Average car insurance cost in Madison, WI

Why you should trust Insure.com

Quality Verified

At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria.

The average car insurance cost in Madison, Wisconsin is $1,364 per year, according to 2022 Insure.com data. This is $135 less than the average auto insurance cost in Wisconsin and $318 less than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Madison, the average car insurance rates by age, gender and how much is car insurance in Madison based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Madison. Read on to learn more.

Cheap car insurance companies in Madison

Geico offers the cheapest car insurance in Madison, at an average of $560 per year with full coverage limits of 100/300/100.

The second cheapest company in Madison is USAA, offering car insurance rates at $714 per year. USAA offers car insurance only to members of the military, veterans and their immediate families.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Madison before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Madison, Wisconsin:

Read about the best car insurance companies for 2022.

Average car insurance cost in Madison by coverage limits

In Madison, the average car insurance rates based on coverage types are as follows:

• State minimum coverage: $401 per year (limits are 25/50/25)
• Liability only coverage: $448 per year (limits are 50/100/50)
• Full coverage: $1,364 per year (limits are 100/300/100)
• Non-owners coverage: $274 per year

In most states, drivers must have the state minimum coverage to drive legally, but these vary by state. However, state minimum coverage does not cover any vehicles listed on your policy in an at-fault accident.

To avoid compromising on the coverage and pay out-of-pocket expenses, it is better to have full coverage or non-owner coverage if you don’t own a car but borrow or rent one frequently.

Average car insurance rates by gender in Madison

The average car insurance rate for a female driver in Madison, Wisconsin, is $1,333 per year.

While the rate for a male driver is $1,364 per year, which is $31 more than what female drivers pay, according to a 2022 rate analysis by Insure.com.

Women are considered to be safer drivers than men, and statistics have proved this, according to the Insurance Information Institute. 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 $5,454 per year or $455 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 $2,460 per year for their car insurance which is $2994 less than what the teens pay for their insurance policy.

The car insurance rates in Madison for adult and senior drivers are $1,394 and $1,319 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

If we look at the car insurance rates trends in Madison, Wisconsin, it was on an downward swing from 2016 to 2019. From 2019 to 2022, the rates increased overall by 11%, or $136.

The table below shows the trend for 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 June 2022.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed June 2022.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed June 2022.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for car insurance rates in Madison, Wisconsin. The averages are rounded to their nearest sums. The data is based on the sample profile of a 40-year-old male driver who commutes 12 miles to work. All rates are based on the profile of a driver with a clean driving record, good insurance score, and full coverage policy.

The coverage limit for a full coverage policy is 100/300/100 liability with a $500 comprehensive and Collision deductible.