Affordable Madison Mitsubishi Lancer Insurance

Insurance quote for Mitsubishi Lancer in MadisonSmart shoppers know that insurance companies want to keep you from comparing rates. Drivers who shop around for better prices will most likely switch to a new company because the odds are good of finding a policy with more affordable rates. A study discovered that drivers who routinely compared quotes saved approximately $70 a month compared to those who never compared rates.

If finding the cheapest price for car insurance in Madison is why you’re reading this, then learning about how to choose a company and compare insurance premiums can save time, money, and frustration.

If saving the most money is your goal, then the best way to find low-cost auto insurance rates in Madison is to begin comparing prices regularly from insurance carriers who sell insurance in Wisconsin.

Step 1: Try to comprehend the different coverages in a policy and the things you can control to prevent expensive coverage. Many rating factors that increase rates like accidents, traffic violations, and a less-than-favorable credit history can be remedied by making lifestyle changes or driving safer.

Step 2: Compare prices from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from a single company like GEICO or State Farm, while independent agencies can provide price quotes from multiple sources. Start a quote

Step 3: Compare the new quotes to your existing coverage to determine if you can save on Lancer insurance in Madison. If you find better rates and switch companies, ensure there is no coverage lapse between policies.

Step 4: Provide adequate notice to your current company of your decision to cancel your existing policy and submit payment and a completed application to your new company or agent. Make sure you safely store the certificate of insurance in your vehicle.

A good piece of advice is to use identical coverage information on every price quote and and to get prices from as many companies as you can. This guarantees a fair rate comparison and a good representation of prices.

Just remember that more quotes increases the chance that you will find better pricing.

The companies in the list below have been selected to offer quotes in Wisconsin. If you want the cheapest car insurance in Madison, we recommend you visit two to three different companies in order to get a fair rate comparison.

Insurance analysis for a Mitsubishi Lancer

The price information shown below showcases a range of insurance prices for Mitsubishi Lancer models. Having a better idea how insurance policy premiums are calculated can aid in making informed coverage decisions.

Mitsubishi Lancer Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $128 $242 $220 $14 $66 $670 $56
Lancer ES $128 $242 $220 $14 $66 $670 $56
Lancer GTS $142 $278 $220 $14 $66 $720 $60
Lancer Sportback GTS $142 $278 $220 $14 $66 $720 $60
Lancer RALLIART $156 $314 $220 $14 $66 $770 $64
Lancer Sportback Ralliart $156 $314 $220 $14 $66 $770 $64
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Cost estimates assume married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Premium amounts do not factor in your specific Madison location which can increase or decrease auto insurance rates noticeably.

Can higher deductibles save money?

One common question asked by Madison drivers is what deductibles to buy. The following insurance rates illustrate the rate difference when you buy lower versus higher comp and collision deductibles. The first rate estimation uses a $250 comprehensive and collision deductible and the second price grid uses a $500 deductible.

Mitsubishi Lancer insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $200 $352 $230 $14 $68 $889 $74
Lancer ES $200 $352 $230 $14 $68 $889 $74
Lancer GTS $224 $406 $230 $14 $68 $967 $81
Lancer Sportback GTS $224 $406 $230 $14 $68 $967 $81
Lancer RALLIART $246 $460 $230 $14 $68 $1,043 $87
Lancer Sportback Ralliart $246 $460 $230 $14 $68 $1,043 $87
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Mitsubishi Lancer insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $164 $284 $230 $14 $68 $760 $63
Lancer ES $164 $284 $230 $14 $68 $760 $63
Lancer GTS $182 $328 $230 $14 $68 $822 $69
Lancer Sportback GTS $182 $328 $230 $14 $68 $822 $69
Lancer RALLIART $200 $370 $230 $14 $68 $882 $74
Lancer Sportback Ralliart $200 $370 $230 $14 $68 $882 $74
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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, claim-free, and safe-driver. Price estimates do not factor in garaging location in Madison which can alter auto insurance rates greatly.

Based on this data, using a $250 deductible costs approximately $12 more each month or $144 for a full year than opting for the higher $500 deductible. Since you would pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you go at least 21 months between claim filings, you would more than likely save some money if you choose a higher deductible.

The illustration below illustrates how your choice of deductibles and can increase or decrease Mitsubishi Lancer insurance rates for each different age group. The price estimates are based on a single female driver, full coverage, and no discounts are applied.

Tickets and at-fault accidents raise rates

The information below demonstrates how traffic citations and at-fault collisions can raise Mitsubishi Lancer yearly insurance costs for each age group. The information is based on a married male driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.

Informed Drivers Can Slash Their Insurance Costs

One of the most helpful ways to save on auto insurance is to to have a grasp of some of the elements that aid in calculating the rates you pay for auto insurance. If you have some idea of what positively or negatively impacts your premiums, this enables you to make decisions that can help you get much lower annual insurance costs.

Safety ratings are a factor – Cars with high safety ratings can get you lower premiums. Highly rated vehicles protect occupants better and better occupant protection means less money paid by your insurance company and thus lower rates. If your Mitsubishi Lancer has at least four stars on you are probably receiving a discount.

Raise physical damage deductibles and save – Deductibles for physical damage state the amount of money you are willing to pay if the claim is covered. Coverage for physical damage, also known as collision and other-than-collision, protects your car from damage. Examples of some claims that would be covered would be collision with another vehicle, damage from fire, and having a roll-over accident. The higher the amount you choose to pay out-of-pocket, the bigger discount you will receive.

Stay claim-free and save money – Auto insurance companies in Wisconsin generally give cheaper rates to insureds who do not file claims often. If you are a frequent claim filer, you can look forward to higher rates. Insurance coverage is intended for major claims that would cause financial hardship.

Get hitched and get better premiums – Getting married can actually save you money when shopping for auto insurance. Having a spouse usually means you are more responsible and it’s proven that being married results in fewer claims.

Gender and insurance – Over time, data shows that men are more aggressive behind the wheel. However, this does not mean men are worse drivers. Females and males cause fender benders at about the same rate, but the men get into accidents with more damage. They also receive more costly citations such as DWI and reckless driving.

The information below compares Mitsubishi Lancer car insurance costs for male and female drivers. The data is based on no claims or driving citations, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no policy discounts are applied.

Never go without auto insurance – Driving without insurance coverage in place is a big no-no and you may have a hard time finding new coverage because you let your insurance lapse for non-payment. And not only will insurance be more expensive, the inability to provide proof of insurance will get you a hefty fine and possibly a revoked license.

Insurance loss data for a Mitsubishi Lancer – Insurance companies include the past claim trends for vehicles when they set coverage costs for each model. Models that the data determines to have higher number or severity of losses will have increased rates.

The table below illustrates the loss history for Mitsubishi Lancer vehicles. For each coverage category, the statistical loss for all vehicles combined as an average equals 100. Values that are 100 or less represent a good loss history, while values over 100 indicate more frequent claims or a tendency for losses to be larger than average.

Mitsubishi Lancer Insurance Claim Statistics
Specific Mitsubishi Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Mitsubishi Lancer 2WD 153 146 127 192 218 172
Mitsubishi Lancer 4WD 149 131 148 135
Mitsubishi Lancer Evolution 4WD 225 123 221

Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Why you need insurance for your Mitsubishi vehicle

Despite the potentially high cost of Mitsubishi Lancer insurance, insurance is required by state law in Wisconsin and it also provides benefits you may not be aware of.

First, just about all states have minimum mandated liability insurance limits which means you are required to carry a minimum amount of liability 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.

Second, if your car has a loan, it’s guaranteed your bank will require that you buy full coverage to guarantee payment of the loan. If the policy lapses, the bank may buy a policy for your Mitsubishi at a much higher rate and make you pay for the much more expensive policy.

Third, car insurance preserves both your assets and your car. It will also pay for medical transport and hospital expenses for not only you but also any passengers injured in an accident. Liability coverage will also pay to defend you if you are sued as the result of your driving. If your car is damaged in a storm or accident, your policy will pay to restore your vehicle to like-new condition.

The benefits of having car insurance more than offset the price you pay, specifically if you ever have a liability claim. Despite what companies tell you, the average driver overpays as much as $869 every year so compare quotes from several companies once a year at a minimum to make sure the price is not too high.

Wisconsin auto insurance company ratings

Choosing the best auto insurance provider can be rather challenging considering how many companies provide coverage in Wisconsin. The company rank data shown next could help you choose which auto insurers to look at purchasing a policy from.

Top 10 Madison Car Insurance Companies Overall

  1. USAA
  2. 21st Century
  3. GEICO
  4. Nationwide
  5. AAA Insurance
  6. Liberty Mutual
  7. Safeco Insurance
  8. State Farm
  9. Travelers
  10. American Family