Best cheap car insurance in Madison for 2022
Car owners in Madison, Wisconsin, pay an average annual rate of $329 for minimum coverage car insurance and $1,025 for full 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. To find the best and cheapest car insurance premiums in Madison, Bankrate analyzed company pricing, coverages, available discounts, financial strength and customer reviews.
- USAA is the best cheap car insurance company in Madison on our list, offering average annual premiums of $203 for state minimum and $732 for full coverage. It only provides car insurance to military and qualifying family members, however.
- The cheapest Madison car insurance rates on our list come from USAA, which offers average annual minimum coverage at $203, and State Farm, which comes in at $722 per year for full coverage.
- In Madison, the average annual cost of car insurance for minimum coverage is $329 and full coverage is $1,025.
Best car insurance companies in Madison
Our picks for the best car insurance companies in Madison are USAA, Geico, Erie and Farmers. Bankrate’s editorial team analyzed quoted average premiums obtained from Quadrant Information Services to find the best auto insurers. The criteria to be considered the best includes affordable premiums, robust coverage options, generous discounts, highly rated customer service and financial strength.
|Insurance company||J.D. Power 2021 auto insurance study score – North Central||Average annual premium for minimum coverage||Average annual premium for full coverage|
|Erie||857 / 1,000||$239||$854|
|Farmers||828 / 1,000||$388||$1,153|
|Geico||837 / 1,000||$217||$809|
|USAA*||895 / 1,000||$203||$732|
Quadrant Information Services, 2021
*USAA is not eligible for official ranking by J.D. Power due to eligibility restrictions.
If you are looking for an insurance company with robust endorsements, consider checking out Erie. 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.
Although Erie’s policies are affordably priced, the company also offers a number of ways to lower your premium even further. Erie includes a rate lock guarantee and disappearing deductible with each new policy, plus a variety of traditional discounts.
Learn more: Erie Insurance Review
Farmers is another car insurance company that is known for its unique coverage options. In addition to standard coverage, you can customize your policy with loss of use coverage, rideshare insurance, Guaranteed Value™ coverage, a glass deductible waiver, spare parts coverage, OEM coverage, new car replacement coverage and much more.
Compared to other providers on our list, Farmers offers fewer discounts. However, there are special savings for drivers who have no prior claims on their record and bundle their policies. Plus, Farmers offer state-specific discounts, which you can learn more about from an agent.
Learn more: Farmers Insurance Review
Geico is known for its cheap car insurance policies. In Madison, the average full coverage policy from Geico costs $809 per year, which is over $200 less than the citywide average rate. Geico’s coverage options are limited, but the company makes up for it in terms of discounts.
Geico offers savings opportunities for military personnel, going on emergency deployment, federal employees, employer/membership groups, good students, safe drivers, paying in full, having a vehicle with safety features and more.
Learn more: Geico Insurance Review
USAA only sells car insurance to active duty and retired military personnel and qualifying family members, but the company is highly rated. If you qualify for USAA insurance, you will get access to great customer service and claims handling, plus affordable rates and good discounts.
On average, drivers who switch to USAA save more than $700 per year on their insurance policy. USAA also offers extra savings for good students, safe drivers, storing a vehicle on a military base, insuring a new vehicle, insuring two or more vehicles and being a loyal customer.
Learn more: USAA Insurance Review
Cheapest car insurance in Madison
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. Compared to the United States national average rate of $1,674, car insurance in Madison is significantly cheaper. The table below highlights the cheapest car insurance prices in Madison for the top carriers based on market share. Though these rates are the cheapest on Bankrate’s list, your rate will vary as car insurance premiums include personal factors like driving record, age and claims history.
|Insurance company||Average annual premium for minimum coverage||Average annual premium for full coverage|
Quadrant Information Services, 2021
These five car insurance providers offer the cheapest rates in Madison, but they each have pros and cons. For example, Geico and State Farm have extremely cheap premiums, but the coverage is very limited. If you want to add specific endorsements, you are better off paying more for a policy from AAA or Erie.
In terms of J.D. Power’s customer satisfaction ratings, these providers are all over the map. USAA, Geico and Erie are rated above average, State Farm is rated just below average and AAA is rated 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
Car insurance in Madison is a legal requirement. Drivers must carry at least 25/50/10 personal liability insurance, which includes the following coverages:
- $25,000 in bodily injury coverage per person
- $50,000 in bodily injury coverage per accident
- $10,000 in property damage coverage per accident
Many drivers opt for minimum coverage insurance to get the lowest rate. However, there is no guarantee that minimum coverage insurance will cover your full financial responsibility in the event of an at-fault accident. And if you lease or finance your car, it is likely that your lender will require you to carry full coverage insurance until your loan is repaid.
Car insurance discounts in Madison
Most of the car insurance companies in Madison offer discounts, which can help drivers lower their insurance premium. Some of the most popular car insurance discounts available in Madison include:
- Claims-free discount: If you have no insurance claims on your record within the last several years, you can probably qualify for a discount on your policy.
- Multi-vehicle discount: Drivers who insure two or more vehicles on their car insurance policy usually get a lower rate.
- Pay in full discount: Drivers who can afford to pay their annual premium upfront and in full often save money on the cost of their insurance.
- Good student discount: If you are a high school or college student and you maintain a minimum GPA, most insurance companies will reward you with a discount on your car insurance policy.
Frequently asked questions
What is the best car insurance company?
The best car insurance company varies. It depends on where you live, how much coverage you need, the type of coverage you need and your budget. Drivers should shop around and get multiple quotes to find the best cheap car insurance company that meets their unique needs.
How much does car insurance in Madison cost?
Average car insurance quotes in Madison are $1,025 for full coverage insurance and $329 for minimum coverage insurance. However, keep in mind that you might pay more or less than the citywide average based on factors like your age, credit score and claims history.
How much car insurance do I need in Madison?
In Madison and throughout Wisconsin, drivers are required to carry at least 25/50/10 personal liability insurance. But it is recommended for most drivers to purchase more coverage than what is required. Many drivers choose to upgrade to a full coverage insurance policy, which includes comprehensive and collision insurance that protects your vehicle.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.