If you’re a Wisconsin resident looking for car insurance, you may want to gain a better understanding of the average cost of minimum and full-coverage policies in your area. Car insurance can be expensive, so keep reading to review average rates and learn about what factors can impact the cost of your premium.
What Is Car Insurance?
Car Insurance is a contractual agreement between a driver and an insurance provider that the driver will pay a monthly or annual premium, and in return, the agency will provide them with financial support in the event of an accident or other driving incident. Depending on the insurance plan a driver purchases, their policy may include financial coverage for accidents where the driver is at fault or for both parties involved in the incident.
Legal insurance requirements can vary by state. Some policies, like underinsured motorist coverage, may be required in some states and not in others, so it’s important to review the minimum insurance coverage you need in your area. If you’re looking for a plan in Wisconsin, the minimum coverage you need includes:
- Bodily injury liability: Bodily injury liability coverage protects other drivers if you get into an accident with them and are at fault. This insurance provides the other injured driver with financial support for a portion or all of their medical expenses. Wisconsin requires a minimum of $25,000 coverage for injury or death of one person and $50,000 for injury or death of two or more people.
- Property damage liability: Property damage liability insurance provides assistance to a driver if you damage their car or other property in an accident. Having this coverage ensures that you and your insurance provider can offer financial compensation if you are at fault. $10,000 of property damage coverage is required.
- Uninsured motorist bodily injury: In the event that you get into an accident with a motorist who doesn’t have insurance or in the event of a hit and run, uninsured motorist bodily injury coverage can provide you with financial support. This coverage can go toward medical costs and other expenses that occur because of bodily injury. Wisconsin law also requires uninsured motorist coverage with a minimum limit of $25,000 for one person and $50,000 for two or more people for bodily injury coverage.
What Is the Average Cost of Car Insurance in Wisconsin?
If you’re looking for a car insurance policy in Wisconsin, you may want to know the average cost of a minimum or full-coverage policy so you can make an informed decision about your purchase. Comparing an insurance provider’s rates to the local average cost can help you determine whether you’re getting a good deal and if you’re selecting the best policy for your budget and coverage needs.
The average cost of car insurance in Wisconsin is an annual premium of $332 for minimum coverage and an annual premium of $1,186 for a full coverage policy. However, your rate may depend on a variety of factors that are important to consider when selecting an insurance plan.
What Impacts a Car Insurance Premium?
When you’re looking for car insurance in Wisconsin and comparing it to the average rates in your area, it’s important to understand the key factors that can impact your car insurance premium. Here’s a list of the factors that can affect the cost of your policy:
- Your age: Your age may have a big impact on your premium. Rates typically decline as you get older and demonstrate that you’re a safe and reliable driver.
- Your driving record: Maintaining a good driving record is a great way to save on your auto insurance plan. The more driving incidents on your record, such as accidents and speeding tickets, the more likely your provider is to raise your rates since they may deem you to be a high-risk driver.
- Your sex: In some states, your sex can affect the cost of a car insurance policy, with young men under the age of 25 typically paying the highest rates for coverage. However, some states — including Michigan, Hawaii, Pennsylvania, Massachusetts, North Carolina, and Montana — don’t allow companies to consider sex when determining car insurance rates.
- Your credit history: Drivers with good credit scores are usually more likely to receive lower car insurance rates, so building your credit is another way to try to reduce the cost of your coverage. If you’re still trying to improve your credit, you can look for a provider that prioritizes other information, like your driving record, over your credit score.
- Your insurance provider: Insurance providers’ rates can vary drastically and typically depend on whether you’re interested in full or minimum coverage. Consider comparing several car insurance companies to contrast their prices and the services they provide to ensure you find a policy that meets your needs and suits your budget.
- Your location: Your location can impact how much you pay because drivers in urban areas typically pay higher rates for car insurance coverage than individuals living in rural or suburban areas. Since cities are densely populated, living in one can lead to a higher likelihood of damage, theft, and driving incidents.
- Discounts you receive: Depending on your veteran status, profession, and age, you may qualify for car insurance discounts that can help you reduce your premium rates. Discuss your options with your provider to learn more about additional ways to save.
- Bundles you select: Some insurance providers allow customers to bundle their car insurance with other types of coverage, including renters, pet, motorcycle, boat, and other policies. These deals can help you receive lower rates on all types of insurance, including auto policies, so consider discussing bundle options with your agent.
- Telematics monitoring: Telematics is a technological monitoring tool that allows an insurance provider to track your driving and adjust the cost of your coverage depending on your safe driving habits. If you’re confident in your ability to adhere to a speed limit and follow other safe driving practices, consider telematics to reduce your rates.
Hopefully, the information we reviewed helped you learn more about the average cost of car insurance in Wisconsin so you can make an informed decision when selecting a policy and provider. To review additional resources and gain a better understanding of your coverage options, check out the blog section of our site.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.