How to Save on Chevy Suburban Insurance in Minneapolis

Discount Chevy Suburban insuranceTo save the most money, the best way to get affordable car insurance rates in Minneapolis is to do an annual price comparison from companies in Minnesota. Rates can be compared by following these steps.

  1. Learn about how your policy works and the factors you can control to keep rates down. Many rating factors that drive up the price like traffic violations and a negative credit score can be remedied by making minor changes in your lifestyle.
  2. Compare rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can provide rate quotes from many different companies. Find a Minneapolis insurance agent
  3. Compare the price quotes to the price on your current policy to determine if you can save on Suburban insurance in Minneapolis. If you can save some money and switch companies, ensure there is no coverage lapse between policies.
  4. Give notification to your current company to cancel your existing policy and submit a down payment along with a signed application to the new insurer. Immediately safely store the proof of insurance paperwork along with your vehicle registration.

One bit of advice is to try to use similar coverage information on every quote and and to get price estimates from as many companies as you can. Doing this provides an accurate price comparison and the best price quote selection.

It’s an obvious assumption that car insurance companies want to prevent you from shopping around. Insureds who shop rates annually will presumably buy a new policy because there is a good probability of finding more affordable rates. A recent insurance study discovered that people who routinely compared rates saved $3,500 over four years as compared to drivers who never shopped around for cheaper prices.

If finding the cheapest price on auto insurance is your target objective, then knowing how to find and compare auto insurance can help make the process easier and more efficient.

All major insurance companies like 21st Century, Allstate and State Farm provide prices online. Doing online quotes for Chevy Suburban insurance in Minneapolis is quite simple as you just enter your personal and coverage information into a form. Once you submit the form, the company’s rating system will obtain your credit score and driving record and quotes a price based on the data you entered.

This streamlines rate comparisons, and it is important to perform this step in order to get cheap rates.

To compare rates now, compare rates from the companies below. If you have your current policy handy, we recommend you duplicate coverages and limits just like they are on your policy. This ensures you will get rate comparison quotes based on identical coverages.

The companies shown below can provide price quotes in Minnesota. If you want to find cheap auto insurance in Minneapolis, we recommend you visit several of them to get the lowest price.

Chevy Suburban detailed coverage information

The rate information shown below showcases detailed analysis of insurance costs for Chevy Suburban models. Knowing how auto insurance prices are determined helps drivers make decisions when shopping your coverage around.

Chevrolet Suburban Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Suburban LS 2WD $146 $268 $358 $22 $108 $902 $75
Suburban LT 2WD $146 $268 $358 $22 $108 $902 $75
Suburban LS 4WD $146 $268 $358 $22 $108 $902 $75
Suburban LT 4WD $146 $268 $358 $22 $108 $902 $75
Suburban LTZ 2WD $146 $316 $358 $22 $108 $950 $79
Suburban LTZ 4WD $164 $316 $358 $22 $108 $968 $81
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Estimates do not factor in vehicle garaging location which can influence premiums significantly.

How high should deductibles be?

When buying insurance, a common question is how high should the physical damage coverage deductibles be. The tables below approximate the rate differences between low and high coverage deductibles. The first rate quote example uses a $250 physical damage coverage deductible and the second set of rates uses a $500 deductible.

Chevrolet Suburban insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Suburban LS 2WD $276 $414 $318 $18 $94 $1,145 $95
Suburban LT 2WD $276 $414 $318 $18 $94 $1,145 $95
Suburban LS 4WD $276 $414 $318 $18 $94 $1,145 $95
Suburban LT 4WD $276 $414 $318 $18 $94 $1,145 $95
Suburban LTZ 2WD $276 $486 $318 $18 $94 $1,217 $101
Suburban LTZ 4WD $308 $486 $318 $18 $94 $1,249 $104
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Chevrolet Suburban insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Suburban LS 2WD $224 $334 $318 $18 $94 $988 $82
Suburban LT 2WD $224 $334 $318 $18 $94 $988 $82
Suburban LS 4WD $224 $334 $318 $18 $94 $988 $82
Suburban LT 4WD $224 $334 $318 $18 $94 $988 $82
Suburban LTZ 2WD $224 $392 $318 $18 $94 $1,046 $87
Suburban LTZ 4WD $250 $392 $318 $18 $94 $1,072 $89
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Rate information does not factor in Minneapolis location which can alter insurance rates greatly.

Based on the above data, using a $250 deductible could cost the average driver approximately $14 more each month or $168 every year across all Chevrolet Suburban models than buying the higher $500 deductible. Since you would pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you tend to have more than 18 months between claims, you would probably be better off if you opt for a higher deductible.

How to calculate when to raise deductibles

Average monthly premium for $250 deductibles: $98
Average monthly premium for $500 deductibles (subtract): – $84
Monthly savings from raising deductible: $14
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $14
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

One important issue to know is that increasing deductibles to lower your rates means you will have to pay more of your own money when you have a physical damage claim. You will want to have some extra savings in the event you need to pay more for the deductible.

The chart below demonstrates how choosing different deductibles and can change Chevy Suburban premium costs for different categories of driver ages. The price estimates are based on a single male driver, full coverage, and no other discounts are factored in.

Full coverage rates vs. liability-only

The diagram below shows the comparison of Chevy Suburban auto insurance costs with and without physical damage coverage. The information is based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.

When to buy liability coverage only

There isn’t a steadfast formula of when to drop physical damage coverage, but there is a general guideline. If the yearly cost for physical damage coverage is about 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your Chevy Suburban claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,000 after you pay the deductible. If it’s costing in excess of $600 annually for comprehensive and collision coverage, then you might consider buying liability only.

There are some scenarios where buying only liability insurance is not advised. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.

Why insurance is not optional

Even though Minneapolis Suburban insurance rates can get expensive, maintaining insurance is required for several reasons.

First, just about all states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability in order to be legal. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if your Chevy Suburban has a loan, almost all lenders will require that you have insurance to guarantee their interest in the vehicle. If you cancel or allow the policy to lapse, the bank will be required to insure your Chevy at a significantly higher premium and require you to reimburse them for it.

Third, insurance preserves not only your Chevy Suburban but also your assets. It also can pay for medical transport and hospital expenses incurred in an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, comprehensive and collision coverage will pay to repair the damage.

The benefits of insuring your Suburban outweigh the cost, particularly if you ever have a claim. According to a recent study, the average American driver is wasting up to $800 each year so compare quotes from several companies at every renewal to ensure rates are inline.

Car insurance coverages and their meanings

Having a good grasp of your policy can be of help when determining appropriate coverage and the correct deductibles and limits. Car insurance terms can be impossible to understand and nobody wants to actually read their policy.

Liability auto insurance

Liability insurance protects you from damages or injuries you inflict on a person or their property by causing an accident. This insurance protects YOU from claims by other people, and doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show values of 30/60/10 that means you have $30,000 in coverage for each person’s injuries, a total of $60,000 of bodily injury coverage per accident, and $10,000 of coverage for damaged property.

Liability insurance covers things like bail bonds, medical expenses, structural damage and pain and suffering. The amount of liability coverage you purchase is up to you, but consider buying as much as you can afford. Minnesota state minimum liability requirements are 30/60/10 but drivers should carry higher limits.

The chart below demonstrates why minimum state limits may not be adequate coverage.

Auto collision coverage

Collision insurance will pay to fix damage to your Suburban resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for claims like backing into a parked car, colliding with a tree, damaging your car on a curb and sideswiping another vehicle. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to bump up the deductible on your Suburban to bring the cost down.

Coverage for uninsured or underinsured drivers

Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your Chevy Suburban.

Since many Minnesota drivers carry very low liability coverage limits (30/60/10 in Minnesota), it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important.

Coverage for medical expenses

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses for doctor visits, rehabilitation expenses, nursing services, pain medications and chiropractic care. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. PIP is not universally available but can be used in place of medical payments coverage

Comprehensive car insurance

Comprehensive insurance pays for damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things such as hitting a bird, a tree branch falling on your vehicle and falling objects. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much consider dropping full coverage.