Car insurance in Madison costs an average of $712 per year, which is lower than the Wisconsin average. The cheapest widely available insurer for the average driver is GEICO, but MoneyGeek also researched the cheapest options across coverage levels and driver profiles. For those looking to balance affordability with service, MoneyGeek also ranked the best car insurance companies in Madison.
Compare the Cheapest Car Insurance Quotes in Madison, WI
The Cheapest and Best Car Insurance in Madison
The Cheapest Car Insurance Companies in Madison
The insurers in Madison with the cheapest average rates for a full coverage policy are:
- USAA: $381 yearly (only available for current and former military)
- GEICO: $426 yearly
The best average car insurance rates in Madison come from GEICO at an average of $426 per year — a 151.4% difference compared to the most expensive premium, which comes from MetLife. However, note that car insurance rates also depend on your driving history. Drivers can expect their rates to skyrocket if they have any existing violations or at-fault traffic accidents.
To conduct this study, MoneyGeek collected average insurance rates in Madison based on a sample driver profile for a 40-year-old male with a full coverage policy, including both liability and comprehensive and collision insurance.
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Average Cost of Car Insurance in Madison
Car insurance in Madison costs far less than the state and national averages. Drivers in this city typically pay about 23.6% less than the average Wisconsin driver and about 50% less than the national average rate.
Car insurance rates will vary with each driver. Every motorist has a personalized profile that factors into their insurance premium. If you’re looking for the best car insurance quotes in Madison, you'll need to understand what risk factors an insurance company will see in you. The more risk factors you have, the higher your rate will be.
The Best Car Insurance Companies in Madison
For many customers, a balance between costs and quality is important. To help these drivers, MoneyGeek ranked the best companies in Madison. Based on MoneyGeek’s data, the top choices in Madison for most drivers are:
- Erie: MoneyGeek score out 95 of 100
- Hartford: MoneyGeek score out 88 of 100
USAA received the highest score in Madison by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
To calculate these final scores out of 100, MoneyGeek utilized various data points, including J.D. Power ratings for user satisfaction, affordability and financial stability.
Personalized Quotes to Get You the Cheapest Car Insurance in Madison
Car insurance companies in Madison offer rates that vary with every driver’s profile. Some of the factors include your ZIP code, credit score, miles driven per year, make and model of the vehicle and driving history.
The best, most accurate insurance premiums are only possible with a personalized quote. Make sure to request custom quotes regularly to see if you qualify for discounts or rebates.
Shopping around for car insurance in Madison could save you $286, which is enough to buy:
Cheapest Car Insurance in Madison by Coverage Amount
In Madison and elsewhere, the amount of coverage you choose to buy is one of the biggest factors influencing how much you pay for car insurance. For example, a state minimum liability policy costs an average of $382 per year, while a full coverage policy with higher liability limits costs $712 on average. This is a difference of $331.
Wisconsin Minimum Liability Requirements
- Bodily Injury and Property Damage$25,000 per person, $50,000 per accident and $10,000 for property damage. A more protective level is 100/300/100.
- Uninsured Motorist$25,000 per person and $50,000 per incident. The minimum coverage may not be enough if you're in a serious accident.
Car insurance companies in Madison offer varying limits for different types of coverage. GEICO and AAA have the cheapest state minimum liability-only coverage at $231, on average, per year. AAA offers the cheapest 50/100/50 liability-only policy, but GEICO has the most inexpensive full-coverage plan.
The numbers 50/100/50 mean that the policy covers $50,000 in injuries per person, up to $100,000 per vehicle, with $50,000 of coverage for property damage.
Average Car Insurance Premiums: Liability-Only vs. Full Coverage
- CompanyState Minimumper year50 / 100 / 50per year
- Company50 / 100 / 50per year100 / 300 / 100per year
Cheapest Car Insurance in Madison if You Have Driving Violations
A driver’s history significantly affects the cost of annual premiums. The general difference in cost will vary depending on your violations.
GEICO offers some of the biggest differences between drivers with violations and those with clean records. They charge $426 per year, on average, for a driver with a clean record, while a DUI sees an average increase to $1,079.
- CompanySpeeding Ticketper yearAt-Fault Accidentper yearDUIper year
Average Cost of Car Insurance by Postal Code
Typically, your location and ZIP code are crucial factors that affect your annual premiums. Some ZIP codes have higher costs due to increased rates of uninsured drivers or high auto theft rates.
In Madison, however, there is hardly any difference between ZIP codes, as there is just an average $4 difference between the most and least expensive neighborhoods for auto coverage.
- Zip CodeState Minimumper year
Factors That Impact Insurance Costs in Madison
In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of car thefts also contribute to car insurance rates in Madison. How Madison ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Madison are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
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