Comparing quotes for budget auto insurance is not always easy, and determining which company has the best auto insurance rates for business use will require even more work. Every auto insurer has their own guidelines for setting rates, so let’s rank the auto insurance companies with the overall best prices in Madison, WI.
It’s important to understand that Madison auto insurance rates are calculated based on many things which can substantially decrease or increase the price you have to pay. This price variability is why it is so important to perform an extensive rate comparison to find the best car insurance rates for business use. Insurance prices are made up of many different factors and change substantially, so the most affordable company six months ago may now be quite expensive.
Cheap Insurance Rates for Business Use
USAA generally has some of the best car insurance rates in Madison at around $604 annually. Partners Mutual, Erie, Rockford Mutual, and Nationwide would also be considered some of the cheapest Madison, WI car insurance companies.
As shown in the rates above, if you currently have coverage with Rockford Mutual and switched to Partners Mutual, you might see a yearly price reduction of about $140. Policyholders with Nationwide could save as much as $154 a year, and Pekin Insurance customers might reduce prices by as much as $154 a year.
Be aware that those estimates are averages for all types of insureds and vehicles and and are not figured with a specific zip code for business use. So the auto insurance company that has the lowest price for you may not even be in the top 30 companies shown above. That affirms the importance of why you need to get rate quotes from many companies using your own individual information.
The vehicle driven is a large factor when looking for cheap insurance for business use. Vehicles with limited speed and performance, good safety features, or a positive history of liability claims will cost significantly less to insure than fast, unsafe models. The next list presents insurance premiums for some of the most cost-effective vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX-L 4-Dr Sedan||$1,069|
|Ford Focus SE 4-Dr Sedan||$1,145|
|Volkswagen Jetta S 4-Dr Sedan||$1,168|
|Honda CR-V LX 2WD||$1,211|
|Chevrolet Impala LTZ||$1,229|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,235|
|Toyota Corolla XLE||$1,229|
|Ford Escape XLT 4WD||$1,240|
|Jeep Grand Cherokee Limited 4WD||$1,251|
|Hyundai Sonata GLS 4-Dr Sedan||$1,256|
|Honda Odyssey Touring||$1,251|
|Chevrolet Equinox LTZ 2WD||$1,260|
|GMC Sierra SLT Crew Cab 2WD||$1,251|
|Dodge Grand Caravan CV||$1,265|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$1,335|
|Toyota Tacoma Double Cab 4WD||$1,342|
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in vehicle location which can lower or raise coverage rates considerably.
Based upon the rates shown, you can assume that cars like the Honda Accord, Toyota Prius, Ford Focus, and Volkswagen Jetta will definitely be the most affordable vehicles to insure for using your car for business. The cost of auto insurance will be more expensive just due to the fact that there is more liability exposure for business use, but in general those particular models will tend to have the cheapest car insurance rates that you are likely to find.
Types of discounts on Madison insurance rates
Insurance companies that offer coverage for business use may also provide discounts that could reduce prices by 30% or more if you meet specific eligibility requirements. A list of companies and a partial list of their discounts include:
- Farmers Insurance offers premium reductions for homeowner, alternative fuel, bundle discounts, mature driver, teen driver, multi-car, and early shopping.
- Esurance may include discounts for defensive driver, paid-in-full, online shopper, good driver, emergency road assistance, and anti-theft.
- State Farm has savings for good driver, student away at school, safe vehicle, Steer Clear safe driver discount, passive restraint, good student, and multiple autos.
- GEICO includes discounts for membership and employees, anti-lock brakes, multi-policy, good student, and multi-vehicle.
- Allstate may offer discounts for resident student, multi-policy, FullPay discount, anti-lock brakes, passive restraint, and teenSMART discount.
The example below visualizes the comparison of auto insurance costs with and without discounts applied to the rates. The data assumes a male driver, a clean driving record, no at-fault accidents, Wisconsin state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with homeowner, anti-theft, safe-driver, vehicle safety, defensive driving course, and passive restraint discounts applied. When these discounts are applied, the average savings per year on auto insurance for business use is 28% or $329.
Drive responsibly or pay higher rates
A great way to snag good auto insurance premiums for using your car for business is to be a cautious driver and avoid getting tickets or having accidents. The information below illustrates how traffic citations and at-fault fender-benders increase insurance rates for different age groups. The rate quotes are based on a single female driver, comp and collision included, $500 deductibles, and no policy discounts are applied.
The data above shows the average cost of a car insurance policy in Wisconsin per year with no violations or accidents is $1,042. Factor in one speeding ticket and the average cost increases to $1,179, an increase of $137 each year. Now throw in one accident along with the one speeding ticket and the yearly cost of auto insurance for business use jumps again to an average of $1,561. That’s an increase of $519, or $43 per month, just for not driving carefully!
Madison auto insurance companies
Finding a highly-rated car insurance provider is difficult considering how many companies sell insurance in Madison. The information shown below may help you choose which car insurance companies to look at when looking for cheaper rates.
The rankings below are only made up of the largest companies in America, so companies that have a smaller presence are not included in this list. If you wish to compare prices and find cheaper insurance for business use, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Low rates can quickly become overpriced
Wisconsin auto insurance rates are impacted by many things which can significantly increase or decrease the policy premium. Getting older, having a claim, or getting a speeding ticket can trigger rate changes resulting in some rates now being cheaper than competitors. In addition, insurance companies change their prices multiple times each year to help ensure profitability. Heavier than normal losses can result in more expensive premiums, while profitable underwriting may result in cheaper Madison car insurance rates.
To illustrate this example, the bar chart below shows which companies have the cheapest car insurance in Madison, WI for a 45-year-old male driver with a good driving record, no prior claims, and good financial standing. Based on his current risk profile, USAA has the most affordable car insurance rates in Madison at $661 a year. This is $500 less than the average price paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Pekin Insurance, and Rockford Mutual are the rest of the best Madison, WI auto insurance companies.
The next chart shows rates after we give the driver from the above example a claim, a lower credit rating, and a blemish on his driving record. Due to the fact that every auto insurer has a proprietary method to determining premium rates, analyzing rates most likely will result in a different ranking of companies as shown below.
Rural Mutual Insurance now has the lowest car insurance rate in Madison, WI with Nationwide, Integrity Mutual, Travelers, and Partners Mutual now being in the top five. This illustrates why it is so important to shop around when trying to find the most affordable auto insurance rates for business use.
Car insurance prices are influenced by many risk factors and change dramatically, so the best option two years ago may now be quite expensive.