There isn’t anyone who looks forward to paying premiums for car insurance, in particular when they could find better prices if they shop around.
Surprisingly, a recent survey revealed that over 70% of Wisconsin drivers renewed their policy with the same company for well over three years, and almost 40% of drivers have never shopped around. American consumers could cut their rates by $859 a year by just comparing rate quotes, but they don’t believe the benefits if they just switched companies.
Due to the increasing number of choices of insurance companies that have lower-cost insurance for a Ford Flex in Madison, it can be hard to pick the right insurer.
You need to check car insurance prices yearly because car insurance prices trend upward over time. Despite the fact that you may have had the lowest price on Ford Flex insurance in Madison last year you may be paying too much now. Forget anything you know (or think you know) about car insurance because you’re about to find out the things you must know in order to get good coverage on Ford Flex insurance in Madison at a lower rate.
Analysis of coverages
The premium table shown below showcases detailed analysis of insurance premium costs for Ford Flex models. Having insight into how rate quotes are figured can be valuable when making decisions on the best policy coverages.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Flex SE 2WD||$122||$216||$278||$16||$84||$716||$60|
|Flex SEL 2WD||$122||$256||$278||$16||$84||$756||$63|
|Flex SEL AWD||$136||$256||$278||$16||$84||$770||$64|
|Flex Limited 2WD||$136||$256||$278||$16||$84||$770||$64|
|Flex Limited AWD||$136||$256||$278||$16||$84||$770||$64|
|Get Your Own Custom Quote Go|
Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Premium amounts do not factor in specific zip code location which can affect rates significantly.
The illustration below shows how choosing a deductible and can impact Ford Flex annual premium costs for each age group. The premiums assume a married female driver, full physical damage coverage, and no discounts are applied to the premium.
Impact of age and gender on car insurance rates
The diagram below compares Ford Flex insurance costs for male and female drivers. The rates are based on no claims or violations, full physical damage coverage, $500 deductibles, single marital status, and no other discounts are factored in.
Do you need full coverage?
The example below visualizes the comparison of Ford Flex yearly insurance costs with liability coverage only compared to full coverage. Data assumes a clean driving record, no claims, $500 deductibles, single status, and no discounts are factored in.
Should you pay for full coverage?
There isn’t a written rule to stop paying for physical damage coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s assume your Ford Flex book value is $6,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $5,000 after the policy deductible has been paid. If it’s costing in excess of $500 annually for your policy with full coverage, then you might consider buying liability only.
There are some cases where dropping physical damage coverage is not advised. If you still have a loan on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not remove full coverage.
Learn How to Get Auto Insurance at a Discount
Many different elements are used in the calculation when you quote your car insurance policy. Some of the criteria are obvious like your driving record, although others are less apparent such as your credit history or your commute time. Smart consumers have a good feel for the rating factors that come into play when calculating the level of your policy premiums. If you understand what influences your rates, this enables you to make decisions that will entitle you to cheaper rates.
The following are just a few of the factors utilized by car insurance companies to help set prices.
Increase physical damage deductibles to save – Comprehensive and collision coverage deductibles define the amount you are willing to pay if the claim is covered. Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Examples of covered claims would be rear-ending another vehicle, animal collisions, or theft of your vehicle. The more expense you pay before a claim is paid (deductible), the less your company will charge you for insurance.
Teen vs. mature drivers – Teenage drivers in Wisconsin tend to get distracted easily behind the wheel so they pay higher auto insurance rates. Parents adding a youthful driver to your auto insurance policy can be quite pricey. Older insureds are proven to be safer behind the wheel, cost insurance companies less in claims, and are safer drivers.
The following chart uses these assumptions: single driver, full coverage with $1000 deductibles, and no discounts or violations.
Rates increase with driving citations – Attentive drivers receive lower rates than their less careful counterparts. Only having one chargeable violation may increase your cost substantially. Drivers who get flagrant violations such as DUI or reckless driving are required to submit a SR-22 or proof of financial responsibility with their state in order to drive a vehicle legally.
The illustration below shows how violations and fender-benders impact Ford Flex premium costs for different categories of driver ages. The rates are based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.
Premiums go up with performance – The performance level of the car, truck or SUV you need insurance for makes a significant difference in your car insurance bill. The lowest premiums are generally reserved for low performance passenger vehicles, but there are many factors that impact the final cost.
The data below uses these assumptions: single male driver age 40, full coverage with $250 deductibles, and no discounts or violations. The chart compares Ford Flex rates compared to other makes and models that have a range of performances.
Insurance loss statistics a Ford Flex – Companies use data from past claims as a tool for profitable underwriting. Vehicles that historically have high amounts or severity of claims will cost more to insure.
The table below outlines the insurance loss data for Ford Flex vehicles. For each insurance policy coverage type, the claim amount for all vehicles averaged together equals 100. Values that are 100 or less mean the vehicle has better than average losses, while percentages above 100 show a trend for more claims or an increased probability of a larger loss.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Ford Flex 4dr 2WD||89||84||107||91||100||87|
|Ford Flex 4dr 4WD||105||84||119||77||79||75|
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
One last thing to lower rates
Cost effective Ford Flex insurance is available online as well as from insurance agents, so you should be comparing quotes from both to have the best selection. Some insurance companies may not provide the ability to get quotes online and these small, regional companies provide coverage only through independent insurance agents.
We just covered some good ideas how to compare Ford Flex insurance premium rates in Madison. The key concept to understand is the more quotes you get, the better your chances of lowering your prices. Consumers could even find that the best price on insurance is with a small mutual company. Some small companies can often insure niche markets at a lower cost than the large multi-state companies such as Allstate and Progressive.
As you go through the steps to switch your coverage, it’s very important that you do not skimp on critical coverages to save a buck or two. There are too many instances where an insured dropped comprehensive coverage or liability limits and discovered at claim time that it was a big error on their part. Your strategy should be to buy enough coverage at an affordable rate while not skimping on critical coverages.
Steps to buying affordable Ford Flex insurance in Madison
If you want to find the absolute lowest rates, then the best way to get affordable Ford Flex insurance in Madison is to regularly compare price quotes from insurers who sell auto insurance in Wisconsin.
- First, try to learn about individual coverages and the measures you can take to prevent expensive coverage. Many things that result in higher prices like at-fault accidents, speeding tickets, and a less-than-favorable credit rating can be improved by paying attention to minor details.
- Second, request price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only provide price estimates from one company like Progressive and State Farm, while independent agents can provide price quotes for a wide range of companies. Compare rates
- Third, compare the new rate quotes to the price on your current policy and see if there is a cheaper rate in Madison. If you find better rates, make sure there is no coverage gap between policies.
The key thing to remember is to try to use identical limits and deductibles on each price quote and and to get rate quotes from as many car insurance companies as possible. Doing this enables the most accurate price comparison and and a good selection of different prices.
Helpful learning opportunities
- Liability Insurance Coverage (Nationwide)
- How Much is Auto Insurance for Single Moms in Madison? (FAQ)
- How Much is Auto Insurance for a Honda Civic in Madison? (FAQ)
- How Much are Madison Auto Insurance Rates for a Toyota Camry? (FAQ)
- What Insurance is Cheapest for Hybrid Vehicles in Madison? (FAQ)
- How Much are Auto Insurance Rates for Drivers with Good Credit in Madison? (FAQ)
- What is Full Coverage? (Allstate)
- Child Safety FAQ (iihs.org)