The words “low-cost” and “auto insurance” really don’t belong together, specifically when trying to find the cheapest auto insurance for drivers requiring a SR22. Because it’s so expensive, let’s introduce you to a few of the factors that significantly impact insurance prices, and find some ways to take the sting out of the next policy you buy.
The make and model of vehicle driven is one of the biggest factors when quoting the best cheap insurance for drivers requiring a SR22. Vehicles with lower acceleration and performance, advanced safety features, or a low likelihood of having liability claims will cost significantly less to insure than high performance models. The information below features insurance premiums for a selection of the cheaper automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$5,542|
|Honda CR-V LX 2WD||$5,613|
|Honda Accord LX-P 4-Dr Sedan||$5,622|
|Ford Edge SE 2WD||$5,860|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$5,865|
|Chevrolet Impala LS||$6,136|
|Ford Explorer Eddie Bauer 2WD||$6,194|
|Toyota RAV4 2WD||$6,196|
|Volkswagen Jetta S 4-Dr Sedan||$6,205|
|Honda Odyssey EX W/Rear Entertainment||$6,424|
|Nissan Altima 3.5 SR 4-Dr Sedan||$6,533|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$6,540|
|Chevrolet Equinox LTZ 2WD||$6,533|
|Ford F-150 Lariat Crew Cab Platinum 4WD||$6,593|
|Jeep Grand Cherokee Laredo 4WD||$6,645|
|GMC Sierra SL Extended Cab 2WD||$6,655|
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Above prices assume single female driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Estimates do not factor in specific location information which can change rates greatly.
Looking at the rates, you can conclude that cars like the Ford Escape, Honda CR-V, Honda Accord, and Ford Edge are most likely to be the cheaper vehicles to insure for high risk drivers. The price of auto insurance will be more expensive just because there is more claim risk for drivers requiring a SR22, but overall those particular models will tend to have the cheapest car insurance rates available.
For high risk drivers, one of the largest criteria that aid in calculating the price you pay for insurance is where you choose to live. Regions with larger populations or more claims are more likely to have higher rates, whereas more rural areas have the gratification of cheaper auto insurance rates.
The next table shows the most expensive areas in Minnesota for drivers requiring a SR22 in which to purchase auto insurance. Minneapolis is ranked at #2 with the annual price of $2,058 for the average policyholder, which is around $172 each month.
|9||Saint Louis Park||$1,754|
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Rate quotes are estimated as vehicle location can affect prices considerably.
Discount Minneapolis car insurance rates
Auto insurance companies that provide coverage for drivers requiring a SR22 may also provide policy discounts that could reduce prices by as much as 30% if you can meet the requirements. Companies and their possible discounts are shown below.
- GEICO offers discounts for federal employee, daytime running lights, air bags, emergency military deployment, and anti-theft.
- Travelers includes discounts for save driver, multi-policy, good student, early quote, student away at school, and new car.
- Farm Bureau offers discounts including youthful driver, multi-vehicle, renewal discount, good student, driver training, 55 and retired, and multi-policy.
- Liberty Mutual discounts include newly retired, new vehicle discount, teen driver discount, safety features, multi-car, exclusive group savings, and new move discount.
- American Family has savings for TimeAway discount, good driver, bundled insurance, good student, mySafetyValet, defensive driver, and air bags.
- Progressive policyholders can earn discounts including multi-policy, online quote discount, good student, online signing, continuous coverage, multi-vehicle, and homeowner.
The illustration below illustrates the difference between car insurance costs with and without discounts. The premiums assume a female driver, one accident and three citations, Minnesota state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with continuous coverage, marriage, vehicle safety, homeowner, paid-in-full, and passive restraint discounts applied. When taking advantage of discounts, theamount saved on insurance for drivers requiring a SR22 is 28% or $880.
Full coverage versus liability-only in Minneapolis
Finding the cheapest insurance is important to most drivers, and one of the fastest ways to buy cheap insurance for drivers requiring a SR22 is to not buy comprehensive and collision coverage. The illustration below illustrates the comparison of insurance premiums with full coverage compared to only the Minnesota minimum liability coverage. The rates are based on no accidents or driving violations, $500 deductibles, single marital status, and no additional discounts are factored in.
If averaged out across all ages, full coverage costs $1,498 per year more than just buying liability insurance. That raises the question when is the right time to remove full coverage. There is no definitive formula for phasing out full coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
The chart below demonstrates how deductible levels can influence yearly insurance costs when quoting cheap insurance for drivers requiring a SR22. The costs are based on a married female driver, comp and collision included, and no discounts are applied.
The chart above illustrates that a 40-year-old driver could reduce rates by $218 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $330 by using a $1,000 deductible. Youthful drivers, such as the Age 20 example, could possibly save $538 every year by using higher deductibles when buying full coverage. When choosing a higher deductible, it will be important to have additional funds in a savings account to be able to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
The Minneapolis car insurance agencies listed below are willing to help you make a decision which is the best policy, since many people would rather have a professional recommendation when comparing insurance rates for drivers requiring a SR22. It can be complicated to find the best policy yourself, and insurance agents licensed in the state of Minnesota can provide you comfort knowing your policy gives you sufficient coverage at claim time. To find a Minneapolis insurance agency closest to you, click the button link following the list or click here to compare price quotes now.
Abbco Insurance Agency Co.
6227 University Ave NE – Minneapolis, MN 55632 – (763) 571-2880
Alisho Dependable Ins. Agency
1929 S 5th St #104 – Minneapolis, MN 55454 – (612) 354-2576
State Farm: Ashkan Morvari
25 W Diamond Lake Rd – Minneapolis, MN 55419 – (612) 455-4196
Germain Insurance Agency
315 W 46th St – Minneapolis, MN 55419 – (612) 822-7983
2736 Lyndale Ave S – Minneapolis, MN 55408 – (612) 872-4004