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.
|14||Saint Louis Park||$1,720|
|Compare Prices Now Go|
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.
|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|
|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|
|Start Your Quote Go|
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
Insurers 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.
- Travelers may offer discounts for multi-car, multi-policy, hybrid/electric vehicle, IntelliDrive, new car, payment discounts, and driver training.
- 21st Century may have discounts that include theft prevention, automatic seat belts, driver training, homeowners, anti-lock brakes, and student driver.
- State Farm includes discounts for good driver, accident-free, Steer Clear safe driver discount, good student, safe vehicle, and defensive driving training.
- GEICO has discounts for multi-policy, seat belt use, multi-vehicle, anti-lock brakes, and defensive driver.
- SAFECO offers premium reductions for anti-theft, bundle discounts, anti-lock brakes, teen safety rewards, and safe driver.
- AAA offers discounts including anti-theft, multi-policy, education and occupation, pay-in-full, and good driver.
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.
- Home or renters coverage can save on auto insurance
- Drop full coverage on older vehicles
- Be a cautious driver
- Accidents can significantly increase rates
- Avoid price increases by not filing claims
- Buy vehicles with good safety ratings
- Shop your coverage around for the best deal
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 #309 – Minneapolis, MN 55404 – (612) 979-2330
Germain Insurance Agency
315 W 46th St – Minneapolis, MN 55419 – (612) 822-7983
Minneapolis St. Paul Agency Insurance and Risk Management
2469 University Ave W – St Paul, MN 55114 – (651) 647-9665
Julie Nadeau – State Farm Insurance Agent
7801 E Bush Lake Rd #200 – Minneapolis, MN 55439 – (952) 937-2020