What Insurance is Cheapest for Lyft Drivers in Madison?

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Establishing which companies have the cheapest auto insurance rates for Lyft drivers will take a bit more work in order to find the lowest price. Each insurer uses a little different formula for determining prices, so we'll take a look at the auto insurance companies with the overall best prices in Wisconsin.

Keep in mind that Madison, WI auto insurance rates are influenced by many factors which can substantially change the cost of having a policy. Simply having a birthday, filing a claim, or getting a couple of tickets can trigger changes in premium that can make some companies affordable when they were higher priced.

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Who has the cheapest car insurance in Wisconsin?
Rank Company Cost Per Year
1 USAA $580
2 Partners Mutual $632
3 Erie $703
4 Rockford Mutual $732
5 Nationwide $745
6 Rural Mutual Insurance $772
7 Pekin Insurance $775
8 Western National $793
9 Integrity Mutual $794
10 Travelers $828
11 State Farm $896
12 West Bend Mutual $899
13 Auto Club Group $939
14 The Hartford $950
15 General Casualty $964
16 Progressive $1,130
17 American Family $1,137
18 Auto-Owners $1,148
19 Farmers $1,165
20 GEICO $1,226
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USAA quotes some of the cheapest car insurance rates in Madison at around $580 per year. This is $581 less than the average policy premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide also are some of the best Madison, WI insurance companies.

As illustrated above, if you have coverage with Rockford Mutual and switched to Partners Mutual, you might realize an annual savings of about $100. Insureds with Nationwide may save as much as $113 a year, and Rural Mutual Insurance policyholders might cut rates by $140 a year.

Be aware that those premiums are averages across all drivers and vehicles and do not factor in a specific location for Lyft drivers. So the company that fits you best may not even be in the top 30 companies in the list above. That illustrates why you need to compare prices as often as possible using your own driver and vehicle profiles.

One of the many components that are looked at to determine the price you pay for insurance is where your residence is. Areas with more people or more claims tend to pay slightly more, whereas less populated areas tend to receive cheaper rates.

The illustration below sorts the most expensive cities in Wisconsin for Lyft drivers to purchase car insurance in. Madison comes in at #13 costing $1,040 on average, which is approximately $87 per month.

How much is auto insurance in Madison, WI?
Rank City Annual Premium
1 Milwaukee $1,410
2 Wauwatosa $1,359
3 West Allis $1,234
4 Greenfield $1,204
5 Kenosha $1,194
6 Racine $1,181
7 Oak Creek $1,154
8 Beloit $1,152
9 Franklin $1,129
10 Brookfield $1,077
11 Eau Claire $1,049
12 Wausau $1,047
13 Madison $1,040
14 Waukesha $1,034
15 New Berlin $1,029
16 Menomonee Falls $1,026
17 La Crosse $1,022
18 Janesville $1,022
19 Manitowoc $997
20 Oshkosh $989
21 West Bend $987
22 Fond du Lac $985
23 Appleton $964
24 Sheboygan $935
25 Green Bay $931
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Information shown are estimated as the garaging address in Madison can impact coverage prices significantly.

Drive safe and save

In a perfect world, the ideal way to snag affordable auto insurance prices in Wisconsin for Lyft vehicles is to be a good driver and maintain a clean driving record. The chart below shows how traffic citations and at-fault accidents can raise car insurance rates for different age groups. The premiums assume a married female driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.

In the example above, the average cost of a car insurance policy per year with no accidents and a clean driving record is $1,246. Get written up for two speeding tickets and the average cost jumps to $1,772, an increase of $526 each year. Then add in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for Lyft drivers goes up to an average of $3,728. That's an increase of $2,482, or $207 per month, just for not driving carefully!

Full coverage rates vs. liability-only in Madison

Paying less for auto insurance should be important to the majority of drivers, and a good way to pay lower rates for insurance for Lyft drivers is to only buy liability insurance. The example below shows the difference between yearly insurance costs with and without full coverage. The prices are based on no violations or claims, $100 deductibles, single marital status, and no discounts are applied to the premium.

As an average for all age groups, physical damage coverage on your policy costs $1,476 per year more than carrying just liability coverage. Many people question if you should buy full coverage. There is no specific rule of when to drop physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than about 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

The illustration below highlights how deductible selection can influence insurance rates when getting quotes for cheap insurance for Lyft drivers. The costs are based on a single male driver, comprehensive and collision coverage, and no policy discounts are applied.

The chart above illustrates that a 30-year-old driver could pocket $288 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $432 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, can cut up to $852 or more by choosing larger deductibles on their policy. If you do raise deductibles, it is necessary to have spare funds to be able to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.