartford policyholders can earn discounts including air bag, driver training, vehicle fuel type, defensive driver, bundle, anti-theft, and good student.
- Mercury Insurance may offer discounts for location of vehicle, age of vehicle, type of vehicle, good student, and low natural disaster claims.
- GEICO may include discounts for air bags, military active duty, membership and employees, emergency military deployment, and good student.
- AAA may have discounts that include good driver, pay-in-full, good student, multi-car, anti-theft, multi-policy, and AAA membership discount.
- State Farm discounts include Drive Safe & Save, good student, good driver, safe vehicle, anti-theft, multiple policy, and multiple autos.
The example below illustrates the comparison of car insurance costs with and without discounts. The data assumes a male driver, no accidents, no driving violations, Wisconsin state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with accident-free, passive restraint, vehicle safety, defensive driving course, marriage, and claim-free discounts applied. When discounts are factored in, theaverage amount saved on auto insurance for high mileage drivers is 27% or $369.
The illustration below illustrates how your choice of deductibles can raise or lower insurance costs when researching cheap insurance for high mileage drivers. The rate quotes are based on a single male driver, full physical damage coverage, and no discounts are factored in.
In the chart above, a 50-year-old driver could reduce rates by $266 a year by switching from a $100 deductible up to a $500 deductible, or save $398 by switching to a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could save $872 each year just by choosing higher deductibles when buying full coverage.
If you do make the decision to raise your deductibles, it is a good idea to have plenty of discretionary funds to enable you to pay the extra out-of-pocket expense associated with higher deductibles.
Violations and accidents raise rates
In a perfect world, the ideal way to snag affordable auto insurance premiums in Wisconsin for high mileage drivers is to be a good driver and avoid accidents and traffic violations. The diagram below shows how traffic citations and at-fault fender-benders increase insurance prices for each different age group. The premium estimates are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are applied to the premium.
In the chart above, the average cost of auto insurance in Madison per year with no accidents or violations is $1,539. Receive two speeding tickets and the average cost rises to $2,066, an increase of $527 each year. Then include one accident along with the two speeding tickets and the annual cost of auto insurance for high mileage drivers jumps again to an average of $2,602. That's an increase of $1,062, or $89 per month, just for a couple of infractions!
Low rates today, overpriced tomorrow
Madison auto insurance rates are based on many factors which can substantially change the price you have to pay for coverage. Improving your credit score, increasing deductibles, or getting a speeding ticket can trigger price changes resulting in some companies being more affordable than before. And not only may your rating factors change, but auto insurance companies change premium rates without warning in order to remain profitable. A period of increased losses may result in rate increases, while profitable underwriting can cause lower-cost Madison car insurance rates.
The bar chart below shows the company with the cheapest car insurance in Madison, WI for a 40-year-old male driver with no accidents, a clean driving record, and a good credit rating. If we look at prices based on his current risk factors, USAA might quote the best car insurance rates in Madison at $666 each year. This is $495 less than the average premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Rural Mutual Insurance are also included in the most affordable Madison, WI auto insurance companies.
Let's now give the driver from above a claim surcharge, less-than-perfect credit, and a traffic ticket or two. Because each company has a proprietary formula for determining prices, analyzing rates could result in a different list of affordable companies as shown below.
Integrity Mutual now has the best insurance rate in Madison with Pekin Insurance, Western National, Travelers, and Partners Mutual now rounding out the top five. This example proves why it is critical to take the time to shop around when trying to find the best insurance rates for high mileage drivers. Insurance prices consist of many different factors and can change without notice, so the best company the last time you compared rates may now be one of the higher cost companies.