It’s an obvious conclusion that insurance companies want to keep your business as long as possible. Drivers who compare rates annually are inclined to buy a different policy because there is a great chance of finding a more affordable policy premium. Surprisingly, a recent survey revealed that people who compared prices once a year saved $72 a month compared to people who never shopped around for cheaper prices.
If saving money on Acura NSX insurance is why you’re reading this, then having some knowledge of how to find and compare coverages can help you succeed in finding affordable rates.
If saving the most money is your goal, then the best way to get discount Acura NSX insurance is to annually compare prices from insurers who sell auto insurance in Madison. You can compare prices by following these guidelines.
- Take a little time to learn about how insurance works and the measures you can take to drop your rates. Many risk factors that result in higher prices like traffic citations and a not-so-good credit history can be amended by making minor changes in your lifestyle. Later in this article we will cover the details to help keep prices low and get additional discounts that may be available.
- Compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from a single company like Progressive or Allstate, while independent agencies can give you price quotes for a wide range of insurance providers.
- Compare the new rates to your existing policy and see if you can save money. If you can save money and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
- Provide adequate notice to your current company of your decision to cancel your existing policy. Submit a signed application and payment to your new agent or company. Make sure you place your new proof of insurance paperwork with your vehicle’s registration.
One important bit of advice is that you use the same level of coverage on each price quote and and to look at as many car insurance companies as possible. Doing this helps ensure an apples-to-apples comparison and a good representation of prices.
Auto insurance providers offering cheap rates in Wisconsin
The companies in the list below are our best choices to provide quotes in Madison, WI. To buy the cheapest auto insurance in Wisconsin, we suggest you visit two to three different companies in order to find the most competitive rates.
Cheaper rates with these nine rate reducing discounts
Car insurance companies don’t always publicize the entire discount list very clearly, so the list below details some of the more common and also the lesser-known discounts that you may qualify for.
- Accident Forgiveness – This isn’t a discount exactly, but certain companies may permit one accident without getting socked with a rate hike if you have no claims for a specific time period.
- Distant Student Discount – College-age children who live away from home at college and won’t have access to an insured vehicle may be able to be covered for less.
- Payment Discounts – By paying your entire bill at once rather than paying monthly you could save up to 5%.
- Multiple Policy Discount – If you insure your home and vehicles and place coverage with the same company you could save approximately 10% to 15%.
- E-sign Discounts – A handful of larger companies provide a small discount for signing up on their website.
- Military Rewards – Having a deployed family member could mean lower auto insurance rates.
- Claim-Free Discount – Insureds who avoid accidents and claims pay much less in comparison to policyholders that have many claims.
- Discounts for Safe Drivers – Drivers without accidents may receive a discount up to 45% compared to accident prone drivers.
- Early Signing – A few auto insurance companies give discounts for switching policies prior to the expiration date on your current NSX insurance policy. You could save around 10% when you buy Madison auto insurance online.
A little note about advertised discounts, most of the big mark downs will not be given to your bottom line cost. The majority will only reduce the price of certain insurance coverages like medical payments or collision. Even though the math looks like you could get a free auto insurance policy, company stockholders wouldn’t be very happy.
The best auto insurance companies and the discounts they provide are detailed below.
- State Farm discounts include multiple policy, driver’s education, safe vehicle, Steer Clear safe driver discount, anti-theft, good student, and Drive Safe & Save.
- GEICO may include discounts for good student, membership and employees, driver training, five-year accident-free, and federal employee.
- SAFECO policyholders can earn discounts including anti-theft, teen safety rewards, anti-lock brakes, drive less, teen safe driver, and multi-car.
- Farmers Insurance has discounts for switch companies, good student, homeowner, multi-car, and business and professional.
- AAA offers discounts for multi-car, multi-policy, anti-theft, pay-in-full, and AAA membership discount.
- USAA offers discounts including safe driver, military installation, loyalty savings, vehicle storage, multi-vehicle, and multi-policy.
Before you buy a policy, ask all the companies how you can save money. Some of the discounts discussed earlier may not be offered in your state. To find insurers that offer the discounts shown above in Madison, click this link.
Insurance agent or online?
A small number of people prefer to talk to an insurance agent and that can be a great decision Experienced insurance agents are trained to spot inefficiencies and help file insurance claims. The best thing about comparing insurance prices online is the fact that drivers can get lower rates and still have a local agent. Buying insurance from local insurance agencies is especially important in Madison.
To make it easy to find an agent, after completing this form (opens in new window), the coverage information is immediately sent to local insurance agents in Madison who want to provide quotes to get your business. You don’t have to search for an agent since price quotes are sent directly to your email. If for some reason you want to get a price quote from one company in particular, you just need to find their quoting web page and fill out their quote form.
Types of auto insurance agents in Madison
When finding a reliable agent, it’s helpful to know the types of agencies to choose from. Auto insurance agents are either exclusive or independent (non-exclusive). Both types of agents can write policy coverage, but it’s worth learning the difference in how they write coverage since it can impact buying decisions.
Agents that elect to be independent can quote rates with many companies so they have the ability to put coverage through many different auto insurance companies and potentially find a lower price. To move your coverage to a new company, your agent can switch companies and the insured can keep the same agent.
If you are trying to find cheaper rates, we highly recommend that you contact multiple independent agents to get the best comparison. A lot of them also have access to lesser-known insurance companies which may provide better rates.
Shown below are independent agents in Madison that may be able to give you cheap rate quotes.
- M3 Insurance
828 John Nolen Dr – Madison, WI 53713 – (608) 273-0655 – View Map
- Homewood Insurance Agency
583 D’onofrio Dr Ste. 1012 – Madison, WI 53719 – (608) 442-6666 – View Map
- Abacus-Bertz Financial
6417 Odana Rd Suite 13 – Madison, WI 53719 – (608) 238-5800 – View Map
Exclusive insurance agents can only provide one company’s prices such as AAA, State Farm, Farmers Insurance, and Allstate. They generally cannot compare rates from other companies so they are skilled at selling on more than just price. They receive a lot of sales training on their company’s products which helps them compete with independent agents. Some people will only purchase coverage from exclusives mainly due to the brand legacy rather than having the cheapest rates.
Shown below are Madison exclusive agents that are able to give price quotes.
- American Family Insurance – Daniel Piazza
2601 Crossroads Dr Ste 100 – Madison, WI 53718 – (608) 241-9000 – View Map
- Melissa Eckstrom – State Farm Insurance Agent
1771 Thierer Rd – Madison, WI 53704 – (608) 663-5000 – View Map
- Farmers Insurance – Laura Beck Nielsen
1915 Winnebago St #102 – Madison, WI 53704 – (608) 237-3747 – View Map
Picking a insurance agent needs to be determined by more than just the quoted price. These are some valid questions you should ask.
- Does the agency have a current Errors and Omissions policy?
- What company holds the largest book of business for them?
- Who is covered by the car insurance policy?
- What is the financial rating for the quoted company?
- Will they make sure you get an adequate claim settlement?
- How is replacement cost determined on your vehicle?
- Are claim adjusters local or do you have to take your car somewhere else?
- Is there any savings for paying the full premium?
Car insurance coverage information
Understanding the coverages of a insurance policy can help you determine appropriate coverage and proper limits and deductibles. Insurance terms can be ambiguous and reading a policy is terribly boring.
Coverage for liability – This protects you from damage that occurs to a person or their property in an accident. It protects you from claims by other people. It does not cover your injuries or vehicle damage.
It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 25/50/10 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.
Liability coverage protects against things such as emergency aid, medical expenses, legal defense fees and loss of income. How much coverage you buy is up to you, but buy as high a limit as you can afford. Wisconsin state law requires minimum liability limits of 25/50/10 but drivers should carry more coverage.
The next chart demonstrates why low liability limits may not provide adequate coverage.
Uninsured and underinsured coverage – This protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants as well as damage to your Acura NSX.
Due to the fact that many Wisconsin drivers only purchase the least amount of liability that is required (25/50/10), it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Coverage for medical payments – Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses for things like surgery, doctor visits, prosthetic devices, chiropractic care and funeral costs. They are often used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Coverage applies to you and your occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not universally available but can be used in place of medical payments coverage
Collision – This coverage pays for damage to your NSX resulting from a collision with an object or car. You will need to pay your deductible then your collision coverage will kick in.
Collision coverage protects against claims such as crashing into a ditch, hitting a parking meter, damaging your car on a curb, rolling your car and sideswiping another vehicle. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible on your NSX in order to get cheaper collision rates.
Comprehensive coverages – Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things like a tree branch falling on your vehicle, damage from getting keyed, falling objects, hitting a bird and rock chips in glass. The maximum amount your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Cheaper coverage is out there
Discount Acura NSX insurance in Madison can be found online and also from your neighborhood Madison agents, and you should compare rates from both to have the best chance of lowering rates. Some insurance companies do not offer rates over the internet and many times these small, regional companies only sell coverage through independent insurance agencies.
Consumers change insurance companies for many reasons like being labeled a high risk driver, policy non-renewal, denial of a claim and even high prices. It doesn’t matter why you want to switch choosing a new company can be less work than you think.
As you go through the steps to switch your coverage, don’t be tempted to skimp on coverage in order to save money. There have been many situations where someone sacrificed uninsured motorist or liability limits and discovered at claim time that the few dollars in savings costed them thousands. Your goal is to buy a smart amount of coverage for the lowest price but still have enough coverage for asset protection.
For more information, feel free to browse these articles:
- Shopping for a Safe Car (Insurance Information Institute)
- What Auto Insurance is Cheapest in Madison, Wisconsin? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Subaru Outback in Madison? (FAQ)
- Who Has Cheap Madison Car Insurance Quotes for Electric Cars? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for Homeowners in Madison? (FAQ)
- How Much is Madison Car Insurance for a Chevrolet Equinox? (FAQ)
- Who Has Cheap Auto Insurance Rates for Teachers in Madison? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Active Military in Madison? (FAQ)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- How Can I Save Money on Auto Insurance? (Insurance Information Institute)