You have most likely seen the catchy commercials from car insurance companies like Allstate and State Farm that guarantee dirt cheap rates. So drivers should just pick the one with the best commercial, right?
It’s just not that simple, as there are a whole bunch of unknown aspects like the type of vehicle you drive, if you have ever had a coverage lapse, and whether you just want liability only. If you keep reading, we will teach you about the best ways to avoid high prices and will hopefully give you a good start to your coverage search.
For college grads, one of the more important criteria that aid in calculating auto insurance rates is where you keep your car. Cities with more crime and/or more people are more likely to have higher rates, whereas areas with less people or fewer weather incidents receive better rates.
The next table ranks the highest-priced places in Wisconsin for college graduates in which to purchase auto insurance. Milwaukee is ranked at #1 with the annual price of $1,368 for coverage, which is about $114 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Milwaukee | $1,368 |
| 2 | Wauwatosa | $1,345 |
| 3 | Kenosha | $1,218 |
| 4 | Greenfield | $1,204 |
| 5 | Oak Creek | $1,202 |
| 6 | West Allis | $1,198 |
| 7 | Racine | $1,193 |
| 8 | Beloit | $1,118 |
| 9 | Franklin | $1,117 |
| 10 | Eau Claire | $1,091 |
| 11 | Wausau | $1,079 |
| 12 | Menomonee Falls | $1,068 |
| 13 | Brookfield | $1,067 |
| 14 | La Crosse | $1,033 |
| 15 | Madison | $1,030 |
| 16 | Waukesha | $1,023 |
| 17 | New Berlin | $1,018 |
| 18 | Janesville | $1,011 |
| 19 | Manitowoc | $997 |
| 20 | West Bend | $987 |
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Information shown are comparative as the specific garaging location can increase or decrease premiums noticeably.
The type of vehicle that is being insured is one of the primary factors when quoting the most economical auto insurance for college graduates. Vehicles with average performance, a plethora of safety features, or a track record of few liability claims will cost much less to insure than adrenaline junky models. The table below features auto insurance costs for a handful of the cheapest automobiles to insure in Wisconsin.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Civic DX 4-Dr Sedan | $1,926 |
| Toyota Tacoma 2WD | $1,932 |
| Toyota RAV4 Limited 4WD | $1,964 |
| Chevrolet Malibu LS | $1,974 |
| Chevrolet Silverado LS Regular Cab 2WD | $1,967 |
| Ford Escape XLS 4WD | $2,043 |
| Honda Accord EX 4-Dr Sedan | $2,048 |
| Honda CR-V EX 4WD | $2,093 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $2,105 |
| Ford F-150 XLT Super Cab 4WD | $2,181 |
| Ford Focus S 4-Dr Sedan | $2,213 |
| Toyota Prius | $2,266 |
| Dodge Ram Quad Cab Sport 4WD | $2,286 |
| Compare Rates Now Go | |
Data assumes 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, homeowner, multi-policy, multi-vehicle, and claim-free. Rates do not factor in vehicle garaging location which can alter auto insurance rates greatly.
Based on these rates, makes and models like the Honda Civic, Toyota Tacoma, and Toyota RAV4 are going to be some of the most affordable vehicles to insure for college grads.
Discount Milwaukee insurance
Insurance companies that offer quotes for college graduates may also offer discounts that could lower prices by as much as 35% if you meet the requirements. The best auto insurance companies and some of the discounts can be read below.
- GEICO offers premium reductions for membership and employees, five-year accident-free, multi-vehicle, good student, and anti-lock brakes.
- Auto-Owners Insurance may have discounts that include multiple vehicles, multi-policy, air bags, anti-lock brakes, mature driver, and good student.
- American Family offers discounts for early bird, mySafetyValet, Steer into Savings, bundled insurance, air bags, and defensive driver.
- Esurance includes discounts for safety device, Switch & Save, defensive driver, Pac-12 alumni, and online shopper.
- Progressive policyholders can earn discounts including continuous coverage, multi-policy, multi-vehicle, online quote discount, homeowner, online signing, and good student.
- State Farm may include discounts for good student, driver’s education, safe vehicle, student away at school, and multiple autos.
- AAA offers discounts including multi-policy, anti-theft, good driver, good student, and multi-car.
The illustration below shows the comparison of insurance costs with and without discounts being applied to the rates. The premiums are based on a male driver, no accidents, no driving violations, Wisconsin state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with defensive driving course, marriage, multiple policy, anti-theft, vehicle safety, and multiple vehicle discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on auto insurance for college graduates is 27% or $300.
Best auto insurance company in Milwaukee
Ending up with the best insurer can be difficult considering how many companies are available to choose from in Milwaukee. The company information in the lists below can help you pick which coverage providers you want to consider when insurance shopping for college graduates.
The rankings below include large, nationwide insurance companies, so companies that have a smaller presence are not taken into consideration for this list. If you’d like to compare prices and find the cheapest rates for college graduates, just click here.
| 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 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Cost difference between full coverage and liability
Reducing the cost of auto insurance is probably important to most people, and a great way to save on the cost of insurance for college graduates is to buy only liability coverage. The example below illustrates the comparison of insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rates are based on no claims or driving citations, $1,000 deductibles, drivers are single, and no policy discounts are applied.
As an average, comp and collision coverage costs $1,296 per year over and above liability coverage. That proposes the question if buying full coverage is a good investment. There isn’t a written rule for phasing out comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s book value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $6,000 after you pay the deductible. If it’s costing you more than $600 a year for your policy with full coverage, then it may be the right time to buy liability only.
There are a few situations where removing full coverage is not in your best interest. If you still have a lienholder on your title, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not drop full coverage.
The professional agents shown below can help you determine which auto insurance policy would work best for you, since some drivers aren’t sure which coverage they need and prefer to get some help when shopping for cheaper insurance for college graduates. It can be challenging to find the best policy on your own, so professional agents can bring comfort knowing you have adequate protection in the event of a claim. To find a Milwaukee insurance agent by location nearest to you, click the link at the bottom.
- Allstate Insurance: Alex Ferreira
3436 South 13th Street – Milwaukee, WI 53215 – (414) 672-2000 - American Family Insurance – Paul Rathkamp
11805 W Hampton Ave – Milwaukee, WI 53225 – (414) 438-1515 - American Family Insurance – Lorene Hirsch Agency LLC
3927 S 76th St – Milwaukee, WI 53220 – (414) 329-3999