What Car Insurance is Cheapest for a Company Car in Madison?

The type of vehicle driven is a significant factor when quoting the lowest-priced coverage for a company car. Vehicles with high performance engines, a lack of modern safety features, or high incidents of liability claims will cost more to insure than more economical and safe models.

The next table presents auto insurance premiums for the cheaper vehicles to insure.

Cheapest Vehicles to Insure in Madison, WI
Vehicle Estimated Cost for Full Coverage
Honda Accord EX 4-Dr Sedan $1,042
Ford Escape XLS 4WD $1,052
Hyundai Elantra GLS Touring Station Wagon $1,192
Ford Edge SEL 2WD $1,206
Honda CR-V LX 4WD $1,273
Toyota Camry SE $1,294
GMC Sierra SLE Extended Cab 4WD $1,320
Chevrolet Silverado 2500HD LTZ Crew Cab 4WD $1,328
Chevrolet Silverado LS Extended Cab 2WD $1,320
Ford Fusion SEL 4-Dr Sedan $1,327
Honda Odyssey EX $1,385
Chevrolet Malibu Hybrid $1,412
Volkswagen Jetta LE 4-Dr Sedan $1,417
Toyota Tacoma Double Cab 4WD $1,412
Toyota Prius $1,417
Ford Explorer XLT AWD $1,429
Ford F-150 FX4 Super Cab 4WD $1,438
Honda Civic EX 4-Dr Sedan $1,459
Ford Focus SEL 4-Dr Sedan $1,468
Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr $1,461
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Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Price information does not factor in Madison, WI location which can lower or raise prices substantially.

By looking at the data, you can infer that makes and models like the Honda Accord, Ford Escape, Hyundai Elantra, Ford Edge, and Honda CR-V will be the less-costly vehicles to insure for your employer’s vehicle.

One of the more important considerations that are looked at to determine the price you pay for insurance is your address. More densely populated places are more likely to have higher rates, whereas areas with less congestion can boast about having cheaper rates.

The next table sorts the most expensive cities in Wisconsin for a company car to buy an auto insurance policy in. Madison comes in at #15 costing $1,030 for the average policyholder, which is around $86 per month.

Car insurance prices in Madison
Rank City Annual Premium
1 Milwaukee $1,368
2 Wauwatosa $1,305
3 West Allis $1,246
4 Racine $1,229
5 Kenosha $1,218
6 Greenfield $1,204
7 Oak Creek $1,154
8 Beloit $1,130
9 Franklin $1,117
10 Eau Claire $1,081
11 Wausau $1,069
12 Brookfield $1,067
13 La Crosse $1,064
14 Menomonee Falls $1,057
15 Madison $1,030
16 Waukesha $1,023
17 New Berlin $1,018
18 Janesville $1,011
19 Fond du Lac $995
20 Oshkosh $989
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Rate quotes are comparative as the specific garaging location can affect rates considerably.

The illustration below shows how choosing a deductible can impact premium costs when searching for cheap insurance for a company car. The premium estimates are based on a married male driver, comp and collision included, and no policy discounts are applied.

A 50-year-old driver could lower rates by $160 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $242 by using a $1,000 deductible. Even younger drivers, like the 20-year-old category, could reduce their rates $536 or more by selecting a higher deductible.

If you do make the decision to raise your deductibles, it is a good idea to have enough in a savings account to enable you to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Choosing a high-quality company is hard considering how many companies are available to choose from in Madison. The company information shown below could help you pick which auto insurers you want to consider when comparing rate quotes.

These ratings only include companies with a nationwide focus, so companies that focus mainly on Wisconsin business are not included in the list. To compare prices from the most competitive companies in Wisconsin, simply click here.

Top 10 Major Auto Insurance Companies in Madison Ranked by Customer Satisfaction

  1. USAA – 92%
  2. Erie Insurance – 88%
  3. American Family – 88%
  4. State Farm – 88%
  5. Nationwide – 88%
  6. 21st Century – 88%
  7. AAA Insurance – 87%
  8. Liberty Mutual – 87%
  9. Farmers Insurance – 87%
  10. The Hartford – 87%

Top 10 Major Auto Insurance Companies Overall in Madison

  1. USAA
  2. 21st Century
  3. GEICO
  4. Nationwide
  5. AAA Insurance
  6. Liberty Mutual
  7. Safeco Insurance
  8. State Farm
  9. Travelers
  10. American Family

How much more does full coverage cost?

Buying cheaper insurance should be important to the majority of people, and one of the easiest ways to pay less for insurance for a company car is to only buy liability insurance. The example below visualizes the comparison of insurance prices when comparing full coverage to liability only. The data is based on a clean driving record, no claims, $1,000 deductibles, drivers are not married, and no policy discounts are applied.

As an average, comp and collision coverage costs $974 per year over liability only. That proposes the question if you should buy full coverage at all. There is no clear-cut rule to drop comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

There are some conditions where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you have to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.