Searching for cheaper auto insurance rates in Franklin, IN? Overpriced auto insurance in Franklin can bottom out your accounts and possibly require postponing other expenditures. Comparison shopping can lower your rates and help to lower your monthly bill.
Astonishing but true according to a recent study, over 70% of consumers have been with the same company for four years or more, and approximately 38% of consumers have never even compared rates from other companies. Indiana drivers could pocket up to 55% a year just by comparing rates, but they just don't understand how much savings they would realize if they swap their current policy for a cheaper one. Because you have many insurance companies to choose from, it can be diffult for people to choose a lower cost insurer.
It is always a good idea to compare premium rates on a regular basis because prices tend to go up over time. Despite the fact that you may have had the best price on auto insurance on your last policy other companies may now be cheaper. Ignore everything you know about auto insurance because we're going to demonstrate how to quote online to get good coverage on auto insurance at a lower rate.
The companies shown below are ready to provide free quotes in Franklin, IN. If multiple companies are listed, we suggest you visit as many as you can in order to find the cheapest rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT Crew Cab 2WD||$902||$451||$75|
|Chevrolet Equinox LT 2WD||$944||$472||$79|
|Chevrolet Silverado LS Crew Cab 4WD||$826||$413||$69|
|Dodge Ram Crew Cab SLT 2WD||$1,056||$528||$88|
|Ford Escape XLT 2WD||$628||$314||$52|
|Ford F-150 XL Crew Cab 2WD||$702||$351||$59|
|Ford Focus SE 4-Dr Sedan||$728||$364||$61|
|Honda Accord EX-L 4-Dr Sedan||$928||$464||$77|
|Honda CR-V EX-L 2WD||$840||$420||$70|
|Honda Civic VP 4-Dr Sedan||$1,146||$573||$96|
|Hyundai Elantra GLS 4-Dr Sedan||$812||$406||$68|
|Nissan Altima 2.5 S 2-Dr Coupe||$848||$424||$71|
|Toyota Camry LE||$832||$416||$69|
|Toyota Corolla XLE||$1,058||$529||$88|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$984||$492||$82|
|Volkswagen Jetta SEL 4-Dr Sedan||$1,164||$582||$97|
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Price estimates do not factor in garaging location in Franklin which can revise premiums considerably.
Comparison of car insurance rates by gender
The illustration below illustrates the comparison of insurance prices for male and female drivers in Franklin. The data is based on no accidents or driving violations, comprehensive and collision coverage, $1,000 deductibles, single marital status, and no discounts are applied to the premium on a Honda Pilot EX-L.
Honda Pilot rates are for example purposes only. To get rate quotes for your specific vehicle, click here.
Higher deductibles save money
One of the more difficult decisions when buying car insurance is which deductible level should you buy. The following insurance rates may help to conceptualize the differences in premium rates when you choose different policy deductibles. The first rate estimation uses a $100 deductible for comp and collision and the second price grid uses a $1,000 deductible.
Ford Escape rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Escape XLS 2WD||$210||$358||$238||$14||$72||$917||$76|
|Escape XLS 4WD||$210||$358||$238||$14||$72||$917||$76|
|Escape XLT 2WD||$210||$358||$238||$14||$72||$917||$76|
|Escape Limited 2WD||$242||$358||$238||$14||$72||$949||$79|
|Escape XLT 4WD||$242||$358||$238||$14||$72||$949||$79|
|Escape Limited 4WD||$242||$436||$238||$14||$72||$1,027||$86|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Escape XLS 2WD||$116||$188||$238||$14||$72||$628||$52|
|Escape XLS 4WD||$116||$188||$238||$14||$72||$628||$52|
|Escape XLT 2WD||$116||$188||$238||$14||$72||$628||$52|
|Escape Limited 2WD||$134||$188||$238||$14||$72||$646||$54|
|Escape XLT 4WD||$134||$188||$238||$14||$72||$646||$54|
|Escape Limited 4WD||$134||$230||$238||$14||$72||$688||$57|
|Get a Quote for Your Vehicle Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Premium costs do not factor in vehicle garaging location which can modify rates noticeably.
Based on the above data, using a $100 deductible costs roughly $25 more each month or $300 every year than buying the higher $1,000 deductible. Since you would have to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average at least 36 months between claim filings, you would probably come out ahead by selecting a higher deductible.
Rate difference between full and liability-only coverage
The diagram below illustrates the difference between Toyota Corolla insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no driving violations, no at-fault accidents, $100 deductibles, single female driver, and no policy discounts are applied.
Toyota Corolla rates are for example purposes only. To get rates for your specific vehicle, click here.
When to stop buying full coverage
There isn't a steadfast formula for eliminating full coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let's pretend your Toyota Corolla settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $2,000 after paying the physical damage deductible. If premium cost is more than $200 a year for full coverage, then it might be time to buy liability only.
There are some situations where only buying liability is not in your best interest. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not buy liability only.
Three reasons to not skimp on insurance
Even though it can be expensive, buying insurance may be required for several reasons.
- Almost all states have mandatory insurance requirements which means you are required to buy specific limits of liability coverage in order to get the vehicle licensed. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your vehicle, most banks will require you to have insurance to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the bank may insure your vehicle at a much higher rate and require you to fork over for the much more expensive policy.
- Insurance protects not only your vehicle but also your assets. Insurance will pay for medical bills incurred in an accident. Liability coverage will also pay attorney fees if anyone sues you for causing an accident. If mother nature or an accident damages your car, comprehensive and collision coverage will cover the repair costs.
The benefits of carrying enough insurance outweigh the cost, especially with large liability claims. According to a 2015 survey, the average American driver is currently overpaying as much as $855 a year so you should quote your policy with other companies once a year at a minimum to save money.
Check for these ten discounts on car insurance
Car insurance is not cheap nor is it fun to buy but there's a good chance there are discounts to reduce the price significantly. Certain discounts will be applied at the time you complete a quote, but some may not be applied and must be asked for before you get the savings. If you aren't receiving every discount possible, you may be paying too high a price.
- No Accidents - Claim-free drivers can save substantially compared to bad drivers.
- Pay Upfront and Save - If you pay your bill all at once rather than paying monthly you can avoid monthly service charges.
- Active Military Service - Being on active deployment in the military could qualify you for better rates.
- Student Driver Training - It's a good idea to have your young drivers participate in a local driver's education class in high school.
- Accident Waiver - This isn't a discount exactly, but a handful of insurance companies will forgive one accident before raising your premiums with the catch being you have to be claim-free for a specific time period.
- Early Switch Discount - Some companies give discounts for buying a policy prior to the expiration date on your current policy. You may see this discount when you get Franklin car insurance quotes online.
- Include Life Insurance and Save - If the company offers life insurance, you could get a discounted rate on car insurance if you buy some life insurance in addition to your auto policy.
- Discounts for Cautious Drivers - Drivers who don't get into accidents can get discounts for up to 45% lower rates than their less cautious counterparts.
- Low Mileage Discounts - Driving less could earn lower premium rates on the low mileage vehicles.
- Air Bag Discount - Options like air bags and/or automatic seat belt systems may get savings of 25 to 30%.
Keep in mind that some of the credits will not apply to your bottom line cost. Most only apply to the price of certain insurance coverages like comprehensive or collision. Even though it may seem like it's possible to get free car insurance, companies don't profit that way.
The best car insurance companies and the discounts they provide can be found below.
- State Farm has discounts for accident-free, defensive driving training, passive restraint, safe vehicle, and Steer Clear safe driver discount.
- Farmers Insurance offers discounts for business and professional, alternative fuel, distant student, youthful driver, early shopping, teen driver, and pay in full.
- GEICO discounts include daytime running lights, good student, seat belt use, five-year accident-free, defensive driver, and membership and employees.
- American Family offers discounts including TimeAway discount, multi-vehicle, Steer into Savings, good driver, mySafetyValet, and accident-free.
- Nationwide policyholders can earn discounts including multi-policy, family plan, defensive driving, accident-free, Farm Bureau membership, easy pay, and business or organization.
- Progressive includes discounts for good student, multi-policy, online signing, homeowner, online quote discount, multi-vehicle, and continuous coverage.
When comparing rates, check with every insurance company the best way to save money. Some discounts listed above might not apply in your state. To view companies who offer online car insurance quotes in Franklin, follow this link.
Car insurance is available from local agents
Some consumers would prefer to get advice from a local agent and that is just fine! Insurance agents can point out coverage gaps and give you someone to call. One of the best bonuses of comparing car insurance online is you can get better rates and still have an agent to talk to. And supporting local insurance agents is definitely important in Franklin.
To find an agent, once you fill out this short form, the coverage information gets sent to participating agents in Franklin who will gladly provide quotes for your business. You won't even need to even leave your home as quotes are delivered straight to your inbox. If you have a need to quote rates for a specific company, just go to their quote page and fill out the quote form the provide.
What type of Franklin car insurance agent is right for you?
When researching a reliable insurance agency, there are a couple of types of insurance agents that differ in how they can insure your vehicles. Franklin agents are categorized either independent or exclusive depending on the company they work for. Either type can do a good job, but it's a good idea to understand how they differ since it can affect which agent you choose.
Independent Insurance Agents
Agents of this type do not work for one specific company and that allows them to write policies through many different car insurance companies enabling the ability to shop coverage around. If they find a lower price, the business is moved internally and you don't have to switch agencies.
When comparing rate quotes, it's recommended you get several quotes from at a minimum one independent agency to get the most accurate price comparison.
Exclusive Insurance Agents
Agents of this type can only provide one company's prices such as State Farm, Allstate, or Farmers Insurance. Exclusive agents cannot compare other company's rates so it's a take it or leave it situation. Exclusive agents are well trained on what they offer and that enables them to sell even at higher rates.
Finding the right insurance agency is decision based upon more than just a cheap price. Any agent in Franklin should have no problem answering these questions:
- Who is covered by the car insurance policy?
- Do they assist clients in filing claims?
- Are they giving you every discount you deserve?
- Can they give you a list of client referrals?
- If your car is totalled, how to they determine the replacement cost?
- Do they feel the quoted coverages are adequate?
- Does the quote include credit and driving reports?
- How many years of experience in personal auto insurance do they have?
Auto insurance can be complex
Always keep in mind that when comparing the right insurance coverage, there really is not a perfect coverage plan. Every insured's situation is different.
Here are some questions about coverages that might point out whether or not you would benefit from professional advice.
- What can I do if my company denied a claim?
- What is an adequate liability insurance limit?
- Which companies will insure high-risk drivers?
- Do I have ACV or replacement cost coverage?
- What is the rate difference between pleasure use and commuting?
- What is the minimum liability in Indiana?
- Can I afford to buy a different vehicle if my vehicle is totaled?
- Is my teen driver covered when they drive my company car?
- Where can I find DUI or SR-22 insurance?
- Which companies are cheaper for teen drivers?
If it's difficult to answer those questions but a few of them apply, then you may want to think about talking to an agent. If you don't have a local agent, take a second and complete this form. It only takes a few minutes and can provide invaluable advice.
Knowing the specifics of insurance can help you determine the right coverages for your vehicles. Policy terminology can be impossible to understand and reading a policy is terribly boring.
Medical payments and PIP coverage - Med pay and PIP coverage pay for immediate expenses for doctor visits, pain medications, prosthetic devices, funeral costs and nursing services. The coverages can be used to fill the gap from your health insurance program or if there is no health insurance coverage. Coverage applies to both the driver and occupants in addition to if you are hit as a while walking down the street. PIP is only offered in select states and may carry a deductible
Collision coverage - This coverage covers damage to your vehicle resulting from a collision with a stationary object or other vehicle. You first must pay a deductible and then insurance will cover the remainder.
Collision insurance covers things like crashing into a ditch, hitting a parking meter and driving through your garage door. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. It's also possible to increase the deductible to get cheaper collision coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage - Your UM/UIM coverage protects you and your vehicle's occupants from other motorists when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries as well as damage to your vehicle.
Because many people only carry the minimum required liability limits (25/50/10 in Indiana), it doesn't take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important. Frequently these coverages are set the same as your liability limits.
Comprehensive auto coverage - This coverage pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for claims like a broken windshield, hitting a deer and damage from flooding. The most your insurance company will pay is the actual cash value, so if it's not worth much more than your deductible it's probably time to drop comprehensive insurance.
Liability insurance - This coverage provides protection from damage that occurs to other people or property. It protects YOU against claims from other people. It does not cover damage sustained by your vehicle in an accident.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 25/50/10 that means you have $25,000 in coverage for each person's injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Another option is a combined single limit or CSL which provides one coverage limit with no separate limits for injury or property damage.
Liability coverage protects against claims such as medical services, repair costs for stationary objects, bail bonds and court costs. How much liability coverage do you need? That is up to you, but it's cheap coverage so purchase as high a limit as you can afford. Indiana requires drivers to carry at least 25/50/10 but you should consider buying more coverage.
Find cheap insurance rates by comparing often
As you go through the steps to switch your coverage, it's a bad idea to skimp on critical coverages to save a buck or two. Too many times, someone sacrificed liability limits or collision coverage to discover at claim time they didn't purchase enough coverage. The aim is to buy enough coverage at the best price, but don't skip important coverages to save money.
A few companies may not have internet price quotes and usually these regional insurance providers only sell coverage through independent agents. Budget-conscious insurance is possible online and also from your neighborhood Franklin agents, and you need to price shop both to get a complete price analysis.
We just presented some good ideas how you can lower your insurance car insurance rates in Franklin. The key concept to understand is the more companies you get premium rates for, the better your comparison will be. You may even be surprised to find that the biggest savings come from a company that doesn't do a lot of advertising.
More information can be read at these links:
- How Much Auto Coverage do I Need? (Insurance Information Institute)
- How Much is Indiana Auto Insurance for First-time Drivers? (FAQ)
- Who Has Affordable Auto Insurance for Inexperienced Drivers in Indiana? (FAQ)
- Who Has Cheap Car Insurance Rates for College Graduates in Indiana? (FAQ)
- What is the Cheapest Car Insurance in Bloomington, Indiana? (FAQ)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Protect Yourself Against Auto Theft (Insurance Information Institute)
- Understanding Your Insurance Deductible (Insurance Information Institute)
- Vehicle Insurance in the U.S. (Wikipedia)