Has it been over a year since you last compared quotes for more affordable Chevy Malibu insurance in Madison? Buying the most affordable Madison Chevy Malibu insurance quotes is challenging for consumers that are relatively new to online price comparisons. With dozens of companies competing online, how can anyone have a chance to compare each option to find the lowest rates?
How to buy discount Chevy Malibu insurance in Madison
The easiest way to get affordable auto insurance rates is to start doing an annual price comparison from different companies that insure vehicles in Madison.
First, try to learn about what coverages are included in your policy and the measures you can control to drop your rates. Many things that result in higher prices like traffic citations and a negative credit score can be controlled by paying attention to minor details.
Second, quote rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give prices from one company like GEICO or Allstate, while agents who are independent can quote prices for a wide range of insurance providers.
Third, compare the new rates to the premium of your current policy to see if switching to a new carrier will save money. If you find better rates and switch companies, make sure there is no lapse in coverage.
Fourth, provide written notification to your current company to cancel the current policy and submit a signed application and payment to the new company. Make sure you place the new certificate of insurance with your registration paperwork.
The key thing to remember is to compare similar coverage information on every price quote and and to get prices from as many car insurance companies as possible. This ensures a fair price comparison and many rates to choose from.
It goes without saying that auto insurance companies don’t want you shop around. People who get comparison quotes once a year are inclined to move their business because there is a good chance of finding lower rate quotes. Surprisingly, a recent survey revealed that drivers who regularly shopped around saved as much as $70 a month compared to those who never compared rates.
If finding the cheapest price on Chevy Malibu insurance in Madison is your ultimate goal, then having some knowledge of the best ways to find and compare cheaper coverage can save time and make the process easier.
Consumers need to shop coverage around at least once a year because rates are variable and change quite frequently. Just because you found the lowest rate on Chevy Malibu insurance in Madison two years ago there is a good chance you can find better prices now. Block out anything you think you know about car insurance because you’re about to find out the tricks you need to know to find the best coverage while lowering your premiums.
If you have car insurance now, you will surely be able to cut your premiums using these methods. This article’s intent is to help educate you on how insurance works and some tips to save money. But Wisconsin consumers should learn how insurance companies charge you for coverage.
Take policy discounts and save on Chevy Malibu insurance in Madison
Insuring your vehicles can cost a lot, but you might find some hidden discounts to reduce the price significantly. Certain reductions will be credited at quote time, but some discounts are required to be asked for prior to getting the savings.
- Telematics Data Discounts – Policyholders that allow their company to track driving patterns by using a telematic data system such as Progressive’s Snapshot and State Farm’s In-Drive could possibly reduce rates if they show good driving skills.
- Discounts for Federal Employees – Employees or retirees of the government may qualify for a discount when you quote Madison auto insurance depending on your company.
- Own a Home and Save – Just being a homeowner can save a few bucks because maintaining a house means you have a higher level of financial diligence.
- Online Discount – A few larger online companies provide a small discount for buying your policy over the internet.
- Bundled Policy Discount – When you have multiple policies and insure them with the same company you may save as much as 10 to 15 percent.
- Waiver for an Accident – Not really a discount, but some companies like Allstate and State Farm permit an accident before raising your premiums if you are claim-free for a set time period.
- Save with a New Car – Buying a new car model can save you some money since new vehicles are generally safer.
- Military Rewards – Being on active deployment in the military could be rewarded with lower insurance rates.
A little note about advertised discounts, some credits don’t apply to all coverage premiums. The majority will only reduce the price of certain insurance coverages like liability and collision coverage. Even though the math looks like having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.
The chart below visualizes the comparison of Chevy Malibu premium costs with and without discounts applied to the premium. The data assumes a male driver, no accidents or driving violations, Wisconsin state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, multi-policy, marriage, safe-driver, and multi-car discounts applied.
Large insurance companies and the discounts they provide can be found below.
- Progressive may have discounts that include multi-vehicle, online quote discount, online signing, multi-policy, and good student.
- SAFECO includes discounts for anti-theft, teen safety rewards, safe driver, accident prevention training, multi-car, and homeowner.
- American Family offers discounts including good driver, mySafetyValet, multi-vehicle, Steer into Savings, early bird, defensive driver, and TimeAway discount.
- MetLife has savings for defensive driver, claim-free, accident-free, multi-policy, good student, good driver
- GEICO may offer discounts for military active duty, multi-policy, anti-lock brakes, multi-vehicle, good student, anti-theft, and emergency military deployment.
- The Hartford may include discounts for anti-theft, vehicle fuel type, air bag, driver training, defensive driver, good student, and bundle.
When comparing rates, check with every prospective company how many discounts you can get. A few discounts may not apply in your state.
Many insurance companies give price estimates directly from their websites. Obtaining pricing for Chevy Malibu insurance in Madison is pretty easy as you simply type in the amount of coverage you want as detailed in the form. After the form is submitted, the quote system automatically orders credit information and your driving record and gives you a price quote based on the data you entered.
Quoting online for Chevy Malibu insurance in Madison makes it simple to compare prices and it’s very important to get many rate quotes if you want to get a better rate.
To find out how much you’re overpaying now, compare quotes from the companies shown below. If you currently have coverage, we recommend you replicate the coverages as close as possible to your current policy. This way, you’re receiving a price comparison using the same coverage and limits.
The companies shown below can provide price comparisons in Wisconsin. To find cheaper auto insurance in Madison, we recommend you visit two to three different companies in order to find the most affordable rates.
Facts and figures for Chevy Malibu insurance
The premium information below covers a range of prices for Chevy Malibu models. Learning as much as possible about how auto insurance policy rates are formulated can help guide drivers when making smart choices when buying a car insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Above prices assume married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Price information does not factor in the specific area where the vehicle is garaged which can lower or raise prices substantially.
Higher deductibles lower rates
When comparing auto insurance rates, the most common question is how high should the physical damage coverage deductibles be. The data tables below lay out the rate differences when you choose different comp and collision deductibles. The first set of prices uses a $100 physical damage deductible and the second rate chart uses a $1,000 deductible.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Table data does not factor in zip code location which can revise coverage prices substantially.
We can estimate from the data above that using a $100 deductible costs about $25 more each month or $300 for a full year than quoting the higher $1,000 deductible. Because you would pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you usually have more than 36 months between claim filings, you would save more money if you choose a higher deductible.
How to determine when to raise your deductibles
|Average monthly premium for $100 deductibles:||$77|
|Average monthly premium for $1,000 deductibles (subtract):||– $52|
|Monthly savings from raising deductible:||$25|
|Difference between deductibles ($1,000 – $100):||$900|
|Divide difference by monthly savings:||$900 / $25|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||36 months|
One big caveat is that a higher deductible level results in more money out-of-pocket when you have a comprehensive or collision claim. It will be required that you have enough disposable income in the event you have to pay more to get your vehicle repaired.
The example below shows how choosing a deductible and can raise or lower Chevy Malibu annual premium costs for different insured age categories. The data is based on a married male driver, comprehensive and collision coverage, and no discounts are applied.
Liability only or full coverage
The information below illustrates the comparison of Chevy Malibu auto insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no claims or driving citations, $250 deductibles, drivers are single, and no discounts are applied.
Should you be buying full coverage?
There is no specific rule to drop physical damage coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s assume your Chevy Malibu replacement value is $5,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $4,000 after the policy deductible has been paid. If you are paying over $400 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
There are some conditions where eliminating full coverage is not advised. If you still have a lienholder on your title, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not remove full coverage.
Six Tips to Get More Affordable Madison Insurance Premiums
An important part of buying insurance is that you know a few of the rating criteria that come into play when calculating the price you pay for insurance. If you understand what positively or negatively impacts your premiums, this allows you to make educated decisions that will entitle you to better insurance rates. Multiple criteria are taken into consideration when quoting car insurance. Some are obvious like a motor vehicle report, although some other factors are more obscure such as your marital status or how safe your car is.
The list below includes a partial list of the pieces used by your company to calculate your premiums.
How old are your drivers? – Beginning drivers in Wisconsin have been known to be inattentive in a vehicle so they pay higher insurance rates. Having to add a beginning driver onto your insurance can be quite pricey. More experienced drivers are proven to be safer behind the wheel, cause fewer claims and accidents, and receive fewer citations.
The following chart uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
Fast cars cost more to insure – The make and model of the car you need insurance for makes a big difference in the rate you pay. The lowest base rates will generally be found on lower performance four cylinder passenger cars, but many other things help determine your insurance rates.
The following chart is based on a single female driver age 30, full coverage with $100 deductibles, and no discounts or violations. The chart compares Chevrolet Malibu insurance premiums compared to other models of vehicles that have a range of risk factors.
- Safer cars means lower premiums – Safe vehicles get lower rates. The safest vehicles reduce injuries and lower injury rates means lower claim amounts which can result in lower premiums.
- Premiums impacted by vehicle usage – The higher the mileage driven annually the higher the price you pay to insure it. A lot of insurance companies charge to insure your cars based on their usage. Cars and trucks used primarily for pleasure use receive lower rates than cars that get driven a lot. Double check that your insurance coverage properly reflects the correct driver usage. Improper usage on your Malibu can result in significantly higher rates.
- Your address can impact premiums – Residing in less populated areas of the country may provide you with better prices when talking about insurance. Fewer drivers on the road translates into fewer accidents in addition to lower liability claims. People in densely populated areas tend to have more aggressive driving styles and longer commute times. Longer commute distances translates into higher accident risk.
- Don’t cancel your insurance without a new one in place – Not maintaining insurance is not a good idea and your next policy will cost more because you let your coverage have a gap. Not only will you pay higher rates, not being able to provide proof of insurance might get you a revoked license or a big fine. Then you may be required to submit proof of financial responsibility or a SR-22 with the Wisconsin DMV.
Loss probability for a Chevy Malibu – Auto insurance companies use historical loss data to help calculate a profitable premium rate. Vehicles that statistically have higher claim frequency or loss amount will have a higher premium rate. The next table shows the insurance loss data used by companies for Chevy Malibu vehicles.
For each insurance policy coverage type, the claim amount for all vehicles, as a total average, is considered to be 100. Numbers that are below 100 imply a favorable loss record, while percentages above 100 indicate a higher chance of having a claim or tendency to have higher losses.
Chevrolet Malibu Insurance Loss Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Malibu 94 100 109 139 145 120BETTERAVERAGEWORSE
Statistics from IIHS.org for 2013-2015 Model Years
When to talk to an insurance agency
Some consumers just want to talk to an insurance agent and that can be a smart move The biggest benefit of comparing insurance prices online is you can get cheap auto insurance quotes and still choose a local agent.
After completing this simple form, the quote information is immediately sent to local insurance agents in Madison who will give you quotes to get your business. It simplifies rate comparisons since you won’t have to contact any agents because prices are sent to the email address you provide. You’ll get the best rates and an insurance agent to talk to. In the event you want to compare rates from a specific insurance company, you can always search and find their rate quote page and complete a quote there.
Picking an insurance company requires you to look at more than just the quoted price. These are valid questions to ask:
- Will you get a loaner vehicle if you car is being repaired?
- Which members of your family are coverage by the policy?
- Will the agent or a CSR service your policy?
- Is the agent properly licensed in Wisconsin?
- Does their agency support local causes in Madison?
- How experienced are they in personal risk management?
- Are aftermarket or OEM parts used to repair vehicles?
Not all car insurance agents are the same
If you want to buy auto insurance from a reputable insurance agent or broker, it’s helpful to know the different types of agencies and how they differ in how they quote coverages. Agencies in Madison are either independent or exclusive depending on the company they work for.
Agents that choose to be exclusive can only quote rates from one company and some examples include AAA, State Farm, Farmers Insurance, and Allstate. They generally cannot provide other company’s prices so if the price isn’t competitive there isn’t much they can do. These agents are well schooled on their company’s products which helps them compete with independent agents. Many people purchase coverage from exclusives partially due to the prominence of the brand instead of buying on price only.
Below is a short list of exclusive agents in Madison that are able to give comparison quotes.
- Allstate Insurance Agent: George McDevitt
4706 Cottage Grove Rd Ste 300 – Madison, WI 53716 – (608) 222-2411 – View Map
- Cheng Vang – State Farm Insurance Agent
2110 N Sherman Ave – Madison, WI 53704 – (608) 661-5700 – View Map
- American Family Insurance – D Webster-Scher Agency Inc.
637 E Washington Ave – Madison, WI 53703 – (608) 249-3111 – View Map
Independent Auto Insurance Agencies
These type of agents are not limited to a single company so they have the ability to put coverage through many companies and get you the best rates possible. If you want to switch companies, an independent agent can move your coverage and you don’t have to find a new agent.
When shopping rates, you need to contact several independent agencies to ensure the widest selection of prices. They also have the ability to place coverage with less well-known companies which may have better rates.
Below is a short list of independent insurance agents in Madison willing to provide price quote information.
- Prairie Land Insurance Agency
2045 Atwood Ave #113A – Madison, WI 53704 – (608) 251-3009 – View Map
- M3 Insurance
828 John Nolen Dr – Madison, WI 53713 – (608) 273-0655 – View Map
- Dairyland Auto Insurance
1800 Deming Way – Madison, WI 53717 – (608) 836-3000 – View Map
Auto insurance protects more than just your car
Even though it can be expensive, buying auto insurance serves an important purpose.
First, just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability protection in order to get the vehicle licensed. In Wisconsin these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if your Chevy Malibu has a loan, almost all lenders will make it a condition of the loan that you have comprehensive coverage to protect their interest in the vehicle. If the policy lapses, the bank may buy a policy for your Chevy at a much higher premium rate and require you to reimburse them for the much more expensive policy.
Third, auto insurance preserves not only your Chevy but also your assets. It will also provide coverage for medical transport and hospital expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to have it repaired.
The benefits of having auto insurance are definitely more than the cost, especially with large liability claims. According to a recent study, the average American driver overpays as much as $869 every year so you should quote and compare rates once a year at a minimum to help ensure money is not being wasted.
How much can you save?
Insureds who switch companies do it for any number of reasons including being labeled a high risk driver, high rates after DUI convictions, poor customer service or an unsatisfactory settlement offer. Regardless of your reason, choosing a new insurance company is not as hard as you think.
In this article, we covered a lot of ways to shop for Chevy Malibu insurance online. The key thing to remember is the more you quote Madison auto insurance, the more likely it is that you will get a better rate. Consumers could even find that the best prices are with a small mutual company.
Lower-priced Chevy Malibu insurance in Madison is definitely available both online and from local insurance agents, so you need to quote Madison auto insurance with both to have the best rate selection. Some companies don’t offer the ability to get a quote online and usually these small, regional companies provide coverage only through local independent agents.
How to buy affordable Chevy Malibu insurance in Madison
The most effective way to save on Chevy Malibu insurance in Madison is to do a yearly price comparison from providers that sell auto insurance in Wisconsin.
Step 1: Take a few minutes and learn about the different coverages in a policy and the things you can control to keep rates down. Many policy risk factors that cause high rates such as getting speeding tickets and poor credit rating can be eliminated by making lifestyle changes or driving safer.
Step 2: Compare rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from a single company like GEICO or Allstate, while agents who are independent can quote prices for a wide range of insurance providers. Compare rates now
Step 3: Compare the quotes to the price on your current policy and determine if there is any savings. If you find better rates and decide to switch, ensure coverage does not lapse between policies.
Step 4: Provide adequate notice to your current company of your intent to cancel your existing policy. Submit the required down payment along with the signed application to your new insurance company. Immediately upon receiving it, keep your new proof of insurance paperwork in an easily accessible location in your vehicle.
A key point to remember is to use identical deductibles and limits on every quote and and to look at as many companies as you can. Doing this provides a level playing field and maximum price selection.
More detailed car insurance information can be read in these articles:
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)
- Who Has Affordable Madison Auto Insurance Rates for a Honda Accord? (FAQ)
- Who Has Cheap Madison Car Insurance Quotes for Electric Cars? (FAQ)
- How Much is Madison Car Insurance for Drivers Over Age 50? (FAQ)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Safety Belts FAQ (iihs.org)
- Avoiding Deer Collisions (Insurance Information Institute)