You have probably watched the ads from auto insurance companies like The General and Progressive that make promises of big savings. So you just need to pick the company with the best ad, right?
Regrettably, it’s not quite that easy, as there are a whole bunch of unknown factors like the vehicle you are insuring, your marital status, and the level of liability coverage you want. This article should teach you a little about the things that cause high insurance rates and hopefully give you enough understanding to have a good start in finding the cheapest car insurance.
The car, truck, or SUV requiring insurance is a significant factor when quoting low-priced auto insurance for active military. Vehicles with lots of speed or power, poor safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer, lower-performance models.
The list below showcases car insurance costs for some of the more affordable automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,761|
|Ford F-150 XLT Regular Cab 2WD||$1,939|
|Jeep Grand Cherokee Laredo 2WD||$2,086|
|Jeep Wrangler Sport 4WD 2-Dr||$2,099|
|Honda Accord LX 4-Dr Sedan||$2,165|
|Ford Escape Limited 4WD||$2,186|
|Hyundai Elantra SE Touring Station Wagon||$2,193|
|Nissan Rogue S 2WD||$2,237|
|Hyundai Sonata GLS 4-Dr Sedan||$2,244|
|Chevrolet Equinox LTZ AWD||$2,237|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$2,276|
|Honda Civic DX 4-Dr Sedan||$2,349|
|Ford Edge SEL 2WD||$2,358|
|GMC Sierra Denali Crew Cab 4WD||$2,385|
|Toyota Camry Hybrid||$2,388|
|Dodge Ram 2500 Crew Cab Laramie 4WD||$2,427|
|Chevrolet Impala LTZ||$2,518|
|Toyota RAV4 Limited 2WD||$2,560|
|Chevrolet Malibu LS||$2,570|
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Cost estimates assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in specific garaging location which can decrease or increase rates noticeably.
Based on these rates, we can conclude that cars like the Honda CR-V, Ford F-150, and Jeep Grand Cherokee are a few of the most economical vehicles to insure for military personnel.
For military personnel, one of the largest factors that are looked at to help calculate the cost of insurance is where you keep your car in Milwaukee. Areas with high crime rates or more dense population tend to pay more, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower coverage costs.
The next table lists the most expensive cities in Wisconsin for active military to purchase a policy in. Milwaukee is ranked #1 with an annual cost of $1,354 for the average insurance policy, which is around $113 monthly.
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Premium costs are comparative as specific location information can modify price quotes significantly.
Full coverage versus liability-only in Milwaukee
Finding the cheapest insurance is probably important to most people, and one of the best ways to buy cheaper insurance for active military is to not pay for full coverage. The example below compares car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The data is based on no tickets, no at-fault accidents, $250 deductibles, single status, and no discounts are applied to the premium.
Averaged out for all age groups, physical damage coverage on your policy costs $1,621 per year more than just buying liability only. That is a significant amount which raises the question if you should buy full coverage. There is no set rule that is best for determining when to drop physical damage insurance, but there is a general school of thought. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let’s say your vehicle’s replacement cost is $5,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $4,000 after paying your deductible. If you are paying in excess of $400 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where buying only liability insurance is not financially feasible. If you still owe money on your vehicle, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should maintain full coverage.
Safe drivers pay less for insurance
The ideal way to enjoy cheap insurance premiums in Milwaukee for military personnel is to drive attentively and not receive tickets or have accidents. The illustration below highlights how traffic violations and at-fault accidents can affect auto insurance rates for each age group. The rate quotes are based on a married male driver, full physical damage coverage, $250 deductibles, and no other discounts are factored in.
The chart shows that the average cost of a car insurance policy in Wisconsin per year with a clean driving record and no accidents is $1,042. Get written up for one speeding ticket and the average cost jumps to $1,193, an increase of $151 each year. Now add in one accident along with the one speeding ticket and the 12-month cost of insurance for active military goes up to an average of $1,620. That’s an increase of $578, or $48 per month, just for a couple of infractions!
Ideas to find economical car insurance for active military
Lowering your rates is not difficult, and here are some of the recommended penny-pinching ideas that can help Milwaukee drivers quote more affordable coverage.
- Increase your physical damage deductibles
- Do not get into accidents
- Do not get traffic tickets
- Drop full coverage on older vehicles
- Claim-free policyholders usually earn a discount
- Compare rates regularly to ensure the best deal
The last tip is extremely critical, as we pointed out in the prior article. Auto insurance prices can be changed at any time, so don’t be hesitant to buy a policy from a new company if you can save money.
Staying with the same company for years is fine, but it’s not a good idea if that loyalty ends up costing hundreds of dollars year after year. It takes less than five minutes to shop around and find cheaper auto insurance for active military in Milwaukee.
The Milwaukee auto insurance agencies shown below can answer your questions and help you decide which auto insurance policy fits you best, as lots of people like to get some guidance when shopping around for cheaper insurance for military personnel. It can be difficult to find the cheapest rates, so getting advice from a licensed agent can provide satisfaction knowing your policy gives you decent coverage if you have a claim.
To find an agent in your neighborhood, click the button after the list or click here to compare prices now.
Farmers Insurance – Roger Channing
4369 S Howell Ave #201 – Milwaukee, WI 53207 – (414) 482-9400
Dominguez Insurance Agency
2016 W Howard Ave – Milwaukee, WI 53221 – (414) 282-5955
Allstate Insurance: Alex Ferreira
3436 South 13th Street – Milwaukee, WI 53215 – (414) 672-2000
American Family Insurance – Joseph Setum Jr
3457 S Kinnickinnic Ave – Milwaukee, WI 53207 – (414) 769-0701