Are you researching cheaper car insurance rates in Franklin, WI? Finding cheap rates on car insurance can be hard for drivers who are new to online rate comparisons. With so many options of companies in the marketplace, it can quickly become a lot of work to locate the lowest rates.
It’s shocking but the majority of drivers have remained with the same car insurance company for over three years, and 38% of drivers have never compared rates with other companies. Most drivers in Franklin could cut their rates by $400 a year, but they don’t know how much they could save if they switched to a more affordable policy.
Consumers need to get comparison quotes at least once a year because prices are usually higher with each renewal. If you had the lowest price on car insurance at your last renewal there may be better deals available now. Forget all the misinformation about car insurance because I’m going to teach you the proper way to save on car insurance.
Auto insurance companies in Franklin
The auto insurance companies shown below are our best choices to provide price comparisons in Franklin, WI. If the list has multiple companies, it’s highly recommended you visit two to three different companies to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LS AWD||$914||$457||$76|
|Chevrolet Malibu LS||$790||$395||$66|
|Chevrolet Silverado LTZ Extended Cab 4WD||$656||$328||$55|
|Dodge Ram Crew Cab ST 2WD||$792||$396||$66|
|Ford Escape XLT 4WD||$674||$337||$56|
|Ford F-150 Lariat Super Cab 2WD||$718||$359||$60|
|Ford Focus SE 2-Dr Coupe||$898||$449||$75|
|Ford Fusion SEL 4-Dr Sedan||$584||$292||$49|
|GMC Sierra SLE Crew Cab 4WD||$866||$433||$72|
|Honda Accord LX 4-Dr Sedan||$654||$327||$55|
|Honda CR-V EX-L 4WD||$706||$353||$59|
|Honda Civic Hybrid 4-Dr Sedan||$980||$490||$82|
|Hyundai Elantra GLS 4-Dr Sedan||$870||$435||$73|
|Nissan Altima 2.5 S 2-Dr Coupe||$708||$354||$59|
|Toyota Camry LE||$800||$400||$67|
|Toyota Corolla S||$772||$386||$64|
|Volkswagen Jetta S 4-Dr Sedan||$878||$439||$73|
|Get Your Own Custom Quote Go|
Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Prices do not factor in your specific Franklin location which can modify insurance rates significantly.
How high should deductibles be?
When buying auto insurance, a common question is what deductibles to buy. The rates shown below lay out the differences in price when you choose different comp and collision deductibles. The first set of rates uses a $250 deductible and the second pricing table uses a $500 deductible.
Toyota Camry 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|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get a Quote for Your Vehicle Go|
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Rate information does not factor in specific Franklin garaging location which can impact premium rates noticeably.
We can derive from the above data that using a $250 deductible will cost you about $11 more each month or $132 every year than quoting the higher $500 deductible. Because you would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you average at least 23 months between claims, you would probably come out ahead going with the higher deductible.
Rate difference between full and liability-only coverage
The chart below illustrates the difference between Honda Civic insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no claims or driving citations, $100 deductibles, single male driver, and no discounts are taken into consideration.
Honda Civic rates are for example purposes only. To get rates for your specific vehicle, click here.
When to switch to liability coverage only
There is no set rule of when to drop full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Honda Civic settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $4,000 after the policy deductible has been paid. If premium cost is more than $400 a year for physical damage coverage, then it may be the right time to buy liability only.
There are some situations where dropping full coverage is not a good idea. If you haven’t paid off your loan, you have to keep full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage.
The example below shows how different deductible levels and can influence Toyota Corolla insurance rates for different age categories. The costs are based on a married female driver, comp and collision included, and no other discounts are factored in.
Toyota Corolla rates are for example purposes only. To get rates for your specific vehicle, click here.
Score discounts on Franklin car insurance
The price of auto insurance can be rather high, but you might already qualify for some discounts that can drop the cost substantially. Some discounts will apply when you quote, but some may not be applied and must be requested specifically prior to receiving the credit.
- Defensive Driver Discounts – Successfully completing a class that teaches safe driver techniques could earn you a small percentage discount and easily pay for the cost of the class.
- Telematics Data – Insureds who allow driving data submission to analyze driving habits by using a telematics device such as Drivewise from Allstate or Snapshot from Progressive could see a rate decrease if they show good driving skills.
- Fewer Miles Equal More Savings – Low mileage vehicles could qualify for lower car insurance rates due to less chance of an accident.
- Homeowners Savings – Being a homeowner may earn you a small savings because owning a home demonstrates responsibility.
- Smart Student Discounts – Getting good grades can get you a discount of up to 25%. This discount can apply well after school through age 25.
- Active Military Service – Having a deployed family member can result in better car insurance rates.
- Student Discount for Driver Training – Have your child complete a driver education course in high school.
- Anti-lock Brake System – Cars with ABS and/or traction control have fewer accidents and will save you 10% or more.
- Claim-Free Discount – Drivers with accident-free driving histories can earn big discounts in comparison to drivers with a long claim history.
- Safety Restraint Discount – Buckling up and requiring all passengers to buckle up can save 10% or more on the medical payments or PIP coverage costs.
As a footnote on discounts, most discount credits are not given to the entire policy premium. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. Just because you may think you could get a free car insurance policy, nobody gets a free ride.
A few companies that may have some of the above discounts are:
- Mercury Insurance
- Farmers Insurance
- Auto-Owners Insurance
- Liberty Mutual
When quoting, ask all the companies which credits you are entitled to. Discounts may not be available everywhere. If you would like to view insurers with the best car insurance discounts in Franklin, click here to view.
How much auto insurance do I need?
Keep in mind that when it comes to choosing adequate coverage for your vehicles, there is no best way to insure your cars. Everyone’s situation is unique so your insurance needs to address that.
For instance, these questions may help you determine whether your personal situation would benefit from an agent’s advice.
- Do I have coverage when pulling a U-Haul trailer?
- Am I covered if I hit a deer?
- Should I buy full coverage?
- Is pleasure use cheaper than using my vehicle to commute?
- Is rental equipment covered for theft or damage?
- Why do I only qualify for high-risk insurance?
- Am I covered if I wreck a rental car?
- Am I better off with higher deductibles on my vehicle?
- Is pet coverage available?
- Will my vehicle be repaired with OEM or aftermarket parts?
If you’re not sure about those questions then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, complete this form or you can go here for a list of companies in your area.
When do I need to talk to a local insurance agent?
Many drivers still like to talk to an insurance agent and doing that can be a smart decision A nice benefit of getting free rate quotes online is that you can find cheap car insurance quotes and still have a local agent.
After filling out this quick form, your coverage information is immediately sent to agents in your area that give free quotes for your coverage. You don’t have to visit any agencies since rate quotes are delivered immediately to your email address. You’ll get the best rates without having to waste a lot of time. If for some reason you want to get a rate quote from a specific company, just find their quoting web page and give them your coverage information.
Choosing an insurer should depend on more than just a cheap price. These are valid questions to ask:
- How long has their agency been open in Franklin?
- Are there any extra charges for paying monthly?
- By raising physical damage deductibles, how much would you save?
- Do they carry Errors and Omissions coverage?
- Are aftermarket or OEM parts used to repair vehicles?
- Can you get a list of referrals?
If you prefer to buy car insurance from a reliable insurance agency, you must know there are a couple different types of agents and how they can quote your rates. Insurance agencies in Franklin can be categorized as either independent or exclusive.
Exclusive Car Insurance Agencies
Exclusive agencies work for only one company such as AAA, State Farm, Farmers Insurance, and Allstate. These agents are unable to compare rates from other companies so they have to upsell other benefits. They are usually well trained in insurance sales which helps them sell insurance even at higher premiums. Many people choose to use a exclusive agent mostly because of the prominence of the brand rather than having the cheapest rates.
Shown below are Franklin exclusive insurance agencies that can give you price quote information.
- The Bellante Agency, Inc-American Family Insurance
11951 W Janesville Rd c – Hales Corners, WI 53130 – (414) 321-1236 – View Map
- State Farm: Vicki Kipfmueller
7151 S 51st St – Franklin, WI 53132 – (414) 421-7000 – View Map
- American Family Insurance – Michael Dalton
9130 W Loomis Rd Ste 850 – Franklin, WI 53132 – (414) 529-5537 – View Map
Independent Car Insurance Agencies
Independent agencies are not employed by any specific company so they have the ability to put coverage with a variety of different insurance companies and possibly get better coverage at lower prices. If you are not satisfied with one company, your policy is moved internally and that require little work on your part.
If you need cheaper car insurance rates, we recommend you get insurance quotes from at least one independent agent to get the best comparison. A lot of them also have access to less well-known companies that can offer cheaper rates than bigger companies.
Shown below are independent insurance agencies in Franklin that can give you rate quotes.
- Bridge Insurance Agency
6001 S 27th St – Greenfield, WI 53221 – (414) 282-2021 – View Map
- American Insurance Agency Inc.
7755 W Plainsview Dr – Franklin, WI 53132 – (414) 529-4300 – View Map
- Scherrer Insurance
6508 S 27th St – Oak Creek, WI 53154 – (414) 761-9600 – View Map
Auto insurance coverage information
Having a good grasp of car insurance can help you determine which coverages you need at the best deductibles and correct limits. Car insurance terms can be impossible to understand and coverage can change by endorsement. Below you’ll find the usual coverages found on the average car insurance policy.
Medical payments and PIP coverage
Coverage for medical payments and/or PIP provide coverage for immediate expenses such as funeral costs, hospital visits, ambulance fees and chiropractic care. They are used in conjunction with a health insurance program or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage
Comprehensive auto coverage
Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive coverage pays for claims such as hitting a deer, rock chips in glass, damage from flooding and a tree branch falling on your vehicle. The maximum amount a car insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Liability car insurance
This coverage provides protection from damages or injuries you inflict on people or other property. It protects you against claims from other people. It does not cover damage sustained by your vehicle in an accident.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 25/50/10 which means $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and $10,000 of coverage for damaged property.
Liability coverage protects against things like legal defense fees, pain and suffering and bail bonds. How much liability should you purchase? That is a personal decision, but consider buying as much as you can afford. Wisconsin state law requires minimum liability limits of 25/50/10 but you should think about purchasing higher limits.
Auto collision coverage
Collision coverage will pay to fix damage to your vehicle resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.
Collision insurance covers things like colliding with a tree, crashing into a ditch, damaging your car on a curb, driving through your garage door and colliding with another moving vehicle. This coverage can be expensive, so consider dropping it from vehicles that are older. It’s also possible to raise the deductible in order to get cheaper collision rates.
UM/UIM (Uninsured/Underinsured Motorist) coverage
This protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries and damage to your vehicle.
Due to the fact that many Wisconsin drivers have only the minimum liability required by law (25/50/10 in Wisconsin), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.
Shop around and save
There are still a few companies who may not offer online price quotes and these smaller companies only sell coverage through local independent agents. Budget-friendly auto insurance in Franklin can be sourced from both online companies and with local Franklin insurance agents, so compare prices from both in order to have the best chance of saving money.
We just covered quite a bit of information on how to lower your auto insurance prices in Franklin. The key thing to remember is the more times you quote, the better chance you’ll have of finding inexpensive Franklin car insurance quotes. You may even find the biggest savings come from a smaller regional carrier. These companies often have lower rates on specific markets compared to the large companies like State Farm or Progressive.
As you shop your coverage around, you should never reduce needed coverages to save money. There are many occasions where drivers have reduced full coverage and learned later that the savings was not a smart move. Your goal should be to buy the best coverage you can find at a price you can afford, not the least amount of coverage.
For more information, take a look at the following helpful articles:
- Uninsured Motorist Statistics (Insurance Information Institute)
- What Auto Insurance is Cheapest for Drivers Over Age 50 in Milwaukee? (FAQ)
- How Much are Car Insurance Quotes for a Chevrolet Equinox in Milwaukee? (FAQ)
- How Much are Car Insurance Rates for Drivers with Accidents in Milwaukee? (FAQ)
- Airbag FAQ (iihs.org)
- Child Safety Seats (Insurance Information Institute)