Madison car owners pay an average annual rate $1,025 to get full coverage and $329 for minimum coverage. Based on rates pulled from Quadrant Information Services, Madison drivers looking for the cheapest car insurance rates can find them with USAA and Geico for minimum coverage insurance and State Farm for full coverage. Bankrate reviewed Madison’s car insurance premiums to determine the most affordable and best. They also looked at company pricing, coverages and available discounts. Also, Bankrate reviewed customer reviews and financial strength.
Madison’s best car insurance companies
USAA, Geico and Farmers are our top picks for Madison’s best car insurance companies. To find the best auto insurance companies, Bankrate’s editorial team looked at average premiums from Quadrant Information Services. To be considered the best, you need to have affordable premiums, strong coverage options, financial strength, and highly rated customer services.
Erie
Erie Insurance is a solid endorsement company. A basic car insurance policy from Erie comes standard with generous coverages, like pet insurance, personal items coverage, glass repair coverage, locksmith services and roadside assistance.
Erie policies are affordable, but the company offers many ways to reduce your premium. Erie offers a rate lock guarantee, a disappearing deductible, and a variety traditional discounts.
Farmers
Farmers is another car insurance company that is known for its unique coverage options. You can also customize your policy to include loss of use coverage as well as rideshare insurance and Guaranteed Value ™ coverage.
Compared to other providers on our list, Farmers offers fewer discounts. Farmers offers special savings to drivers with no previous claims and who bundle their policies. Farmers also offer discounts that are specific to your state, which can be arranged by an agent.
Geico
Geico is well-known for its affordable car insurance policies. Geico’s Madison average annual full coverage policy costs $809, which is more than $200 less than the average city rate. Geico’s coverage options are limited, but the company makes up for it in terms of discounts.
Geico offers savings for military personnel who are on an emergency deployment, federal employees and employer/membership groups. Geico also provides savings opportunities to good students, safe drivers, safe drivers, paying in whole, and having a vehicle equipped with safety features.
USAA
USAA sells only car insurance to military personnel, active duty and retired, and their qualifying family members. However, the company has a high rating. USAA insurance is affordable and offers great customer service.
On average, drivers who switch to USAA save more than $700 per year on their insurance policy. USAA offers additional savings for safe drivers, good students, loyal customers, and storing vehicles on military bases.
Madison has the lowest car insurance
The average cost of car insurance in Madison is similar to the average rate in Wisconsin, where full coverage car insurance costs $1,186 per year. Madison’s car insurance is considerably cheaper than the $1,674 average US rate. The table below highlights the cheapest car insurance prices in Madison for the top carriers based on market share. These rates are the lowest on Bankrate’s List, but your rate will be different as premiums for car insurance include personal factors such as driving record and claims history.
These five providers of car insurance offer the lowest rates in Madison. However, each has its pros and cons. Geico and State Farm, for example, have very low premiums but limited coverage. You will pay more for AAA or Erie policies if you need to add endorsements.
J.D. These providers have all been rated highly by J.D. Power for customer satisfaction. USAA, Geico, and Erie are rated higher than average, while State Farm is just below average, and AAA is near the bottom. Similarly, State Farm, Erie and USAA are the only carriers that have above-average claims satisfaction ratings from J.D. Power
Madison insurance requirements
Madison has a law requiring car insurance. Drivers must carry at least 25/50/10 personal liability insurance, which includes the following coverages:
- $25,000 bodily injury coverage per individual
- $50,000 per accident bodily injury coverage
- $10,000 in property damage coverage per accident
To get the lowest rates, many drivers choose minimum coverage insurance. There is no guarantee that your financial responsibility will be covered by minimum coverage in the event you are involved in an accident. If you finance or lease your vehicle, your lender may require that you have full coverage until the loan is repaid.
Madison car insurance discount
Many car insurance companies in Madison offer discounts that can lower your insurance premium. The following are some of the most sought-after car insurance discounts in Madison:
- Discounts for no claims: If there have been no insurance claims in the past several years, then you may be eligible for a discount.
- Multi-vehicle Discount: Drivers who have two or more cars insured on their auto insurance policy often get a lower rate.
- Full discount if you pay upfront: Drivers who are able to afford their annual premium in full can often save money on their insurance.
- A good student discount: Most insurance companies will offer a discount on your auto insurance policy if you have a good GPA and are a student in high school or college.
Questions frequently asked
Which is the best auto insurance company?
The best car insurance company varies. It all depends on where you live and what coverage you need. To find the most affordable car insurance, drivers should compare quotes and shop around to get multiple quotes.
What is the cost of Madison car insurance?
Madison’s average car insurance quote is $1,025 for full-coverage insurance and $329 to cover minimum coverage. Keep in mind, however, that your actual rates may vary depending on factors such as your credit score, age, and claims history.
What amount of Madison car insurance do you need?
Drivers in Madison and across Wisconsin are required to have at least 25/50/10 personal insurance. It is recommended that drivers purchase more coverage than is necessary. Many drivers upgrade to full coverage insurance policies that include collision and comprehensive insurance to protect their vehicle.