The words “cheap” and “auto insurance” really should not be used together, especially when looking for the cheapest car insurance for real estate agents. To save some money, let’s introduce you to some of the factors that determine auto insurance prices, and come up with some ways to take the bite out of the next policy you buy.
Deciphering which companies quote the cheapest car insurance rates for real estate agents may require a little more work in order to find the most economical policy. Each auto insurer has their own guidelines for determining rates in each state, so let’s take a look at the car insurance companies that tend to be cheaper in Milwaukee, WI.
Best Insurance Companies for Realtors
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $604 |
| 2 | Partners Mutual | $626 |
| 3 | Erie | $703 |
| 4 | Rockford Mutual | $732 |
| 5 | Nationwide | $752 |
| 6 | Pekin Insurance | $752 |
| 7 | Integrity Mutual | $770 |
| 8 | Rural Mutual Insurance | $779 |
| 9 | Western National | $793 |
| 10 | Travelers | $796 |
| 11 | State Farm | $905 |
| 12 | The Hartford | $922 |
| 13 | General Casualty | $926 |
| 14 | West Bend Mutual | $926 |
| 15 | Auto Club Group | $939 |
| 16 | Auto-Owners | $1,114 |
| 17 | American Family | $1,125 |
| 18 | Progressive | $1,164 |
| 19 | Farmers | $1,165 |
| 20 | GEICO | $1,226 |
| Find Your Rate Go | ||
USAA quotes some of the cheapest car insurance rates in Milwaukee at around $604 each year. This is $557 less than the average rate paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide are also some of the more affordable Milwaukee, WI insurance companies.
As depicted above, if you currently have coverage with Nationwide and switched to Partners Mutual, you could earn an annual savings of approximately $126. Drivers with Pekin Insurance may save as much as $126 a year, and Integrity Mutual customers might reduce prices by as much as $144 a year.
Remember that these premium estimates are averaged across all drivers and vehicles and and are not calculated with an exact zip code location for real estate agents. So the car insurance company that can offer you the best price may not even be in the top 30 companies shown above. That underscores the importance of why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
The type of vehicle you are insuring is one of the main factors when comparing quotes for economical auto insurance for real estate agents. Vehicles with high performance features, a lack of safety features, or a track record of large liability claims will cost more to insure than safer models.
The next table estimates car insurance costs for a number of the most economical vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $1,587 |
| Ford Edge SEL AWD | $1,841 |
| Dodge Grand Caravan Hero | $1,878 |
| Toyota RAV4 Limited 4WD | $1,886 |
| Ford Explorer Limited AWD | $1,915 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,976 |
| Honda Odyssey EX-L W/Navigation | $1,985 |
| Honda CR-V EX-L 4WD | $1,993 |
| Ford Fusion SE 4-Dr Sedan | $2,013 |
| Chevrolet Impala LS | $2,110 |
| Honda Accord EX-L 4-Dr Sedan | $2,116 |
| Toyota Camry Hybrid | $2,147 |
| Chevrolet Malibu LS | $2,150 |
| Find Cheaper Rates Go | |
Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Rates do not factor in specific location which can decrease or increase auto insurance rates considerably.
Looking at the numbers, cars like the Ford Escape, Ford Edge, and Dodge Grand Caravan will definitely be the more affordable vehicles to insure for realtors.
Drive responsibly or pay higher rates
The recommended way to maintain low car insurance rates in Milwaukee for realtors is to drive attentively and avoid getting tickets or having accidents. The example below demonstrates how traffic citations and at-fault collisions can raise auto insurance rates for different age groups. The data is based on a single female driver, full coverage, $500 deductibles, and no policy discounts are applied.
In the previous chart, the average cost of auto insurance per year with no violations or accidents is $1,042. Factor in one speeding ticket and the average cost hikes up to $1,179, an increase of $137 each year. Then add one accident along with the one speeding ticket and the annual cost of car insurance for real estate agents jumps again to an average of $1,561. That’s an increase of $519, or $43 per month, just for a couple of infractions!
Types of discounts on Milwaukee car insurance
Insurance companies that provide policies for real estate agents may additionally offer policy discounts that could potentially reduce rates by 30% or more if you are eligible. A list of car insurance companies and a summarized list of policyholder discounts can be found below.
- State Farm discounts include defensive driving training, safe vehicle, Steer Clear safe driver discount, good student, accident-free, and anti-theft.
- Progressive may include discounts for online quote discount, continuous coverage, good student, multi-vehicle, multi-policy, and homeowner.
- Travelers has discounts for student away at school, multi-car, IntelliDrive, new car, and hybrid/electric vehicle.
- American Family may offer discounts for good driver, multi-vehicle, accident-free, defensive driver, early bird, and TimeAway discount.
- Liberty Mutual may have discounts that include multi-car, new vehicle discount, good student, teen driver discount, newly married, and multi-policy.
The example below compares auto insurance rates with and without policy discounts. The premiums assume a female driver, no tickets, no at-fault accidents, Wisconsin state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with homeowner, anti-theft, multiple policy, vehicle safety, claim-free, and accident-free discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on car insurance for real estate agents is 27% or $381.
Price comparison of only insuring for liability
Saving on car insurance is the goal of most vehicle owners, and one good way to find cheap insurance for real estate agents is to buy only liability coverage. The chart below shows the difference between insurance prices with and without physical damage coverage. The prices are based on no claims, a clean driving record, $100 deductibles, single status, and no discounts are factored in.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs an additional $1,327 per year more than buying just liability insurance. Many drivers may wonder if it’s a good idea to buy full coverage. There is no definitive guideline of when to exclude comp and collision coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $8,000 after the policy deductible has been paid. If it’s costing you more than $800 a year for your policy with full coverage, then you might consider buying liability only.
There are some situations where buying only liability insurance is not a good plan. If you still have a loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not remove full coverage.