The type of vehicle that needs insurance is one of the main factors that determines the availability of the lowest-priced coverage for active military. Vehicles with limited top-end speed, a plethora of safety features, or a low likelihood of having liability claims will cost much less to insure than high performance models. The next table showcases coverage costs for a selection of the cheaper automobiles to insure in Minnesota.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$1,374|
|Honda Accord LX-P 4-Dr Sedan||$1,377|
|Ford Escape XLS 2WD||$1,387|
|Chevrolet Equinox LT AWD||$1,456|
|Chevrolet Impala LT||$1,463|
|Hyundai Elantra SE Touring Station Wagon||$1,458|
|Ford Edge SE 2WD||$1,499|
|Ford Explorer XLT 2WD||$1,504|
|Ford F-150 XL Crew Cab 2WD||$1,509|
|Honda Odyssey EX-L W/Rear Entertainment||$1,531|
|Toyota RAV4 2WD||$1,588|
|Honda Civic EX-L 4-Dr Sedan||$1,607|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,621|
|Toyota Tacoma Double Cab 4WD||$1,624|
|Dodge Grand Caravan Crew||$1,631|
|Ford Fusion S 4-Dr Sedan||$1,629|
|Jeep Grand Cherokee Laredo 4WD||$1,636|
|Toyota Camry LE||$1,629|
|Chevrolet Silverado LTZ Extended Cab 2WD||$1,670|
|Toyota Corolla S||$1,675|
|Ford Focus SEL 4-Dr Sedan||$1,681|
|Hyundai Sonata GLS 4-Dr Sedan||$1,702|
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Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Table data does not factor in specific Minneapolis, MN garaging location which can raise or lower rates greatly.
Based upon the rates shown, models like the Honda CR-V, Honda Accord, and Ford Escape should be the cheaper vehicles to insure for military personnel.
Locating low-priced auto insurance is not the easiest thing to accomplish, and finding out which company quotes the lowest-priced insurance rates for active military will take even more rate comparisons. Each company has a unique formula for determining prices, so first let’s look at the rankings for the most affordable insurance companies in Minneapolis, MN.
Lowest Insurance Price Quotes for Military
|Rank||Company||Cost Per Year|
|3||Farm Bureau Mutual||$837|
|5||West Bend Mutual||$952|
|13||Auto Club Group||$1,380|
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Travelers generally has some of the cheapest car insurance rates in Minneapolis at around $647 a year. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual would also be considered some of the more affordable Minneapolis, MN auto insurance companies.
As the rates illustrate above, if you are a policyholder with Western National and switched to Travelers, you might achieve savings of approximately $254. Drivers with West Bend Mutual may save as much as $305 a year, and The Hartford policyholders might see rate reductions of $317 a year.
To find cheaper insurance rates for your vehicle, click here to start your custom quote or click several companies below for low rates.
It’s important to note that these prices are averaged for all drivers and vehicles in Minnesota and and are not calculated with a vehicle location for active military. So the car insurance company that can offer you the best rate may not even be in the top 24 companies shown above. That emphasizes why you need to get quotes using your own driver information and specific vehicle type.
For military personnel, one of the largest components that aid in calculating the amount you pay each year for auto insurance is where you choose to live. More populated areas tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims receive better rates.
The illustration below sorts the most expensive places in Minnesota for active military to buy car insurance in. Minneapolis is listed at #2 with an annual rate of $1,997 for the average insurance policy, which is around $166 monthly.
|Rank||City||Premium Per Year|
|12||Saint Louis Park||$1,720|
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Price information shown is approximated as the specific zip code location can influence rates noticeably.
Should you buy full coverage?
Buying cheaper insurance is probably important to most vehicle owners, and one of the fastest ways to save on the cost of insurance for active military is to not buy comprehensive and collision coverage. The diagram below illustrates the comparison of premium costs with and without physical damage coverage. The data assumes no claims or driving violations, $500 deductibles, drivers are not married, and no policy discounts are applied.
If the expense is averaged for all age categories, physical damage insurance costs an additional $1,498 per year over and above liability only. At some point, every insured wonders if it’s a good idea to buy full coverage. There is no exact formula of when to phase out physical damage insurance, but there is a guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s book value is $9,500 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $8,500 after paying your policy deductible. If premiums are more than $850 annually for your policy with full coverage, then it might be time to consider dropping full coverage.
There are some conditions where dropping full coverage is not recommended. If you still owe money on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not consider dropping full coverage.
Ratings for Minnesota insurance companies
Ending up with the right auto insurance provider can be rather challenging considering how many companies provide coverage in Minneapolis. The rank data in the lists below may help you choose which auto insurers you want to consider when comparing rates.
These ratings are for companies that write coverage in many states, so companies that focus mainly on Minnesota business are not included in this list. To check prices from these companies and more, just click here.
Top 10 Major Car Insurance Companies in Minneapolis Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- The General
Top 10 Major Car Insurance Companies in Minneapolis Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Nationwide – A+
- Esurance – A+
- The Hartford – A+
- Progressive – A+
- Allstate – A+
- The General – A-
How accidents and tickets impact rates
The easiest method to enjoy affordable insurance premiums in Minneapolis for military personnel is to be an attentive driver and avoid accidents and violations. The illustration below shows how speeding tickets and fender-benders raise insurance rates for each different age category. Data assumes a single female driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
In the chart above, the average cost of auto insurance in Minneapolis per year with no violations or accidents is $2,308. Receive two speeding tickets and the average cost swells to $3,107, an increase of $799 each year. Then add one accident along with the two speeding tickets and the yearly cost of insurance for active military goes up to an average of $3,927. That’s an increase of $1,619, or $135 per month, just for not paying attention while driving!
Tips for buying cheaper auto insurance for active military
It is possible to find better rates, and here are many thrifty ideas that can help drivers locate lower-cost car insurance.
- Raise your physical damage coverage deductibles
- Increase your credit rating
- Do not get traffic violations
- Safer vehicles cost less to insure
- Avoid accidents and claims
- Compare prices frequently to find the best deal
The last item on the list is certainly valuable, as we discussed in this piece. Prices in Minneapolis change constantly, so drivers shouldn’t hesitate to switch companies if a lower-cost policy is available.
Many drivers prefer to stick with one company, but it’s not recommended if your bullheadedness ends up costing you a considerable chunk of change every month. It only takes a couple minutes to compare rates to find cheaper insurance for active military.
The Minneapolis, MN, insurance agents below are willing to help you determine which is the best policy, since some people prefer to have a consultation when comparing insurance rates for active military. It can be complicated to find the cheapest auto insurance company, so using a licensed agent can bring peace of mind knowing you have sufficient protection if you have a claim. To locate a Minneapolis auto insurance agent close to you, click the button after the list.
Skarnes Agency Inc.
1845 NE Stinson Blvd – Minneapolis, MN 55418 – (612) 354-2040
John Arens – State Farm Insurance Agent
3259 Johnson St NE – Minneapolis, MN 55418 – (612) 781-3454
Tom Kilton – State Farm Insurance Agent
3430 Nicollet Ave – Minneapolis, MN 55408 – (612) 827-3655