What Auto Insurance is Cheapest for Real Estate Agents in Madison?

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The type of vehicle requiring insurance is probably the biggest factor when quoting low-priced car insurance for real estate agents. Vehicles with reasonable performance levels, a plethora of safety features, or a low likelihood of having liability claims will cost quite a bit less to insure than adrenaline junky models. The table below shows coverage rates for some of the most budget-friendly automobiles to buy coverage for.

Cheapest Vehicles to Insure in Madison, WI
Make, Model, and Trim Level Estimated Cost for Full Coverage
Honda CR-V EX-L 2WD $1,046
Honda Odyssey LX $1,121
Ford Focus SE 4-Dr Sedan $1,187
Ford Edge SE AWD $1,194
Toyota RAV4 Limited 2WD $1,210
Volkswagen Jetta S 2.5 Station Wagon $1,219
Ford Escape Limited 4WD $1,228
Chevrolet Silverado LS Regular Cab 4WD $1,226
Toyota Tacoma Double Cab 4WD $1,233
Toyota Prius $1,246
Ford Explorer Eddie Bauer 2WD $1,251
Dodge Grand Caravan CV $1,258
Toyota Camry SE $1,274
Toyota Corolla LE $1,281
Ford F-150 XLT Super Cab 2WD $1,301
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Rates do not factor in vehicle location which can decrease or increase premiums greatly.

Based upon the rates shown, you can presume that cars like the Honda CR-V, Honda Odyssey, and Ford Focus will be some of the more affordable vehicles to insure for realtors.

Shopping around for low-priced auto insurance is tough enough, and figuring out which company offers the cheapest insurance rates for real estate agents will take a little more work. Every auto insurer uses their own method for establishing rates, so we'll take a look at the insurance companies that tend to be cheaper in Madison, WI.

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Rankings for the cheapest Wisconsin auto insurance companies
Rank Company Cost Per Year
1 USAA $604
2 Partners Mutual $632
3 Erie $696
4 Rockford Mutual $724
5 Pekin Insurance $752
6 Nationwide $768
7 Rural Mutual Insurance $772
8 Integrity Mutual $786
9 Western National $793
10 Travelers $828
11 West Bend Mutual $899
12 The Hartford $922
13 State Farm $923
14 General Casualty $926
15 Auto Club Group $968
16 Progressive $1,118
17 Auto-Owners $1,126
18 American Family $1,137
19 Farmers $1,141
20 State Auto $1,235
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USAA has some of the best car insurance rates in Madison at around $604 a year. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance would also make the list of some of the more affordable Madison, WI insurance companies.

As the example above demonstrates, if you are a customer of Partners Mutual and switched to USAA, you may see a yearly price reduction of in the neighborhood of $28. Drivers with Erie may save as much as $92 a year, and Rockford Mutual insureds might reduce rates by $120 a year.

These premium estimates are averages across all types of insureds and vehicles and are not factoring in a specific zip code for real estate agents. So the insurer that can offer you the lowest price may not even be in the top 30 companies in the list above. That points out the importance of why you need to compare rates from as many companies as possible using your own personalized driver profile and vehicle information.

The diagram below highlights how deductible selection can impact insurance rates when quoting cheap insurance for real estate agents. The information is based on a single female driver, comprehensive and collision coverage, and no other discounts are factored in.

The chart above illustrates that a 40-year-old driver could cut expenses by $182 a year by switching from a $100 deductible up to a $500 deductible, or save $276 by switching to a $1,000 deductible. Youthful drivers, such as the Age 20 example, could lower their rates up to $462 each year by choosing larger deductibles on their policy.

When insureds make the decision to increase the deductibles on their policy, it's a good idea to have additional funds squirreled away to offset the extra out-of-pocket expense that deters many people from opting for higher deductibles.

Price comparison of only insuring for liability

Paying a lower price for insurance is the goal of most drivers, and one way to pay less for insurance for real estate agents is to not insure for full coverage. The example below illustrates the difference between car insurance costs with full physical damage coverage and with liability coverage only. The premiums assume no claims or driving violations, $250 deductibles, marital status is single, and no discounts are taken into consideration.

If all age groups are averaged, physical damage coverage on your policy costs $1,217 per year over and above liability only. Many of you may wonder if buying full coverage is a good investment. There is no set guideline of when to exclude full coverage, but there is a general convention. If the yearly cost for physical damage coverage is about 10% or more of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.

Get discounts on Madison auto insurance

Save on insurance for realtors in MadisonCar insurance companies that offer quotes for real estate agents may also provide discounts that can lower rates by 40% or more if you are eligible to receive them. Larger insurance companies and their possible discounts are shown below.

The diagram below shows the difference between insurance costs with and without policy discounts. The data is based on a female driver, no claims or violations, Wisconsin state minimum liability limits, full physical damage coverage, and $500 deductibles.

The first bar for each age group shows the price with no discounts. The second shows the rates with marriage, multiple policy, defensive driving course, multiple vehicle, accident-free, and passive restraint discounts applied. When these discounts are applied to the policy premium, the average savings per year on insurance for real estate agents is 28% or $383.

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Madison, WI insurance rates are determined by lots of factors that will increase or decrease the policy price. Simply turning a year older, moving across town, or having an accident can trigger price changes resulting in some rates now being cheaper than others. Not only may your risk profile change, but car insurance companies amend pricing as often as every three months to adjust for heavy claims or excess profits. Heavy losses may cause higher priced premiums, while a better claims history may cause more affordable Madison car insurance rates.

To illustrate this point, the chart below shows the company with the cheapest car insurance in Madison, WI for a 45-year-old male driver with a good driving record, no prior claims, and solid credit. If we compare prices based on his current rating profile, USAA has the cheapest car insurance rates in Madison at $661 a year. This is $500 less than the average policy premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Rural Mutual Insurance are the rest of the top five cheapest Madison, WI auto insurance companies.

The chart below compares rates after we give the driver from the first rate comparison a couple of claims, slightly worse credit, and a couple of points charged on his driving record. Because each company has a unique approach to determine rates, comparing quotes may now result in a completely different list of cheap Madison auto insurance companies as shown below.

Pekin Insurance now has the cheapest rate in Madison with Western National, Integrity Mutual, Travelers, and State Farm now rounding out the top five. This example shows why it is critical to spend some time comparing rates when trying to find the cheapest car insurance quotes for real estate agents.

Auto insurance prices can be altered by many risk factors and can increase or decrease at any time, so the cheapest company when you last compared rates may now be quite expensive.