The make and model of vehicle on the policy is one of the largest factors when shopping for the most affordable auto insurance for homeowners. Vehicles with higher performance characteristics, poor safety ratings, or a history of substantial liability claims will cost significantly more to insure than safer models. The next list outlines insurance costs for a number of the most economical automobiles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,317 |
| Honda CR-V LX 4WD | $1,505 |
| Ford Escape XLT 4WD | $1,539 |
| Dodge Grand Caravan Hero | $1,560 |
| Chevrolet Malibu LT | $1,591 |
| Ford Focus SEL 4-Dr Sedan | $1,612 |
| Ford F-150 XL Super Cab 2WD | $1,659 |
| Toyota Prius | $1,666 |
| Chevrolet Equinox LTZ 2WD | $1,672 |
| Jeep Grand Cherokee Limited 4WD | $1,677 |
| Dodge Ram Crew Cab TRX 2WD | $1,700 |
| Honda Civic DX 4-Dr Sedan | $1,752 |
| Chevrolet Silverado Crew Cab Hybrid 2WD | $1,760 |
| Ford Edge SEL AWD | $1,752 |
| Volkswagen Jetta SE 2.5 Station Wagon | $1,760 |
| Toyota Camry Hybrid | $1,781 |
| Ford Explorer Eddie Bauer 4WD | $1,820 |
| Compare Rates Now Go | |
Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Price information does not factor in your specific Minneapolis, MN location which can alter premiums greatly.
Looking at the data, you can expect models like the Honda Accord, Honda CR-V, Ford Escape, and Dodge Grand Caravan are likely to be some of the more affordable vehicles to insure for people who own their homes.
Finding budget auto insurance is not always easy, and deciding which companies quote the cheapest auto insurance rates for homeowners will require more quotes for comparison. Each auto insurer has a different process for determining prices, so let’s rank the overall cheapest auto insurance companies in Minneapolis.
It’s a good idea to be aware that Minneapolis, MN auto insurance rates are impacted by many factors that will increase or decrease the cost of a policy. Events like turning one year older, getting married, or getting a driving violation may generate price changes that can now make some companies more expensive than others.
Find Cheaper Car Insurance for Homeowners
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $641 |
| 2 | Farm Bureau Mutual | $805 |
| 3 | USAA | $807 |
| 4 | The Hartford | $936 |
| 5 | Western National | $937 |
| 6 | West Bend Mutual | $943 |
| 7 | Allied | $1,210 |
| 8 | State Farm | $1,213 |
| 9 | California Casualty | $1,227 |
| 10 | American Family | $1,230 |
| 11 | General Casualty | $1,261 |
| 12 | Auto-Owners | $1,282 |
| 13 | Farmers | $1,351 |
| 14 | Nationwide | $1,364 |
| 15 | North Star | $1,390 |
| 16 | Auto Club Group | $1,393 |
| 17 | Country | $1,412 |
| 18 | Allstate | $1,437 |
| 19 | Progressive | $1,463 |
| 20 | MetLife | $1,549 |
| Compare Rates Now Go | ||
Travelers offers some of the lowest car insurance rates in Minneapolis at around $641 annually. This is $780 less than the average premium paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, The Hartford, and Western National would also be considered some of the lowest-priced Minneapolis, MN auto insurance companies.
As the rates illustrate above, if you are currently insured with Farm Bureau Mutual and switched to Travelers, you might realize annual savings of approximately $164. Minnesota drivers with USAA could save as much as $166 a year, and The Hartford insureds might realize rate reductions of up to $295 a year.
It’s important to note that these policy rates are averages across all drivers and vehicles in Minnesota and and are not figured with a vehicle location for homeowners. So the company that is most affordable for your situation may not even be in the top 24 companies in the list above. That’s why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
Types of discounts on Minneapolis auto insurance
Insurance companies that provide policies for homeowners may additionally offer premium discounts that may potentially lower prices by 40% or more if you can meet the requirements. A list of auto insurance companies and a summarized list of policyholder discounts are included below.
- Farmers Insurance offers premium reductions for early shopping, mature driver, teen driver, youthful driver, distant student, and multi-car.
- Esurance may include discounts for anti-lock brakes, multi-policy, claim free, online shopper, anti-theft, online quote, and DriveSense.
- State Farm may have discounts that include safe vehicle, passive restraint, anti-theft, good student, driver’s education, and multiple policy.
- GEICO policyholders can earn discounts including multi-vehicle, multi-policy, emergency military deployment, daytime running lights, five-year accident-free, defensive driver, and driver training.
- Allstate discounts include EZ pay plan discount, teenSMART discount, defensive driver, auto/life discount, and economy car.
The example below shows the comparison of car insurance costs with and without discounts. The premiums are based on a female driver, no tickets, no at-fault accidents, Minnesota state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with multiple policy, claim-free, anti-theft, safe-driver, multiple vehicle, and vehicle safety discounts applied. When drivers qualify for the discounts, the average amount saved each year on auto insurance for homeowners is 28% or $481.
The information below highlights how deductible selection can raise or lower premium costs when quoting cheap insurance for homeowners. The price estimates are based on a single female driver, full coverage, and no additional discounts are factored in.
A 40-year-old driver could lower their policy premium by $252 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $380 by using a $1,000 deductible. Young drivers, such as the Age 20 example, could lower their rates $638 or more by selecting a higher deductible. When raising deductibles, it will be necessary to have additional funds squirreled away to allow you to pay the extra out-of-pocket expense that comes with higher deductibles.
Selecting the highest-rated insurer can be a challenge considering how many companies provide coverage in Minnesota. The information below can help you analyze which companies to look at when comparing insurance rates for homeowners.
The rankings below are only made up of the largest companies in the United States, so companies without a large exposure are not factored into these rankings. If you wish to compare prices from the most competitive companies in Minnesota, just click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Compare quotes and save
Minneapolis, MN auto insurance rates are influenced by many factors that may substantially change the price you have to pay for coverage. Simply having another birthday, buying a new vehicle, or getting caught speeding can trigger changes in premium that can now make some companies more affordable than before. Not only may your situation change, but car insurance companies file new rates every year or even multiple times each year to reflect underwriting profits or losses. Larger than normal claims can cause more expensive prices, while a better claims history may cause lower-priced Minneapolis car insurance rates.
For example, the graph below demonstrates which company has the cheapest car insurance in Minneapolis, MN for a 40-year-old female driver with no accidents or violations, and solid credit. If we estimate rates based on her current risk factors, Travelers might quote the most affordable car insurance rates in Minneapolis at $868 annually. This is $553 less than the average price paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, The Hartford, and Western National are also on the list of the most affordable Minneapolis, MN auto insurance companies.
The example below compares rates after we give the driver in the first chart a couple of claims, bad credit, and a traffic ticket or two. Because each insurer uses their own calculation for determining rates in each state, analyzing rate quotes may now result in a significantly different list of the cheapest Minneapolis car insurance companies as shown below.
Allied now has the best price on car insurance in Minneapolis, MN with USAA, Farm Bureau Mutual, State Farm, and California Casualty now rounding out the top five. This example illustrates why it is critical to perform an extensive rate comparison to find the most budget-friendly car insurance rates for homeowners.
Insurance rates are determined by many different factors and change dramatically, so the best price when you last compared rates may now be wasting a lot of money.