What is the Average Cost of Car Insurance in Milwaukee?
Although most people associate Milwaukee with beer production, with a population of 590,157 it is the largest city in Wisconsin and the fifth largest in the Midwest. Although half a million people may not seem like many when compared to New York or Houston, the Milwaukee Metropolitan area spans four counties and has a population of 1,572,245, roughly a quarter of the entire state population.
The average household in Milwaukee owns two vehicles, and the average commute time to work is 22 minutes each way and add to that the usual city congestion (the city includes two interstate highways). Despite the large number of travelers in 2010, Forbes ranked Milwaukee as the fourth best city for commuters due to the efficient layout of the road system.
With that many vehicles on the road, commuters in Milwaukee have one thing in common: they are all required to carry insurance in order to legally register and drive each car, and that can be confusing when it comes time to insure your vehicle. Many different factors are taken into consideration to determine an insurance rate or premium, and rates are different for each person who insures a vehicle.
What is Required for Milwaukee Drivers?
The State of Wisconsin Office of the Commissioner of Insurance states you are required to carry a minimum insurance of $25,000 for injury or death of one person, $50,000 for injury or death of two or more people, and $10,000 for property damage. In addition, your policy must include uninsured motorist coverage of at least $25,000/$50,000 each, for bodily injury only.
While those amounts are the minimal requirement, it’s important to consider exactly what you’re purchasing when choosing a policy. If you’re found at fault in an accident, $25,000 for injury may seem like plenty, but keep in mind that the average cost of an emergency room visit alone is around $14,000 and the average crash-related hospital stay costs $56,674. Likewise, $10,000 property damage may seem adequate until you consider the cost of a new vehicle, not to mention what might happen if you hit a higher end sports car.
You should also consider riders to your policy. An example is coverage for theft: Milwaukee had 5,561 auto thefts in 2018 and ranks 56th in the country for thefts according to the National Insurance Crime Bureau (NICB).
Most Expensive and Least Expensive Insurance Rates by Zip Code
Cheap Car Insurance in Milwaukee by Insurer
Your insurance rate is determined by many factors such as age, education, sex, credit history, and driving record. That being said, there are some insurance companies which consistently offer lower rates than their competitors and are featured in the following chart. Keep in mind these are average rates; yours may be higher or lower.
Low Cost Auto Insurance for Bad Credit in Milwaukee
As mentioned previously, your credit score is also used to determine your car insurance rate. Because of that fact, the following companies specialize in offering policies for those with less than stellar credit histories; again, your own rate will most likely be different than the rates shown in the chart.
Full Coverage Vs. Liability Coverage
What is Liability-Only?
Liability-only coverage means that you are only paying to cover the cost of damage that you do to other people and their property in the event you are at fault in an accident. It covers the costs of medical bills for people you injure or repair costs for property you damage.
It is a good idea to carry more liability insurance than these minimum amounts required by the state of Wisconsin because you will be personally financially liable if you are in an accident and cause more damage to people or property than the state’s minimum required coverage levels.
What does Full Coverage Insurance Cover?
Full coverage insurance not only covers the cost of the people and things you might harm when you are in an accident that is your fault. It also covers the cost of any repairs that your property or vehicle might need if you are in an accident that is your fault.
There are two main types of coverage beyond liability coverage:
Collision – This type of insurance covers the cost of repairs to your vehicle or your property that you might damage in an accident in which you are at fault.
Comprehensive – This type of insurance covers the repair costs for your vehicle when one of those unusual things happen that are outside of your control, like weather-related damage to your vehicle, theft, vandalism, and deer stepping in front of your vehicle as you drive.
What is the Difference Between the Two Types of Car Insurance?
The main difference between liability and full coverage insurance is that full coverage will cost more than liability insurance and this is because it protects you against many more possible risks that liability doesn’t cover.
In addition, liability insurance only covers other people’s injury claims and damages to other vehicles where full coverage will cover other’s injuries and vehicle damages as well as your injuries and damage to your own vehicle.
Average Annual Car Insurance Rates in Wisconsin by City
Additional cities in Wisconsin you can check out.
Utilize These Auto Insurance Discounts to Get a Lower Rate
There are many car insurance discounts and ways to save on your policy in Milwaukee:
What are the Factors that Affect Your Milwaukee WI Car Insurance Premiums
Because of the traffic issues in the area, “State” car insurance rates can be quite high based on the area you live in. The risk factors are higher where there is more traffic, so the area is one important factor in your auto insurance rates. As we have seen, other factors that affect your car insurance rate include your age, marital status, how many cars and drivers you have in your household, your driving record, what type of coverage you need, the age and type of your vehicle, the insurance agency, and the average mileage you drive each year. These factors can make huge differences in how much money you have to spend each year on automobile insurance.
Since insurance rates can fluctuate from company to company, it is important that drivers thoroughly educate themselves about automobile insurance and shop around in order to find the very best deal. You literally can save a thousand or more dollars per year by getting quotes from several carriers.
Check Out Car Insurance Companies in Milwaukee and Reviews
Helpful Milwaukee, Wisconsin Vehicle Resources:
Live Traffic and Accidents
DMV (Find Locations, Vehicle Registration, Titles and Insurance Info)