Cheapest car insurance companies in Madison
Geico and Travelers offer the cheapest car insurance rates in Madison for 2023, according to a study by Insurance.com.
Geico is the cheapest option for most Madison drivers, with an average annual rate of $884 .
Car insurance prices in Madison can differ based on where you live, your driving history, coverage limit, and your insurance provider. To find the best deal on auto insurance, it's wise to compare quotes from various companies. Below are the companies that offer cheap car insurance to Madison drivers.
| Companies | Average annual rates |
|---|---|
| Geico | $884 |
| USAA | $911 |
| Travelers | $1,064 |
| Erie Insurance | $1,140 |
| Nationwide | $1,144 |
| West Bend Mutual | $1,292 |
| Progressive | $1,842 |
| Acuity Insurance | $1,933 |
| Farmers | $2,058 |
| State Farm | $2,098 |
| Allstate | $2,416 |
Cheapest car insurance cost in Madison by Age Group
Erie Insurance offers the cheapest full coverage car insurance for teenage drivers in Madison, with an average annual cost of $2,796 per year. Insurance companies deem teenagers as "high-risk" drivers due to their inexperience and statistically higher accident rates. This elevated risk profile translates to significantly higher car insurance costs for young drivers compared to their older counterparts.
Teens can maintain lower car insurance premiums by leveraging the good student discount or by remaining on their parent’s existing policy as long as feasible.
Among the carriers analyzed, USAA is the cheapest car insurance option for young drivers in Madison, at $1,405 a year for a full coverage policy.
You'll find that car insurance rates are much lower by the time drivers reach their 30s than they are for drivers in their 20s. The cheapest auto insurance company for adult drivers in Madison is Geico. Its average rate for a full coverage car insurance policy is $880 per year.
USAA tops the list in terms of affordability for senior drivers in Madison. With an average annual premium of $925, USAA offers senior drivers the cheapest car insurance rates, allowing them to enjoy peace of mind.
| Company | Teens | Young Adults | Adults | Seniors |
|---|---|---|---|---|
| Erie Insurance | $2,796 | $1,843 | $1,157 | $1,193 |
| USAA | $2,819 | $1,405 | $926 | $925 |
| Geico | $3,703 | $1,435 | $880 | $1,017 |
| Travelers | $3,976 | $1,884 | $1,086 | $1,071 |
| Nationwide | $4,541 | $2,048 | $1,130 | $1,029 |
| West Bend Mutual | $4,644 | $2,470 | $1,293 | $1,359 |
| State Farm | $6,309 | $3,592 | $2,112 | $2,018 |
| Allstate | $7,269 | $3,621 | $2,456 | $2,445 |
| Progressive | $7,554 | $3,119 | $1,881 | $1,891 |
| Farmers | $8,559 | $3,375 | $1,958 | $2,058 |
| Acuity Insurance | $10,277 | $3,228 | $1,940 | $1,880 |
Cheapest car insurance companies in Madison by driver profile
Your driving profile plays an important role in determining your car insurance rates in Madison. Those with past accidents, speeding tickets, or other traffic citations on their record can expect increased insurance rates compared to drivers with clean driving records.
It's important to compare insurance quotes from at least three carriers to find the cheapest insurance company in Madison that suits your budget.
In Madison, these insurance companies offer cheap car insurance rates based on your driver profile.
- Cheapest for a driver with poor credit: Geico
- Cheapest for a driver with a speeding ticket: USAA
- Cheapest for accident: State Farm
- Cheapest for DUI: State Farm
Cheapest for a driver with poor credit: Geico
Geico has the cheapest rates for Madison drivers with poor credit looking for affordable auto insurance. At an annual cost of $848, Geico offers substantial savings among the insurers analyzed.
Here are car insurance carriers that offer affordable rates for drivers with poor credit scores in Madison.
| Company | Average annual rates |
|---|---|
| Geico | $848 |
| Nationwide | $1,089 |
| USAA | $1,271 |
| Travelers | $1,501 |
| Farmers | $2,304 |
| Allstate | $2,679 |
| Progressive | $2,690 |
| State Farm | $4,508 |
Cheapest for drivers with a speeding ticket: USAA
Based on recent data analysis, 30-year-old drivers in Madison with speeding tickets on their driving record can get the cheapest car insurance rates from USAA at an annual cost of $839.
Find the best car insurance company for your needs by comparing quotes from different carriers. Don't assume that the cheapest option for someone else will also be the cheapest for you. Take the time to shop around and get the coverage that best suits your needs.
| Company | Average annual premium |
|---|---|
| USAA | $839 |
| State Farm | $972 |
| Geico | $1,049 |
| Nationwide | $1,257 |
| Travelers | $1,380 |
| Allstate | $2,022 |
| Farmers | $2,045 |
| Progressive | $2,239 |
Cheapest auto insurance after an at-fault accident: State Farm
State Farm is the cheapest auto insurance provider for drivers with a history of accidents. Its average annual rate for a driver with an at-fault accident in Madison is $1,051. If you've had an accident in the past, it's important to find a provider that offers rates that are affordable and won't hurt your pocket.
| Company | Average annual rates |
|---|---|
| State Farm | $1,051 |
| USAA | $1,124 |
| Geico | $1,269 |
| Travelers | $1,410 |
| Nationwide | $1,425 |
| Farmers | $2,381 |
| Allstate | $2,936 |
| Progressive | $3,021 |
Cheapest auto insurance after a DUI: State Farm
State Farm is the cheapest option for Madison drivers seeking affordable auto insurance rates after a DUI conviction, at an annual rate of $972, on average.
A DUI conviction typically leads to a rise in your auto insurance costs. But if you shop around and compare quotes from various insurers, you can find a good deal on your insurance premiums.
| Company | Average annual rates |
|---|---|
| State Farm | $972 |
| USAA | $1,300 |
| Geico | $1,702 |
| Travelers | $1,708 |
| Nationwide | $2,018 |
| Progressive | $2,255 |
| Allstate | $2,331 |
| Farmers | $2,457 |
Average car insurance cost in Madison
On average, Madison drivers pay $1,524 annually, or $127 monthly, for full coverage car insurance policies with a coverage level of 100/300/100. Conversely, the average annual cost of state minimum coverage in Madison is $405.
While full coverage car insurance is more expensive than the state minimum, it provides valuable protection for your own vehicle in addition to coverage for other drivers in the event of an accident. To save money, consider comparing quotes from multiple insurance companies.
| Average annual Rates | State minimum average |
|---|---|
| $1,524 | $405 |
Methodology
Insurance.com commissioned 2023 data for the cheapest car insurance rates in cities from Quadrant Data Services for all 50 states and Washington D.C. Rates are based on the following profile:
- 40-year-old male driver
- Honda Accord LX
- 12-mile daily commute, 10,000 annual miles
- Good credit
- Clean record
While the rates for drivers with poor credit, speeding tickets, DUI and at-fault accidents were sourced from the Auto Problems Report 2023.
Rates are based on coverage limits of:
- $100,000 bodily injury per person
- $300,000 bodily injury per accident
- $100,000 property damage per accident
- $500 comprehensive and collision deductible
Insurance.com analyzed rates from over 34,000 ZIP codes, 56 million quotes, and 136 companies. Based on the analysis, we have created lists of the cheapest companies for different driver profiles. USAA also made it to the list, but it offers services only to current and former military members and their families. Rates sourced from Quadrant Data Services for comparison purposes only; your rates may differ.
