What Insurance is Cheapest for Drivers with Good Credit in Minneapolis?

This would be a real easy article to write if we could just give you the name of the one company in Minnesota that has the lowest rates in Minnesota. Unfortunately, it’s just not that easy, as there are many unknown factors like how far you drive each year, if you are married or single, and the level of liability coverage you want. This article will discuss the best ways to avoid high prices and hopefully give you enough understanding to have a solid foundation to find cheaper car insurance in Minnesota.

One of the more important considerations that are used to help calculate the price you pay for insurance is where you choose to live in Minneapolis. Cities with more crime and/or more people will most likely have higher rates, whereas more rural areas have the enjoyment of a little cheaper coverage.

The next table ranks the most expensive areas in Minnesota for drivers with good credit to purchase car insurance in. Minneapolis makes the list at #2 having an annual price of $2,058 for the average policy, which is approximately $172 each month.

How much is car insurance in Minneapolis?
Rank City Annual Rate
1 Saint Paul $2,070
2 Minneapolis $2,058
3 Maplewood $2,005
4 Bloomington $1,809
5 Blaine $1,801
6 Richfield $1,796
7 Brooklyn Park $1,762
8 Coon Rapids $1,756
9 Duluth $1,741
10 Plymouth $1,731
11 Eagan $1,729
12 Burnsville $1,726
13 Maple Grove $1,724
14 Saint Louis Park $1,720
15 Edina $1,707
16 Eden Prairie $1,706
17 Minnetonka $1,706
18 Lakeville $1,700
19 Woodbury $1,680
20 Shakopee $1,659
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Rate quotes are approximated as the specific Minneapolis residence address can impact premium rates greatly.

The vehicle model to be insured is one of the main factors when consumers are trying to find the best coverage for drivers with good credit. Vehicles with limited speed and performance, advanced safety features, or a low likelihood of liability claims will cost less to insure than fast, unsafe models. The list below illustrates auto insurance prices for a number of the more affordable automobiles to insure in Minnesota.

Cheapest Vehicles to Insure in Minneapolis, MN
Vehicle Make and Model Estimated Cost for Full Coverage
Ford Escape XLT 2WD $1,182
Honda CR-V EX 2WD $1,285
Honda Accord EX 4-Dr Sedan $1,291
Ford Focus SE 4-Dr Sedan $1,370
Chevrolet Malibu LS $1,399
Jeep Grand Cherokee Laredo 4WD $1,408
Chevrolet Impala LT $1,399
Toyota RAV4 Limited 4WD $1,408
Ford Explorer Eddie Bauer 2WD $1,444
Hyundai Elantra SE 4-Dr Sedan $1,474
Honda Odyssey EX-L $1,481
Toyota Corolla S $1,474
Toyota Tacoma X-Runner 2WD $1,482
Ford F-150 XL Crew Cab 2WD $1,476
Toyota Prius $1,482
Ford Edge SEL 2WD $1,492
Honda Civic Hybrid 4-Dr Sedan $1,500
Toyota Camry LE $1,524
GMC Sierra SLE Crew Cab 2WD $1,533
Ford F-350 XLT Super Cab 2WD $1,529
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Price information does not factor in Minneapolis, MN location which can decrease or increase rates greatly.

Based upon the rates shown, models like the Ford Escape, Honda CR-V, Honda Accord, Ford Focus, and Chevrolet Malibu are going to be some of the most budget-friendly vehicles to insure for financially responsible drivers.

Does full coverage make sense?

Reducing the cost of car insurance is important to the majority of vehicle owners, and a great way to pay lower rates for insurance for drivers with good credit is to not buy full coverage. The illustration below shows the difference between auto insurance costs with and without physical damage coverage. The information is based on no violations or accidents, $500 deductibles, marital status is single, and no discounts are applied.

On average, comp and collision coverage costs an extra $1,498 per year more than just buying liability only. At some point, every insured wonders if you should buy full coverage. There is no exact rule of when to stop paying for physical damage coverage, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.

For example, let’s pretend your vehicle’s book value is $6,500 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $5,500 after you pay the deductible. If you are currently paying more than $550 annually to have full coverage, then it might be time to buy liability only.

There are some circumstances where dropping full coverage is not advised. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not remove full coverage.

Discount Minneapolis car insurance rates

Discounts on car insurance for drivers with good creditInsurers that provide coverage for drivers with good credit could also offer price discounts that may potentially lower prices by 30% or more if you meet certain criteria. A list of companies and their possible discounts are detailed below.

The example below illustrates the difference between insurance costs with and without some available policy discounts. The premium estimates are based on a male driver, a clean driving record, no at-fault accidents, Minnesota state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with passive restraint, anti-theft, homeowner, multiple vehicle, claim-free, and vehicle safety discounts applied. When discounts are applied, theaverage yearly reduction on car insurance for drivers with good credit is 28% or $555.

How to find economical auto insurance for drivers with good credit

Lowering your rates is not difficult, and here are some of the better thrifty suggestions that can help Minneapolis drivers buy cheaper car insurance.

The last idea is incredibly critical, as we emphasized in this write-up. Rates in Minneapolis can change considerably in a year, so don’t hesitate to switch to a new company if a cheaper price is available.

Many drivers tend to have loyalty to a certain company, but it’s not a great idea if that loyalty results in overpaying a considerable chunk of change every month. In less than five minutes you could compare rates to find cheaper car insurance for drivers with good credit.

If you aren’t sure which coverage to buy and prefer to have professional advice when comparing insurance rates for financially responsible drivers, the agencies below can answer your questions and help you decide which coverages are best.

To find an agent using an interactive map, click the button below the list or click here to get price quotes now.

Farmers Insurance – Matthew Nye
2104 Stevens Ave #309Minneapolis, MN 55404(612) 979-2330

Germain Insurance Agency
315 W 46th StMinneapolis, MN 55419(612) 822-7983

Minneapolis St. Paul Agency Insurance and Risk Management
2469 University Ave WSt Paul, MN 55114(651) 647-9665

Julie Nadeau – State Farm Insurance Agent
7801 E Bush Lake Rd #200Minneapolis, MN 55439(952) 937-2020

Find a Minneapolis, MN insurance agent near you