Save Money on Mitsubishi Lancer Insurance in Minneapolis

Discount Mitsubishi Lancer insuranceUnbelievable but true, over 70% of consumers kept buying from the same company for well over three years, and approximately 40% of consumers have never compared auto insurance rates at all. Minneapolis drivers can save hundreds of dollars each year, but they underestimate the benefits if they bought a different policy.

It takes a little time, but the best way to find low-cost auto insurance rates is to compare quotes annually from providers in Minneapolis.

  1. Try to learn about how companies set rates and the changes you can make to prevent expensive coverage. Many rating criteria that drive up the price such as at-fault accidents and bad credit can be amended by improving your driving habits or financial responsibility. Keep reading for additional ideas to help reduce prices and find possible discounts that are available.
  2. Compare prices from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can provide price quotes from multiple sources.
  3. Compare the new quotes to your existing rates to determine if you can save on Lancer insurance in Minneapolis. If you find better rates and decide to switch, verify that coverage does not lapse between policies.
  4. Tell your current company of your intent to cancel your current policy. Submit payment and a signed application to the new company. Once coverage is bound, put the new certificate verifying coverage in a readily accessible location in your vehicle.

The key thing to know about shopping around is that you use similar coverage information on every price quote and and to look at every insurance company. This guarantees an apples-to-apples comparison and a thorough selection of prices.

Finding cheaper auto insurance rates can be relatively painless. The only requirement is to take the time comparing free Minneapolis auto insurance quotes to find out which insurance company has the cheapest Mitsubishi Lancer rate quotes.

Comparing free rate quotes online is easy and it, makes it obsolete to drive around to and from local insurance agencies. The internet eliminates this option unless you want the peace of mind that can only be provided by a licensed insurance agent. You can, however, price shop your coverage online but have a local agent actually write the policy.

The following companies have been selected to offer price comparisons in Minnesota. If multiple companies are listed, we suggest you visit as many as you can to get the most affordable price.

Analysis of Mitsubishi Lancer rates

The premium information displayed next showcases different insurance coverage prices for Mitsubishi Lancer models. Being more informed about how insurance premiums are formulated can help drivers make smart choices when purchasing an insurance policy.

Mitsubishi Lancer Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $212 $404 $298 $18 $90 $1,022 $85
Lancer ES $212 $404 $298 $18 $90 $1,022 $85
Lancer GTS $238 $464 $298 $18 $90 $1,108 $92
Lancer Sportback GTS $238 $464 $298 $18 $90 $1,108 $92
Lancer RALLIART $262 $526 $298 $18 $90 $1,194 $100
Lancer Sportback Ralliart $262 $526 $298 $18 $90 $1,194 $100
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Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Prices do not factor in specific location information which can lower or raise coverage rates significantly.

Physical damage deductibles: Should you raise them?

When shopping for car insurance, a common question is which deductible level should you buy. The following insurance rates show the difference in cost between low and high comp and collision deductibles. The first rate table uses a $250 deductible for comprehensive and collision coverage and the second price grid uses a $500 deductible.

Mitsubishi Lancer insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $276 $486 $318 $18 $94 $1,217 $101
Lancer ES $276 $486 $318 $18 $94 $1,217 $101
Lancer GTS $308 $560 $318 $18 $94 $1,323 $110
Lancer Sportback GTS $308 $560 $318 $18 $94 $1,323 $110
Lancer RALLIART $340 $634 $318 $18 $94 $1,429 $119
Lancer Sportback Ralliart $340 $634 $318 $18 $94 $1,429 $119
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Mitsubishi Lancer insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $224 $392 $318 $18 $94 $1,046 $87
Lancer ES $224 $392 $318 $18 $94 $1,046 $87
Lancer GTS $250 $452 $318 $18 $94 $1,132 $94
Lancer Sportback GTS $250 $452 $318 $18 $94 $1,132 $94
Lancer RALLIART $276 $512 $318 $18 $94 $1,218 $102
Lancer Sportback Ralliart $276 $512 $318 $18 $94 $1,218 $102
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Premium costs do not factor in zip code location which can influence auto insurance rates greatly.

Using the premium rates above, we can conclude that using a $250 deductible costs roughly $16 more each month or $192 each year than quoting the higher $500 deductible. Since the policyholder would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you usually have more than 16 months between claim filings, you would come out ahead by going with a higher deductible.

How to calculate if higher deductibles make sense

Average monthly premium for $250 deductibles: $110
Average monthly premium for $500 deductibles (subtract): – $94
Monthly savings from raising deductible: $16
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

One important note is that higher deductibles means you will have to pay more out-of-pocket when you file a claim. That will necessitate some funds available in order to pay the deductible for vehicle repair.

Impact of speeding/accidents on car insurance rates

The information below shows how traffic citations and accident claims can drive up Mitsubishi Lancer premium costs for each different age group. The rates are based on a married male driver, full coverage, $250 deductibles, and no discounts are applied to the premium.

Cost of full coverage

The chart below illustrates the comparison of Mitsubishi Lancer annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.

When to drop comprehensive and collision coverage

There is no exact rule to stop paying for full coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Mitsubishi Lancer settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, you would only receive $6,000 after the policy deductible has been paid. If you are currently paying more than $600 annually for full coverage, then it could be time to drop full coverage.

There are some cases where eliminating full coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not eliminate full coverage.

Do I need special coverages?

When choosing insurance from an agent or online, there isn’t really a cookie cutter policy. Your financial needs are unique.Higher deductibles save money

For instance, these questions might point out whether or not you could use an agent’s help.

If you can’t answer these questions but one or more may apply to you, you might consider talking to an agent. If you want to speak to an agent in your area, simply complete this short form. It is quick, free and can provide invaluable advice.

Neighborhood agents and car insurance

Many drivers still like to go talk to an agent and that is not a bad decision Professional insurance agents can answer important questions and help submit paperwork. A nice benefit of getting free rate quotes online is you may find lower rates and still have a local agent.

Insurance agents in MinneapolisFor easy comparison, once you complete this form (opens in new window), your insurance coverage information is instantly submitted to local insurance agents that provide free Minneapolis auto insurance quotes to get your business. There is no need to even leave your home due to the fact that quote results will go directly to you. If you want to quote rates from one company in particular, don’t hesitate to go to their quote page and give them your coverage information.

Finding the right insurer should include more criteria than just the bottom line cost. Here are some questions you might want to ask.

If you’re trying to find a reliable agent, it can be helpful to understand the different types of agencies that you can choose from. Car insurance policy providers can be categorized as either exclusive agents or independent agents. Both do a good job, but it’s a good idea to understand why they differ since it can affect the type of agent you choose.

Exclusive Agents

Exclusive agents work for only one company and examples are Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents cannot provide rate quotes from other companies so always compare other rates. Exclusive agents are very knowledgeable on their company’s products which helps overcome the inability to quote other rates.

Shown below is a list of exclusive insurance agents in Minneapolis who can help you get comparison quotes.

2724 University Ave SEMinneapolis, MN 55414(612) 767-7775View Map

3430 Nicollet AveMinneapolis, MN 55408(612) 827-3655View Map

5459 Nicollet AveMinneapolis, MN 55419(612) 345-7900View Map

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Independent Agencies or Brokers

These agents do not have single company limitations so as a result can place your coverage through many companies and find the cheapest car insurance rates. If your agent finds better pricing, they simply move the coverage in-house and you can keep the same agent.

When shopping rates, we recommend you get some free quotes from a few independent agents in order to compare the most rates.

The following is a list of independent insurance agents in Minneapolis who can help you get rate quotes.

7600 Parklawn Ave #350Minneapolis, MN 55435(952) 746-5770View Map

A Act One Auto Insurance Agency
2925 Glenhurst AveMinneapolis, MN 55416(612) 722-8010View Map

6227 University Ave NEMinneapolis, MN 55632(763) 571-2880View Map

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Which car insurance company is best in Minnesota?

Finding the best auto insurance provider can be difficult considering how many companies sell insurance in Minneapolis. The company ratings displayed below could help you pick which insurers you want to consider putting your business with.

Top Car Insurance Companies in Minneapolis
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
Titan Insurance 89 91 83 86% A+ 89.3
Allstate 90 90 84 85% A+ 89.1
Progressive 83 85 99 87% A+ 88.7
Mercury Insurance 87 95 87 84% A+ 88.3
The Hartford 87 89 84 87% A+ 88
Esurance 84 88 85 83% A+ 86
Farmers Insurance 79 88 84 87% A 84.7
The General 88 80 85 80% A- 84.5
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Data Source: Best Car Insurance Companies