Buying competitive car insurance for a Hyundai Elantra in Wisconsin is fairly easy, but it depends on a whole bunch of factors such as driver age, whether or not you have prior claims, and violations on your driving record. Drivers in Wisconsin will pay around $554 a year for Elantra insurance, but that figure is an estimate calculated based on a 40-year-old married male driver with full physical damage coverage and $500 deductibles.
When making auto insurance estimates, the issue arises that you’re not a 40-year-old male, maybe you are single instead of married, and maybe your Elantra is older and does not require full coverage. Just a slight change in rating variables may result in a big change in policy price.
Not everyone needs the same coverages, so the only real way to find cheap insurance prices for your Hyundai is to do a thorough rate comparison.
The trim level of your vehicle tends to impact the cost of coverage, so the cost to insure a Elantra GLS Touring Station Wagon will be $58 lower than the insurance cost for the higher-priced Elantra SE Touring Station Wagon model, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Elantra GLS Touring Station Wagon||$114||$182||$202||$12||$60||$570||$48|
|Elantra Blue 4-Dr Sedan||$114||$262||$236||$14||$70||$696||$58|
|Elantra GLS 4-Dr Sedan||$132||$262||$236||$14||$70||$714||$60|
|Elantra SE 4-Dr Sedan||$132||$262||$236||$14||$70||$714||$60|
|Elantra SE Touring Station Wagon||$132||$222||$202||$12||$60||$628||$52|
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Table data represents married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Table data does not factor in Milwaukee location which can affect premiums significantly.
Figuring out which companies offer the cheapest car insurance rates for a Hyundai Elantra will take more work in order to find the lowest price.
Each auto insurer has a unique formula to determine rates, so to begin we’ll rank the overall cheapest car insurance companies in Milwaukee. It’s important that you understand Wisconsin car insurance rates are based on many factors which can significantly increase or decrease the policy price. Simply getting older, buying a new vehicle, or getting caught speeding can trigger changes in premium resulting in some rates now being cheaper in comparison to the competition.
Find the Best Cheap Insurance for Your Hyundai
USAA may have some of the lowest car insurance rates in Milwaukee at around $580 per year. Partners Mutual, Erie, Rockford Mutual, and Nationwide also rank well as some of the cheaper Milwaukee, WI insurance companies.
In the above example, if you are currently insured with Rockford Mutual and switched to Partners Mutual, you might achieve a yearly savings of upwards of $110. Insureds with Nationwide might save as much as $131 a year, and Pekin Insurance insureds might see rate reductions of $131 a year.
Be aware that those premiums are averaged for all types of insureds and vehicles and do not factor in a specific zip code for a Hyundai Elantra. So the company that has the cheapest price for you may not even be in the top 30 companies shown above. That points out the importance of why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.
Liability rates compared to full coverage
Saving on car insurance is the goal of most vehicle owners, and one of the fastest ways to pay less for insurance for a Hyundai Elantra is to only buy liability coverage. The illustration below illustrates the difference between yearly insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no driving violations, no at-fault accidents, $100 deductibles, drivers are single, and no additional discounts are factored in.
As an average for all age groups, comp and collision coverage costs $1,690 per year more than just buying liability only. At some point, about every driver wonders if buying full coverage is worth the expense. There is no set rule to delete full coverage, but there is a general guideline. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
There are some conditions where eliminating full coverage is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not remove full coverage.
The illustration below demonstrates how choosing different deductibles can impact yearly insurance costs when searching for cheap insurance for a Hyundai Elantra. The rates are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
The data above shows that a 30-year-old driver could reduce rates by $238 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $360 by changing to a $1,000 deductible. Youthful drivers, like the 20-year-old category, have the ability to save as much as $728 each year by choosing a larger deductible amount. When choosing a higher deductible, it’s a good idea to have additional funds in a savings account to enable you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Low rates can quickly become overpriced
Wisconsin car insurance rates are influenced by many factors that will increase or decrease the price you pay for coverage. Simply having another birthday, buying higher coverage limits, or having an at-fault accident can trigger price changes resulting in some companies being more affordable than the competition.
In addition, car insurance companies change the rates they charge in Wisconsin without warning to ensure their profitability. Heavier than normal losses may cause more expensive prices, while a better loss history can produce more affordable Elantra insurance rates.
For instance, the bar chart below shows rates for the cheapest car insurance in Milwaukee, WI for a 30-year-old male driver with no prior accidents, a clean driving record, and a decent credit rating. If we estimate rates based on his current risk factors, USAA quotes the lowest car insurance rates in Milwaukee at $866 each year. This is $295 less than the average premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide are also included in the best Milwaukee, WI auto insurance companies.
The chart below compares rates after we give the driver in the first chart an accident surcharge, a lower credit score, and a traffic ticket or two. Since each auto insurer has their own process for establishing rates, comparing prices may now show a different ranking of the cheapest companies as shown below.
Rural Mutual Insurance now has the cheapest insurance rate in Milwaukee, WI with Integrity Mutual, Western National, Travelers, and Partners Mutual now being in the top five. This example demonstrates why consumers need to perform an extensive rate comparison when trying to get the most economical car insurance quotes for a Hyundai Elantra. Car insurance prices can be determined by many different factors and can change without notice, so the most economical company the last time you checked may now be quite expensive.
Tips to find economical auto insurance for a Hyundai Elantra
The list below summarizes a few thrifty ideas that can help Milwaukee drivers get more affordable auto insurance.
- Keep your driving record clean
- Increase physical damage deductibles
- Save money by bundling your home and auto policies
- Increase your credit rating
- At-fault accidents will increase rates
- Pay less by remaining claim-free
- Compare rates often to find the best deal
The last tip is very important, as we hit on in this write-up. Auto insurance rates can change considerably based on profitability, so drivers shouldn’t hesitate to buy a different policy if a cheaper price is available.
Having a favorite company is great, but it’s not recommended if that faithfulness ends up costing you lots of money. Now is a great time to compare rates to find cheaper auto insurance for a Hyundai Elantra in Milwaukee.
If you prefer to have some advice when shopping around for cheaper insurance for a Hyundai Elantra, the agents below can answer your questions and help you decide which car insurance company is the best fit. To find an agent nearest to you, click the button following the list.
4680 W Bradley Rd #203 – Milwaukee, WI 53223 – (414) 355-5433
Procter Insurance Agency
2315 10th Ave – South Milwaukee, WI 53172 – (414) 762-8900
American Family Insurance – James W Eve Agency LLC
6917 W Oklahoma Ave – Milwaukee, WI 53219 – (414) 546-2100