Ford Explorer Insurance Quotes in Madison

Are you a victim of an expensive insurance policy? Believe me when I say there are lots of people in the same boat.

Insurance quote for Ford Explorer in MadisonAstonishing but true according to a recent study, over 70% of consumers have remained with the same insurance company for a minimum of four years, and roughly 40% of drivers have never compared rate quotes at all. Consumers in Wisconsin can save hundreds of dollars each year by just comparing quotes, but they just don’t understand the rate savings if they replace their high priced policy.

Steps to finding low-cost rates for Ford Explorer insurance in Madison

If saving money is your primary concern, then the best way to get cheaper car insurance rates is to start comparing prices yearly from insurers who provide car insurance in Madison. Rates can be compared by following these guidelines.

First, try to learn about how companies set rates and the measures you can control to keep rates low. Many things that result in higher rates such as accidents, traffic violations, and a low credit rating can be amended by making small lifestyle or driving habit changes. This article provides the details to get better rates and get discounts that may be overlooked.

Second, request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can give quotes from a single company like Progressive or Farmers Insurance, while independent agencies can provide rate quotes for many different companies.

Third, compare the new quotes to your existing coverage and determine if cheaper Explorer coverage is available. If you find better rates and switch companies, make sure there is no coverage gap between policies.

Fourth, notify your company or agent of your decision to cancel your current coverage. Submit the required down payment along with the signed application for the new coverage. When you receive it, store the proof of insurance paperwork in your glove compartment.

An essential thing to point out is that you use identical limits and deductibles on each quote and and to compare as many different insurance providers as possible. Doing this enables a level playing field and a good representation of prices.

Consumers have multiple auto insurance companies to insure vehicles with, and though it is a good thing to have a choice, more options can take longer to compare rates and cut insurance costs.

It is always a good idea to price shop coverage every six months because rates are constantly changing. Even if you think you had the best deal on Ford Explorer insurance in Madison last year there may be better deals available now. You can find a lot of misleading information regarding Explorer insurance on the internet, but I’m going to show you some good information on how to buy insurance cheaper in Madison.

Most of the larger companies such as State Farm, GEICO and Progressive provide prices for coverage on their websites. Doing online quotes for Ford Explorer insurance in Madison can be done by anyone as you just type in your coverage information as detailed in the form. When the form is submitted, the quote system sends out for your credit score and driving record and quotes a price based on these and other factors. Quoting online for Ford Explorer insurance in Madison helps simplify price comparisons, and it is important to do this in order to get affordable rates.

To find out what other companies charge, take a look at the companies shown below. To compare your current rates, we recommend you replicate your coverages as close as possible to your current policy. Using the same limits helps guarantee you’re receiving an apples-to-apples comparison based on similar coverages.

The providers in the list below are ready to provide price quotes in Wisconsin. If you want to find the best car insurance in WI, it’s highly recommended you get rate quotes from several of them to get a more complete price comparison.

Insurance data for a Ford Explorer

The table shown below highlights different policy rates for Ford Explorer models. Learning more about how auto insurance premiums are formulated can be of help when making smart choices when selecting a coverage provider.

Ford Explorer Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Explorer XLT 2WD $126 $154 $302 $18 $90 $690 $58
Explorer Eddie Bauer 2WD $126 $154 $302 $18 $90 $690 $58
Explorer XLT 4WD $126 $154 $302 $18 $90 $690 $58
Explorer XLT AWD $126 $154 $302 $18 $90 $690 $58
Explorer Eddie Bauer 4WD $142 $188 $302 $18 $90 $740 $62
Explorer Eddie Bauer AWD $142 $188 $302 $18 $90 $740 $62
Explorer Limited 2WD $142 $188 $302 $18 $90 $740 $62
Explorer Limited 4WD $142 $188 $302 $18 $90 $740 $62
Explorer Limited AWD $142 $188 $302 $18 $90 $740 $62
Get Your Own Custom Quote Go

Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Rate information does not factor in specific garaging location which can raise or lower insurance rates considerably.

Deductible comparison

When buying insurance, a common question is at what level do you set your deductibles. The rates shown below summarize the premium difference between low and high policy deductibles. The first table uses a $250 deductible and the second rate chart uses a $1,000 deductible.

Ford Explorer insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Explorer XLT 2WD $178 $246 $230 $14 $68 $761 $63
Explorer Eddie Bauer 2WD $178 $246 $230 $14 $68 $761 $63
Explorer XLT 4WD $178 $246 $230 $14 $68 $761 $63
Explorer XLT AWD $178 $246 $230 $14 $68 $761 $63
Explorer Eddie Bauer 4WD $200 $300 $230 $14 $68 $837 $70
Explorer Eddie Bauer AWD $200 $300 $230 $14 $68 $837 $70
Explorer Limited 2WD $200 $300 $230 $14 $68 $837 $70
Explorer Limited 4WD $200 $300 $230 $14 $68 $837 $70
Explorer Limited AWD $200 $300 $230 $14 $68 $837 $70
Get Your Own Custom Quote Go

Ford Explorer insurance premium estimates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Explorer XLT 2WD $110 $154 $230 $14 $68 $576 $48
Explorer Eddie Bauer 2WD $110 $154 $230 $14 $68 $576 $48
Explorer XLT 4WD $110 $154 $230 $14 $68 $576 $48
Explorer XLT AWD $110 $154 $230 $14 $68 $576 $48
Explorer Eddie Bauer 4WD $124 $188 $230 $14 $68 $624 $52
Explorer Eddie Bauer AWD $124 $188 $230 $14 $68 $624 $52
Explorer Limited 2WD $124 $188 $230 $14 $68 $624 $52
Explorer Limited 4WD $124 $188 $230 $14 $68 $624 $52
Explorer Limited AWD $124 $188 $230 $14 $68 $624 $52
Get Your Own Custom Quote Go

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Rate information does not factor in Madison location which can impact coverage rates significantly.

Based on these figures, using a $250 deductible could cost the average driver approximately $17 more each month or $204 annually than selecting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you have at least 44 months between claims, you would more than likely save some money by going with a higher deductible.

How to determine when to raise deductibles

Average monthly premium for $250 deductibles: $67
Average monthly premium for $1,000 deductibles (subtract): – $50
Monthly savings from raising deductible: $17
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $17
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 44 months

One important caveat is that a higher deductible level results in a higher out-of-pocket expense if you have a claim. You need some savings in order to pay the deductible for vehicle repair.

Full coverage versus liability-only in Madison

The information below illustrates the difference between Ford Explorer insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The premium estimates are based on no accidents, no driving violations, $500 deductibles, drivers are single, and no additional discounts are factored in.

Should you pay for full coverage?

There is no exact formula to stop buying full coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.

For example, let’s assume your Ford Explorer replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after paying the physical damage deductible. If you are paying in excess of $500 annually to have full coverage, then it may be the right time to buy liability only.

There are some situations where dropping physical damage coverage is not financially feasible. If you haven’t paid off your loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not buy liability only.

Why you need quality insurance for your Ford vehicle

Despite the high cost of buying insurance for a Ford Explorer in Madison, maintaining insurance is required in Wisconsin but also provides important benefits.

First, almost all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific level 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 you have a loan on your car, it’s most likely the lender will force you to have full coverage to guarantee payment of the loan. If you default on your policy, the bank or lender will purchase a policy for your Ford at a significantly higher premium and make you pay much more than you were paying before.

Third, insurance protects not only your Ford Explorer but also your assets. It will also cover all forms of medical expenses that are the result of an accident. Liability insurance also pays expenses related to your legal defense if someone files suit against you as the result of an accident. If you have damage to your Ford as the result of the weather or an accident, your policy will pay to restore your vehicle to like-new condition.

The benefits of having insurance definitely exceed the price paid, particularly when you have a large claim. In a recent study of 1,000 drivers, the average customer is wasting up to $700 annually so it’s recommended you shop around at least once a year to ensure rates are competitive.

Informed Consumers Save Money

Multiple criteria are taken into consideration when premium rates are determined. Some factors are common sense such as your driving record, although others are less obvious such as whether you are married or your financial responsibility. It’s important that you understand some of the elements that are used to determine the rates you pay for auto insurance. If you understand what influences your rates, this empowers consumers to make smart changes that could help you find lower premium levels.

Extra coverages can cost a lot – Insurance policies have a lot of optional add-on coverages you can purchase on your Explorer policy. Add-on coverages like personal injury protection, accidental death, and term life insurance could be just wasting money. These coverages may sound good when discussing your needs, but if they’re wasting money consider taking them off your policy.

Where you live – Choosing to live in less populated areas of the country has it’s advantages when talking about auto insurance. Lower population translates into fewer accident claims and lower theft and vandalism rates. Drivers in populated Wisconsin areas have to deal with more aggressive driving styles and more time behind the wheel. Longer commute distances means more chance of being in an accident.

Youthful driver insurance rates – Young drivers in Wisconsin have been known to be careless and easily distracted with other occupants in the car so they pay higher auto insurance rates. Having to add a teen driver onto your auto insurance can be quite pricey. More mature drivers have been proven to be more responsible, cost insurance companies less in claims, and are safer drivers.

The chart below is based on a single driver, full coverage with $500 deductibles, and no discounts or violations.

Premiums increase with driving tickets – Attentive drivers tend to pay less for car insurance than their less careful counterparts. Having a single speeding ticket can boost insurance rates to the point where it’s not affordable. Drivers unfortunate enough to have serious tickets such as hit and run, DWI or reckless driving convictions may find they need to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to legally drive.

The information below illustrates how traffic citations and at-fault accidents can raise Ford Explorer insurance costs for different insured age categories. Data assumes a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.

Does insurance cost less for females? – Over time, data shows females are less aggressive when driving. However, this does not mean women are BETTER drivers than men. Women and men cause auto accidents at about the same rate, but the male of the species tend to have higher claims. Men also statistically get more serious tickets like driving under the influence (DUI). Youthful male drivers cause the most accidents so it costs more to insure them.

The illustration below compares Ford Explorer car insurance costs for male and female drivers. Data assumes no violations or claims, full coverage, $1,000 deductibles, marital status is single, and no other discounts are factored in.

Insurance claims cost money – If you tend to file frequent claims, you shouldn’t be surprised to get either a policy non-renewal or much higher rates. Insurance companies in Wisconsin generally give the lowest premiums to policyholders who are not frequent claim filers. Your insurance policy is intended to be relied upon for larger claims.

Consolidate policies to earn discounts – Lots of insurers will give a discount to insureds who consolidate policies with them in the form of a multi-policy discount. Discounts can add up to ten percent or more. Even if you already get this discount, it’s in your best interest to compare other company rates to ensure the best deal.

High credit scores equal low rates – Having a bad credit score will be a significant factor in determining premium rates. Insureds that have very good credit scores tend to be more responsible than those with poor credit scores. If your credit rating is lower than you’d like, you could save money insuring your Ford Explorer by spending a little time repairing your credit.

Ford Explorer claim probability – Insurance companies use statistical claims data to calculate a rate that offsets possible losses. Vehicles that the data shows to have a trend towards higher claim severity or frequency will have higher premium rates. The information below illustrates the collected loss data for Ford Explorer vehicles.

For each policy coverage type, the statistical loss for all vehicles, as an average, is represented as 100. Values that are under 100 indicate a favorable loss history, while values that are above 100 point to more claims or an increased chance of larger losses than average.

Insurance Loss Ratings for Ford Explorer Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Ford Explorer 4dr 2WD 80 90 79 75 70 82
Ford Explorer 4dr 4WD 94 94 97 75 70 85

Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

You can find cheap coverage

In this article, we covered many ways to shop for Ford Explorer insurance online. It’s most important to understand that the more quotes you get, the better chance you’ll have of finding inexpensive Madison auto insurance quotes. Consumers could even find that the lowest prices are with an unexpected company. They may cover specific market segments cheaper than their larger competitors like GEICO and State Farm.

When you buy Madison auto insurance online, do not buy lower coverage limits just to save a few bucks. There are many occasions where consumers will sacrifice uninsured motorist or liability limits only to find out that the small savings ended up costing them much more. The aim is to purchase plenty of coverage for the lowest cost, not the least amount of coverage.

How to find the cheapest rates for Ford Explorer insurance in Madison

The recommended way to find affordable Ford Explorer insurance is to compare quotes once a year from insurance carriers that sell auto insurance in Madison.

  1. Spend a few minutes and learn about coverages and the modifications you can make to prevent rate increases. Many rating factors that drive up the price such as traffic violations, accidents, and a not-so-good credit history can be eliminated by improving your driving habits or financial responsibility.
  2. Get rate quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like Progressive or Allstate, while independent agencies can quote rates from many different companies.
  3. Compare the new rates to your existing policy to see if a cheaper rate is available in Madison. If you find a better price, make sure the effective date of the new policy is the same as the expiration date of the old one.
  4. Tell your current company to cancel your current auto insurance policy. Submit a down payment along with a completed application to the new insurer. Make sure you put the new certificate verifying proof of insurance in your glove compartment.

One thing to remember is to try to compare the same deductibles and limits on every quote request and and to get price quotes from every insurance company. Doing this ensures the most accurate price comparison and a complete rate analysis.

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