Cheap Insurance for a Honda Element in Madison

  1. Home
  2. >
  3. Madison Auto Insurance
  4. >
  5. Honda Element

Insurance rates Honda Element in MadisonIf saving money is your primary concern, then the best way to find better pricing on Honda Element insurance in Madison is to regularly compare price quotes from insurers that sell auto insurance in Wisconsin.

Step 1: Get an understanding of how insurance companies determine prices and the factors you can control to keep rates low. Many rating factors that increase rates such as getting speeding tickets and a not-so-good credit rating can be rectified by making minor changes to your lifestyle.

Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only provide price estimates from a single company like Progressive or Allstate, while independent agencies can give you price quotes for many different companies.

Step 3: Compare the new rate quotes to your existing policy to determine if you can save on Element insurance in Madison. If you find better rates and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Notify your company or agent to cancel your current car insurance policy and submit a completed application and payment for the new coverage. Once received, put the proof of insurance paperwork in an easily accessible location.

One thing to point out is to compare identical coverages on each quote and and to get quotes from as many car insurance companies as possible. This ensures an accurate price comparison and the most accurate and complete price analysis.

It goes without saying that auto insurance companies want to keep you from comparing prices. Insureds who get price comparisons are inclined to switch companies because they have good chances of finding lower prices. A recent car insurance study revealed that drivers who make a habit of shopping around saved over $3,500 over four years compared to other drivers who don't regularly compare prices.

If finding the lowest rates on auto insurance is your ultimate goal, then understanding the best ways to find and compare cheaper coverage can help simplify the task of finding more affordable coverage.

The fastest way that we advise to compare policy rates for Honda Element insurance in Madison is to know the trick most larger insurance companies allow for online access to give you rate quotes. To begin a comparison, all you need to do is provide the companies a bit of rating information including your job, how old drivers are, how your vehicles are used, and any included safety features. Your details gets transmitted to multiple top-rated companies and they provide comparison quotes instantly.

To find the cheapest car insurance rates, click here and enter your zip code.

The companies shown below have been selected to offer quotes in Wisconsin. To locate cheaper auto insurance in WI, it's highly recommended you click on several of them to get a more complete price comparison.

Why you need to buy insurance

Despite the high cost, insurance serves a purpose in several ways.

First, the majority of states have mandatory insurance requirements which means state laws require a specific minimum amount of liability 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 vehicle has a loan, most lenders will force you to have physical damage coverage to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the lender will be forced to insure your Honda for a much higher rate and force you to pay a much higher amount than you were paying before.

Third, insurance preserves both your assets and your Honda. Insurance will pay for medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance will also pay for a defense attorney if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.

The benefits of insuring your Element more than cancel out the cost, especially if you ever need it. But the average driver in Wisconsin is overpaying over $869 every year so you should quote and compare rates each time the policy renews to ensure rates are inline.

Honda Element insurance statistics and information

The premium information shown below showcases estimates of insurance costs for Honda Element models. Having a good understanding how insurance prices are formulated can be useful when making decisions on which insurance to purchase.

Honda Element Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $112 $200 $216 $12 $64 $604 $50
Element LX 4WD $112 $200 $216 $12 $64 $604 $50
Element EX 2WD $112 $200 $216 $12 $64 $604 $50
Element EX 4WD $112 $200 $216 $12 $64 $604 $50
Element SC 2WD $112 $200 $216 $12 $64 $604 $50
Get Your Own Custom Quote Go

Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Table data does not factor in vehicle garaging location which can lower or raise insurance rates greatly.

Raise deductibles and save

One of the hardest decisions when shopping for insurance is which comprehensive and collision deductibles to buy. The comparison tables below can help you visualize how much more you'll pay when you choose different comp and collision deductibles. The first set of rates uses a $100 deductible for comp and collision and the second rate table uses a $1,000 deductible.

Honda Element insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $198 $358 $230 $14 $68 $893 $74
Element LX 4WD $198 $358 $230 $14 $68 $893 $74
Element EX 2WD $198 $358 $230 $14 $68 $893 $74
Element EX 4WD $198 $358 $230 $14 $68 $893 $74
Element SC 2WD $198 $358 $230 $14 $68 $893 $74
Get Your Own Custom Quote Go
Honda Element insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $110 $188 $230 $14 $68 $610 $51
Element LX 4WD $110 $188 $230 $14 $68 $610 $51
Element EX 2WD $110 $188 $230 $14 $68 $610 $51
Element EX 4WD $110 $188 $230 $14 $68 $610 $51
Element SC 2WD $110 $188 $230 $14 $68 $610 $51
Get Your Own Custom Quote Go

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in specific location which can lower or raise coverage rates greatly.

Based on the above data, using a $100 deductible will cost you about $23 more each month or $276 every year averaged for all Element models than choosing the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to average at least 39 months between claims, you would come out ahead going with the higher deductible. The numbers below show an example of how you can make your own decision.

Average monthly premium for $100 deductibles: $74
Average monthly premium for $1,000 deductibles (subtract): - $51
Monthly savings from raising deductible: $23
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $23
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 39 months

One important caveat is that a higher deductible level means you pay more out-of-pocket when you have a comprehensive or collision claim. You should have some available funds in order to pay the deductible to have repairs made.

Comparison of insurance rates by gender

The diagram below illustrates the comparison of Honda Element insurance premiums for male and female drivers. The rates are based on no claims or driving citations, full physical damage coverage, $1,000 deductibles, single marital status, and no discounts are factored in.

How much more does full coverage cost?

The chart below visualizes the comparison of Honda Element auto insurance costs with and without full coverage. The costs are based on no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are factored in.

When to stop buying physical damage coverage

There is no definitive guideline of when to eliminate physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.

For example, let's pretend your Honda Element claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after paying your policy deductible. If premiums are more than $800 annually for physical damage coverage, then you might consider buying liability only.

There are a few cases where dropping full coverage is not a good plan. If you have an outstanding loan on your vehicle, you are required to maintain full coverage to protect the lienholder's interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.

Get cheaper Honda Element insurance in Madison with discounts

Auto insurance companies do not advertise every possible discount very clearly, so the following list contains both the well known as well as some of the hidden discounts you could be receiving when you buy Madison auto insurance online.Discount auto insurance

  • Anti-lock Brake Discount - Cars that have anti-lock braking systems are much safer to drive and the ABS can save up to 10%.
  • New Vehicle Savings - Adding a new car to your policy can cost up to 25% less since new model year vehicles have better safety ratings.
  • Passenger Safety Discount - Factory air bags and/or automatic seat belt systems can qualify for discounts as much as 30%.
  • Mature Driver Discount - If you qualify as a senior citizen, you may be able to get a slight reduction on a Madison auto insurance quote.
  • Fewer Miles Equal More Savings - Fewer annual miles on your Honda can qualify you for discounted auto insurance rates on garaged vehicles.
  • Defensive Driving Course - Participating in a course teaching driver safety skills could possibly earn you a 5% discount and easily recoup the cost of the course.
  • Switch and Save Discount - A few companies give discounts for renewing your policy early. The savings is around 10%.
  • Federal Employees - Simply working for the federal government can earn a discount up to 10% with select insurance companies.
  • Discounts for Good Drivers - Drivers who don't get into accidents could pay up to 40% less than their less cautious counterparts.
  • Multiple Cars - Purchasing coverage when you have all your vehicles with the same company can get a discount on all vehicles.

Just know that many deductions do not apply to your bottom line cost. Most only apply to the price of certain insurance coverages like comp or med pay. So despite the fact that it appears it's possible to get free car insurance, companies don't profit that way. But all discounts will reduce your policy premiums.

The diagram below illustrates the comparison of Honda Element insurance costs with and without discounts applied. The rates are based on a female driver, no violations or claims, Wisconsin state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, multi-policy, multi-car, claim-free, and homeowner discounts applied.

A partial list of companies that may offer policyholders most of these discounts possibly include:

If you need the cheapest Honda Element rate quotes, ask every company which discounts can lower your rates. Some of the earlier mentioned discounts might not be offered on policies in your area. To see auto insurance companies with significant discounts in Wisconsin, follow this link.

Do I need an agent?

Some consumers just prefer to have an agent's advice and that is OK! One of the great benefits of getting free rate quotes online is you can get cheap rate quotes and still choose a local agent. Buying from and supporting local agencies is especially important in Madison.

Madison insurance agentsBy using this quick form, your coverage information gets sent to local insurance agents who will return price quotes to get your business. It's much easier because you don't need to contact any agents since price quotes are sent to your email. It's the lowest rates and a licensed agent to work with. If you wish to get a comparison quote from one company in particular, don't hesitate to navigate to their website and give them your coverage information.

If you need to find a good Madison insurance agent, it's helpful to know the different agency structures and how they differ in how they can insure your vehicles. Insurance agencies in Madison can be described as either independent (non-exclusive) or exclusive.

Independent Agents

Independent agencies are not limited to a single company so as a result can place your coverage through many companies and help determine which has the cheapest rates. If your premiums go up, an independent agent can move your coverage and you won't have to switch agencies. If you need cheaper insurance rates, you will definitely want to include at least one independent agent so that you have a good selection of quotes to compare. Most also have access to lesser-known insurance companies that many times have cheaper rates.

Below is a list of independent insurance agencies in Madison that may be able to give you free rate quotes.

More insurance agents

Exclusive Agents

Agents that choose to be exclusive can only place business with one company like AAA, State Farm, Farmers Insurance, and Allstate. They usually cannot provide rate quotes from other companies so if the price isn't competitive there isn't much they can do. Exclusive agents are highly trained on their company's products which can be an advantage. Some insured continue to buy insurance from these agents partially due to the brand legacy and the convenience of having a single billing for all their coverages.

The following is a short list of exclusive agencies in Madison that can give you comparison quotes.

More insurance agents

Choosing the best car insurance agent requires more thought than just the price. The answers to these questions are important, too.

  • If you raise deductibles, how much can you save?
  • Do they carry Errors and Omissions coverage?
  • Does their agency support local causes in Madison?
  • What is the financial rating for the quoted company?
  • Is the agent properly licensed in Wisconsin?
  • Are they full-time agents?
  • Does the agency have a good rating with the Better Business Bureau?
  • Is vehicle damage repaired with OEM or aftermarket parts?

You can lower your insurance rates

As you restructure your insurance plan, never reduce coverage to reduce premium. There are a lot of situations where consumers will sacrifice physical damage coverage and learned later that the small savings ended up costing them much more. The aim is to find the BEST coverage at the best cost.

Lower-priced insurance in Madison is attainable both online as well as from independent agents in Madison, and you need to comparison shop both in order to have the best price selection to choose from. Some insurance companies may not have online rate quotes and these smaller companies work with independent insurance agents.

Insureds who switch companies do it for many reasons like questionable increases in premium, unfair underwriting practices, delays in responding to claim requests and even high rates after DUI convictions. It doesn't matter what your reason, finding a new company can be easier than you think.

To learn more, feel free to visit these articles: