Statistics show that a large majority of insurance policyholders have remained with the same insurance company for a minimum of four years, and 38% of customers have never even compared quotes to find cheap rates. Madison insurance shoppers can cut their rates by $373 a year, but they just don’t understand the actual amount they would save if they switched to a cheaper policy.
The recommended way to get the cheapest Pontiac GTO insurance is to make a habit of regularly comparing prices from insurance carriers who sell auto insurance in Madison. Rate comparisons can be done by completing these steps.
- Try to learn about how companies price auto insurance and the changes you can make to keep rates low. Many rating factors that are responsible for high rates such as accidents, careless driving, and a negative credit rating can be controlled by being financially responsible and driving safely. Later in this article we will cover more information to get affordable coverage and find additional discounts.
- Compare price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give prices from a single company like GEICO or State Farm, while independent agents can provide prices for a wide range of insurance providers.
- Compare the new rate quotes to the price on your current policy and determine if there is any savings. If you can save some money and change companies, ensure there is no coverage lapse between policies.
- Provide notification to your current company to cancel your current coverage and submit the completed application along with a down payment for the new policy. As soon as coverage is bound, keep your new certificate of insurance with your registration paperwork.
The most important part of this process is to make sure you enter similar deductibles and liability limits on each price quote and and to look at as many different companies as possible. This ensures an apples-to-apples comparison and plenty of rates choose from.
Locating the most cost-effective car insurance policy in Madison can be easy if you know a few tricks. Just about anyone who quotes car insurance most likely will be able to lower their premiums. But Wisconsin drivers can benefit by having an understanding of the way companies determine what you pay because rates are impacted by many factors.
When comparison shopping, comparing more prices gives you a better chance of getting the best price.
The companies in the list below are our best choices to provide price quotes in Madison, WI. If you want cheaper car insurance in Madison, it’s highly recommended you compare several of them to get the best price comparison.
Why you need car insurance
Despite the high cost of buying insurance for a Pontiac GTO in Madison, car insurance is required in Wisconsin but also provides important benefits.
- Almost all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a minimum amount of liability 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 GTO, it’s most likely the lender will stipulate that you have full coverage to ensure the loan is repaid in case of a total loss. If you default on your policy, the bank may buy a policy for your Pontiac at an extremely high rate and require you to reimburse them the higher price.
- Insurance protects both your Pontiac and your personal assets. It will also pay for all forms of medical expenses incurred in an accident. Liability coverage, the one required by state law, also pays expenses related to your legal defense if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive and/or collision insurance will cover the repair costs.
The benefits of carrying enough insurance definitely exceed the price paid, particularly if you ever have a claim. On average, a vehicle owner in Madison overpays more than $820 a year so compare rates every year to make sure the price is not too high.
Auto insurance coverage basics
Understanding the coverages of your auto insurance policy can help you determine the best coverages at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording.
Comprehensive protection – This coverage pays for damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things like a broken windshield, hitting a deer, a tree branch falling on your vehicle and rock chips in glass. The maximum amount a auto insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Liability auto insurance – This will cover damage or injury you incur to other people or property in an accident. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/10 that means you have $25,000 bodily injury coverage, $50,000 for the entire accident, and property damage coverage for $10,000.
Liability coverage protects against things such as funeral expenses, medical services, pain and suffering, structural damage and loss of income. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as high a limit as you can afford. Wisconsin state minimum liability requirements are 25/50/10 but you should consider buying more coverage.
The illustration below demonstrates why the minimum limit may not be high enough to cover claims.
Collision coverage – This covers damage to your GTO caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.
Collision insurance covers things like crashing into a building, hitting a mailbox and sideswiping another vehicle. Collision is rather expensive coverage, so consider dropping it from lower value vehicles. Another option is to choose a higher deductible on your GTO to save money on collision insurance.
Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like prosthetic devices, rehabilitation expenses and EMT expenses. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to both the driver and occupants as well as if you are hit as a while walking down the street. PIP is not an option in every state and gives slightly broader coverage than med pay
Uninsured or underinsured coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your Pontiac GTO.
Because many people only carry the minimum required liability limits (Wisconsin limits are 25/50/10), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is a good idea.
How to find a good Wisconsin car insurance company
Selecting the best insurance company can be a challenge considering how many companies are available to choose from in Madison. The company ratings displayed below may help you decide which insurers you want to consider buying from.
Top 10 Madison Car Insurance Companies by A.M. Best Rank
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Nationwide – A+
- Esurance – A+
- The Hartford – A+
- Erie Insurance – A+
- Progressive – A+
- Allstate – A+
Top 10 Madison Car Insurance Companies Overall
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family
Compare. Compare. Compare.
Cheaper insurance in Madison can be found both online and with local Madison insurance agents, so you need to shop Madison car insurance with both to get a complete price analysis. A few companies may not provide online price quotes and many times these regional carriers sell through independent insurance agents.
As you shop your coverage around, it’s a bad idea to buy poor coverage just to save money. There have been many cases where an insured dropped collision coverage and discovered at claim time that it was a big mistake. Your goal should be to buy the best coverage you can find at the best possible price while still protecting your assets.
Insureds who switch companies do it for any number of reasons including questionable increases in premium, lack of trust in their agent, delays in responding to claim requests and an unsatisfactory settlement offer. It doesn’t matter what your reason, finding a new company can be easy and end up saving you some money.
Even more information can be read in the articles below:
- Booster Seat Ratings (iihs.org)
- Who Has the Cheapest Car Insurance Quotes for Postal Workers in Madison? (FAQ)
- What Insurance is Cheapest for Lyft Drivers in Madison? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for Homeowners in Madison? (FAQ)
- Who Has the Cheapest Madison Auto Insurance for Ride Shares? (FAQ)
- How Much is Madison Car Insurance for a Chevrolet Equinox? (FAQ)
- What Insurance is Cheapest for a Chevrolet Traverse in Madison? (FAQ)
- Who Has Affordable Auto Insurance for a Ford Fusion in Madison? (FAQ)
- Auto Crash Statistics (Insurance Information Institute)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)