It goes without saying that insurance companies want to prevent you from shopping around. Drivers who shop around once a year are very likely to switch auto insurance companies because there is a great chance of finding lower prices. A recent study showed that people who routinely shopped around saved over $850 each year compared to policyholders who never shopped for cheaper rates.
If finding the cheapest price for insurance in Madison is your intention, knowing the best way to quote and compare insurance can help you be more efficient.
If saving the most money is your goal, then the best way to find cheaper car insurance rates in Madison is to compare prices regularly from insurance carriers who sell auto insurance in Wisconsin. Rate comparisons can be done by completing these steps.
- Try to comprehend how insurance companies determine prices and the factors you can control to prevent expensive coverage. Many factors that increase rates such as traffic citations and poor credit history can be eliminated by making minor changes in your lifestyle. Keep reading for more ideas to keep prices down and find overlooked discounts.
- Request rate estimates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only provide price estimates from a single company like Progressive or Allstate, while independent agents can give you price quotes for a wide range of companies. View prices
- Compare the new rate quotes to your current policy to see if switching to a new carrier will save money. If you find a lower rate quote, ensure there is no coverage lapse between policies.
- Tell your current company to cancel your current car insurance policy. Submit a completed application and payment to your new company or agent. When you receive it, keep your new proof of insurance certificate somewhere easily accessible.
An important note is to use the same deductibles and limits on each price quote and and to analyze as many auto insurance providers as possible. This guarantees the most accurate price comparison and and a good selection of different prices.
Quoting and comparing rates for cheaper protection in Madison is not as time-consuming as you think. If you are already insured or are looking for a new policy, you can use this information to find better prices while maintaining coverages. Drivers just need to use the fastest way to compare price quotes from many different companies.
Lower-cost Madison insurance quotes with discounts
Some providers don't always list every discount very well, so the below list has some of the best known as well as some of the hidden discounts that you may qualify for.
- Anti-lock Brake System - Vehicles with anti-lock braking systems prevent accidents so you can save 10 percent or more.
- Driver's Ed - It's a good idea to have your young drivers enroll and complete driver's education in school or through a local driver safety program.
- Multiple Cars - Buying coverage for several vehicles on a single policy could earn a price break for each car.
- Student in College - Older children living away from Madison attending college without a vehicle on campus can receive lower rates.
- Lower Rates for Military - Having an actively deployed family member could mean lower prices.
- E-sign Discounts - Certain insurance companies will give a small break simply for signing on your computer.
- New Car Discount - Insuring a new Cayman can save you some money because new vehicles are generally safer.
- Theft Prevention System - Cars and trucks with anti-theft systems are stolen less frequently and can earn a small discount on your policy.
- Telematics Discount - Policyholders that allow companies to look at driving patterns by using a telematics device such as Drivewise from Allstate or Snapshot from Progressive could possibly reduce rates if they exhibit good driving behavior.
Just know that most credits do not apply to the whole policy. The majority will only reduce individual premiums such as physical damage coverage or medical payments. So when the math indicates you would end up receiving a 100% discount, you won't be that lucky.
The example below compares Porsche Cayman auto insurance costs with and without discounts. The premiums assume a female driver, no violations or claims, Wisconsin state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, multi-car, multi-policy, homeowner, and claim-free discounts applied.
Companies and some of the premium reductions they offer are included below.
- GEICO discounts include daytime running lights, anti-theft, good student, five-year accident-free, seat belt use, and federal employee.
- USAA has savings for annual mileage, multi-vehicle, family discount, defensive driver, good student, and loyalty savings.
- Progressive may have discounts that include multi-policy, homeowner, continuous coverage, multi-vehicle, and online quote discount.
- American Family offers discounts for multi-vehicle, mySafetyValet, bundled insurance, TimeAway discount, good student, and early bird.
- Esurance has discounts for Pac-12 alumni, good student, online quote, homeowner, multi-policy, and DriveSense.
- Farmers Insurance may offer discounts for mature driver, distant student, good student, electronic funds transfer, teen driver, alternative fuel, and youthful driver.
- State Farm policyholders can earn discounts including good student, multiple autos, driver's education, safe vehicle, and anti-theft.
If you need lower rates, check with every company which discounts they offer. Some of the discounts discussed earlier may not be offered in every state. To find companies that offer some of these discounts in Madison, follow this link.
Most of the larger companies such as Allstate and Progressive make it easy to get price estimates directly from their websites. Getting online rates for Porsche Cayman insurance in Madison is quite easy as all you need to do is type in your coverage information into the quote form. Once entered, the company's rating system collects your credit score and driving record and provides a quote based on the information you submitted.
This makes it simple to compare prices and it is imperative to compare as many rates as possible if you want to find the most affordable premium on insurance.
To compare rates now, compare rate quotes from the providers shown below. If you have your current policy handy, we recommend you enter your coverages identical to your current policy. This makes sure you will get a rate comparison based on similar coverages.
The auto insurance companies shown below have been selected to offer price comparisons in Madison, WI. If you want to find cheap auto insurance in Madison, we recommend you compare several of them to find the most competitive auto insurance rates.
Insurance coverage analysis
The coverage table shown below showcases estimates of insurance premium costs for Porsche Cayman models. Having knowledge of how policy premiums are calculated is important for making decisions when choosing a new policy provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Cayman 2-Dr Coupe||$192||$390||$220||$14||$66||$882||$74|
|Cayman S 2-Dr Coupe||$192||$436||$220||$14||$66||$928||$77|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Table data does not factor in specific zip code location which can change prices significantly.
Impact of violations and accidents on rates in Madison
The chart below shows how violations and at-fault collisions can drive up Porsche Cayman insurance premiums for different age groups. The rate quotes are based on a single male driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
Porsche Cayman insurance premiums by gender in Madison
The information below visualizes the comparison of Porsche Cayman insurance costs for male and female drivers. The price estimates are based on no claims or driving violations, full physical damage coverage, $500 deductibles, marital status is single, and no discounts are applied to the premium.
Good Decisions Result in Lower Insurance Prices
Many different elements are part of the equation when pricing auto insurance. Some are pretty understandable such as your driving history, but other factors are not quite as obvious like your continuous coverage or your vehicle rating.
The items below are some of the factors used by your company to calculate your prices.
What are good liability limits? - Your insurance policy's liability coverage will afford coverage if ever you are determined to be liable for physical damage or personal injury to other. Your policy's liability insurance provides you with a defense in court up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
Never let your insurance policy lapse - Going without insurance is a guaranteed way to increase your rates. And not only will your rates increase, being ticketed for driving with no insurance could earn you fines or a revoked license. You may then be required to submit proof of financial responsibility or a SR-22 with the Wisconsin DMV.
Poor credit decisions can cost you - Having a bad credit score can be a huge factor in calculating your premium rate. Insureds that have high credit ratings tend to be better risks to insure than drivers with poor credit scores. So if your credit could use some work, you may save money insuring your Porsche Cayman by spending a little time repairing your credit.
Insurance companies don't like frequent policy claims - If you file a lot of claims you can definitely plan on increased rates or even have your policy non-renewed. Auto insurance companies in Wisconsin give the lowest premiums to insureds who only file infrequent claims. Insurance coverage is intended for more catastrophic claims.
Consider raising comp and collision deductibles - Physical damage protection, also called 'full coverage', is used to repair damage to your Porsche. A few examples of covered claims could be a dented fender, vandalism, and damage caused by flying debris. Comprehensive and collision coverage deductibles define the amount you are required to pay in the event of a claim. The more you pay before a claim is paid (deductible), the lower your rates will be.
Porsche Cayman claim probability - Auto insurance companies study historical loss data to help determine costs. Models that historically have higher frequency or amount of claims will be charged more to insure. The table below demonstrates the loss history for Porsche Cayman vehicles.
For each coverage type, the loss probability for all vehicles averaged together is considered to be 100. Values that are below 100 imply a favorable loss record, while percentage numbers above 100 indicate more frequent claims or statistically larger losses.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Porsche Cayman 2dr||183||40||99||36|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
It's not one size fits all
When quoting and choosing proper insurance coverage for your personal vehicles, there is no "perfect" insurance plan. Coverage needs to be tailored to your specific needs.
Here are some questions about coverages that may help you determine if your insurance needs might need professional guidance.
- I have health insurance so do I need medical payments coverage?
- How can I find cheaper teen driver insurance?
- Should I rate my Porsche Cayman as pleasure use or commute?
- Is upholstery damage covered by car insurance?
- When would I need rental car insurance?
- I have a DUI can I still get coverage?
- Who is covered by my policy?
- Will I be non-renewed for getting a DUI or other conviction?
If you're not sure about those questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form. It is quick, free and can provide invaluable advice.
Comparing rates from local Madison car insurance agents
Some consumers would prefer to buy from a licensed agent and there is nothing wrong with that. Licensed agents can point out coverage gaps and help file insurance claims. A nice benefit of getting free rate quotes online is that drivers can save money and get better rates but also keep your business local. Buying insurance from small agencies is especially important in Madison.
Upon completion of this short form, your insurance coverage information is sent to insurance agents in Madison who want to provide quotes to get your business. You don't have to drive around as quotes are delivered to your email. If you want to get a price quote from a specific company, don't hesitate to navigate to their website to submit a rate quote request.
When searching for an insurance agent, you need to know there are two types of agencies and how they differ in how they quote coverages. Madison agents can be categorized as either independent or exclusive. Both sell auto insurance policies, but it's worth learning how they are different since it could factor into the selection process.
Independent Auto Insurance Agencies
Independent agents are not employed by any specific company so they can insure your vehicles with lots of companies and help determine which has the cheapest rates. If your agent finds better pricing, your policy is moved internally and you don't have to switch agencies.
When comparing rate quotes, you definitely need to compare quotes from a few independent agents to ensure the widest selection of prices. Many independent agencies also insure through different regional companies which can save you money.
Listed below is a short list of independent agents in Madison who may provide free price quotes.
- Wisconsin Insurance Security Fund
2820 Walton Cmns W # 135 - Madison, WI 53718 - (608) 242-9473 - View Map
- M3 Insurance
828 John Nolen Dr - Madison, WI 53713 - (608) 273-0655 - View Map
- Abacus-Bertz Financial
6417 Odana Rd Suite 13 - Madison, WI 53719 - (608) 238-5800 - View Map
Exclusive Auto Insurance Agents
These type of agents can only provide one company's prices and examples are State Farm, Allstate, or Farmers Insurance. They usually cannot provide other company's prices so always compare other rates. Exclusive agents are highly trained on sales techniques and that allows them to sell at a higher price point. Drivers often buy from the same agent for years partially due to the prominent brand name instead of buying on price only.
Below is a list of exclusive agencies in Madison willing to provide comparison quotes.
- Farmers Insurance - The Arttus Agency
624A Struck St - Madison, WI 53719 - (608) 271-9395 - View Map
- Farmers Insurance - Allen Maxwell
2980 Cahill Main #205 - Madison, WI 53711 - (608) 630-9776 - View Map
- Larry Sain - State Farm Insurance Agent
424 S Park St - Madison, WI 53715 - (608) 257-5132 - View Map
Choosing the best insurance agency should depend on more than just a low price. Ask your prospective agent these questions:
- Are there any hidden costs in their price quote and does it include driving and credit history?
- How much training do they have in personal risk management?
- How many years have they been established?
- Is every driver in your family covered?
- Are they giving you every discount you deserve?
- What is the agency's Better Business Bureau rating?
Auto insurance is not optional in Wisconsin
Despite the potentially high cost of Porsche Cayman insurance, buying auto insurance may be required for several reasons.
- Almost all states have mandatory insurance requirements which means you are required to buy a specific minimum amount of liability if you don't want to risk a ticket. 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 Porsche, most lenders will force you to buy insurance to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Porsche at an extremely high rate and require you to fork over for it.
- Insurance safeguards not only your car but also your financial assets. It will also provide coverage for medical expenses for both you and anyone you injure as the result of an accident. Liability insurance will also pay attorney fees if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.
The benefits of carrying adequate insurance are without a doubt worth the cost, particularly if you ever have a claim. According to a survey of 1,000 drivers, the average driver overpays more than $800 each year so it's important to compare rates at every policy renewal to ensure rates are inline.
Cover all your bases
While you're price shopping online, it's a bad idea to buy poor coverage just to save money. There have been many situations where an insured dropped comprehensive coverage or liability limits only to discover later that their decision to reduce coverage ended up costing them more. Your goal should be to find the BEST coverage at the lowest possible cost and still be able to protect your assets.
Cost effective Porsche Cayman insurance can be found both online in addition to many Madison insurance agents, and you need to price shop both to have the best selection. There are still a few companies who don't offer online rate quotes and most of the time these smaller providers prefer to sell through local independent agencies.
Consumers switch companies for many reasons like denial of a claim, unfair underwriting practices, high rates after DUI convictions and not issuing a premium refund. Regardless of your reason for switching companies, finding the right auto insurance provider is less work than it seems.
For more information, take a look at the following helpful articles:
- Can I Drive Legally without Insurance? (Insurance Information Institute)
- What Auto Insurance is Cheapest for College Students in Madison? (FAQ)
- Who Has Cheap Madison Auto Insurance for a Ford Explorer? (FAQ)
- Who Has the Cheapest Car Insurance for Unemployed Drivers in Madison? (FAQ)
- How Much are Car Insurance Quotes for Low Credit Scores in Madison? (FAQ)
- Speed and Speed Limit FAQ (iihs.org)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Preventing Carjacking and Theft (Insurance Information Institute)