Wouldn’t it be perfect if we could instantly tell you the one perfect company that has the cheapest policy rates for hybrid vehicles? It’s not that simple, unfortunately, as there are a whole slew of unknown factors such as what level of deductibles you need, the number of miles you drive each year, if you own your own home, and whether you are male or female, that all impact the cost of your policy. In this article, we will cover the types of situations that result in high rates and educate you enough to have a good beginning to your quest for cheaper car insurance in Minneapolis.
For hybrids, one of the big things that are looked at to determine the price you pay for insurance is where you live. Areas with increased crime or more people will most likely pay more, whereas areas with less crime or weather claims tend to receive slightly lower rates.
The next table shows the most expensive places in Minnesota for hybrid vehicles in which to buy car insurance. Minneapolis is listed at #2 with a yearly cost of $1,997 for the average insured, which is about $166 monthly.
|8||Saint Louis Park||$1,754|
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Annual rates are comparative as vehicle location can decrease or increase insurance rates substantially.
The vehicle you are buying coverage for is a significant factor when comparing affordable insurance for hybrid vehicles. Vehicles with high performance features, poor safety features, or a high likelihood of having liability claims will cost much more to insure than more modest models. The table below presents insurance rates for the most economical automobiles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,426|
|Ford Escape Limited 2WD||$1,458|
|Ford F-150 STX Super Cab 2WD||$1,567|
|Honda Accord LX-P 4-Dr Sedan||$1,632|
|Ford Edge SE AWD||$1,656|
|Toyota RAV4 2WD||$1,689|
|Chevrolet Impala LT||$1,699|
|Dodge Grand Caravan SXT||$1,721|
|Toyota Tacoma Double Cab 4WD||$1,726|
|Honda CR-V EX-L 2WD||$1,792|
|Ford Fusion SE 4-Dr Sedan||$1,808|
|Chevrolet Silverado LS Crew Cab 4WD||$1,817|
|GMC Sierra SLT Extended Cab 2WD||$1,813|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,808|
|Chevrolet Equinox LTZ 2WD||$1,814|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,830|
|Ford Focus SE 4-Dr Sedan||$1,895|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,908|
|Toyota Camry Hybrid||$1,930|
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Data rating is based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Rates do not factor in your specific Minneapolis, MN location which can increase or decrease premiums substantially.
Looking at the rates, you can figure that vehicles like the Hyundai Elantra, Ford Escape, and Ford F-150 are likely to be the most economical vehicles to insure for hybrids.
Full coverage versus liability only rates
Buying cheaper car insurance is important to most drivers, and an effective way to find cheap insurance for hybrid vehicles is to only pay for liability coverage. The information below compares insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. The premiums assume a clean driving record, no claims, $250 deductibles, drivers are single, and no other discounts are factored in.
Averaged for all ages 20 through 70, comp and collision coverage costs an extra $1,670 per year more than insuring for liability only. At some point, almost every driver questions if buying full coverage is worth the expense. There is no clear-cut formula to stop paying for full coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
The chart below illustrates how your deductible choice can increase or decrease insurance costs when getting quotes for cheap insurance for hybrid vehicles. The price estimates are based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
As shown above, a 50-year-old driver could cut expenses by $218 a year by changing from a $100 deductible up to a $500 deductible, or save $330 by choosing a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could save $538 or even more by using higher deductibles when buying full coverage. When increasing deductibles, it is necessary to have plenty of money set aside to be able to pay the extra out-of-pocket expense that comes with higher deductibles.
Why it’s important to shop around
Minneapolis car insurance rates are calculated based on many things which can significantly increase or decrease the price you have to pay for coverage. Simply having another birthday, marrying your spouse, or getting into an accident can trigger price changes that may make certain companies cheaper than before. Also, insurance companies file new Minnesota car insurance rates multiple times each year to adjust for unexpected claims or profits. Higher than normal claims can cause increased policy costs, while better underwriting can result in more affordable Minneapolis car insurance rates.
To illustrate this example, the bar chart below shows the companies that have the cheapest car insurance in Minneapolis, MN for a 40-year-old female driver with no prior claims, no tickets, and good financial standing. If we look at prices based on her personal profile, Travelers may offer the cheapest car insurance rates in Minneapolis at $877 annually. This is $544 less than the average policy premium paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, The Hartford, and Western National round out the rest of the best Minneapolis, MN auto insurance companies.
The next chart shows rates after we give the driver from the first set of rates a chargeable claim, a lower credit score, and a speeding ticket. Since each insurance company has a different process for establishing rates, analyzing rate quotes may now present a different ranking of companies as shown below.
USAA now has the cheapest car insurance in Minneapolis, MN with Farm Bureau Mutual, Allied, California Casualty, and Travelers also being competitive. This example demonstrates why consumers need to take the time to compare rates to get the most affordable car insurance quotes for hybrid vehicles.
Car insurance prices can be altered by many risk factors and change dramatically, so the cheapest company when you last compared rates may now be quite expensive.
The insurance agents in Minneapolis listed below can help you make a decision which coverage fits your budget, as lots of drivers aren’t clear which coverage they need and would like to get some guidance when shopping for the best coverage for hybrid vehicles. It can be difficult to do it yourself, and insurance agents can give satisfaction knowing your policy gives you adequate protection in case of an accident or claim. To locate a Minneapolis insurance agent close to where you live, click the button link following the list.
State Farm: Seth Bork Insurance Agency Incorporated
8347 University Ave NE D – Minneapolis, MN 55432 – (763) 780-2222
Moon Lai – State Farm Insurance Agent
2718 Nicollet Ave #204 – Minneapolis, MN 55408 – (612) 870-0800
1 Groveland Terrace #102 – Minneapolis, MN 55403 – (952) 474-0929
Allstate Insurance: Mohamud Isse
331 E Lake St – Minneapolis, MN 55408 – (612) 353-6667
State Farm: Ashkan Morvari
25 W Diamond Lake Rd – Minneapolis, MN 55419 – (612) 455-4196