Tightwads Guide to Saving on Franklin Auto Insurance

Did you fall for a flashy sales pitch and buy an underperforming, overpriced auto insurance policy? Trust us, you are not the only one feeling buyer's remorse. Having so many companies and agents to choose from, it is hard for the average consumer to find the most affordable insurer.

This information will help educate you on how to effectively get price quotes and some tips to save money. If you currently have a car insurance policy, you will most likely be able to lower your premiums substantially using these techniques. Minnesota consumers only need to know how to shop their coverage around over the internet.

Why some people pay less for insurance in Franklin

Consumers need to have an understanding of the different types of things that help determine the rates you pay for auto insurance. When you know what positively or negatively impacts premium levels allows you to make educated decisions that will entitle you to much lower annual insurance costs.

The following are a few of the "ingredients" companies use to determine prices.

  • Do you have a high stress job? - Did you know your occupation can influence how much you pay for auto insurance? Careers like lawyers, business owners and stock brokers tend to pay the highest rates because of high stress levels and long work days. On the other hand, jobs such as actors, students and performers have the lowest average rates.
  • Do you know your deductibles? - Deductibles for physical damage define the amount you are required to spend in the event of a claim. Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. Examples of covered claims would be running into the backend of another car, damage caused by hail, or theft. The higher the amount you're willing to pay, the less your auto insurance will be.
  • Where you reside plays a part - Choosing to live in small towns and rural areas can save you money when talking about auto insurance. Drivers who live in large cities regularly have traffic congestion and much longer commute distances. Less people living in that area means fewer accidents.
  • Multi-policy discounts can save money - Many insurers provide better rates to insureds who buy several policies from them, otherwise known as a multi-policy discount. Even if you're getting this discount you still need to comparison shop to make sure you are getting the best deal. You may still find a better deal by insuring with multiple companies.
  • Do men or women drive better? - Statistics demonstrate women tend to be less risk to insure than men. However, this does not mean women are better drivers. Both sexes cause accidents in similar percentages, but the men have costlier accidents. Men also statistically receive more costly citations like DUI and reckless driving. Youthful male drivers are most likely to cause an accident and are penalized with high auto insurance rates.
  • Safer cars cost less to insure - Vehicles with high crash test scores can get you lower premiums. The safest vehicles result in less severe injuries and any reduction in injury severity means lower claim amounts passed on to you as lower rates.

How to Compare Auto Insurance in Franklin, Minnesota

All major auto insurance companies provide pricing on their websites. This process is pretty easy as you simply type in the coverages you want into the quote form. After the form is submitted, the system will obtain information on your driving record and credit history and returns a price quote based on these and other factors. This makes comparing rates easy, but the time required to go to different websites and complete many quote forms is monotonous and tiresome. Unfortunately, it is important to have as many quotes as possible if you want to find a lower rate.

The preferred way to lower your rates uses one form to obtain quotes from a bunch of companies at once. It's a real time-saver, requires much less work on your part, and makes rate comparisons much more enjoyable. As soon as the form is sent, it gets priced and you can select any or none of the resulting price quotes.

If a lower price is quoted, you can simply submit the application and buy the new coverage. The whole process takes 15 minutes at the most and you will find out if you're overpaying now.

To find out how much you're overpaying now, click here and begin entering your coverage information. If you currently have coverage, we recommend you type in as close as possible to your current policy. This makes sure you will have an apples-to-apples comparison for the exact same coverage.

More discounts equal less premium

Properly insuring your vehicles can get expensive, but you may find discounts to reduce the price significantly. Most are applied at the time of quoting, but a few need to be specially asked for before you will receive the discount. If you don't get every credit possible, you are paying more than you should be.

  • Accident Free - Drivers with accident-free driving histories can save substantially when compared to accident-prone drivers.
  • Multiple Vehicles - Having multiple vehicles with the same company may reduce the rate for each vehicle.
  • Multiple Policy Discount - If you insure your home and vehicles with the same insurance company you may save at least 10% off all policies.
  • Theft Prevention Discount - Cars that have factory anti-theft systems are stolen less frequently and will save you 10% or more.
  • No Charge for an Accident - Some insurance companies will forgive one accident before hitting you with a surcharge if your claims history is clear for a set time period.
  • Anti-lock Brake System - Vehicles equipped with ABS or steering control can reduce accidents and qualify for as much as a 10% discount.
  • Senior Citizens - If you're over the age of 55, you may be able to get reduced rates.

A little note about advertised discounts, most discounts do not apply to all coverage premiums. Most only apply to individual premiums such as comp or med pay. So even though they make it sound like adding up those discounts means a free policy, you won't be that lucky. Any amount of discount will help reduce your premiums.

To choose insurance companies who offer auto insurance discounts in Minnesota, click here to view.

Switch companies and save? Really?

Consumers in Minnesota can't ignore all the ads that promise big savings by companies like Progressive, Allstate and GEICO. They all make an identical promise about savings after switching to them.

But how can every company claim to save you money?

Insurance companies are able to cherry pick for the type of driver that makes them money. For example, a driver they prefer might be over the age of 40, has no driving citations, and chooses high deductibles. A customer getting a price quote who meets those qualifications is entitled to the best price and therefore will save a lot of money.

Potential insureds who do not match this ideal profile will be quoted more money and ends up with the customer not buying. Company advertisements say "customers that switch" not "everyone that quotes" save money. That's the way companies can truthfully state the savings.

This emphasizes why you need to get a wide range of price quotes. It's impossible to know which auto insurance company will give you the biggest savings.

Additional information can be found on the website for the Minnesota Department of Commerce located here. Visitors are able to read industry bulletins, report car insurance fraud, view agent and company licensing information, and read consumer alerts.

Other informative sites include this online resource for auto insurance quotes in Minnesota and this list of insurance agents in Franklin.

A tidy conclusion

The cheapest auto insurance can be purchased both online and with local Franklin insurance agents, and you need to comparison shop both to have the best chance of lowering rates. Some insurance companies do not offer online price quotes and these regional insurance providers work with independent agents.

When buying insurance coverage, do not reduce coverage to reduce premium. There are too many instances where someone sacrificed physical damage coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. Your strategy should be to buy enough coverage at a price you can afford while still protecting your assets.