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How much is car insurance in Franklin?
|Area||Average Monthly Car Insurance Premium|
The cost of coverage in Franklin is about $38 a month cheaper than it is for the rest of Kentucky.
Conversely, Franklin residents will likely pay higher rates for their insurance policy than the rest of the country. The average monthly payment in Franklin is about $14 more expensive than the rate for the rest of the U.S.
While these numbers are the average rates for auto insurance in Franklin, that doesn't mean it's what you'll pay. Insurance companies take an array of factors into consideration when determining how much to charge you to insure your vehicle. The final dollar amount you'll be asked to pay each month is calculated off of factors such as your age, gender, vehicle make and model, driving record, and in some areas, your credit score.
We've done the heavy lifting for you and broken down the average rate for Franklin so that you can get a more accurate idea of what your policy will cost you. If you think you might be overpaying for insurance in your area, enter your ZIP Code below and find out!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|Under 18||Not Enough Data|
|45-54||Not Enough Data|
Generally, the older you are the more experienced you are behind the wheel, right? That experience can really work in your favor when it comes to auto insurance. In this case, 18-24-year-olds pay twice as much as someone who is at retirement age.
For every 10 years, you can expect to see a decrease in your monthly premium. As you get closer to retirement age, however, you may see your rates creep back up a bit in Franklin.
Average Car Insurance Rates by Gender
Despite the national trend of women paying less than men for auto insurance coverage, in Franklin men actually pay $84 per month for coverage while women pay $101.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
|1 Ticket||Not Enough Data|
Your rates can vary wildly depending on your driving record. Those with clean records can expect to pay much less than those with infractions. In Franklin, a driving record with a single accident will usually get you a rate around $135 a month.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$79|
|15 Years or Older||$92|
In Franklin, the cheapest vehicles to insure are typically SUVs, with drivers paying around $87 per month for insurance coverage.
Car owners can expect to pay an average of around $100 a month for their policy, while truck and van drivers are usually around $90 to insure each month.
Depending on your vehicle's age, you can also expect to see slightly different rates. Generally, the most expensive vehicles to insure are going to be newer ones. However, once your car is close to 5 years old, you might start to see your rates slide back down slightly. In Franklin, vehicles four-to-five years old are the most expensive to insure.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$98|
On average, car insurance is slightly cheaper for married policyholders. This oftentimes is a result of owning multiple vehicles that are on the same policy, something that will often get you a discount.
Married couples, on average, pay less than single drivers do to insure their vehicles. This holds true in Franklin, with married couples paying about $13 less per month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$157|
Your living situation is another component of how insurance companies calculate your monthly rate. If you rent your home or apartment, expect to pay around $22 less than drivers who own property in Franklin. But if you live with your parents, you can expect to pay a lot more.
Depending on your insurance company, they may offer you a discount if you bundle your home or renters insurance with your auto policy.
Car Insurance Companies in Franklin, KY
Recent trends in car insurance for Franklin drivers
Since average rates are constantly changing, it's a smart move to research the local trends in your area before picking an insurance policy.
In Franklin, the rates for auto insurance decreased from 2016-2017, before steadying out in 2018. Insurance rates finished down in 2021, at $70 per month
How does Franklin compare to neighboring areas?
Why are car insurance rates in Franklin different from other areas?
Car insurance companies will consider several factors when trying to decide how much to charge for a policy. Your insurance policy will depend largely on where you call home and will be influenced by things such as:
- Total number of drivers in the area
- Local regulations
- Access to off-street parking
- Road Safety (total number of local car accidents)
- Crime levels
Having an awareness of these factors is critical when thinking about buying a new policy or potentially moving to a new home. Each area will have different rates. Guides like these are a wonderful place to get started.
How can I find the cheapest car insurance in Franklin?
In the end, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies. Understanding what the average costs are for drivers prior to seeking out a quote can help you understand how closely the quote reflects local trends.
But wait! Compare.com does all of that work for you. Enter your ZIP below, answer a few questions on you and your car, and you'll be comparing the cheapest quotes from loads of the car insurance companies offering auto coverage in Franklin.
Franklin Insurance FAQs
What factors affect car insurance quotes in Franklin?
Car insurance companies calculate quotes based on a wide array of factors. These include things you can't control like your gender and age but also factors like your address, driving record, marital status, credit score, plus your vehicle's year and make and model.
Why is the cost of car insurance in Franklin different from other neighboring cities?
Crime rates, parking situations, and local laws -- all of which can change from city to city -- play a large role in the rates that car insurance companies may charge for coverage.
Which car insurance company will offer me the cheapest rate in Franklin?
There isn't one company that can guarantee the cheapest rate to everybody, since the rates they charge for coverage are calculated based off of factors that can vary from person to person, such as vehicle make and model, driving record, and number of drivers on the policy. By using sites like Compare.com to compare multiple quotes simultaneously, you can rest assured that you're getting the best price available.
Do I need to change my insurance if I move to Franklin?
Any time you experience a major life event, whether it's moving to a new area, getting married, finding a new job, or other notable events, it's always a good idea to re-evaluate your current insurance. Certain companies offer cheaper insurance in certain cities, so even if you were getting the cheapest rate at your old address, it doesn't mean it'll still be the cheapest at your new home. That's why it's always good to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No. You can switch companies at any time, regardless of how long is left on your current policy. So, if you've recently moved to Franklin or it's been a while since you last compared car insurance rates, you may want to take 10 minutes and see if Compare.com can save you money.