How Much is Car Insurance for Drivers Over Age 70 in Madison?

One of the many factors that aid in calculating the price you pay for insurance is where you live. Areas with increased crime or more people are more likely to pay higher prices, whereas less populated areas get the luxury of paying less.

The information below shows the most expensive areas in Wisconsin for drivers over age 70 in which to buy car insurance. Madison makes the list at #11 with a yearly premium of $1,072 for the average insurance policy, which is about $89 monthly.

How much does car insurance cost in Madison, WI?
Rank City Average Per Year
1 Milwaukee $1,354
2 Wauwatosa $1,345
3 West Allis $1,246
4 Kenosha $1,218
5 Oak Creek $1,190
6 Racine $1,181
7 Franklin $1,163
8 Greenfield $1,156
9 Beloit $1,152
10 Wausau $1,079
11 Madison $1,072
12 Eau Claire $1,059
13 Brookfield $1,035
14 Waukesha $1,034
15 Menomonee Falls $1,026
16 Janesville $1,022
17 La Crosse $1,022
18 New Berlin $1,018
19 West Bend $1,007
20 Fond du Lac $995
21 Oshkosh $960
22 Manitowoc $957
23 Appleton $954
24 Sheboygan $953
25 Green Bay $941
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Rate information is approximated as the specific zip code location can decrease or increase rates significantly.

Establishing which companies offer the best auto insurance rates for drivers over age 70 will require a tad more effort than just comparing rates from one or two companies. Every auto insurer uses their own formula for determining rates in each state, so let’s take a look at the most affordable auto insurance companies in Wisconsin.

It’s important that you understand Madison, WI auto insurance rates are based on many factors that will increase or decrease the cost of having a policy. Getting older, moving to a different location, or having a fender bender can trigger changes in premium resulting in some rates now being more affordable than competitors.

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Cheapest Wisconsin auto insurance companies
Rank Company Cost Per Year
1 USAA $586
2 Partners Mutual $632
3 Erie $717
4 Rockford Mutual $724
5 Pekin Insurance $745
6 Rural Mutual Insurance $749
7 Nationwide $752
8 Western National $777
9 Integrity Mutual $794
10 Travelers $828
11 State Farm $905
12 West Bend Mutual $926
13 The Hartford $940
14 General Casualty $954
15 Auto Club Group $977
16 Auto-Owners $1,114
17 American Family $1,125
18 Farmers $1,141
19 Progressive $1,164
20 GEICO $1,202
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USAA generally has some of the most affordable car insurance rates in Madison at around $586 each year. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance would also be considered some of the most economical Madison, WI auto insurance companies.

As illustrated above, if you buy coverage from Erie and switched to USAA, you may realize a yearly savings of around $131. Customers with Rockford Mutual could save as much as $138 a year, and Pekin Insurance customers might cut rates by $159 a year.

If you would like to find cheaper car insurance rates, click here to start a quote or click several companies below for low rates.

Understand that those rates are averages for all types of insureds and vehicles and do not take into consideration a specific zip code for drivers over age 70. So the company that fits your situation best may not even be in the top 30 companies shown above. That illustrates why you need to compare prices as often as possible using your own driver information and specific vehicle type.

The vehicle needing coverage is one of the biggest factors when shopping for the most economical auto insurance for drivers over age 70. Vehicles with limited speed and performance, a great safety record, or a positive history of liability claims will cost quite a bit less to insure than fast, unsafe models. The next list features coverage costs for a selection of the cheapest vehicles to buy coverage for.

Cheapest Vehicles to Insure in Madison, WI
Make and Model Estimated Cost for Full Coverage
Honda CR-V LX 2WD $1,165
Hyundai Elantra GLS Touring Station Wagon $1,171
Ford Escape Limited 2WD $1,183
Jeep Wrangler Sport 4WD 2-Dr $1,215
Toyota Prius $1,275
Ford F-150 XLT Super Cab 4WD $1,325
Toyota Tacoma 2WD $1,362
Ford Edge SEL AWD $1,369
Chevrolet Impala LS $1,362
GMC Sierra SL Extended Cab 2WD $1,380
Toyota RAV4 Limited 4WD $1,386
Chevrolet Silverado LT Extended Cab 4WD $1,380
Ford Fusion S 4-Dr Sedan $1,390
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Data assumes single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Price information does not factor in specific zip code location which can raise or lower coverage rates significantly.

Based upon the table data, you can conclude that cars like the Honda CR-V, Hyundai Elantra, Ford Escape, and Jeep Wrangler are most likely going to be a few of the less-costly vehicles to insure for older drivers. Prices will tend to be higher just because there is more claim risk for drivers over age 70, but overall those vehicles will probably have the best insurance prices compared to other vehicles.

Drive responsibly or pay higher rates

The easiest way to maintain the best auto insurance rates in Madison for older drivers is to pay attention while driving and not have accidents or get tickets. The diagram below illustrates how violations and accident claims influence premium costs for different age groups of insureds. The prices are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are applied to the premium.

The data above shows the average cost of a car insurance policy in Madison per year with no violations or accidents is $843. Receive one speeding ticket and the average cost swells to $981, an increase of $138 each year. Then throw in one accident along with the one speeding ticket and the 12-month cost of auto insurance for drivers over age 70 jumps again to an average of $1,363. That’s an increase of $520, or $43 per month, just for being a little careless behind the wheel!

Cost comparison with and without full coverage

Paying less for auto insurance should be important to most people, and a good way to pay less for insurance for drivers over age 70 is to not pay for full coverage. The illustration below illustrates the difference between auto insurance costs with and without physical damage coverage. The price estimates are based on no accidents, no driving violations, $100 deductibles, drivers are single, and no discounts are applied to the premium.

As an average, physical damage coverage costs $1,476 per year over having just liability coverage. That is a big expense that brings up the question if buying full coverage is worth the expense. There is no exact formula of when to eliminate full coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s claim settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would get paid by your company is $4,000 after you pay the deductible. If premium cost is more than $400 annually for full coverage, then you might want to think about dropping full coverage.

The professional agents shown below can aid you in deciding which coverages you need, since some drivers aren’t sure which coverage they need and prefer to have some professional guidance when buying car insurance for drivers over age 70. It’s not always easy to find the best policy yourself, so getting advice from a licensed agent can give you comfort knowing you have enough coverage when you need it. To find a Madison insurance agency near you, click the button after the list.

More Madison, WI insurance agents

Ideas for finding low-cost auto insurance for drivers over age 70

It’s not impossible to find cheaper rates, and here are some penny-pinching solutions that can help you get low-cost coverage.

That last tip is certainly necessary, as we hit on in this article. Insurance rates change a lot, so you should be ready to buy from a new company if a better deal can be had.

Brand loyalty is great, but it’s not recommended if that devotion results in you overpaying several hundred dollars every year. In less than five minutes you could compare prices and find cheaper auto insurance for drivers over age 70 in Madison.