The words “affordable” and “auto insurance” probably shouldn’t be used in the same sentence, especially when comparison shopping for the best car insurance for electric cars. Because it’s not cheap, let’s open your eyes to some of the factors that significantly impact car insurance premiums, and figure out some ideas to take the sting out of the next policy you buy.
For eco-friendly vehicles, one of the more important things that are used to help calculate the amount you pay for auto insurance is your address. Areas with more people or even just a higher incidence of claims tend to pay more, whereas areas with less congestion have the benefit of cheaper auto insurance prices.
The next table shows the most expensive areas in Wisconsin for electric cars to purchase auto insurance in. Milwaukee is ranked at #1 having an annual price of $1,354 for the average policyholder, which is approximately $113 each month.
|Rank||City||Average Per Year|
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Annual rates are comparative as the specific garaging location can revise insurance rates substantially.
The car, truck, or SUV needing coverage is one of the primary factors when comparison shopping for low-priced coverage for electric cars. Vehicles with limited top-end speed, a plethora of safety features, or a positive history of liability claims will cost substantially less to insure than adrenaline junky models. The information below presents coverage costs for some of the most cost-effective automobiles to insure in Wisconsin.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$1,646|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,876|
|Ford Escape Limited 2WD||$1,884|
|Dodge Grand Caravan Hero||$1,902|
|Chevrolet Equinox LS 2WD||$1,910|
|Honda Accord LX-P 4-Dr Sedan||$1,971|
|Honda Odyssey EX-L||$1,999|
|Honda Civic SI 4-Dr Sedan||$2,100|
|Hyundai Sonata Limited 4-Dr Sedan||$2,172|
|Kia Optima EX||$2,178|
|Toyota RAV4 Limited 4WD||$2,181|
|Jeep Grand Cherokee Laredo 4WD||$2,190|
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Estimates do not factor in vehicle location which can influence price quotes noticeably.
By looking at the data, you can expect vehicles like the Honda CR-V, Toyota Prius, and Volkswagen Jetta are most likely to be a few of the more affordable vehicles to insure for eco-friendly vehicles.
Finding decent, cost effective insurance is not the easiest thing to do, and determining which companies offer the cheapest auto insurance rates for electric cars will take even more perseverance. Each insurance company has a unique formula to determine rates, so let’s take a look at the overall cheapest auto insurance companies in Milwaukee.
It’s important to know that Wisconsin auto insurance rates are calculated based on many things that control your annual premium. Turning one year older, marrying your spouse, or getting a few speeding tickets can trigger price changes that may make certain companies cheaper than before.
Best Insurance Companies for EV’s
USAA generally has some of the best car insurance rates in Milwaukee at around $598 annually. This is $563 less than the average premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide would also make the list of some of the best Milwaukee, WI car insurance companies.
As the rates illustrate above, if you are a customer of Erie and switched to USAA, you may realize savings of approximately $105. Policyholders with Rockford Mutual may save as much as $156 a year, and Nationwide customers might cut rates by $170 a year.
To find out how much you can save, click here to begin a quote or click through to the companies below.
These estimates are averages across all types of drivers and the different vehicles they drive and do not factor in an exact vehicle garaging location for electric cars. So the insurer that has the cheapest price for you may not even be in the top 30 companies in the list above. That emphasizes why you need to get car insurance quotes using your own personal information and vehicle type.
Get discounts on Milwaukee insurance rates
Insurance providers that offer quotes for electric cars may provide price discounts that could reduce prices by as much as 35% or more if you meet certain criteria. Larger auto insurance companies and their possible discounts are shown below.
- The Hartford includes discounts for defensive driver, bundle, driver training, anti-theft, good student, and air bag.
- American Family has discounts for defensive driver, multi-vehicle, early bird, good student, Steer into Savings, and accident-free.
- Progressive has savings for good student, continuous coverage, multi-vehicle, online signing, homeowner, and multi-policy.
- Travelers may include discounts for driver training, new car, multi-car, good student, home ownership, IntelliDrive, and multi-policy.
- Farmers Insurance discounts include mature driver, multi-car, business and professional, distant student, and teen driver.
- USAA offers premium reductions for new vehicle, multi-vehicle, annual mileage, family discount, good student, safe driver, and driver training.
- Liberty Mutual offers discounts for good student, new vehicle discount, exclusive group savings, newly retired, and preferred payment discount.
The example below shows the comparison of insurance rates with and without discounts applied to the policy rates. The information is based on a female driver, no claims or driving violations, Wisconsin state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with multiple policy, homeowner, marriage, defensive driving course, accident-free, and passive restraint discounts applied. With discounts applied, theaverage yearly reduction on auto insurance for electric cars is 28% or $388.
Impact of speeding/accidents on Milwaukee auto insurance rates
The easiest way to score affordable auto insurance prices in Milwaukee for eco-friendly vehicles is to be a good driver and avoid getting tickets or having accidents. The chart below highlights how speeding tickets and accident claims can impact car insurance costs for different insured age categories. The price estimates are based on a single male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of auto insurance in Wisconsin per year with no violations or accidents is $1,092. Add in two speeding tickets and the average cost rises to $1,440, an increase of $347 each year. Now add in one accident along with the two speeding tickets and the yearly cost of auto insurance for electric cars increases to an average of $1,789. That’s an increase of $696, or $58 per month, just for not driving attentively!
Why are you paying too much for car insurance?
Milwaukee auto insurance rates are determined by lots of factors that will increase or decrease the cost of a policy. Simply having another birthday, buying a different vehicle, or having an accident may prompt premium changes that can now make some companies cheaper than before. And not only may your rating factors change, but companies amend premium rates as needed to adjust for unexpected claims or profits. Larger than normal claims can cause rate hikes, while a better claims history may cause lower-priced Milwaukee car insurance rates.
To help illustrate this point, the chart below demonstrates which company has the cheapest car insurance in Milwaukee, WI for a 40-year-old female driver with no violations or accidents, and solid credit. If we look at prices based on her current risk factors, USAA has the cheapest car insurance rates in Milwaukee at $835 annually. This is $326 less than the average rate paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide also make the list of the cheapest Milwaukee, WI auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison a chargeable claim, a little lower credit rating, and a blemish on her driving record. Since each insurance company has a different formula to set their prices, analyzing rate quotes most likely will result in a completely different list of affordable companies as shown below.
Pekin Insurance now has the lowest price on auto insurance in Milwaukee, WI with Western National, Rural Mutual Insurance, Travelers, and Partners Mutual also being competitive. This example demonstrates why drivers need to shop around to find the most affordable car insurance quotes for electric cars.
Car insurance prices are made up of many factors and can decrease or increase without notice, so the cheapest rate when you bought your policy may now not even be in the top five.
How to find low-cost insurance for electric cars
It’s not impossible to find cheaper rates, and here are some of the better money-saving suggestions that can help you buy cheap auto insurance.
- Remain accident-free and save
- Assess whether full coverage is needed
- Pay cheaper rates with good credit scores
- Save money by bundling your home and auto policies
- Buy vehicles with five-star safety ratings
- Compare rates regularly to ensure the best deal
The final tip is extraordinarily important, as was emphasized in this article. Coverage prices in Milwaukee change a lot, so drivers shouldn’t be reluctant to buy a different policy if a lower price can be found. We understand brand loyalty, but it’s not a great idea if it’s costing you money that could be spent on other things. Take a couple minutes and shop around and find cheaper car insurance for electric cars.
The professional agents shown below can most likely answer your questions and help you decide which coverages are best, since lots of drivers aren’t clear which coverage they need and would like to have a little guidance when shopping around for cheaper insurance for eco-friendly vehicles. It can be time-consuming to find the best coverage on your own, so agents can provide satisfaction knowing your policy gives you decent coverage if you have a claim. To locate a Milwaukee car insurance agency nearest to you, click the link at the bottom or click here to compare price quotes.
Adams Insurance Service Inc
11046 W Bluemound Rd – Milwaukee, WI 53226 – (414) 257-2070
Progressive Insurance – Milwaukee Service Center
3442 S 103rd St – Milwaukee, WI 53227 – (414) 944-5200
Allstate Insurance: Cyndy Johnson
3801 W Fond Du Lac Ave – Milwaukee, WI 53216 – (414) 445-2558
Brew City Insurance
2937 S Chicago Ave – South Milwaukee, WI 53172 – (414) 762-6600
1st Light Insurance Services
500 W Silver Spring Dr k200 – Milwaukee, WI 53217 – (414) 393-1950