Average car insurance cost in Madison, WI

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

Based on an analysis by Insure.com, the typical car insurance expense in Madison, Wisconsin is $1,524 annually. Furthermore, car insurance premiums in Madison are $140 less than compared to the state average in Wisconsin and $371 less than the national average.

Car insurance premiums differ widely depending on the location, city demographics, population density, average resident age, accident rates, and theft and vandalism.

This article looks at the most affordable car insurance companies in Madison, the average car insurance rates by age and gender, and the costs in Madison based on coverage limits.

Whether you’re a new or experienced driver, this article will guide you in finding the most affordable car insurance in Madison. Keep reading to learn more.

Cheap car insurance companies in Madison

Geico offers the most affordable car insurance in Madison for coverage limits of 100/300/100 at $884 per year.

The Travelers comes close second offering car insurance at $1,064 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Madison that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Madison, Wisconsin:

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

Car insurance rates in Madison, are highest for teens at $5,629 per year or $469 per month. According to the Insurance Information Institute, the rates are higher for teens (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road. To address this, there are specific driving laws for teens to help them drive better. Additionally, parents can potentially reduce teen insurance rates by adding them to their existing auto insurance policy.

As teens age and build a positive driving history, it’s common for car insurance rates to decline. Young adults typically pay $2,544 annually for their car insurance, which is $3,085 less than what teens pay for their insurance coverage.

In Madison, adult drivers pay an average of $1,527 per year for car insurance, while senior drivers pay $1,533 annually.

The rates for adults and seniors are notably lower compared to the rates for teens and young adults as they are more likely to obey the speed limits and follow the rules of the road, as per 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 upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 13%, or $175.

The table below shows the trend for last four years:

Conclusion

In conclusion, Madison’s car insurance rates are lower than the average insurance rates in Wisconsin. Drivers in Madison can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, 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

 

 . .

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.