How to Compare Madison Nissan Versa Insurance

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Discount Nissan Versa insuranceTo save the most money, the best way to get affordable Nissan Versa insurance in Madison is to annually compare prices from insurance carriers who sell insurance in Wisconsin. Rate comparisons can be done by completing these steps.

  • First, spend some time learning about how your policy works and the things you can control to prevent high rates. Many rating factors that are responsible for high rates like inattentive driving and a lousy credit rating can be controlled by making lifestyle changes or driving safer. Continue reading for more information to find cheap prices and get discounts that may be available to you.
  • Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO and Allstate, while agents who are independent can quote rates from many different companies.
  • Third, compare the new rates to your current policy to determine if you can save on Versa insurance. If you find a lower rate quote, ensure there is no coverage lapse between policies.

A valuable tip to remember is that you'll want to make sure you compare similar limits and deductibles on every quote request and and to analyze as many companies as possible. Doing this provides a fair rate comparison and a better comparison of the market.

Amazingly, a recent study showed that nearly 70% of customers renewed their policy with the same company for over three years, and practically 40% of car insurance customers have never quoted rates to find lower-cost coverage. Wisconsin insurance shoppers could cut their rates by as much as $400 a year by just comparing rate quotes, but most undervalue the large savings they would see if they changed companies.

The following companies are ready to provide price quotes in Madison, WI. In order to find cheap car insurance in Madison, WI, we suggest you visit two to three different companies to get a more complete price comparison.

Coverage analysis

The table displayed below showcases estimates of insurance costs for Nissan Versa models. Being aware of how car insurance premiums are formulated is important for drivers to make informed purchases.

Nissan Versa Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Versa 1.6 SEDAN $92 $204 $260 $16 $78 $650 $54
Versa 1.8 S Hatchback $108 $294 $260 $16 $78 $756 $63
Versa 1.8 S SEDAN $108 $294 $260 $16 $78 $756 $63
Versa 1.8 SL Hatchback $124 $338 $260 $16 $78 $816 $68
Versa 1.8 SL SEDAN $124 $338 $260 $16 $78 $816 $68
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Rate quotes do not factor in specific zip code location which can raise or lower auto insurance rates significantly.

Policy deductibles

When comparing insurance rates, the most common question is where to set your physical damage deductibles. The premium rates below sum up how much more rates are when you buy lower versus higher coverage deductibles. The first rate comparisons uses a $250 physical damage deductible and the second price chart uses a $1,000 deductible.

Nissan Versa insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Versa 1.6 SEDAN $132 $246 $230 $14 $68 $715 $60
Versa 1.8 S Hatchback $154 $352 $230 $14 $68 $843 $70
Versa 1.8 S SEDAN $154 $352 $230 $14 $68 $843 $70
Versa 1.8 SL Hatchback $178 $406 $230 $14 $68 $921 $77
Versa 1.8 SL SEDAN $178 $406 $230 $14 $68 $921 $77
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Nissan Versa insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Versa 1.6 SEDAN $82 $154 $230 $14 $68 $548 $46
Versa 1.8 S Hatchback $96 $222 $230 $14 $68 $630 $53
Versa 1.8 S SEDAN $96 $222 $230 $14 $68 $630 $53
Versa 1.8 SL Hatchback $110 $256 $230 $14 $68 $678 $57
Versa 1.8 SL SEDAN $110 $256 $230 $14 $68 $678 $57
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Rate information does not factor in specific garaging location which can decrease or increase insurance rates considerably.

Based on this data, we can arrive at the conclusion that using a $250 deductible could cost the average driver approximately $18 more each month or $216 for a full year averaged for all Versa models than quoting the higher $1,000 deductible. Because you would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 42 months between claims, you would probably be better off if you elect the higher deductible.

How to determine if higher deductibles are a good idea

Average monthly premium for $250 deductibles: $71
Average monthly premium for $1,000 deductibles (subtract): - $53
Monthly savings from raising deductible: $18
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $18
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 42 months

The diagram below demonstrates how choosing different deductibles and can increase or decrease Nissan Versa insurance prices for different insured age categories. The data assumes a single female driver, comp and collision included, and no additional discounts are factored in.

Nissan Versa liability rates compared to full coverage

The information below illustrates the comparison of Nissan Versa auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The premiums assume a clean driving record, no at-fault accidents, $100 deductibles, marital status is single, and no additional discounts are factored in.

Should you pay for full coverage?

There is no exact rule that works best for making the decision to drop full coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it's probably a good time to buy liability coverage only.

For example, let's pretend your Nissan Versa book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $7,000 after the policy deductible has been paid. If you are paying more than $700 a year for full coverage, then you may need to consider dropping full coverage.

There are some conditions where buying only liability insurance is not financially feasible. If you still have a loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if you can't afford to buy a different vehicle if your current one is in an accident, you should keep full coverage in place.

You may qualify for discounts for Nissan Versa insurance in Madison

Some providers do not list every possible discount very well, so we took the time to find both the well known as well as the least known discounts that you may qualify for.Discount auto insurance

  • Pay Now and Pay Less - By paying your policy upfront as opposed to paying monthly you can avoid monthly service charges.
  • Multi-Vehicle Discounts - Buying insurance for multiple vehicles on one policy could earn a price break for each car.
  • Passenger Safety Discount - Cars that have air bags or motorized seat belts may qualify for discounts of 20 to 30 percent.
  • Multi-policy Discount - When you have multiple policies and insure them both with the same insurance company you will save up to 20% and get you cheaper Versa insurance.
  • Madison Homeowners Discount - Owning a house in Madison may trigger a policy discount on auto insurance because it shows financial diligence.
  • Good Driver Discount - Drivers who don't get into accidents may receive a discount up to 45% as compared to drivers with claims.
  • First Accident Forgiveness - This one isn't a discount, but certain companies will let one accident slide without the usual rate increase as long as you don't have any claims prior to the accident.
  • Student Discount for Driver Training - Cut your cost by having your teen driver enroll and complete driver's education in high school.
  • College Student Discount - Youth drivers who are enrolled in a college that is more than 100 miles from Madison and do not take a car to college may be able to be covered for less.
  • Student Discounts - Getting good grades may save you up to 25%. The good student discount can last up to age 25.

Discounts reduce rates, but you should keep in mind that most of the big mark downs will not be given to the overall cost of the policy. Most only reduce specific coverage prices like collision or personal injury protection. Even though the math looks like all the discounts add up to a free policy, companies wouldn't make money that way.

The diagram below shows the comparison of Nissan Versa insurance prices with and without discounts. The data is based on a female driver, no accidents, no driving violations, Wisconsin state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, homeowner, marriage, claim-free, and multi-car discounts applied.

Larger auto insurance companies and some of their more popular discounts can be found below.

  • State Farm may include discounts for anti-theft, safe vehicle, driver's education, student away at school, defensive driving training, and good driver.
  • Progressive offers premium reductions for online quote discount, continuous coverage, multi-policy, online signing, good student, and multi-vehicle.
  • Progressive has discounts for homeowner, multi-policy, good student, online quote discount, multi-vehicle, online signing, and continuous coverage.
  • MetLife may offer discounts for good student, claim-free, defensive driver, good driver, multi-policy, accident-free
  • Farm Bureau includes discounts for safe driver, youthful driver, renewal discount, multi-policy, multi-vehicle, and good student.
  • GEICO policyholders can earn discounts including multi-policy, seat belt use, daytime running lights, air bags, federal employee, anti-theft, and anti-lock brakes.
  • SAFECO may have discounts that include bundle discounts, drive less, homeowner, safe driver, and multi-car.

When getting a coverage quote, ask all companies you are considering what discounts are available to you. Some discounts listed above might not be offered everywhere.

Car insurance is an important decision

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

  • The majority of states have mandatory insurance requirements which means state laws require a minimum amount of liability protection in order to drive the car. 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 vehicle has a loan, it's most likely the lender will make it mandatory that you buy insurance to guarantee their interest in the vehicle. If you do not keep the policy in force, the lender will be forced to insure your Nissan at a much higher premium rate and force you to pay much more than you were paying before.
  • Car insurance protects not only your vehicle but also your assets. It will also pay for medical bills for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if anyone sues you for causing an accident. If your Nissan gets damaged, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.

The benefits of buying enough insurance are without a doubt worth the cost, especially if you ever need it. According to a survey of 1,000 drivers, the average driver is overpaying more than $810 a year so we recommend shopping around every year to make sure the price is not too high.

When to have guidance from an insurance agency

Certain consumers prefer to have an agent's advice and that is a personal choice. Professional insurance agents will help you protect your assets and help in the event of a claim. One of the best bonuses of getting free rate quotes online is that drivers can save money and get the lowest rates and still buy from a local agent.

Upon completion of this form (opens in new window), the coverage information is transmitted to local insurance agents in Madison who will gladly provide quotes for your coverage. You won't need to even leave your home since price quotes are sent instantly to you. In the event you want to compare prices from a specific auto insurance provider, you would need to find their quoting web page to submit a rate quote request.

Finding a good insurance company requires you to look at more than just the price. Some important questions to ask are:

  • Who is covered by the car insurance policy?
  • How does the company pay claims for a total loss?
  • Are they full-time agents?
  • Are claims handled at the agent's location?
  • Do they have 24-hour customer assistance?
  • Will they take your side in the event of a claim?
  • Will the quote change when the policy is issued?