Finding out which companies quote the cheapest insurance rates for homeowners calls for a tad more effort than just getting one or two price quotes. Every auto insurer uses a little different formula for determining rates, so let’s examine the insurance companies with the overall cheapest rates in Wisconsin.
It’s a good idea to be aware that Milwaukee, WI insurance rates are based on many factors that will increase or decrease the price you pay. Turning one year older, buying a home, or having a fender bender can trigger rate changes resulting in some companies being more affordable than others.
Cheap Insurance Rates for Homeowners
USAA generally has some of the cheapest car insurance rates in Milwaukee at around $604 annually. This is $557 less than the average rate paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance would also be considered some of the cheapest Milwaukee, WI insurance companies.
As shown in the table above, if you are insured with Rockford Mutual and switched to Partners Mutual, you may see a yearly savings of about $138. Policyholders with Pekin Insurance may save as much as $160 a year, and Rural Mutual Insurance customers might see rate reductions of $164 a year.
To get a quick, customized rate comparison, click here to start your free quote or click several companies below for low rates.
Remember that these policy prices are averages for all types of insureds and vehicles and and are not figured with an exact zip code location for homeowners. So the auto insurance company that has the lowest price for you may not even be in the top 30 companies in the list above. That points out the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
The type of vehicle on the policy is one of the largest considerations that determines if you can find the cheapest auto insurance for homeowners. Vehicles with reasonable performance levels, excellent safety ratings, or a positive history of liability claims will cost substantially less to insure than adrenaline junky models. The next table presents auto insurance prices for some of the most affordable automobiles to buy insurance for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,658 |
| Toyota Prius | $1,837 |
| Ford Explorer XLT 2WD | $1,860 |
| Chevrolet Malibu LS | $1,962 |
| Chevrolet Equinox LS AWD | $1,967 |
| Chevrolet Impala LT | $1,962 |
| Ford Focus SES 4-Dr Sedan | $2,027 |
| Ford Escape XLT 2WD | $2,035 |
| Honda CR-V LX 2WD | $2,042 |
| Ford Edge SE 2WD | $2,094 |
| Toyota Camry LE | $2,252 |
| Toyota Tacoma Double Cab 4WD | $2,260 |
| Ford F-150 FX2 Super Cab 2WD | $2,281 |
| Get a Custom Quote Go | |
Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Information does not factor in the specific area where the vehicle is garaged which can alter insurance rates noticeably.
Looking at the numbers, you can infer that makes and models like the Honda Accord, Toyota Prius, and Ford Explorer should be some of the cheaper vehicles to insure for people who own their homes.
Insurance companies ranked
Insuring your vehicle with a good quality auto insurance company is difficult considering how many different companies insure vehicles in Wisconsin. The rank data in the next section may help you analyze which auto insurance companies you want to consider comparing rates from. The ratings below are for the largest auto insurers in America, so companies that focus mainly on Wisconsin business will not be included in this list.
Top 10 Large Auto Insurance Companies in Milwaukee Ranked by Claims Service
- Progressive
- Travelers
- Liberty Mutual
- Nationwide
- USAA
- AAA Insurance
- Safeco Insurance
- GEICO
- Esurance
- The General
Top 10 Large Auto Insurance Companies in Milwaukee Ranked by Customer Service
- State Farm
- Nationwide
- Safeco Insurance
- American Family
- Travelers
- Liberty Mutual
- GEICO
- Allstate
- Erie Insurance
- The Hartford
Full coverage versus liability-only in Milwaukee
Saving money when shopping for insurance should be important to the majority of people, and an effective way to buy cheaper insurance for homeowners is to buy liability only. The chart below visualizes the comparison of car insurance costs with and without full coverage. The premium estimates are based on no claims or driving citations, $500 deductibles, marital status is single, and no discounts are factored in.
If we average all the age groups together, comp and collision coverage costs an extra $1,092 per year over having just liability coverage. That brings up the question when is it safe to stop buying full coverage. There isn’t a steadfast formula of when to eliminate comp and collision coverage, but there is a general convention. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement value is $12,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $11,000 after paying your deductible. If premium cost is more than $1,100 annually to have full coverage, then it might be time to buy liability only.
There are some cases where only buying liability is not recommended. If you still have a lienholder on your title, you have to carry full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
Discounts on Milwaukee auto insurance
Car insurance companies that sell policies for homeowners may have price discounts that could potentially reduce rates by 25% or more if you are eligible. Larger insurance companies and their offered discounts include:
- Esurance may offer discounts for anti-lock brakes, anti-theft, emergency road assistance, multi-policy, paid-in-full, defensive driver, and online shopper.
- The Hartford offers premium reductions for air bag, bundle, good student, anti-theft, driver training, defensive driver, and vehicle fuel type.
- AAA has savings for multi-car, good driver, anti-theft, AAA membership discount, and good student.
- GEICO offers discounts for multi-policy, anti-lock brakes, membership and employees, defensive driver, and anti-theft.
- State Farm offers discounts including multiple policy, passive restraint, Drive Safe & Save, student away at school, good student, multiple autos, and driver’s education.
The chart below illustrates the comparison of insurance costs with and without discounts applied. The information is based on a female driver, no claims or violations, Wisconsin state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with multiple vehicle, multiple policy, safe-driver, defensive driving course, claim-free, and anti-theft discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on insurance for homeowners is 27% or $344.
How to find more affordable auto insurance for homeowners
Lowering your rates is not difficult, and here are some of the recommended thrifty suggestions that can help drivers buy lower-cost coverage.
- Avoid having at-fault accidents
- Buying car and homeowners insurance together can save money
- Do not get tickets or violations
- Avoid price increases by not filing claims
- Safe vehicles cost less to insure
- Compare rate quotes often
The last item on the list is incredibly important, as we hit on in this piece. Auto insurance rates can be adjusted at any time, so don’t be tentative to buy from a different company if you can save money. Sticking with a specific company is fine, but it’s not a great idea if your bullheadedness ends up costing you lots of hard earned cash every month. It only take a few minutes to shop around to find cheaper car insurance for homeowners in Milwaukee.
The agents shown below are a good start to aid you in deciding which policy fits your needs best, as some people prefer to get some guidance when comparing insurance rates for people who own their homes. It can be time-consuming to find the best rates on your own, and agents can give you comfort knowing your policy gives you adequate asset protection. To find an auto insurance agency by location nearest to you, click the link after the list.
- Allstate Insurance: Tom Hoffman
2090 Miller Park Way – West Milwaukee, WI 53219 – (414) 384-1200 - American Family Insurance – James W Eve Agency LLC
6917 W Oklahoma Ave – Milwaukee, WI 53219 – (414) 546-2100 - Santiago Insurance Agency
828 W Historic Mitchell St – Milwaukee, WI 53204 – (414) 727-8284