Car Insurance Rate Quotes for a Jeep Compass in Madison

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Jeep Compass insurance cost
Jeep Compass insurance cost image courtesy of QuoteInspector.com

Insurance for Jeep CompassSearching for the cheapest insurance for a Jeep Compass in Wisconsin can be a painful process, but you can follow a few tricks to find lower rates.

There is a right way and a wrong way to shop for car insurance so we're going to tell you the quickest way to price shop coverage for a new or used Jeep and obtain the lowest price.

It is always a good idea to compare rates at least once a year because insurance prices change frequently. Even if you think you had the best deal on Jeep Compass insurance in Madison last year you can probably find a lower rate today. Forget anything you know (or think you know) about car insurance because you're going to get a crash course in how to use the internet to lower your annual insurance bill.

Finding a lower price on insurance isn't really that difficult. You just have to take a few minutes comparing rates to see which company has affordable Madison car insurance quotes.

The companies in the list below can provide quotes in Wisconsin. To locate the cheapest car insurance in Madison, we suggest you visit several of them to find the most affordable auto insurance rates.

Insurance coverage analysis

The premium information displayed below outlines a range of insurance costs for Jeep Compass models. Having a better understanding of how insurance policy rates are established is important for making smart choices when buying a car insurance policy.

Jeep Compass Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Compass Sport 2WD $134 $242 $260 $16 $78 $730 $61
Compass Sport 4WD $152 $294 $260 $16 $78 $800 $67
Compass Limited 2WD $152 $294 $260 $16 $78 $800 $67
Compass Limited 4WD $152 $294 $260 $16 $78 $800 $67
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Estimates do not factor in zip code location which can change coverage prices noticeably.

Analysis of deductible levels

One frequently asked question is the level to set your comp and collision deductibles. The premium rates below can help illustrate the price difference when you choose different coverage deductibles. The first data table uses a $100 deductible and the second price table uses a $500 deductible.

Jeep Compass insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Compass Sport 2WD $172 $294 $230 $14 $68 $803 $67
Compass Sport 4WD $198 $358 $230 $14 $68 $893 $74
Compass Limited 2WD $198 $358 $230 $14 $68 $893 $74
Compass Limited 4WD $198 $358 $230 $14 $68 $893 $74
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Jeep Compass insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Compass Sport 2WD $126 $198 $230 $14 $68 $636 $53
Compass Sport 4WD $144 $242 $230 $14 $68 $698 $58
Compass Limited 2WD $144 $242 $230 $14 $68 $698 $58
Compass Limited 4WD $144 $242 $230 $14 $68 $698 $58
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Price estimates do not factor in garaging location in Madison which can lower or raise rates greatly.

Based on this data, using a $100 deductible could cost the average driver approximately $15 more each month or $180 a year across all Jeep Compass models than selecting the higher $500 deductible. Due to the fact that you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you average more than 27 months between claim filings, you would save more money by going with a higher deductible. The illustration below shows how you can make your own decision.

Average monthly premium for $100 deductibles: $72
Average monthly premium for $500 deductibles (subtract): - $57
Monthly savings from raising deductible: $15
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $15
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 27 months

The chart below shows how choosing a deductible and can influence Jeep Compass insurance rates for different age groups of insureds. The prices are based on a single female driver, full physical damage coverage, and no policy discounts are applied.

Auto insurance does more than just protect your car

Despite the high cost of buying insurance for a Jeep Compass in Madison, insuring your vehicle is most likely required but also gives you several important benefits.

  • The majority of states have minimum liability requirements which means state laws require a minimum amount of liability insurance coverage if you want to drive legally. 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.
  • If you have a loan on your vehicle, most banks will stipulate that you have full coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender will be forced to insure your Jeep for a much higher rate and force you to pay the higher price.
  • Auto insurance preserves both your car and your assets. Insurance will also pay for medical expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If your Jeep gets damaged, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.

The benefits of carrying enough insurance definitely exceed the price paid, especially with large liability claims. In a recent study of 1,000 drivers, the average customer overpays more than $865 each year so it's very important to do a rate comparison every year to be sure current rates are still competitive.

Components of Your Jeep Compass Insurance Premiums

Lots of factors are used when you get your auto insurance bill. Some are pretty understandable like your driving record, but other factors are not as apparent like your vehicle usage and annual miles driven. When buying auto insurance it's important to understand some of the factors that help determine the price you pay for auto insurance. When you know what positively or negatively influences your rates, this empowers consumers to make smart changes that may reward you with lower rates.

The list below includes most of the major factors used by your company to calculate prices.

More traffic equals higher prices - Having an address in less populated areas of the country has definite advantages when insuring your vehicles. City drivers have to deal with congested traffic and more severe claims. Fewer drivers means a lower chance of having an accident and lower theft and vandalism rates.

Getting married can lower costs - Being married may save some money on your auto insurance policy. Having a significant other means you're more mature and responsible and insurance companies like that being married results in fewer claims.

Drive less and pay lower prices - The more miles you rack up on your Jeep in a year's time the higher your rate. The majority of insurers apply a rate partially by how you use the vehicle. Cars and trucks that have low annual miles receive lower rates than those that get driven frequently. Ask your agent if your declarations sheet correctly shows the proper vehicle usage, because it can save money. An incorrectly rated Compass is throwing money out the window.

Premiums go up with performance - The make and model of the vehicle you are insuring makes a substantial difference in the rate you pay. Economy passenger vehicles usually have the lowest rates, but the final cost of insurance is determined by many other factors.

The chart below uses these assumptions: single male driver age 30, full coverage with $250 deductibles, and no discounts or violations. It shows Jeep Compass insurance premiums compared to other models that have a range of risk factors.

Do you need those extra policy coverages? - There are quite a few add-on coverages that you can buy if you aren't careful. Insurance for things like personal injury protection, better glass coverage, and additional equipment coverage are probably not needed. These coverages may sound good when buying your policy, but if you don't need them eliminate the coverages to reduce your premium.

Cautious drivers have lower premiums - Even one moving violation can increase rates by as much as thirty percent. Drivers who don't get tickets receive lower rates than their less careful counterparts. Drivers who get serious tickets like DUI or reckless driving are required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to prevent a license revocation.

The example below highlights how speeding tickets and at-fault accidents increase Jeep Compass premium costs for different age groups of insureds. The information is based on a single male driver, comp and collision included, $250 deductibles, and no discounts are applied.

Which gender costs less? - Statistics have proven that men are more aggressive behind the wheel. Now that doesn't mean women are better drivers. Both sexes are responsible for accidents at about the same rate, but guys tend to have higher claims. Men also receive more major tickets like DUI and reckless driving. Young men ages 16 to 20 are the most expensive to insure and therefore pay the highest rates.

The information below shows the difference between Jeep Compass insurance premiums for male and female drivers. The prices are based on no accidents or driving violations, full coverage, $250 deductibles, drivers are single, and no discounts are taken into consideration.

Better auto insurance rates on safer cars - Vehicles with high crash test scores cost less to insure. Safer cars have better occupant injury protection and lower injury rates translates directly to fewer claims which can result in lower premiums. If your Jeep earned at least four stars on Safercar.gov or an "acceptable" rating on iihs.org you may be receiving a better rate.

Insurance losses for a Jeep Compass - Insurers study historical loss data to determine a price that will be profitable for them. Models that the data determines to have higher claim frequency or loss amount will have increased rates. The table below demonstrates the loss history for Jeep Compass vehicles.

For each insurance policy coverage type, the loss probability for all vehicles, regardless of make, model or trim level, is a value of 100. Numbers below 100 suggest losses that are better than average, while percentage numbers above 100 indicate a higher chance of having a claim or a tendency for losses to be larger than average.

Auto Insurance Loss Data for Jeep Compass Models
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Jeep Compass 4dr 2WD 87 135 58 128 124 142
Jeep Compass 4dr 4WD 76 114 63 99 107 106
BETTER
AVERAGE
WORSE

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Situations that may require an agent's advice

Always keep in mind that when comparing insurance from an agent or online for your personal vehicles, there really isn't a one size fits all plan. Everyone's needs are different so your insurance needs to address that.Higher deductibles save money Here are some questions about coverages that may help highlight whether you may require specific advice.

  • Is my camper covered by my car insurance policy?
  • Is my vehicle covered by my employer's policy when using it for work?
  • Am I covered if I hit someone who is not insured?
  • Should I buy only the required Wisconsin minimum liability coverage?
  • Am I covered if I drive in a foreign country?
  • Where can I find DUI or SR-22 insurance?

If you're not sure about those questions but you know they apply to you, you may need to chat with a licensed insurance agent. If you don't have a local agent, take a second and complete this form or you can go here for a list of companies in your area. It's fast, doesn't cost anything and can help protect your family.

Final considerations

Lower-priced auto insurance in Madison can be sourced from both online companies in addition to local insurance agencies, so you need to shop Madison car insurance with both to have the best rate selection. There are still a few companies who may not offer rate quotes online and most of the time these regional insurance providers provide coverage only through local independent agents.

In this article, we covered some good ideas how to find affordable Jeep Compass insurance in Madison. The most important thing to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. Drivers may even discover the lowest rates come from a small mutual company. Smaller companies can often provide lower car insurance rates in certain areas than the large multi-state companies such as Progressive and GEICO.

How to find cheaper Jeep Compass insurance in Madison

The easiest way to find better pricing on car insurance rates is to regularly compare prices from insurers in Madison. You can compare rates by completing these steps.

  • Step 1: Take a little time to learn about how insurance companies determine prices and the things you can control to keep rates in check. Many factors that increase rates such as speeding tickets, careless driving and a less-than-favorable credit history can be amended by making minor changes to your lifestyle.
  • Step 2: Get rate quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only give prices from a single company like GEICO or Allstate, while independent agents can give you price quotes from multiple companies.
  • Step 3: Compare the new quotes to your existing rates to see if switching to a new carrier will save money. If you find a lower rate quote and decide to switch, make sure there is no coverage gap between policies.
  • Step 4: Provide notification to your current agent or company of your decision to cancel your current car insurance policy and submit payment and a signed application to the new company. When you receive it, place the new proof of insurance paperwork above your visor, in the console, or in the glove compartment.

An important bit of advice to remember is to make sure you're comparing similar limits and deductibles on each price quote and and to get quotes from every company you can. This helps ensure a level playing field and the most accurate and complete price analysis.

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