One of the many things that are used to help calculate the amount you pay for auto insurance is your address. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas more rural areas benefit from lower prices.
The illustration below rates the most expensive areas in Minnesota for unemployed drivers to purchase car insurance in. Minneapolis is ranked #1 with a yearly premium of $2,079 for coverage, which is about $173 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Minneapolis | $2,079 |
| 2 | Maplewood | $2,005 |
| 3 | Saint Paul | $1,988 |
| 4 | Richfield | $1,814 |
| 5 | Coon Rapids | $1,809 |
| 6 | Brooklyn Park | $1,798 |
| 7 | Bloomington | $1,792 |
| 8 | Blaine | $1,748 |
| 9 | Woodbury | $1,748 |
| 10 | Duluth | $1,741 |
| 11 | Edina | $1,725 |
| 12 | Maple Grove | $1,724 |
| 13 | Eagan | $1,712 |
| 14 | Shakopee | $1,710 |
| 15 | Minnetonka | $1,706 |
| 16 | Eden Prairie | $1,706 |
| 17 | Saint Louis Park | $1,702 |
| 18 | Lakeville | $1,700 |
| 19 | Apple Valley | $1,680 |
| 20 | Plymouth | $1,680 |
| 21 | Burnsville | $1,658 |
| 22 | Rochester | $1,639 |
| 23 | Saint Cloud | $1,636 |
| 24 | Moorhead | $1,520 |
| 25 | Mankato | $1,474 |
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Rates are comparative as the specific area where the vehicle is garaged can change prices noticeably.
The type of vehicle you are seeking coverage for is one of the biggest factors when shopping around for low-priced car insurance for unemployed drivers. Vehicles with lots of horsepower, poor safety ratings, or a history of substantial liability claims will cost more to insure than more economical and safe models.
The data below estimates insurance rates for a number of the cheapest vehicles to buy coverage for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $1,456 |
| Chevrolet Equinox LS AWD | $1,719 |
| Dodge Grand Caravan Hero | $1,724 |
| Toyota RAV4 Limited 4WD | $1,719 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,724 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,752 |
| Honda CR-V LX 2WD | $1,785 |
| Honda Accord LX 4-Dr Sedan | $1,791 |
| Hyundai Elantra SE 4-Dr Sedan | $1,807 |
| Toyota Corolla XLE | $1,814 |
| Nissan Rogue SL 2WD | $1,845 |
| Ford Explorer Eddie Bauer 2WD | $1,870 |
| Chevrolet Silverado 3500HD LT Crew Cab 2WD | $1,872 |
| Honda Civic EX-L 4-Dr Sedan | $1,897 |
| Ford F-350 Super Cab Harley Edition 2WD | $1,905 |
| Ford Focus SES 2-Dr Coupe | $1,933 |
| Chevrolet Impala LS | $1,935 |
| Toyota Camry Hybrid | $1,965 |
| Chevrolet Malibu LS | $1,974 |
| Jeep Grand Cherokee Laredo 4WD | $1,981 |
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Estimates do not factor in zip code location which can revise coverage rates considerably.
Based upon the table data, you can infer that vehicles like the Ford Escape, Chevrolet Equinox, and Dodge Grand Caravan are most likely to be some of the less-costly vehicles to insure for the unemployed.
The information below demonstrates how choosing different deductibles can impact insurance costs when researching cheap insurance for unemployed drivers. The costs are based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could save $396 a year by increasing from a $100 deductible to a $500 deductible, or save $596 by using a $1,000 deductible. Even younger drivers, like the 20-year-old example, could roll back prices $1,176 or even more by choosing larger deductibles on their policy.
When choosing a higher deductible, it’s a good idea to have plenty of discretionary funds to offset the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Liability only or full coverage
Saving money when shopping for auto insurance is probably important to most people, and one common way to find cheaper insurance for unemployed drivers is to only pay for liability coverage. The diagram below shows the comparison of yearly insurance costs when comparing full coverage to liability only. The rates are based on no accidents, no driving violations, $100 deductibles, single marital status, and no discounts are taken into consideration.
If all age groups are averaged, comp and collision coverage costs $1,821 per year over and above liability only. That is a large expense and it proposes the question if paying for full coverage is worth it. There is no written rule of when to phase out physical damage insurance, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s pretend your vehicle’s replacement cost is $11,500 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $10,500 after paying your deductible. If it’s costing you more than $1,050 annually for full coverage, then you might consider buying liability only.
How to find low-cost car insurance for unemployed drivers
Below you’ll find some of the better thrifty suggestions that can help Minnesota drivers get low-cost car insurance.
- Prevent rate increases by staying accident-free
- Tickets and violations raise rates
- Higher comprehensive and collision coverage deductibles will save money
- Increase your credit rating
- Drive safe vehicles
- Shop your coverage around for the best deal
The last tip in the list is particularly valuable, as was discussed in this write-up. Prices charged by car insurance companies can change in a short period of time, so drivers shouldn’t hesitate to buy from a different company if a lower-cost policy is available.
Having brand loyalty is commendable, but it isn’t a good idea if that loyalty results in overpaying thousands of dollars over several years. If you have a few minutes, now is a great time to compare prices to find cheaper car insurance for unemployed drivers in Minneapolis.