Trying to buy reasonably-priced auto insurance is tough enough, and determining which company has the cheapest car insurance rates for high risk drivers requires even more perseverance. Every car insurance company has their own process for determining rates, so let’s take a look at the most competitive car insurance companies in Minneapolis.
It’s a good idea to be aware that Minnesota car insurance rates are based on many factors that may substantially change the price of your policy. This price variability is why it is crucial to take the time to shop around when trying to find the cheapest car insurance quotes for high risk drivers. Prices are influenced by many factors and can change substantially, so the lowest-price company when you last compared rates may now not even be in the top five.
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|Rank||Company||Cost Per Year|
|3||Farm Bureau Mutual||$829|
|6||West Bend Mutual||$981|
|15||Auto Club Group||$1,393|
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Travelers offers some of the lowest car insurance rates in Minneapolis at around $667 per year. USAA, Farm Bureau Mutual, Western National, and The Hartford also qualify as some of the most economical Minneapolis, MN car insurance companies.
As depicted above, if you are insured with Western National and switched to USAA, you might realize savings of in the vicinity of $111. Minnesota drivers with The Hartford may save as much as $155 a year, and West Bend Mutual insureds might cut rates by $182 a year.
To find out how your current rates compare, click here to get a free quote or quote rates from the companies below.
Understand that those prices are averages for all ages of drivers and types of vehicles and do not take into consideration a specific location for high risk drivers. So the car insurance company that can offer you the lowest price may not even be in the list above. That’s why you need to compare rates from as many companies as possible using your own specific driver information and vehicle.
The vehicle model on the policy is a large factor that determines whether or not you can buy economical auto insurance for high risk drivers. Vehicles with higher performance, poor crash test ratings, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models.
The table below shows auto insurance rates for some of the cheaper vehicles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$5,289|
|Ford Escape Limited 4WD||$5,833|
|Chevrolet Malibu LS||$6,189|
|Ford Explorer XLT 4WD||$6,199|
|Jeep Grand Cherokee Laredo 2WD||$6,189|
|Dodge Grand Caravan Crew||$6,249|
|Honda Odyssey LX||$6,266|
|Volkswagen Jetta 2.0T Station Wagon||$6,356|
|Honda Civic LX-S 4-Dr Sedan||$6,411|
|Ford Edge SE AWD||$6,422|
|Hyundai Elantra GLS 4-Dr Sedan||$6,468|
|Toyota RAV4 Limited 4WD||$6,485|
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Prices based on single female driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Prices do not factor in your specific Minneapolis, MN location which can influence premiums considerably.
Looking at the data, cars like the Honda CR-V, Ford Escape, Toyota Prius, and Chevrolet Malibu are going to be some of the most economical vehicles to insure for high risk drivers. The cost of a car insurance policy will trend higher just due to the fact that there is more inherent risk for high risk drivers, but generally speaking those specific models will most likely have the lowest insurance prices that you’ll find.
Comparison of full coverage and liability-only policies
Paying a lower price for car insurance is probably important to most people, and an easy way to save on the cost of insurance for high risk drivers is to only buy liability insurance. The illustration below shows the comparison of insurance prices with full physical damage coverage and with liability coverage only. The information is based on no violations or claims, $500 deductibles, marital status is single, and no other discounts are factored in.
If all age groups are averaged, comprehensive and collision coverage on your policy costs $1,996 per year over and above liability coverage. Many drivers will wonder if full coverage is worth the money. There is no definitive rule of when to eliminate comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $5,000 after paying your deductible. If it’s costing in excess of $500 annually for your policy with full coverage, then it might be time to buy liability only.
Selecting the highest-rated insurance provider can be difficult considering how many companies sell insurance in Minnesota. The information displayed below may help you analyze which insurers to look at when comparing rate quotes.
The rankings below are only comprised of the largest companies in America, so companies that only write business in Minnesota or surrounding areas are not included in this list. If you’d like 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
How accidents and tickets impact rates
The obvious way to score low car insurance prices in Minneapolis for high risk drivers is to be a careful driver and avoid traffic citations and accidents. The chart below demonstrates how traffic citations and at-fault claims drive up insurance prices for each different age category. The price estimates are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.
In the previous chart, the average cost of a car insurance policy in Minnesota per year with no accidents and a clean driving record is $1,778. Get two speeding tickets and the average cost rises to $2,341, an increase of $563 each year. Then include two accidents along with the two speeding tickets and the yearly cost of car insurance for high risk drivers jumps again to an average of $4,710. That’s an increase of $2,932, or $244 per month, just for a couple of infractions!