Overpriced Fiat 500 insurance in Madison can dry up your family’s budget and maybe even restrict other spending. Comparing price quotes is free and is an excellent way to lower your bills every month.
It’s hard to fathom, but nearly 70% of customers kept buying from the same company for at least the last four years, and practically 40% of insurance customers have never quoted rates to find lower-cost coverage. With the average insurance premium being $1,847, American drivers could save as much as 47% a year by just shopping around, but they just feel it’s too hard to compare rate quotes online.
Many insurance companies vie for your insurance dollar, so it’s not easy to compare every insurance company to discover the definitive lowest cost out there.
You should take the time to compare rates as often as possible because insurance prices change regularly. Even if you think you had the lowest price on Fiat 500 insurance in Madison at your last renewal there may be better deals available now. Forget all the misinformation about insurance because I’m going to teach you the best methods to find better rates and still maintain coverage.
Score discounts to get cheaper Madison car insurance rates
Some insurance providers don’t necessarily list their entire list of discounts very well, so the next list breaks down a few of the more well known and also the lesser-known credits available to lower your premiums when you buy Madison auto insurance online.
- Military Discounts – Being deployed in the military may qualify for rate reductions.
- Anti-lock Brake Discount – Anti-lock brake equipped vehicles can reduce accidents and earn discounts up to 10%.
- Switch and Save Discount – Select insurance companies give a discount for buying a new policy prior to the expiration date on your current 500 insurance policy. The savings is around 10%.
- Accident Forgiveness Coverage – This isn’t a discount exactly, but companies like GEICO, Progressive, and Allstate will allow you to have one accident without getting socked with a rate hike if your claims history is clear prior to the accident.
- Accident-Free Discounts – Claim-free drivers are rewarded with significantly better rates on Madison auto insurance quote when compared with drivers with a long claim history.
As a sidenote, some credits don’t apply to the overall cost of the policy. Most only cut specific coverage prices like physical damage coverage or medical payments. Just because you may think you could get a free car insurance policy, you won’t be that lucky.
Companies who might offer these discounts may include but are not limited to:
Before purchasing a policy, check with every prospective company the best way to save money. Some of the discounts discussed earlier might not be offered in your area. If you would like to view insurance companies that offer some of these discounts in Wisconsin, follow this link.
Parts of your auto insurance policy
Having a good grasp of your policy can be of help when determining which coverages you need and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy.
Liability
Liability coverage will cover damages or injuries you inflict on a person or their property by causing an accident. It protects YOU from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.
It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 25/50/10 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a total limit of $10,000 for damage to vehicles and property. Some companies may use one number which is a combined single limit which provides one coverage limit rather than limiting it on a per person basis.
Liability coverage protects against claims like legal defense fees, medical expenses, pain and suffering, court costs and repair bills for other people’s vehicles. The amount of liability coverage you purchase is a decision to put some thought into, but buy higher limits if possible. Wisconsin state minimum liability requirements are 25/50/10 but it’s recommended drivers buy more coverage.
The illustration below shows why buying minimum limits may not be enough coverage.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. It can pay for hospital bills for your injuries as well as damage to your Fiat 500.
Since many Wisconsin drivers only purchase the least amount of liability that is required (Wisconsin limits are 25/50/10), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Usually these limits are identical to your policy’s liability coverage.
Collision protection
This coverage pays for damage to your 500 resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things such as backing into a parked car, rolling your car, hitting a mailbox, colliding with a tree and crashing into a ditch. This coverage can be expensive, so consider removing coverage from vehicles that are older. Drivers also have the option to increase the deductible on your 500 to get cheaper collision coverage.
Comprehensive insurance
Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims such as a broken windshield, hitting a bird, damage from getting keyed and damage from flooding. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Med pay and Personal Injury Protection (PIP)
Med pay and PIP coverage kick in for bills for things like EMT expenses, ambulance fees, rehabilitation expenses and pain medications. They are utilized in addition to your health insurance program or if there is no health insurance coverage. It covers both the driver and occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not available in all states and may carry a deductible
What is the best auto insurance company in Wisconsin?
Ending up with the top auto insurance company can be rather challenging considering how many companies there are in Wisconsin. The company ratings in the next section can help you pick which insurers to look at comparing prices from.
Top 10 Madison Car Insurance Companies Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- Liberty Mutual
- State Farm
- Allstate
- Safeco Insurance
- Travelers
- 21st Century
Top 10 Madison Car Insurance Companies Ranked by Claims Service
- Progressive
- Travelers
- Liberty Mutual
- Nationwide
- USAA
- AAA Insurance
- Safeco Insurance
- GEICO
- Esurance
- The General
What is YOUR best insurance company?
Insureds switch companies for many reasons like policy non-renewal, lack of trust in their agent, poor customer service and even policy cancellation. It doesn’t matter why you want to switch finding a new car insurance company is not as hard as you think.
Throughout this article, we presented many ideas to reduce Fiat 500 insurance rates online in Madison. The key thing to remember is the more quotes you get, the better your comparison will be. You may even find the best rates are with some of the smallest insurance companies.
Budget-friendly car insurance in Madison can be sourced on the web and also from your neighborhood Madison agents, and you need to comparison shop both to get a complete price analysis. There are still a few companies who do not offer the ability to get a quote online and many times these regional carriers sell through independent agencies.
How to quote cheaper Fiat 500 insurance in Madison
The best way to get more affordable car insurance rates in Madison is to compare prices regularly from different companies who sell insurance in Wisconsin. Drivers can shop around by following these guidelines.
- Learn about how companies set rates and the measures you can control to prevent expensive coverage. Many policy risk factors that cause high rates like traffic violations and a bad credit rating can be rectified by improving your driving habits or financial responsibility.
- Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from one company like GEICO and Allstate, while agents who are independent can provide rate quotes from multiple sources. View insurance agents
- Compare the new rate quotes to your existing policy to see if a cheaper rate is available. If you find a lower rate and switch companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Notify your company or agent to cancel your existing policy. Submit any necessary down payment along with the completed application to your new agent or company. Don’t forget to safely store the proof of insurance certificate in an easily accessible location.
One piece of advice is to make sure you enter the same physical damage deductibles and liability limits on every price quote and and to look at as many different insurance providers as possible. Doing this guarantees a level playing field and and a good selection of different prices.
Helpful resources
- Credit and Insurance Scores (Insurance Information Institute)
- How Much are Car Insurance Rates for a Ford Escape in Madison? (FAQ)
- Credit Impacts Car Insurance Rates (State Farm)
- Information for Teen Drivers (GEICO)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Safety Tips for Teen Drivers (Insurance Information Institute)