It’s hard to believe, but nearly 70% of customers have purchased from the same company for more than four years, and approximately 40% of consumers have never even compared rates from other companies. Many drivers in Madison could cut their rates by 30% a year just by shopping around, but they underestimate how much they could save if they bought a different policy.
Truthfully, the best way to get budget car insurance rates in Madison is to compare quotes once a year from providers in Wisconsin.
- Get an understanding of how your policy works and the factors you can control to prevent expensive coverage. Many policy risk factors that are responsible for high rates such as accidents, traffic violations, and a not-so-good credit rating can be remedied by making minor changes to your lifestyle.
- Quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like Progressive and State Farm, while independent agencies can give you price quotes from multiple companies.
- Compare the new rate quotes to your existing policy to see if cheaper GS 350 coverage is available in Madison. If you find a lower rate, ensure there is no coverage lapse between policies.
- Provide adequate notice to your current company of your intent to cancel your current auto insurance policy and submit the signed application along with the required initial payment for your new policy. When you receive it, place your new certificate of insurance with your vehicle’s registration.
One piece of advice is to make sure you’re comparing the same deductibles and limits on each quote and and to get prices from as many companies as feasibly possible. Doing this helps ensure a fair price comparison and the best price selection.
Finding the cheapest coverage in Madison is actually very simple if you learn how to start. Basically, everyone who compares rates for insurance will more than likely find better rates. But Wisconsin consumers must learn how companies price online insurance because rates are impacted by many factors.
Smart Consumers Save More
Consumers need to have an understanding of a few of the rating criteria that play a part in calculating the price you pay for insurance. When you know what positively or negatively determines base rates, this enables you to make decisions that can help you get lower insurance prices.
The items below are some of the most common factors that factor into your rate level.
Eliminate unneeded extra policy coverages – There are many extra add-on coverages that may not really be needed on your insurance policy. Insurance for things like rental car reimbursement, accidental death, and Farm Bureau memberships are probably not needed. They may seem good when talking to your agent, but if they’re wasting money remove them and pocket the money.
Women tend to take less risk – Over the last 30 years, statistics show that females take fewer risks when driving. However, don’t assume that men are worse drivers. They both cause fender benders at a similar rate, but the males get into accidents with more damage. Men also tend to receive more major tickets like reckless driving and DUI.
The information below shows the difference between Lexus GS 350 car insurance rates for male and female drivers. The data assumes no claims or driving violations, comp and collision included, $500 deductibles, marital status is single, and no additional discounts are factored in.
Defend yourself with liability insurance – Liability coverage will provide protection when you are ruled to be at fault for causing damage or personal injury in an accident. It will provide legal defense coverage which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
File claims and pay more – Car insurance companies in Wisconsin award most affordable rates to policyholders that do not abuse their auto insurance. If you are a frequent claim filer, you can definitely plan on increased rates or even have your policy non-renewed. Your car insurance is intended to be relied upon for the large, substantial claims.
Rate your vehicle for proper use – Driving a lot of miles in a year the more you will pay for insurance. Most companies charge rates partially by how you use the vehicle. Autos left parked in the garage can be on a lower rate level than those that get driven frequently. Incorrect rating for your GS 350 can cost quite a bit. It’s always a good idea to double check that your policy properly reflects the correct usage for each vehicle.
Better drivers pay less – Even a single ticket can bump up the cost by as much as twenty percent. Drivers with clean records receive lower rates than bad drivers. Drivers who have gotten serious citations like DUI or willful reckless driving may need to submit a SR-22 or proof of financial responsibility with their state motor vehicle department in order to continue driving.
The illustration below shows how speeding tickets and at-fault fender-benders impact Lexus GS 350 auto insurance rates for different insured age categories. The premium estimates are based on a married female driver, full coverage, $100 deductibles, and no additional discounts are factored in.
Insurance loss statistics a Lexus GS 350 – Insurance companies analyze past claim statistics to help calculate a profitable premium price. Models that are shown to have higher number or severity of losses will cost more to insure.
The table below demonstrates the historical loss data for Lexus GS 350 vehicles. For each insurance policy coverage type, the claim amount for all vehicles, regardless of manufacturer or model, is considered to be 100. Values that are below 100 imply a favorable loss record, while values that are above 100 point to more losses or tendency to have higher losses.
| Specific Lexus Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus GS 350 4dr 2WD | 160 | 78 | 190 | 81 | 107 | 79 |
| Lexus GS 350 4dr 4WD | 169 | 90 | 217 | 91 | 85 | 68 |
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Lexus GS 350 coverage analysis
The premium table displayed next showcases detailed analysis of insurance premium costs for Lexus GS 350 models. Learning more about how rate quotes are determined can be valuable when making smart choices when purchasing an auto insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| GS 350 | $142 | $278 | $188 | $12 | $56 | $676 | $56 |
| GS 350 AWD | $156 | $314 | $188 | $12 | $56 | $726 | $61 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Rate information does not factor in your specific Madison location which can alter rates noticeably.
Higher deductibles save money
One of the more difficult decisions when buying auto insurance is which deductibles should you choose. The comparisons below lay out the price difference between low and high physical damage coverage deductibles. The first price estimate table uses a $100 deductible for comp and collision and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| GS 350 | $248 | $484 | $196 | $12 | $58 | $1,023 | $85 |
| GS 350 AWD | $274 | $548 | $196 | $12 | $58 | $1,113 | $93 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| GS 350 | $138 | $256 | $196 | $12 | $58 | $660 | $55 |
| GS 350 AWD | $152 | $290 | $196 | $12 | $58 | $708 | $59 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Estimates do not factor in zip code location which can impact coverage prices considerably.
We can estimate from the data above that using a $100 deductible will cost you roughly $32 more each month or $384 for a full year averaged for all GS 350 models than opting for the higher $1,000 deductible. Because you would pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to have at least 28 months between claim filings, you would probably be better off if you choose the higher deductible.
Calculate savings of higher deductibles
| Average monthly premium for $100 deductibles: | $89 |
| Average monthly premium for $1,000 deductibles (subtract): | – $57 |
| Monthly savings from raising deductible: | $32 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $32 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 28 months |
One important issue to know is that raising deductibles to save money means you will have to pay more out-of-pocket when you do file a claim. You will want to have some extra savings in order to pay the deductible to have repairs made.
The chart below highlights how deductible choice and can raise or lower Lexus GS 350 yearly insurance costs for each different age group. Data assumes a married male driver, full coverage, and no discounts are taken into consideration.
Full coverage versus liability only rates
The diagram below compares Lexus GS 350 auto insurance rates when comparing full coverage to state minimum liability only. The rates are based on no tickets, no at-fault accidents, $500 deductibles, single status, and no discounts are factored in.
When to stop paying for full coverage
There is no exact rule to drop full coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than around 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s assume your Lexus GS 350 replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would get paid by your company is $7,000 after paying your policy deductible. If premium cost is more than $700 a year for full coverage, then you might consider buying liability only.
There are a few cases where eliminating full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not buy liability only.
Get cheap rates with discounts
Insurance can be prohibitively expensive, but you might find some hidden discounts that you may not even know about. Certain discounts will be applied when you complete an application, but occasionally some discounts must be specifically requested prior to receiving the credit.
- E-sign – Some of the larger companies give back up to $50 for buying your policy over the internet.
- Discounts for Cautious Drivers – Drivers without accidents may receive a discount up to 45% than drivers with accidents.
- Sign Early and Save – Some companies provide a discount for renewing your policy early. This can save 10% or more.
- Early Payment Discounts – If you pay your entire premium ahead of time rather than paying in monthly installments you can avoid the installment charge.
- One Accident Forgiven – This one is not really a discount per se, but a handful of insurance companies permit an accident without the usual rate increase if your claims history is clear for a particular time prior to the accident.
- Air Bag Discount – Cars that have air bags or motorized seat belts may earn rate discounts of more than 20%.
- Club Memberships – Having an affiliation with specific professional or occupational memberships or organizations could trigger savings when shopping for auto insurance.
As a footnote on discounts, most credits do not apply to the entire cost. The majority will only reduce the cost of specific coverages such as physical damage coverage or medical payments. So even though you would think adding up those discounts means a free policy, company stockholders wouldn’t be very happy.
The example below shows the comparison of Lexus GS 350 auto insurance costs with and without discounts. The rate quotes are based on a female driver, no tickets, no at-fault accidents, Wisconsin state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, homeowner, claim-free, multi-car, and safe-driver discounts applied.
Larger auto insurance companies and the discounts they provide are detailed below.
- GEICO may offer discounts for defensive driver, anti-lock brakes, emergency military deployment, military active duty, five-year accident-free, and membership and employees.
- MetLife offers discounts for defensive driver, multi-policy, claim-free, accident-free, good driver, good student
- State Farm offers premium reductions for passive restraint, student away at school, accident-free, good driver, and multiple policy.
- Progressive has savings for online quote discount, continuous coverage, good student, multi-policy, and online signing.
- Mercury Insurance policyholders can earn discounts including multi-car, multi-policy, annual mileage, type of vehicle, and low natural disaster claims.
- 21st Century offers discounts including student driver, teen driver, defensive driver, anti-lock brakes, homeowners, and theft prevention.
- Allstate may include discounts for safe driver, anti-theft, premier plus, early signing, and EZ pay plan discount.
If you need cheaper Madison auto insurance quotes, ask each company or agent what discounts are available to you. All car insurance discounts might not be available to policyholders everywhere. To locate providers who offer cheap Lexus GS 350 insurance quotes in Madison, click this link.
Best auto insurance in Madison
Buying coverage from a good quality insurance provider is difficult considering how many different companies insure vehicles in Wisconsin. The company ratings below could help you pick which coverage providers you want to consider comparing rates with.
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 Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
You can lower your insurance rates
Insureds who switch companies do it for a variety of reasons including unfair underwriting practices, poor customer service, high rates after DUI convictions or even being labeled a high risk driver. No matter why you want to switch, finding the right insurance provider can be less work than you think.
Lower-priced Lexus GS 350 insurance in Madison can be purchased online in addition to many Madison insurance agents, so get free Madison auto insurance quotes from both of them to have the best chance of lowering rates. Some companies may not offer online rate quotes and these smaller providers work with independent agents.
As you go through the steps to switch your coverage, it’s very important that you do not reduce needed coverages to save money. There have been many cases where drivers have reduced liability limits or collision coverage to discover at claim time that they should have had better coverage. Your strategy should be to purchase a proper amount of coverage for the lowest price.
More information is located below:
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)
- What Insurance is Cheapest for Drivers Under 25 in Madison? (FAQ)
- What Car Insurance is Cheapest for Uber Drivers in Madison? (FAQ)
- How Much is Madison Car Insurance for Drivers Over Age 50? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Teenage Females in Madison? (FAQ)
- Auto Insurance Facts and Statistics (Insurance Information Institute)
- Help Your Teen Be a Better Driver (State Farm)
- Where can I buy Insurance? (Insurance Information Institute)