Finding out which companies offer the best auto insurance rates for teenage females will require a little more work than just comparing rates from one or two companies. Each auto insurer has a unique formula to determine premium rates, so let’s examine the most budget-friendly auto insurance companies in Milwaukee, WI.
Find the Best Cheap Insurance for Teens
|Rank||Company||Cost Per Year|
|6||Rural Mutual Insurance||$772|
|11||West Bend Mutual||$917|
|15||Auto Club Group||$948|
|Get Personalized Rates Go|
USAA may have some of the most affordable car insurance rates in Milwaukee at around $598 each year. Partners Mutual, Erie, Rockford Mutual, and Nationwide would also make the list of some of the cheaper Milwaukee, WI car insurance companies.
As the rates illustrate above, if you are a customer of Erie and switched to USAA, you could see yearly savings of around $105. Drivers with Rockford Mutual may save as much as $134 a year, and Nationwide insureds might realize rate reductions of up to $154 a year.
Be aware that those policy prices are averages across all types of drivers and the different vehicles they drive and are not factoring in a specific location for teenage females. So the company that fits your needs best may not even be in the list above. That emphasizes why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
One of the many factors that aid in calculating car insurance rates is your address in Milwaukee. Areas with more people or even just a higher incidence of claims likely pay more, whereas areas that tend to be more rural get the luxury of paying less.
The following table rates the highest-priced places in Wisconsin for teenage females to buy auto insurance in. Milwaukee shows up at #1 with the yearly price of $1,396 for the average insurance policy, which is about $116 monthly.
|20||Fond du Lac||$995|
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Rate quotes are estimated as the garaging address in Milwaukee can lower or raise auto insurance rates considerably.
Discounts on Milwaukee auto insurance rates
Auto insurance companies that provide policies for teenage females could also offer rate discounts that could lower prices by 35% or more if you can meet the requirements. A list of companies and a summarized list of policyholder discounts can be found below.
- Progressive has discounts for homeowner, multi-vehicle, online quote discount, good student, online signing, multi-policy, and continuous coverage.
- MetLife policyholders can earn discounts including accident-free, defensive driver, multi-policy, good driver, and claim-free.
- Mercury Insurance offers discounts including anti-theft, location of vehicle, multi-car, good driver, age of vehicle, multi-policy, and accident-free.
- Nationwide may include discounts for defensive driving, multi-policy, business or organization, easy pay, and good student.
- GEICO includes discounts for good student, anti-lock brakes, defensive driver, anti-theft, membership and employees, federal employee, and seat belt use.
- AAA may have discounts that include anti-theft, multi-car, education and occupation, good student, pay-in-full, and good driver.
The illustration below illustrates the comparison of annual premium costs with and without discounts applied. The data assumes a female driver, no accidents or driving violations, Wisconsin state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with paid-in-full, good student, continuous coverage, passive restraint, paperless filing, and anti-theft discounts applied. When discounts are factored in, the average amount saved each year on auto insurance for teenage females is 28% or $491.
Cost difference between full coverage and liability
Saving money when shopping for auto insurance is the goal of the majority of drivers, and an easy way to find cheaper insurance for teenage females is to only buy liability insurance. The diagram below compares car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Wisconsin. The rates are based on no violations or claims, $100 deductibles, single status, and no discounts are applied.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs an additional $1,773 per year more than insuring for liability only. That raises the question if buying full coverage is a waste of money. There is no definitive rule of when to exclude comp and collision coverage, but there is a guideline you can consider. If the annual cost of coverage is more than about 10% 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 settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $4,000 after paying the physical damage deductible. If it’s costing you more than $400 annually for comprehensive and collision coverage, then it might be time to buy liability only.
There are a few situations where removing full coverage is not advised. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Why are you paying too much for car insurance?
Milwaukee, WI auto insurance rates are based on many factors that control the price you have to pay. Improving your credit rating, marrying your spouse, or having a fender bender can trigger price changes resulting in some companies being much cheaper than others.
Not only may your situation change, but insurers amend pricing as needed to adjust for unexpected claims or profits. An extended period of higher than normal claims can result in increased policy costs, while long-term profits may result in cheaper Milwaukee car insurance rates.
To help illustrate this point, the bar chart below shows a variety of companies that have the cheapest car insurance in Milwaukee, WI for a 35-year-old male driver with a clear driving record, no claims, and great credit. Based on his personal risk profile, USAA may offer the best car insurance rates in Milwaukee at $892 each year. This is $269 less than the average policy premium paid by Wisconsin drivers of $1,161. Partners Mutual, Erie, Rockford Mutual, and Nationwide are the remaining top five cheapest Milwaukee, WI auto insurance companies.
The example below compares rates after we give the driver from the first set of rates a claim, poor credit, and a traffic citation. Because every insurance company uses a different method for setting prices, analyzing rates could now result in a different set of the cheapest companies as shown below.
Rural Mutual Insurance now has the cheapest car insurance in Milwaukee with Integrity Mutual, Western National, Travelers, and Partners Mutual now rounding out the top five. This shows why it is crucial to do a thorough rate comparison when trying to get the best insurance rates for teenage females.
Rates are calculated by many risk factors and change substantially, so the cheapest rate the last time you checked may now be an over-priced policy.