Who Has the Cheapest Auto Insurance Quotes for Homeowners in Madison?

The words “economical” and “insurance” really don’t belong together, especially when you are trying to find the cheapest car insurance for homeowners. To save some money, let’s get started by showing you a few of the factors that help determine insurance premiums, and find out if we can help you lower the price of your next policy.

The vehicle to be insured is one of the largest factors that determines the availability of cheap insurance for homeowners. Vehicles with reasonable performance levels, modern passenger safety features, or a track record of few liability claims will cost less to insure than adrenaline junky models.

The table below ranks auto insurance premiums for a selection of the most budget-friendly automobiles to insure in Wisconsin.

Cheapest Vehicles to Insure in Madison, WI
Make and Model Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,158
Honda CR-V LX 4WD $1,163
Ford Escape XLT 2WD $1,158
Ford F-150 XLT Regular Cab 4WD $1,181
Volkswagen Jetta 2.0T Station Wagon $1,239
Dodge Grand Caravan SXT $1,273
Toyota Prius $1,285
Ford Edge SE AWD $1,341
Toyota Corolla XRS $1,350
GMC Sierra 2500HD SLE Crew Cab 4WD $1,341
Chevrolet Malibu Hybrid $1,368
Toyota RAV4 Sport 2WD $1,405
Ford Explorer Limited 4WD $1,438
Toyota Tacoma Double Cab TRD Off-Road Package 4WD $1,447
Hyundai Elantra Blue 4-Dr Sedan $1,442
Honda Odyssey EX-L W/Rear Entertainment $1,445
Chevrolet Impala LTZ $1,450
Ford F-350 XLT Crew Cab Cabela Turbo Diesel 2WD $1,454
GMC Sierra SLT Extended Cab 2WD $1,470
Toyota Camry SE $1,473
Jeep Wrangler Unlimited Sahara 4WD 4-Dr $1,479
Chevrolet Equinox LTZ AWD $1,505
Jeep Grand Cherokee Limited 2WD $1,515
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in vehicle garaging location which can decrease or increase coverage rates greatly.

Based on these rates, cars like the Honda Accord, Honda CR-V, Ford Escape, and Ford F-150 are most likely going to be some of the cheaper vehicles to insure for people who own their homes.

One of the many components that are used to help calculate the amount you pay for auto insurance is your zip code. Cities with larger populations are more likely to pay higher prices, whereas areas with less people or fewer weather incidents have the benefit of cheaper auto insurance prices.

The next table sorts the most expensive areas in Wisconsin for homeowners to buy auto insurance in. Madison ranks #15 with an annual cost of $1,040 for coverage, which is about $87 per month.

How much does auto insurance cost in Madison?
Rank City Annual Premium
1 Milwaukee $1,396
2 Wauwatosa $1,359
3 West Allis $1,234
4 Kenosha $1,230
5 Greenfield $1,204
6 Oak Creek $1,190
7 Racine $1,181
8 Beloit $1,118
9 Franklin $1,117
10 Eau Claire $1,091
11 Brookfield $1,077
12 Menomonee Falls $1,068
13 New Berlin $1,060
14 Janesville $1,042
15 Madison $1,040
16 Wausau $1,037
17 Waukesha $1,034
18 La Crosse $1,022
19 West Bend $1,007
20 Manitowoc $997
21 Fond du Lac $965
22 Appleton $964
23 Oshkosh $960
24 Green Bay $960
25 Sheboygan $935
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Rate information is approximated as the specific zip code location can decrease or increase auto insurance rates substantially.

Comparing rates for low-cost car insurance is tough enough, and determining which companies have the best auto insurance rates for homeowners will take more quotes for comparison.

Every insurance company has their own process to set policy rates, so let’s take a look at the auto insurance companies that tend to be cheaper in Madison, WI. It’s important to understand that Madison auto insurance rates are based on many factors which can significantly increase or decrease the cost of your policy. Events like turning one year older, having a teenage driver, or getting a driving violation can trigger rate changes that can make some companies affordable when they were higher priced.

Best Car Insurance Prices for Homeowners

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What’s the cheapest car insurance in Wisconsin?
Rank Company Cost Per Year
1 USAA $598
2 Partners Mutual $614
3 Erie $724
4 Rockford Mutual $746
5 Pekin Insurance $752
6 Integrity Mutual $770
7 Rural Mutual Insurance $772
8 Nationwide $775
9 Western National $793
10 Travelers $796
11 The Hartford $912
12 General Casualty $926
13 West Bend Mutual $926
14 State Farm $932
15 Auto Club Group $939
16 Auto-Owners $1,126
17 American Family $1,137
18 Progressive $1,152
19 Farmers $1,165
20 GEICO $1,226
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USAA offers some of the lowest car insurance rates in Madison at around $598 per year. This is $563 less than the average policy premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance also make the cut as some of the lowest-priced Madison, WI insurance companies.

As illustrated above, if you currently buy coverage from Pekin Insurance and switched to Partners Mutual, you could realize an annual premium reduction of roughly $138. Drivers with Integrity Mutual might save as much as $156 a year, and Rural Mutual Insurance insureds might reduce prices by as much as $158 a year.

Understand that those policy prices are averaged across all drivers and vehicles and do not take into consideration an exact vehicle garaging location for homeowners. So the car 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 auto insurance quotes using your own individual information.

How accidents and violations affect rates

A great way to obtain the most affordable auto insurance rates for people who own their homes is to drive carefully and not have accidents or get tickets. The diagram below shows how speeding tickets and at-fault accidents drive up premium costs for different insured age categories. The prices are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.

In the previous example, the average cost of car insurance per year with a clean driving record and no accidents is $934. Add in two speeding tickets and the average cost hikes up to $1,279, an increase of $346 each year. Now add one accident along with the two speeding tickets and the yearly cost of auto insurance for homeowners goes up to an average of $1,629. That’s an increase of $695, or $58 per month, just for not being more responsible behind the wheel!

Liability only or full coverage

Finding the cheapest auto insurance is probably important to the majority of people, and a good way to pay less for insurance for homeowners is to only buy liability insurance. The chart below shows the comparison of insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no accidents, no driving violations, $100 deductibles, single marital status, and no policy discounts are applied.

If we average the cost for all age groups, comprehensive and collision coverage on your policy costs $1,773 per year more than buying just liability insurance. Many drivers will wonder if buying full coverage is worth the money. There is no set rule to exclude full coverage, but there is a broad guideline. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then you might want to consider buying only liability coverage.

Why you should shop around

Wisconsin auto insurance rates are calculated based on many things which can substantially decrease or increase the cost of having a policy. Getting older, buying higher coverage limits, or getting a driving violation may generate price changes resulting in some rates now being more affordable than the competition. Additionally, insurance companies file new Wisconsin auto insurance rates as often as every quarter to adjust for gains or losses. Higher than usual claims may result in rate hikes, while long-term profits may produce lower-cost Madison car insurance rates.

For instance, the graph below shows the company with the cheapest car insurance in Madison, WI for a 35-year-old female driver with a clear driving record, no claims, and good credit. Based on her personal risk profile, USAA may offer the cheapest car insurance rates in Madison at $678 each year. This is $483 less than the average premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance are also included in the most affordable Madison, WI auto insurance companies.

The next chart shows rates after we give the driver from the first example an accident surcharge, bad credit, and an imperfect driving record. Due to the fact that each insurance company has their own guidelines to set their prices, comparing insurance quotes most likely will result in a different list of the cheapest car insurance companies in Madison as shown below.

Rural Mutual Insurance now has the cheapest insurance rate in Madison, WI with Nationwide, Western National, Travelers, and State Farm also being competitive. This example shows why Madison drivers need to take the time to shop around to find the most budget-friendly auto insurance quotes for homeowners. Rates can be determined by many different factors and change frequently, so the best option a year ago may now be wasting a lot of money.