9 Proven Ways to Lower Auto Insurance Premium in Franklin, Wisconsin

Having to pay for overpriced auto insurance can overdraw your bank account, especially in this economy. Shopping your coverage around is free and is an excellent way to cut your insurance bill.

Having so many companies and agents to choose from, it is hard for the average consumer to pick the best company.

It’s a good habit to shop coverage around on a regular basis due to the fact that insurance rates fluctuate regularly. If you had the lowest rates a year ago a different company probably has better rates today. There is a lot of wrong information about auto insurance online, so we’re going to give you some good information on how to buy auto insurance cheaper.

Buying car insurance in Franklin is not that difficult. If you currently have a car insurance policy, you will be able to lower your premiums substantially using these tips. But Wisconsin car owners need to have an understanding of the way insurance companies sell online.

Smart Buyers can Save Money

It’s important that you understand the factors that go into determining auto insurance rates. When you know what positively or negatively determines base rates helps enable you to make changes that may reward you with much lower annual insurance costs.

Listed below are some of the items that factor into rates.

  • Your location is important – Being located in less populated areas can be a good thing when it comes to auto insurance. Fewer drivers means a lower chance of having an accident and also fewer theft and vandalism claims. Drivers who live in large Wisconsin cities have to deal with much more traffic to deal with and longer commutes to work. More time on the road translates into higher accident risk.
  • Optional equipment can affect rates – Purchasing a vehicle with anti-theft technology or alarm system can get you a discount on your auto insurance. Theft prevention devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all aid in stopping your car from being stolen.
  • Occupation reflects on rates – Jobs such as doctors, business owners and stock brokers tend to pay the highest rates in part from stressful work requirements and lots of time spent at work. On the other hand, professions such as pilots, students and retirees have the lowest average rates.
  • Claim-free discounts can add up – Car insurance companies in Wisconsin provide lower rates to policyholders who do not rely on their insurance for small claims. If you file claims often, you can pretty much guarantee higher rates. Auto insurance is intended to be relied upon for larger claims.
  • High credit ratings translate to low rates – Having a bad credit history is a big factor in your rate calculation. If your credit score is not that good, you could save money insuring your by spending a little time repairing your credit. Drivers who have good credit tend to be better drivers and file fewer claims than drivers with lower credit scores.
  • Increase deductibles and save – Your deductibles define the amount you are willing to pay before your auto insurance pays a claim. Physical damage insurance, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Some instances where coverage would apply could be running into the backend of another car, collision with an animal, and burglary. The more you are required to pay out-of-pocket, the less your company will charge you for insurance.
  • High performance equals high price – The type of car you own makes a substantial difference in determining your rates. Small economy passenger cars usually have the lowest rates, but there are many factors that impact the final cost.
  • A lapse in coverage is a bad thing – Driving without insurance is a misdemeanor and auto insurance companies will penalize you for letting your insurance lapse. Not only will you pay more, but not being able to provide proof of insurance will get you a revoked license or a big fine.Then you may be required to prove you have insurance by filing a SR-22 with the Wisconsin motor vehicle department.

Discounts can save BIG

Auto insurance companies do not list every available discount in a way that’s easy to find, so we researched some of the more common and the more hidden auto insurance savings.car insurance image

  • Defensive Driving Course – Taking a course teaching defensive driving skills could possibly earn you a 5% discount if your company offers it.
  • Own a Home – Owning a house in Franklin can save you money because of the fact that having a home shows financial diligence.
  • Military Rewards – Having a deployed family member can result in better rates.
  • Seat Belts Save more than Lives – Buckling up and requiring all passengers to buckle their seat belts could cut 10% or more off the personal injury premium cost.
  • 55 and Retired – If you’re over the age of 55, you may qualify for a small decrease in premiums.
  • Life Insurance – Some companies give better rates if you take out a life insurance policy as well.
  • Anti-theft System – Anti-theft and alarm systems prevent vehicle theft and will save you 10% or more.
  • Multi-car Discount – Buying insurance for more than one vehicle with the same company could earn a price break for each car.
  • Pay Upfront and Save – If you pay your entire premium ahead of time instead of monthly or quarterly installments you could save up to 5%.

Consumers should know that most of the big mark downs will not be given to the entire cost. A few only apply to specific coverage prices like comp or med pay. So when it seems like you would end up receiving a 100% discount, companies wouldn’t make money that way.

For a list of companies offering auto insurance discounts in Wisconsin, click here to view.

Can you really save $473 a year?

Auto insurance providers like State Farm, GEICO and Progressive constantly bombard you with ads in print and on television. They all have a common claim that you’ll save big if you switch to their company. But how can every company make almost identical claims? It’s all in the numbers.

Different companies have a certain “appetite” for the right customer that earns them a profit. For example, a driver they prefer might be between the ages of 30 and 50, insures multiple vehicles, and drives newer vehicles. A customer who meets those qualifications will qualify for the lowest rates and is almost guaranteed to pay quite a bit less when switching companies.

Potential insureds who do not match this ideal profile will have to pay higher prices and this can result in business not being written. The ads say “people who switch” not “people who quote” save that kind of money. That’s why insurance companies can confidently claim big savings. Because of the profiling, you absolutely need to get as many comparisons as possible. You cannot predict the company that will fit your personal profile best.

Even more information is available at the Wisconsin Office of the Commissioner of Insurance website. Wisconsin drivers can read industry bulletins, learn about insurance regulations, file complaints about a company, and view a list of available companies.

The articles below may also help you learn more about auto insurance in Franklin

Car insurance in Wisconsin

A little work can save a LOT of money

Affordable auto insurance is definitely available from both online companies as well as from independent agents in Franklin, and you should compare price quotes from both in order to have the best price selection to choose from. Some insurance providers don’t offer online price quotes and these small insurance companies work with independent agents.

We just showed you many tips how you can shop for auto insurance online. The key concept to understand is the more price quotes you have, the more likely it is that you will get a better rate. Consumers could even find that the lowest rates come from the smaller companies. Some small companies may have significantly lower rates on certain market segments compared to the large companies like State Farm or Progressive.

While you’re price shopping online, do not reduce coverage to reduce premium. In too many instances, an insured dropped liability coverage limits only to discover later that they should have had better coverage. Your focus should be to buy enough coverage at an affordable rate while still protecting your assets.