The make and model of vehicle driven is probably the biggest factor when comparison shopping for affordable car insurance for teenagers. Vehicles with higher performance, a lack of modern safety features, or a track record of large liability claims will cost quite a bit more to insure than more economical and safe models. The next list estimates insurance costs for a selection of the cheapest automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$5,591|
|Honda CR-V LX 4WD||$5,601|
|Ford F-150 XLT Regular Cab 2WD||$6,224|
|Ford Edge SE AWD||$6,579|
|Toyota Tacoma 2WD||$6,589|
|Ford Focus SE 4-Dr Sedan||$6,579|
|Toyota RAV4 2WD||$6,635|
|Chevrolet Equinox LT AWD||$6,644|
|Dodge Grand Caravan Hero||$6,635|
|Chevrolet Impala LT||$6,642|
|GMC Sierra SLE Crew Cab 2WD||$6,635|
|Volkswagen Jetta LE 4-Dr Sedan||$6,641|
|Chevrolet Malibu Hybrid||$6,635|
|Ford Explorer Limited AWD||$6,688|
|Chevrolet Silverado LS Regular Cab 2WD||$6,772|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$6,928|
|Honda Civic VP 4-Dr Sedan||$6,931|
|Toyota Camry XLE||$6,987|
|Hyundai Elantra SE 4-Dr Sedan||$6,992|
|Start a Quote Go|
Data rating is based on single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in your specific Minneapolis, MN location which can alter prices considerably.
Based upon these rates, we can tell that cars like the Ford Escape, Honda CR-V, Toyota Prius, and Ford F-150 are some of the more affordable vehicles to insure for teen drivers. Auto insurance rates will be higher anyway because of the fact that there is more liability exposure for teenagers, but overall those specific models will most likely have the best rates compared to all other vehicles.
One of the many considerations that determine insurance cost is where you live. Areas with increased crime or more people likely pay more, whereas areas with lower crime rates and fewer weather claims have the enjoyment of a little cheaper coverage.
The information below lists the most expensive areas in Minnesota for teenagers to buy auto insurance in. Minneapolis ranks #3 with an annual premium of $1,997 for the average policyholder, which is about $166 monthly.
|16||Saint Louis Park||$1,720|
|Compare Rates Now Go|
Table data uses estimated as specific Minneapolis zip code can lower or raise coverage prices significantly.
Cost difference between full coverage and liability
Saving on insurance is important to the majority of vehicle owners, and one of the quickest ways to buy cheaper insurance for teenagers is to only pay for liability coverage. The diagram below visualizes the comparison of auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no accidents or driving violations, $250 deductibles, marital status is single, and no discounts are applied to the premium.
On average, physical damage coverage on your policy costs an extra $2,227 per year over and above liability coverage. That is a big expense that brings up the question if buying full coverage is worth the money. There isn’t a written rule to stop buying physical damage coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
Discounts on Minneapolis car insurance
Car insurance companies that provide coverage for teenagers may additionally offer price discounts that could potentially reduce rates by 30% or more if you qualify for them. Large insurance companies and some of the premium reductions they offer include:
- State Farm includes discounts for good student, defensive driving training, Drive Safe & Save, passive restraint, safe vehicle, multiple autos, and good driver.
- Esurance discounts include good driver, renters, claim free, defensive driver, and emergency road assistance.
- Progressive offers discounts including multi-vehicle, multi-policy, online signing, homeowner, online quote discount, and continuous coverage.
- Liberty Mutual has discounts for safety features, exclusive group savings, hybrid vehicle, new vehicle discount, multi-car, and new move discount.
- Auto-Owners Insurance offers premium reductions for group or association, paid in full, company car, multi-policy, anti-theft, safe driver, and anti-lock brakes.
- GEICO may offer discounts for five-year accident-free, emergency military deployment, air bags, military active duty, and anti-lock brakes.
The diagram below compares auto insurance costs with and without discounts applied to the policy rates. Data assumes a male driver, a clean driving record, no at-fault accidents, Minnesota state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with good student, anti-theft, continuous coverage, passive restraint, paid-in-full, and vehicle safety discounts applied. When taking advantage of discounts, theaverage amount saved on insurance for teenagers is 28% or $640.
Picking a highly-rated insurance provider can be challenging considering how many different insurance companies sell coverage in Minneapolis. The ranking data shown below may help you choose which insurers to look at when comparing rate quotes.
The rankings below include companies that insure vehicles nationwide, so smaller companies that only insure vehicles in Minnesota are not included in these rankings. To view rates from these top insurers and more, click here.
Top 10 Major Auto Insurance Providers in Minneapolis Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Nationwide – A+
- Esurance – A+
- The Hartford – A+
- Progressive – A+
- Allstate – A+
- The General – A-
Top 10 Major Auto Insurance Providers in Minneapolis Ranked by Value
- AAA Insurance
- Liberty Mutual
- State Farm
- Safeco Insurance
- 21st Century
Your low-price policy may be costing you money
Minneapolis, MN insurance rates are influenced by many factors that may substantially change the cost of your policy. Improving your credit rating, moving to a different location, or getting a few speeding tickets can cause premium changes that may make certain companies more affordable than competitors.
And not only may your rating factors change, but car insurance companies file new Minnesota auto insurance rates as needed in order to protect their financial rating. Higher than normal claims can result in higher prices, while a profitable period may result in cheaper Minneapolis car insurance rates.
For instance, the chart below shows rates for the cheapest car insurance in Minneapolis, MN for a 35-year-old male driver with a clear driving record, no claims, and great credit. Based on his current risk factors, Travelers might quote the best car insurance rates in Minneapolis at $922 per year. This is $499 less than the average premium paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, The Hartford, and Western National are also on the list of the top five cheapest Minneapolis, MN auto insurance companies.
In this example, we will give the driver in the first chart a claim, poor credit, and a speeding ticket. Since every car insurance company has a different process to set premium rates, analyzing rates may now show a new list of the cheapest companies as shown below.
USAA now has the best price on car insurance in Minneapolis, MN with Farm Bureau Mutual, Allied, California Casualty, and Travelers now rounding out the top five. This example shows why it is so important to compare lots of rates to find the most economical auto insurance quotes for teenagers.
Insurance prices can be altered by many different factors and change dramatically, so the lowest-price company three years ago may now be one of the higher cost companies.