Trying to buy budget insurance is hard enough, and deciding which companies quote the cheapest auto insurance rates for used cars will require even more rate comparisons. Each insurer uses a little different formula to determine rates, so let’s begin by taking a look at the most budget-friendly auto insurance companies in Minneapolis.
Compare Cheap Insurance Quotes for Used Cars
|Rank||Company||Cost Per Year|
|2||Farm Bureau Mutual||$805|
|6||West Bend Mutual||$972|
|13||Auto Club Group||$1,352|
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Travelers may have some of the most affordable car insurance rates in Minneapolis at around $641 per year. Farm Bureau Mutual, USAA, Western National, and The Hartford would also make the list of some of the more affordable Minneapolis, MN insurance companies.
As depicted above, if you are insured with Farm Bureau Mutual and switched to Travelers, you might achieve a yearly savings of roughly $164. Drivers with USAA might save as much as $166 a year, and Western National insureds might cut rates by $269 a year.
Understand that those premiums are averaged for all ages of drivers and types of vehicles and do not factor in an exact vehicle garaging location for used cars. So the company that is best suited for you may not even be in the list above. That emphasizes why you need to quote rates from many companies using your own specific driver and vehicle information.
The car, truck, or SUV you are trying to insure is one of the biggest factors when trying to find cheap insurance for used cars. Vehicles with limited speed and performance, good crash test ratings, or a low likelihood of liability claims will cost significantly less to insure than fast, unsafe models.
The list below presents auto insurance rates for the cheapest vehicles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,317|
|Ford Explorer XLT 2WD||$1,479|
|Ford Escape XLT 2WD||$1,505|
|Toyota RAV4 Sport 2WD||$1,560|
|Chevrolet Equinox LS AWD||$1,569|
|Honda Accord EX-L 4-Dr Sedan||$1,632|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,640|
|Toyota Corolla LE||$1,646|
|Toyota Tacoma X-Runner 2WD||$1,640|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,692|
|Nissan Rogue SL AWD||$1,750|
|Honda Odyssey EX W/Rear Entertainment||$1,752|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,760|
|Ford F-150 STX Super Cab 2WD||$1,768|
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Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Rate quotes do not factor in vehicle location which can raise or lower premiums greatly.
Based on these rates, vehicles like the Honda CR-V, Ford Explorer, Ford Escape, Toyota RAV4, and Chevrolet Equinox will be the most affordable vehicles to insure for pre-owned vehicles.
Discounts on Minneapolis car insurance rates
Auto insurance companies that offer coverage for used cars may also provide premium discounts that could potentially reduce rates by as much as 30% if you meet specific criteria. A few of the larger companies and some of the premium reductions they offer can be found below.
- GEICO offers discounts including multi-policy, anti-theft, good student, federal employee, air bags, anti-lock brakes, and military active duty.
- Travelers has savings for continuous insurance, new car, payment discounts, driver training, and hybrid/electric vehicle.
- Farm Bureau policyholders can earn discounts including good student, renewal discount, multi-vehicle, safe driver, 55 and retired, and driver training.
- Liberty Mutual discounts include new graduate, multi-policy, teen driver discount, exclusive group savings, and safety features.
- American Family may include discounts for multi-vehicle, air bags, good driver, TimeAway discount, and good student.
- Progressive may have discounts that include online quote discount, homeowner, continuous coverage, good student, multi-policy, and online signing.
The chart below shows the difference between insurance costs with and without some available policy discounts. The costs are based on a female driver, no violations or claims, Minnesota state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with anti-theft, defensive driving course, claim-free, multiple vehicle, homeowner, and safe-driver discounts applied. When drivers qualify for the discounts, theaverage amount saved on auto insurance for used cars is 28% or $437.
The diagram below shows how choosing a deductible can impact insurance costs when quoting cheap insurance for used cars. The data is based on a single female driver, full physical damage coverage, and no policy discounts are applied.
A 40-year-old driver could save $252 a year by increasing from a $100 deductible to a $500 deductible, or save $380 by using a $1,000 deductible. Youthful drivers, like the Age 20 chart data, could shave as much as $638 annually by selecting a higher deductible.
When choosing a higher deductible, it is necessary to have additional savings on hand to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
How to find more affordable car insurance for used cars
It’s not impossible to find cheaper rates, and here are some of the recommended penny-pinching suggestions that can help you get cheap coverage.
- Good credit can save money
- Having at-fault accidents will increase rates
- Safe vehicles generally have lower rates
- Avoid getting citations and tickets
- Increase the comprehensive and collision deductibles on your policy
- Comparison shop at least once a year
The last suggestion is very necessary, as was emphasized in the prior article. Coverage prices go up and down frequently, so drivers shouldn’t hesitate to change insurance companies if you find a cheaper price.
Many drivers prefer to stick with one company, but it isn’t a good idea if that faithfulness ends up costing you thousands of dollars over the life of your policy. In just a few minutes you could shop around to find cheaper auto insurance for used cars in Minneapolis.
The agents listed below can help you decide which policy is best, as lots of people like to have some advice when trying to find the best insurance rates for pre-owned vehicles. It can be complicated to find the best policy on your own, so professional agents can add peace of mind knowing your policy gives you sufficient coverage for your assets.
To find an agent close to where you live, click the button following the list or click here to get price quotes now.
Mary Trondson – State Farm Insurance Agent
1215 Lagoon Ave – Minneapolis, MN 55408 – (612) 823-4111
Farmers Insurance – Mark Hansen
6001 Portland Ave – Minneapolis, MN 55417 – (612) 869-7760
Abbco Insurance Agency Co.
6227 University Ave NE – Minneapolis, MN 55632 – (763) 571-2880