Who Has Cheap Auto Insurance for Hybrid Vehicles in Milwaukee?

Comparing rates for reasonably-priced insurance is challenging, and determining which company has the cheapest insurance rates for hybrid vehicles requires even more perseverance.

Each auto insurer has a unique formula to establish rates, so we’ll go over the lowest cost insurance companies in Wisconsin. It’s important to understand that Milwaukee insurance rates are calculated based on many things which can substantially decrease or increase the price you pay for coverage. Simply turning a year older, increasing liability limits, or getting a ticket for careless driving can trigger price changes that can make some companies way too expensive in comparison to the competition.

Cheap Insurance Rates for Hybrids

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USAA may offer some of the cheapest car insurance rates in Milwaukee at around $604 each year. Partners Mutual, Erie, Nationwide, and Rockford Mutual also are some of the lowest-priced Milwaukee, WI auto insurance companies.

As the rates illustrate above, if you currently have coverage with Partners Mutual and switched to USAA, you could realize annual savings of roughly $22. Drivers with Erie may save as much as $92 a year, and Nationwide policyholders might cut rates by $141 a year.

To discover how much you can save, click here to start your custom quote or click through to the companies below.

Bear in mind that those policy rates are averaged across all drivers and vehicles and are not factoring in a specific vehicle garaging location for hybrid vehicles. So the insurer that has the cheapest rates for you may not even be in the top 30 companies in the list above. That’s why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.

For hybrids, one of the big things that are used to help calculate insurance cost is where your residence is. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas areas with lower crime rates and fewer weather claims benefit from lower coverage costs.

The illustration below lists the most costly cities in Wisconsin for hybrid vehicles to buy an auto insurance policy in. Milwaukee shows up at #1 with the annual price of $1,410 for the average policy, which is approximately $118 per month.

Prices are approximated as the vehicle garaging location can modify insurance rates considerably.

The car, truck, or SUV you are trying to insure is a large consideration that determines if you can find economical insurance for hybrid vehicles. Vehicles with high performance features, a lack of safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer models. The data below presents auto insurance prices for a selection of the most affordable automobiles to buy coverage for.

Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price estimates do not factor in Milwaukee, WI location which can alter insurance rates considerably.

Based upon the table data, we can tell that vehicles like the Toyota Prius, Honda Accord, Honda CR-V, Ford Escape, and Toyota Camry are most likely to be some of the more affordable vehicles to insure for hybrids.

Bad driving habits will cost you more

The best way to earn good insurance premiums in Milwaukee for hybrids is to be a safe driver and avoid getting tickets or having accidents. The illustration below illustrates how violations and at-fault accidents raise insurance costs for each age group. The prices are based on a single male driver, full coverage, $1,000 deductibles, and no policy discounts are applied.

In the prior example, the average cost of an auto insurance policy in Wisconsin per year with a clean driving record and no accidents is $974. Add in two speeding tickets and the average cost surges to $1,280, an increase of $305 each year. Now add in one accident along with the two speeding tickets and the 12-month cost of insurance for hybrid vehicles goes up to an average of $1,589. That’s an increase of $615, or $51 per month, just for being a less-than-perfect driver!

The example below shows how choosing a deductible can affect insurance prices when researching cheap insurance for hybrid vehicles. The premiums are based on a single female driver, full coverage, and no discounts are applied.

The data above shows that a 30-year-old driver could pocket $208 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $314 by switching to a $1,000 deductible. Even younger insureds, like the age 20 example, have the ability to save up to $462 or more by choosing a larger deductible amount. When insureds make the decision to increase the deductibles on their policy, it is a good idea to have plenty of savings on hand to be able to pay the extra out-of-pocket expense, which deters some people from using high deductibles.

Difference between full coverage and liability only rates

Paying less for insurance should be important to the majority of people, and one of the best ways to pay less for insurance for hybrid vehicles is to not insure for full coverage. The diagram below compares insurance costs when comparing full coverage to liability only. The premiums assume no claims or violations, $100 deductibles, drivers are single, and no other discounts are factored in.

Averaged for all ages 20 through 70, physical damage coverage on your policy costs an extra $1,327 per year over liability only. That amount may make you wonder when is it a good idea to stop buying full coverage. There is no definitive guideline for dropping full coverage, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.

For example, let’s assume your vehicle’s replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after you pay the deductible. If you are paying in excess of $400 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are a few situations where dropping full coverage is not in your best interest. If you haven’t paid off your loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not opt for liability only.

Why you should be shopping around

Milwaukee insurance rates are determined by lots of factors that can increase the cost of having a policy. Simply having a birthday, becoming a homeowner, or getting a driving violation can trigger changes in premium that can now make some companies more affordable than others. In addition to those changes, car insurance companies file new Wisconsin car insurance rates at least once a year to help ensure profitability. A period of increased losses may cause rate increases, while a better claims history can result in more affordable Milwaukee car insurance rates.

As an example, the data below shows the companies that have the cheapest car insurance in Milwaukee, WI for a 35-year-old male driver with no violations or accidents, and solid credit. If we look at prices based on his personal risk profile, USAA might quote the cheapest car insurance rates in Milwaukee at $848 each year. This is $313 less than the average rate paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance also make the list of the cheapest Milwaukee, WI auto insurance companies.

Let’s now give the driver from the first example a claim surcharge, slightly worse credit, and a traffic ticket or two. Since each company has their own process for determining prices, getting updated rate quotes could result in a different ranking of companies as shown below.

Nationwide now has the best car insurance rate in Milwaukee with Western National, Integrity Mutual, Travelers, and Partners Mutual now rounding out the top five. This demonstrates why it is critical to take the time to shop around to find the lowest car insurance quotes for hybrid vehicles.

Auto insurance prices are influenced by many things and can change substantially, so the best option the last time you compared rates may now be one of the higher cost companies.