Buying the best cheap auto insurance for a Subaru Outback in Minnesota depends on a very complex rating algorithm that uses multiple factors such as miles driven annually, the performance level of your vehicle, and citations on your driving record. Drivers in Minnesota will pay around $722 per year for Outback insurance, but that amount is using a 40-year-old married male driver with full comprehensive and collision coverage and $1,000 deductibles.
It’s more than likely you are not 40 and maybe not even a male, possibly single instead of married, or you just want cheap liability insurance instead of full coverage. Having even a minor difference in rating criteria may result in a big change in the cost of insuring your Outback.
The different assumptions illustrate why the best method for finding the cheapest rates for your Subaru is to compare rates from as many companies as possible.
Vehicle trim level will most likely have an effect on the insurance rate, so the rate you will pay to insure a Outback 2.5I model will be $104 less expensive the price to insure the more expensive Outback 3.6R Limited trim level, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Outback 2.5I Premium||$156||$240||$326||$20||$98||$840||$70|
|Outback 2.5I Limited||$156||$240||$326||$20||$98||$840||$70|
|Outback 3.6R Premium||$156||$240||$326||$20||$98||$840||$70|
|Outback 3.6R Limited||$174||$282||$326||$20||$98||$900||$75|
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Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Price information does not factor in the specific area where the vehicle is garaged which can raise or lower coverage rates significantly.
Selecting the highest-rated insurer can be challenging considering how many companies provide coverage in Minneapolis. The ranking information below could help you choose which car insurance providers you want to consider when shopping around.
These ratings are only made up of companies with a nationwide focus, so companies that only write business in Minnesota or surrounding areas are not taken into consideration for this list. If you wish to compare prices from these and other competitive companies, just click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Insurance rates are higher with tickets and accidents
The easiest way to snag the most affordable insurance premiums in Minnesota for an Outback is to be a good driver and maintain a clean driving record. The illustration below highlights how traffic violations and accidents can influence insurance rates for each age group. Data assumes a single female driver, full physical damage coverage, $250 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance in Minnesota per year with no violations or accidents is $1,788. Add in two speeding tickets and the average cost jumps to $2,395, an increase of $607 each year. Then add two accidents along with the two speeding tickets and the annual cost of insurance for a Subaru Outback goes up to an average of $4,645. That’s an increase of $2,856, or $238 per month, just for not driving safely!
Full coverage versus liability only rates
Paying a lower price for insurance should be important to most vehicle owners, and one of the easiest ways to buy cheaper insurance for a Subaru Outback is to not buy full coverage. The diagram below shows the comparison of car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. The premiums are based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no policy discounts are applied.
If we average the cost for all age groups, full coverage costs an extra $2,202 per year more than just buying liability insurance. That raises the question when is it safe to stop buying full coverage. There is no exact formula of when to drop comp and collision coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s replacement value is $11,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $10,000 after paying your deductible. If premium cost is more than $1,000 a year for comprehensive and collision coverage, then it might be time to buy liability only.
There are a few cases where buying only liability insurance is not recommended. If you still have a loan on your vehicle, you have to carry full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
The importance of shopping around for Outback insurance
Minneapolis, MN insurance rates are based on many factors that can increase the policy price. Getting older, buying a different vehicle, or getting a driving violation can trigger price changes that can cause some rates to be cheaper than others.
In addition to those changes, insurers file new Minnesota auto insurance rates multiple times each year to adjust for gains or losses. Unexpectedly high claims can result in high rates, while a better loss history can produce cheaper Outback insurance rates.
For instance, the graph below analyzes the cheapest car insurance in Minneapolis, MN for a 35-year-old female driver with a good driving record, no prior claims, and solid credit. If we look at prices based on her current situation, Travelers quotes the lowest car insurance rates in Minneapolis at $895 annually. This is $526 less than the average policy premium paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and The Hartford are also on the list of the most affordable Minneapolis, MN auto insurance companies.
Now let’s give the driver in the first example a couple of claims, slightly worse credit, and a stop sign violation. Since every insurance provider has a proprietary formula for setting rates, comparing rates could result in a different set of companies as shown below.
USAA now has the cheapest price in Minneapolis, MN with Farm Bureau Mutual, Allied, Travelers, and California Casualty completing the list. This illustrates why it is critical to perform a complete rate comparison when trying to find the most budget-friendly insurance rates for a Subaru Outback.
Rates are determined by many risk factors and change substantially, so the best option the last time you shopped your coverage around may now cost much more than other companies.
How to find the cheapest car insurance for a Subaru Outback
The list below summarizes many penny-pinching solutions that can help Minneapolis drivers get low-cost coverage.
- The safer your car, the less it costs to insure
- Raise deductibles
- At-fault accidents can raise rates significantly
- Keep your driving record clean
- Good credit scores may make rates cheaper
- Do not pay for comprehensive and collision coverage on older vehicles
- Keep rates low by shopping around frequently
That last tip is remarkably significant, as we emphasized in this piece. Prices charged by auto insurers change constantly, so don’t be unwilling to change to a new company if you find a better deal. Brand loyalty is great, but it’s not recommended if it’s costing you a small fortune. It only take a few minutes to compare rates and find cheaper insurance for a Subaru Outback in Minneapolis.