Who Has Cheap Auto Insurance Rates for Seniors in Minneapolis?

For senior citizens, one of the more important considerations that are looked at to help calculate the cost of insurance is where your car is garaged in Minneapolis. Areas with a lot of weather claims or more people will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.

The illustration below ranks the highest-priced places in Minnesota for seniors to purchase a policy in. Minneapolis is ranked at #1 with an annual premium of $2,079 on average, which is around $173 monthly.

How much does car insurance cost in Minneapolis, MN?
Rank City Average Per Year
1 Minneapolis $2,079
2 Saint Paul $2,070
3 Maplewood $2,005
4 Richfield $1,814
5 Brooklyn Park $1,798
6 Duluth $1,777
7 Bloomington $1,756
8 Coon Rapids $1,756
9 Saint Louis Park $1,754
10 Blaine $1,748
11 Woodbury $1,748
12 Maple Grove $1,741
13 Plymouth $1,731
14 Eagan $1,729
15 Edina $1,725
16 Saint Cloud $1,702
17 Burnsville $1,675
18 Eden Prairie $1,672
19 Minnetonka $1,672
20 Lakeville $1,666
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Rates are estimated as the garaging address in Minneapolis can raise or lower auto insurance rates greatly.

Locating affordable insurance is not most people’s favorite thing to do, and determining which company has the best auto insurance rates for seniors involves even more diligence. Each auto insurer uses slightly different criteria to set policy rates, so first we will examine the most competitive auto insurance companies in Minneapolis, MN.

It’s important to know that Minneapolis, MN auto insurance rates are calculated based on many things which can substantially decrease or increase the cost of your policy. This price variability is why it is crucial to spend some time comparing rates to get affordable insurance rates for seniors. Prices can be altered by many things and change dramatically, so the cheapest option two years ago may now not even be in the top five.

Best Auto Insurance Prices for Mature Drivers

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Rankings for the cheapest car insurance companies in Minnesota
Rank Company Cost Per Year
1 Travelers $661
2 USAA $807
3 Farm Bureau Mutual $837
4 Western National $937
5 West Bend Mutual $943
6 The Hartford $964
7 Allied $1,162
8 California Casualty $1,227
9 State Farm $1,263
10 American Family $1,268
11 General Casualty $1,313
12 Auto-Owners $1,334
13 Auto Club Group $1,352
14 Progressive $1,405
15 Nationwide $1,406
16 Farmers $1,407
17 Allstate $1,423
18 Country $1,427
19 North Star $1,432
20 MetLife $1,549
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Travelers generally has some of the lowest car insurance rates in Minneapolis at around $661 annually. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual would also be considered some of the cheapest Minneapolis, MN car insurance companies.

As the rates illustrate above, if you buy coverage from Western National and switched to USAA, you could see yearly savings of in the neighborhood of $130. Insureds with West Bend Mutual might save as much as $136 a year, and The Hartford insureds might reduce prices by as much as $157 a year.

If you want to see how much you could save, click here to get quotes or quote prices from the following companies.

Be aware that those estimates are averages for all drivers and vehicles and are not factoring in a vehicle location for seniors. So the auto insurance company that fits your situation best may not even be in the top 24 companies in the list above. That is why you need to compare as many prices as possible using your own individual information.

The make and model of vehicle requiring insurance is one of the largest considerations in finding low-cost insurance for seniors. Vehicles with lots of horsepower, poor crash test ratings, or high incidents of liability claims will cost quite a bit more to insure than more economical and safe models. The next list ranks auto insurance premiums for a number of the most economical vehicles to buy insurance for.

Cheapest Vehicles to Insure in Minneapolis, MN
Make and Model Estimated Cost for Full Coverage
Honda Accord EX 4-Dr Sedan $1,183
Honda CR-V EX-L 4WD $1,210
Volkswagen Jetta S 2.5 Station Wagon $1,285
Hyundai Elantra SE Touring Station Wagon $1,292
Ford Escape Limited 4WD $1,285
Ford F-150 XLT Regular Cab 2WD $1,296
Toyota Prius $1,312
Toyota Tacoma 4WD $1,322
Ford Edge Limited 2WD $1,371
Chevrolet Impala LS $1,380
Chevrolet Malibu Hybrid $1,397
Toyota RAV4 Limited 4WD $1,403
Toyota Camry LE $1,397
Dodge Grand Caravan Hero $1,405
Ford Explorer Eddie Bauer AWD $1,424
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Data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Rates do not factor in specific location information which can impact rates greatly.

Looking at the data, you can see that cars like the Honda Accord, Honda CR-V, Volkswagen Jetta, Hyundai Elantra, and Ford Escape are most likely going to be some of the more affordable vehicles to insure for senior citizens.

Safe drivers pay less for auto insurance

The recommended way to maintain low auto insurance premiums in Minneapolis for senior citizens is to drive safe and avoid accidents and keep your driving record clean. The chart below demonstrates how traffic citations and fender-benders can drive up insurance prices for different insured age categories. Data assumes a married female driver, full coverage, $1,000 deductibles, and no discounts are applied.

In the previous chart, the average cost of a car insurance policy in Minneapolis per year with no accidents and a clean driving record is $1,024. Receive two speeding tickets and the average cost swells to $1,445, an increase of $420 each year. Then add in one accident along with the two speeding tickets and the yearly cost of auto insurance for seniors jumps again to an average of $1,871. That’s an increase of $847, or $71 per month, just for not being more responsible behind the wheel!

Full coverage rates compared to liability-only

Buying cheaper auto insurance is important to most people, and one easy way to reduce the cost of insurance for seniors is to not buy full coverage. The example below visualizes the comparison of insurance costs with and without full coverage. The data assumes no accidents or driving violations, $500 deductibles, marital status is single, and no discounts are applied.

Averaged for all ages 20 through 70, physical damage insurance costs an additional $1,498 per year over liability only. At some point, about every driver wonders if buying full coverage is worth the expense. There is no definitive guideline of when to drop comp and collision coverage, but there is a broad guideline. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

For example, let’s pretend your vehicle’s claim settlement value is $7,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,500 after the policy deductible has been paid. If premiums are more than $650 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.

There are some cases where removing full coverage is not advised. If you still have a lienholder on your title, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage.

The example below shows how choosing a deductible can increase or decrease insurance costs when researching cheap insurance for seniors. The data is based on a married male driver, comprehensive and collision coverage, and no discounts are factored in.

The data above shows that a 50-year-old driver could lower rates by $308 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $466 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old category, can cut as much as $1,032 each year just by choosing higher deductibles when buying full coverage. If you do make the decision to raise your deductibles, it’s a good idea to have emergency funds available to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.