Average car insurance cost in Madison, WI

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According to data from Insure.com, the average annual cost of car insurance in Madison, Wisconsin is $1,524. The auto insurance rates in Madison is $140 less than the state average and $371 less than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Madison, the average car insurance rates by age and gender, and how much car insurance cost in Madison depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Madison. Keep reading to learn more.

Cheap car insurance companies in Madison

Geico provides the best value for car insurance in Madison with coverage limits of 100/300/100, costing $884 annually.

A close second is Travelers, which offers car insurance at $1,064 per year.

Read about the best car insurance companies.

Average car insurance cost in Madison by coverage limits

The average car insurance rates in Madison based on coverage types are as follows:

• State minimum coverage: $405 per year (limits are 25/50/25)
• Liability only coverage: $468 per year (limits are 50/100/50)
• Full coverage: $1,524 per year (limits are 100/300/100)
• Non-owners coverage: $250 per year

In many states, it’s a legal requirement for drivers to maintain the state minimum coverage, although these requirements vary by state. The state minimum coverage does not cover vehicles listed on your policy in an at-fault accident.

To avoid the risk of insufficient coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage, especially if you frequently borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Madison

In Madison, Wisconsin, the average annual car insurance premium for female drivers is $1,539 per year.

While the average annual cost for male drivers is $1,509 per year, which is $30 less than what female drivers pay, according to a rate analysis by Insure.com.

According to the Insurance Information Institute, statistics demonstrate that women are generally regarded as safer drivers than men. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Madison

In Madison, car insurance rates are the highest for teens, at $5,629 per year or $469 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $2,544 per year for their car insurance which is $3,085 less than what the teens pay for their insurance policy.

The car insurance rates in Madison for adult and senior drivers are $1,527 and $1,533 per year respectively.

The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Madison

Examining the trends in car insurance rates in Madison, Wisconsin, there was an upward trend from 2022 to 2023. Between 2022 and 2023, rates increase overall by 13% or $175.

The table below illustrates the trend over the three years:

Conclusion

In conclusion, the insurance rates in Madison, are lower than the average insurance cost in Wisconsin. Shopping around and taking advantage of available discounts, drivers in Madison can find affordable car insurance options. Additionally, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.