Everything You Need To Know

When it comes to car insurance, Wisconsin makes it mandatory for all drivers to carry liability insurance. The cost of auto insurance in this state is comparatively low, but it can vary greatly from one insurance company to another. As such, you need to shop around if you want to get the best deal. Check out this comprehensive guide to car insurance in Wisconsin:

What Is the Minimum Auto Insurance Coverage Required in Wisconsin?

Every vehicle owner in Wisconsin is required to obtain at least the minimum auto liability coverage required in the state. According to Wisconsin law, the minimum requirements for car insurance are as follow:

• Bodily injury liability coverage for each person: $25,000.
• Bodily injury liability coverage for the entire accident: $50,000.
• Property damage liability coverage for the entire accident: $10,000.
• Uninsured motorist bodily injury coverage for each person: $25,000.
• Uninsured motorist bodily injury coverage for the entire accident: $50,000.

Is Wisconsin’s Minimum Auto Insurance Coverage Sufficient?

If you purchase only the minimum car insurance coverage required in Wisconsin, you may not get full compensation for your losses if you cause an accident, says Bankrate. Also, minimum coverage doesn’t pay for damage to your car. If your vehicle is badly damaged or totaled in an accident, you’ll have to bear the cost of repairing or replacing it yourself. It’s recommended that you speak with your auto insurance provider to determine the proper coverage levels for your specific needs.

If you prefer to have better protection, you can get an array of optional car insurance coverages available in Wisconsin, such as:

• Collision coverage.
• Comprehensive coverage.
• Medical payments coverage.
• Underinsured motorist bodily injury coverage.
• Loan or lease payoff coverage.
• Rental car reimbursement.
• Roadside assistance.

How Much Auto Insurance Coverage Do You Need for Complete Protection?

According to The Zebra, if you buy the minimum auto insurance coverage required in Wisconsin, you can expect to pay an average annual premium of $405. The average auto insurance cost in this state is 38 percent lower than the national average. If you need better car insurance coverage, you can add collision and comprehensive coverage to your policy. These types of coverage provide protection against damages that result from car accidents, theft, or natural disasters.

It’s important to note that getting better coverage comes with a cost. In Wisconsin, if you opt for a $1000 deductible on your comprehensive policy, you have to pay $895 a year, which is 121 percent higher than the cost of a basic liability-only policy. If your deductible is $500, your premium will be 156 percent more than what you’ll pay for basic coverage.

Experts from the Insurance Information Institute recommend that you buy auto liability insurance with bodily injury coverage limits of at least $100,000 per person and $300,000 per accident. You may also want to obtain more uninsured motorist coverage so that you’ll have adequate protection if a driver who doesn’t have insurance hits your vehicle.

If you have a newer car and enough financial means to afford a higher premium, it may be a good idea to purchase comprehensive and collision coverage. Collision coverage pays for vehicle repairs or replacement following an accident, while comprehensive coverage provides compensation if your vehicle is stolen or damaged in a natural disaster or another non-collision event.

How Do You Get Affordable Insurance in Wisconsin?

If you want to keep your auto insurance cost low, you may find the following tips helpful:

• Get multiple quotes: Spend some time evaluating different auto insurance providers and then get quotes from a few companies. Compare the quotes side-by-side to determine which insurer offers the lowest premium for the coverage you need.
• Ask about discounts: Ask the auto insurance companies if you qualify for any of their discounts. Some examples of car insurance discounts include the claims-free discount, bundling discount, and multi-vehicle discount.
• Improve your credit score: Auto insurance providers check your credit score when they’re working out your premium. Raising your credit score can significantly reduce your car insurance rate.
• Enroll in a driver training course: More often than not, you can get a discount from your insurance company after completing an approved driving training course.
• Raise your deductible: The higher your deductible, the lower your premium. However, you should know that your deductible represents how much you’ll pay out of your own pocket if you sustain financial losses in a collision. You should opt for a deductible that you can comfortably pay in the event of an accident.

What Are the Best Auto Insurance Companies in Wisconsin?

Every auto insurance provider emphasizes their affordable prices. However, similar to other services, the cheapest auto insurance policy may not always be the best choice. Considering the financial stakes involved, you should try to get a policy that can completely cover you and your vehicle if you happen to meet with an accident. Look for good value instead of settling for the cheapest auto insurance you can find.

Moneygeek created a ranking of the best auto insurance providers in Wisconsin by carefully evaluating pricing information and ratings and reviews from AM Best and J.D. Power. The ranking also took into consideration the average cost of auto insurance to help you find good insurance companies that offer competitive rates. Moneygeek assigned a score out of 100 to each insurer based on claims-paying ability, customer satisfaction, and overall affordability. Below are the top 10 car insurance companies in Wisconsin:

• USAA: 100.
• Erie: 95.
• United Farm Bureau of Indiana Group: 92.5.
• Hartford: 87.5.
• Auto-Owners Insurance: 87.5.
• GEICO: 87.5.
• Cincinnati Insurance Companies: 87.5.
• Country Financial: 85.
• State Farm: 85.
• Farm Bureau Insurance of Michigan: 82.5.

In an effort to save money, many Wisconsin drivers choose to purchase the minimum auto insurance coverage required in the state. This may not be a good idea because you can easily exhaust your minimum coverage limits if you cause a major accident. Therefore, it’s best that you purchase higher liability limits and other types of coverage to keep your out-of-the-pocket losses to a minimum.

Check this out if you need additional information, resources, or guidance on car insurance.

Sources:

Infographic: What determines the cost of my auto insurance? | iii.org

Cheapest Car Insurance in Wisconsin 2021 | bankrate.com

Wisconsin Auto Insurance Laws | thezebra.com

The Best Cheap Car Insurance in Wisconsin for 2021 | moneygeek.com

How Much Does Comprehensive Car Insurance Cost | caranddriver.com

How to Save on Car Insurance | caranddriver.com

Car Insurers: Everything You Need to Know | caranddriver.com

Auto Insurance Facts: Everything You Need To Know | caranddriver.com

Car Insurance | caranddriver.com

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