How to Save on Madison Dodge Challenger Insurance

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Dodge Challenger insurance
Dodge Challenger insurance image courtesy of QuoteInspector.com

If you want to save the most money, the best way to get affordable Dodge Challenger insurance in Madison is to regularly compare price quotes from insurance carriers in Wisconsin. You can shop around by completing these steps.

  • Step 1: Spend a few minutes and learn about coverages and the measures you can take to keep rates low. Many risk factors that cause rate increases like speeding tickets, careless driving and an unacceptable credit score can be rectified by making lifestyle changes or driving safer. Later in this article we will cover more ideas to help keep rates affordable and find overlooked discounts.
  • Step 2: Obtain price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give prices from one company like Progressive or State Farm, while independent agents can provide price quotes from multiple sources. View a list of agents
  • Step 3: Compare the new rate quotes to the price on your current policy to see if a cheaper rate is available in Madison. If you find a lower rate, make sure there is no lapse in coverage.
  • Step 4: Provide notification to your current agent or company to cancel your current car insurance policy. Submit the completed application along with a down payment to the new company. Once the paperwork is finalized, put the certificate of insurance above your visor, in the console, or in the glove compartment.

An essential thing to point out is to try to use the same amount of coverage on each quote and and to get quotes from as many car insurance companies as possible. This guarantees the most accurate price comparison and the best rate selection.

Insurance for Dodge ChallengerIt's an obvious assumption that car insurance companies want to keep you from comparing prices. Consumers who compare other prices are inclined to move their business because there is a high probability of finding a lower-priced policy. A recent survey discovered that consumers who regularly shopped around saved about $865 a year compared to policyholders who never compared rates.

If finding budget-friendly Dodge Challenger insurance in Madison is your ultimate goal, then having a grasp of how to shop for insurance premiums can make the process more efficient.

If you have insurance now or are looking for a new policy, you can use these tips to find the best rates while maintaining coverages. Locating the best rates in Madison can be made easier if you know where to look. Consumers only need an understanding of the fastest way to compare insurance rates online.

The easiest way to compare rate quotes for Dodge Challenger insurance in Madison is to know all the major auto insurance companies pay for the opportunity to give rate comparisons. The only thing you need to do is provide a little information like what you do for a living, whether your vehicle is owned or leased, whether you drive to work or school, and marital status. That rating data is instantly provided to insurance companies and you will get price comparisons quickly.

To check rates for your car now, click here and enter the information requested.

The providers in the list below are our best choices to provide price quotes in Madison, WI. To get cheap car insurance in Madison, we suggest you visit two to three different companies to find the lowest auto insurance rates.

Car insurance is not optional but you don't have to overpay

Despite the high insurance cost for a Dodge Challenger in Madison, paying for car insurance serves an important purpose.

  • Almost all states have minimum mandated liability insurance limits which means you are required to buy a minimum amount of liability insurance coverage in order to be legal. 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 your Dodge Challenger has a lienholder, most banks will force you to buy insurance to guarantee payment of the loan. If you default on your policy, the bank or lender will purchase a policy for your Dodge at a much higher premium rate and force you to pay the higher premium.
  • Insurance safeguards not only your car but also your assets. It will also reimburse you for medical bills for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If you have damage to your Dodge as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.

The benefits of having car insurance more than offset the price you pay, especially with large liability claims. The average driver in Wisconsin is overpaying more than $865 each year so it's very important to do a rate comparison once a year at a minimum to ensure rates are competitive.

Facts and figures for Dodge Challenger insurance

The premium information displayed below covers detailed analysis of policy rates for Dodge Challenger models. Having a good grasp of how rate quotes are calculated helps drivers make smart choices when purchasing an insurance policy.

Dodge Challenger Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Challenger SE $214 $412 $272 $16 $82 $996 $83
Challenger R/T $236 $476 $272 $16 $82 $1,082 $90
Challenger SRT-8 $258 $538 $272 $16 $82 $1,166 $97
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Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Rate quotes do not factor in vehicle garaging location which can revise premium rates greatly.

Policy deductibles

The hardest decision when buying coverage is how high should your deductibles be. The rates shown below can help illustrate the cost difference between low and high coverage deductibles. The first rate table uses a $250 physical damage coverage deductible and the second pricing table uses a $1,000 deductible.

Dodge Challenger insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Challenger SE $224 $352 $260 $16 $78 $955 $80
Challenger R/T $246 $406 $260 $16 $78 $1,031 $86
Challenger SRT-8 $270 $460 $260 $16 $78 $1,109 $92
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Dodge Challenger insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Challenger SE $138 $222 $260 $16 $78 $714 $60
Challenger R/T $152 $256 $260 $16 $78 $762 $64
Challenger SRT-8 $166 $290 $260 $16 $78 $810 $68
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Price estimates do not factor in specific zip code location which can affect rates significantly.

We can estimate from the data above that using a $250 deductible will cost you roughly $22 more each month or $264 annually than selecting the higher $1,000 deductible. Since you would pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you average at a minimum 34 months between claim filings, you would probably come out ahead if you elect the higher deductible.

How to calculate when to raise deductibles

Average monthly premium for $250 deductibles: $86
Average monthly premium for $1,000 deductibles (subtract): - $64
Monthly savings from raising deductible: $22
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $22
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 34 months

One important caveat is that raising deductibles to save money means you will have to pay more out-of-pocket when you have to file a claim. That will require some funds available in the event you have to pay the deductible to have repairs made.

The illustration below illustrates how your deductible choice and can increase or decrease Dodge Challenger insurance costs for different age groups. The price estimates are based on a single male driver, comprehensive and collision coverage, and no discounts are applied.

Full coverage or liability only

The chart below visualizes the comparison of Dodge Challenger premium costs with liability coverage only compared to full coverage. The data assumes a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.

When to eliminate full coverage

There isn't a written rule to exclude comp and collision coverage, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of the vehicle's replacement cost less your deductible, then you may need to consider dropping full coverage.

For example, let's assume your Dodge Challenger book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $6,000 after the policy deductible has been paid. If you are paying in excess of $600 a year for your policy with full coverage, then it's probably a good time to buy liability coverage only.

There are some conditions where only buying liability is not a good plan. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.

Don't overlook these Dodge Challenger insurance discounts

Insurance can be prohibitively expensive, but there could be available discounts to reduce the price significantly. Larger premium reductions will be automatically applied at quote time, but less common discounts must be manually applied prior to receiving the credit.Discount insurance

  • Discount for Life Insurance - Not every insurance company offers life insurance, but if they do you may earn a break if you buy life insurance.
  • Bundled Policy Discount - If you combine your homeowners and auto policies with the same company you will save as much as 10 to 15 percent.
  • Responsible Drivers - Insureds without accidents can save as much as half off their rates than their less cautious counterparts.
  • Student Discount for Driver Training - Cut your cost by having your teen driver participate in a local driver's education class as it will make them better drivers and lower rates.
  • Anti-lock Brakes - Cars with ABS and/or traction control can avoid accidents and the ABS can save up to 10%.
  • Good Student - Maintaining excellent grades could provide a savings of up to 20% or more. You can use this discount normally well after school through age 25.
  • Accident Free - Insureds with no claims or accidents are rewarded with significantly better rates on Madison auto insurance quote when compared to drivers who are more careless.
  • Waiver for an Accident - Not a discount per se, but certain companies allow you one accident before hitting you with a surcharge so long as you are claim-free prior to the accident.

As a footnote on discounts, most discounts do not apply to the entire cost. Most cut specific coverage prices like liability and collision coverage. So despite the fact that it appears all the discounts add up to a free policy, insurance companies wouldn't stay in business.

The diagram below visualizes the comparison of Dodge Challenger insurance costs with and without discounts applied to the rates. The data is based on a male driver, no claims, a clean driving record, Wisconsin state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, marriage, multi-car, claim-free, and multi-policy discounts applied.

To see a list of insurers who offer insurance discounts in Madison, follow this link.