If saving the most money is your goal, then the best way to find more affordable auto insurance rates in Madison is to compare quotes once a year from providers that insure vehicles in Wisconsin. Rate comparisons can be done by following these steps.
- First, take a few minutes and learn about individual coverages and the changes you can make to prevent high rates. Many risk factors that result in higher prices like accidents, traffic tickets, and a negative credit history can be controlled by paying attention to minor details. Keep reading for additional ideas to help keep prices low and get bigger discounts that may have been overlooked.
- Second, request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like Progressive and State Farm, while independent agents can give you price quotes from multiple sources.
- Third, compare the new rate quotes to the price on your current policy to see if a cheaper price is available. If you can save some money and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
The key thing to remember is to try to use similar limits and deductibles on every quote and and to get price quotes from as many companies as feasibly possible. This ensures a fair rate comparison and the best price selection.
Astonishing but true, the vast majority of consumers kept buying from the same company for over three years, and nearly 40% of drivers have never even shopped around for cheaper coverage. With the average car insurance premium being $1,343, Madison drivers could save approximately 30% every year, but they underestimate the rate savings if they switched.
The companies shown below provide price quotes in Madison, WI. In order to find cheaper auto insurance in WI, we suggest you compare several of them to get the most competitive price.
Auto insurance is not optional
Even though Madison S8 insurance rates can get expensive, paying for auto insurance may be required for several reasons.
- The majority of states have minimum mandated liability insurance limits which means the state requires a specific level of liability coverage if you drive a vehicle. In Wisconsin these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your Audi S8, it’s most likely the lender will have a requirement that you have comprehensive coverage to guarantee loan repayment. If you do not pay your insurance premiums, the bank may buy a policy for your Audi for a lot more money and force you to pay much more than you were paying before.
- Insurance protects both your assets and your car. It will also cover medical bills for both you and anyone you injure as the result of an accident. Liability insurance will also pay to defend you if someone files suit against you as the result of an accident. If you have damage to your Audi as the result of the weather or an accident, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.
The benefits of insuring your S8 more than cancel out the cost, particularly for liability claims. But the average driver in Wisconsin is overpaying over $850 per year so it’s very important to do a rate comparison at least once a year to be sure current rates are still competitive.
Lower Insurance Rates with These Tips
The best way to find cheaper car insurance is to take a look at a few of the rating criteria that help determine the rates you pay for car insurance. If you have a feel for what determines base rates, this empowers consumers to make smart changes that can earn you better car insurance rates. Lots of things are considered when you quote your car insurance policy. A few of the factors are predictable like an MVR report, but other factors are less apparent such as your marital status or your commute time.
Listed below are some of the things companies use to determine your rate level.
No policy gaps is important – Not maintaining insurance is illegal and as a result your rates will increase for letting your coverage have a gap. Not only will rates go up, not being able to provide proof of insurance could result in a license revocation or jail time.
Discounts for GPS tracking and theft deterrents – Choosing a vehicle with advanced anti-theft systems can earn a premium discount. Theft deterrent systems such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop auto theft and help lower rates.
High claims frequency drives up premiums – If you are the type of insured that files lots of claims you should expect either policy cancellation or increased premiums. Car insurance companies in Wisconsin award discounts to insureds that do not abuse their auto insurance. Your car insurance is intended to be relied upon for claims that you cannot pay yourself.
City traffic equals higher rates – Having an address in smaller towns and rural areas of the country has it’s advantages when talking about car insurance. Fewer drivers means less chance of accidents in addition to fewer liability claims. Drivers who live in large Wisconsin cities have more road rage incidents and longer commutes to work. Spending more time driving statistically corresponds to a higher accident and claim rate.
Single vs. married – Walking down the aisle actually saves money on your car insurance policy. Having a spouse demonstrates that you tend to be more stable financially and it’s statistically proven that married couples file fewer claims.
Insurance loss data for Audi S8 vehicles – Insurers analyze claim trends for every vehicle when they set coverage costs for each model. Models that are shown to have a higher amount or frequency of claims will have increased rates. The data below shows the loss history for Audi S8 vehicles.
For each coverage category, the claim probability for all vehicles, without regard to make or model, is considered to be 100. Percentage numbers below 100 suggest losses that are better than average, while percentage values above 100 indicate higher probability of having a loss or tendency to have larger claims.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Audi S8 4dr 4WD||288||266|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance company ratings
Selecting a good quality auto insurance company can be rather challenging considering how many companies sell insurance in Wisconsin. The rank data shown next can help you decide which providers you want to consider buying from.
Top 10 Madison Car Insurance Companies Ranked by Customer Service
- State Farm
- Safeco Insurance
- American Family
- Liberty Mutual
- Erie Insurance
- The Hartford
Top 10 Madison Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
Don’t give up on cheaper rates
When trying to cut insurance costs, do not buy poor coverage just to save money. There are many occasions where an accident victim reduced uninsured motorist or liability limits and discovered at claim time that their decision to reduce coverage ended up costing them more. Your focus should be to get the best coverage possible at the best cost while still protecting your assets.
We covered many ways to get a better price on Audi S8 insurance in Madison. It’s most important to understand that the more companies you get car insurance rates for, the better likelihood of getting cheaper Madison car insurance quotes. Consumers could even find that the lowest rates come from a small local company. Some small companies may have significantly lower car insurance rates on certain market segments compared to the large companies like GEICO and State Farm.
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