It’s impossible to miss the commercials from insurers like State Farm and GEICO that claim big savings. So drivers just need to choose the one with the flashiest ad, right?
It’s not that easy, however, as there are a whole bunch of unknown elements such as the area where you live, whether or not you own a home, if you have ever had a gap in coverage, and how experienced of a driver you are, that all impact the price you pay. This article should teach you a little about these types of topics and educate you enough to have a good start to your coverage search.
For senior citizens, one of the more important factors that aid in calculating the price you pay for insurance is your address. Regions with larger populations or more claims are more likely to pay higher prices, whereas areas with less people or fewer weather incidents can boast about having cheaper rates.
The next table shows the highest-priced places in Wisconsin for seniors in which to buy car insurance. Milwaukee ranks #1 with a yearly premium of $1,410 for the average policy, which is around $118 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Milwaukee | $1,410 |
| 2 | Wauwatosa | $1,305 |
| 3 | West Allis | $1,246 |
| 4 | Racine | $1,193 |
| 5 | Oak Creek | $1,190 |
| 6 | Kenosha | $1,182 |
| 7 | Greenfield | $1,156 |
| 8 | Franklin | $1,151 |
| 9 | Beloit | $1,118 |
| 10 | Eau Claire | $1,081 |
| 11 | Brookfield | $1,077 |
| 12 | Wausau | $1,069 |
| 13 | Waukesha | $1,065 |
| 14 | Janesville | $1,053 |
| 15 | Madison | $1,030 |
| 16 | Menomonee Falls | $1,026 |
| 17 | La Crosse | $1,022 |
| 18 | New Berlin | $1,018 |
| 19 | Manitowoc | $997 |
| 20 | Fond du Lac | $995 |
| 21 | West Bend | $987 |
| 22 | Oshkosh | $980 |
| 23 | Green Bay | $941 |
| 24 | Appleton | $936 |
| 25 | Sheboygan | $935 |
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Rates are approximated as the specific Milwaukee residence address can raise or lower coverage prices significantly.
The car, truck, or SUV to be insured is probably the most important factor that determines if you can find the lowest-priced car insurance for seniors. Vehicles with limited speed and performance, advanced safety features, or a low likelihood of liability claims will cost substantially less to insure than adrenaline junky models.
The next table shows coverage rates for a number of the cheapest automobiles to insure in Wisconsin.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $1,477 |
| Ford Escape XLT 4WD | $1,487 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,492 |
| Toyota Prius | $1,605 |
| Ford Explorer XLT AWD | $1,617 |
| Ford Edge SE AWD | $1,672 |
| Chevrolet Impala LS | $1,678 |
| Chevrolet Equinox LS 2WD | $1,708 |
| Toyota RAV4 Sport 2WD | $1,714 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,745 |
| Dodge Grand Caravan Crew | $1,751 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,745 |
| Chevrolet Malibu LT | $1,754 |
| Hyundai Elantra Blue 4-Dr Sedan | $1,760 |
| Ford Focus SES 4-Dr Sedan | $1,769 |
| Toyota Corolla S | $1,797 |
| Toyota Camry XLE | $1,804 |
| Honda Odyssey EX-L W/Rear Entertainment | $1,797 |
| Nissan Rogue SL 2WD | $1,830 |
| Jeep Grand Cherokee SRT-8 4WD | $1,833 |
| Volkswagen Jetta SEL 4-Dr Sedan | $1,840 |
| GMC Sierra SL Crew Cab 2WD | $1,833 |
| Ford Fusion SE 4-Dr Sedan | $1,838 |
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Table data assumes married female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can decrease or increase coverage prices substantially.
Based upon these rates, we can infer that models like the Honda CR-V, Ford Escape, Jeep Wrangler, and Toyota Prius are likely to be the less-costly vehicles to insure for senior citizens.
Figuring out which insurers offer the most affordable auto insurance rates for seniors calls for more work in order to find the lowest price quote. Every insurance provider has their own guidelines to determine rates, so we’ll go over the auto insurance companies that tend to be cheaper in Wisconsin.
It’s important to understand that Milwaukee, WI auto insurance rates are calculated based on many things that can increase your annual premium. Simply getting older, becoming a homeowner, or having an at-fault accident can trigger price changes that can now make some companies cheaper in comparison to the competition.
Compare Cheap Insurance Quotes for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $586 |
| 2 | Partners Mutual | $626 |
| 3 | Erie | $703 |
| 4 | Rockford Mutual | $746 |
| 5 | Pekin Insurance | $768 |
| 6 | Integrity Mutual | $770 |
| 7 | Rural Mutual Insurance | $772 |
| 8 | Nationwide | $775 |
| 9 | Western National | $793 |
| 10 | Travelers | $828 |
| 11 | West Bend Mutual | $899 |
| 12 | The Hartford | $922 |
| 13 | State Farm | $932 |
| 14 | General Casualty | $936 |
| 15 | Auto Club Group | $977 |
| 16 | Progressive | $1,118 |
| 17 | Auto-Owners | $1,126 |
| 18 | American Family | $1,137 |
| 19 | Farmers | $1,141 |
| 20 | GEICO | $1,238 |
| Find Your Rate Go | ||
USAA generally has some of the lowest car insurance rates in Milwaukee at around $586 a year. This is $575 less than the average policy premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Pekin Insurance also qualify as some of the best Milwaukee, WI auto insurance companies.
In the rate table above, if you are a policyholder with Partners Mutual and switched to USAA, you may see savings of approximately $40. Policyholders with Erie could save as much as $117 a year, and Rockford Mutual policyholders might see rate reductions of $160 a year.
Be aware that those rates are averaged for all insureds and vehicles and do not factor in a specific location for seniors. So the insurer that has the cheapest price for you may not even be in the top 30 companies in the list above. That helps illustrate why you need to get car insurance quotes using your own personalized driver profile and vehicle information.
Insurance rate increases from tickets or accidents
In a perfect world, the best way to get affordable auto insurance premiums in Milwaukee for senior citizens is to drive safely and avoid accidents and violations. The illustration below illustrates how traffic citations and at-fault claims can affect insurance costs for each different age group. The data assumes a single male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are taken into consideration.
The data above shows the average cost of an auto insurance policy in Milwaukee per year with no accidents or violations is $1,217. Get written up for one speeding ticket and the average cost increases to $1,370, an increase of $153 each year. Now add two accidents along with the one speeding ticket and the yearly cost of auto insurance for seniors increases to an average of $2,688. That’s an increase of $1,471, or $123 per month, just for not driving safely!
What is the best auto insurance company in Wisconsin?
Insuring your vehicle with the right company is difficult considering how many companies are available to choose from in Milwaukee. The company ratings in the lists below may help you select which insurers you want to consider when comparing insurance rates for seniors. The ratings below are for companies that insure vehicles nationwide, so smaller regional companies are not included in these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| Erie Insurance | 92 | 90 | 82 | 88% | A+ | 88.5 |
| The Hartford | 87 | 89 | 84 | 87% | A+ | 88 |
| Esurance | 84 | 88 | 85 | 83% | A+ | 86 |
| Farmers Insurance | 79 | 88 | 84 | 87% | A | 84.7 |
| The General | 88 | 80 | 85 | 80% | A- | 84.5 |
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Data Source: Insure.com Best Car Insurance Companies
Full coverage versus liability only rates
Saving on auto insurance is probably important to most people, and a great way to buy cheaper insurance for seniors is to not buy comprehensive and collision coverage. The diagram below compares auto insurance costs with full coverage compared to only the Wisconsin minimum liability coverage. The rates are based on no claims, a clean driving record, $250 deductibles, marital status is single, and no discounts are factored in.
If averaged for all ages, physical damage coverage costs an additional $1,343 per year more than carrying just liability coverage. That is a big expense that brings up the question if buying full coverage is worth the money. There is no clear-cut formula of when to eliminate physical damage insurance, but there is a guideline you can use. If the annual cost of having full coverage is more than around 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s say your vehicle’s replacement cost is $6,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $5,500 after the policy deductible has been paid. If you are paying in excess of $550 a year for your policy with full coverage, then it might be time to buy liability only.
Tips for buying economical auto insurance for seniors
Below you’ll find some money-saving solutions that can help drivers locate lower-cost coverage.
- Avoid speeding and other traffic citations and pay less
- Good credit can mean cheaper rates
- Raise deductibles to save money
- Don’t waste money on full coverage for older vehicles
- At-fault accidents can raise rates significantly
- Choose a safer vehicle and pay lower rates
- Compare rates often to find the best deal
That last piece of advice is particularly vital, as we noted in the prior article. Auto insurance rates can be modified anytime, so drivers shouldn’t hesitate to change to a new company if you can find a cheaper rate. Sticking with a specific company is fine, but is isn’t recommended if that stubbornness costs you thousands of dollars over the life of your policy. Spend a few minutes and compare prices to find cheaper insurance for seniors in Milwaukee.