Sadly, a large majority of drivers kept buying from the same company for over three years, and 38% of customers have never even compared quotes to find lower-cost rates. Consumers in Minnesota could save an average of as much as 50% each year just by getting comparison quotes, but they just don’t want to save money by comparing rate quotes.
The preferred way to find more affordable auto insurance rates in Minneapolis is to compare quotes annually from companies who sell insurance in Minnesota. Prices can be compared by following these guidelines.
- Learn about how auto insurance works and the measures you can take to keep rates down. Many rating criteria that result in higher prices like speeding and a substandard credit history can be controlled by paying attention to minor details.
- Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can give quotes from a single company like GEICO and State Farm, while independent agents can provide price quotes from multiple sources.
- Compare the price quotes to the price on your current policy and determine if there is any savings. If you find a lower rate and make a switch, make sure there is no coverage gap between policies.
- Provide proper notification to your current company to cancel your current car insurance policy. Submit payment and a completed application for the new coverage. Make sure you keep your new proof of insurance certificate with the vehicle registration.
One important bit of advice is to make sure you’re comparing similar limits and deductibles on every quote request and to quote with all possible companies. This enables a fair price comparison and the best rate selection.
Auto insurance discounts are available to cut your rates
Not many people think insurance is cheap, but there could be significant discounts that you may not know about. Many discounts should be triggered at the time you complete a quote, but less common discounts must be inquired about in order for you to get them. If you do not double check each discount possible, you could be saving more on your auto insurance.
- Professional Memberships – Being in a civic or occupational organization in Minneapolis is a good way to get lower rates on your next auto insurance statement.
- Discount for Multiple Policies – If you have multiple policies and insure them both with the same insurance company you could save at least 10% off all policies.
- Good Student – Performing well in school can earn a discount of 20% or more. The discount lasts up until you turn 25.
- Minneapolis Homeowners Discount – Just owning your own home can earn you a little savings since home ownership is proof of financial responsibility.
- Multi-Vehicle Discounts – Purchasing coverage when you have all your vehicles on a single policy qualifies for this discount.
- Drivers Education – Cut your cost by having your teen driver successfully take a driver’s education course in high school.
- College Student – Children who are enrolled in a college that is more than 100 miles from Minneapolis and do not have a car could qualify for this discount.
As a footnote on discounts, most of the big mark downs will not be given to all coverage premiums. Most only cut the cost of specific coverages such as comp or med pay. So despite the fact that it appears you can get free auto insurance, it’s just not the way it works.
The example below shows the comparison of Toyota Prius auto insurance costs with and without some available policy discounts. The price estimates are based on a female driver, no claims or driving citations, Minnesota state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, marriage, homeowner, multi-policy, and multi-car discounts applied.
A list of auto insurance companies and their possible discounts are shown below.
- GEICO policyholders can earn discounts including five-year accident-free, good student, military active duty, anti-theft, federal employee, and multi-policy.
- Travelers offers discounts including continuous insurance, student away at school, good student, home ownership, save driver, and new car.
- Farm Bureau may offer discounts for renewal discount, 55 and retired, multi-vehicle, safe driver, and multi-policy.
- Liberty Mutual has discounts for safety features, multi-car, newly married, newly retired, new vehicle discount, good student, and teen driver discount.
- American Family may include discounts for multi-vehicle, air bags, defensive driver, early bird, TimeAway discount, accident-free, and good student.
- Progressive offers premium reductions for multi-vehicle, good student, online signing, homeowner, and online quote discount.
When quoting, ask every prospective company the best way to save money. All car insurance discounts may not be available in Minneapolis.
The providers in the list below have been selected to offer price comparisons in Minneapolis, MN. If you want to find cheap car insurance in Minnesota, it’s a good idea that you compare several of them to find the cheapest auto insurance rates.
Toyota Prius insurance coverage information
The rate table shown below highlights detailed analysis of insurance rates for Toyota Prius models. Learning more about how policy premiums are formulated can help customers make smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Prices do not factor in Minneapolis location which can alter premiums considerably.
The illustration below illustrates how choosing a deductible and can impact Toyota Prius insurance costs for each different age group. The price estimates are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
Careless drivers pay higher rates
The diagram below highlights how traffic violations and fender-benders increase Toyota Prius auto insurance rates for different insured age categories. Data assumes a married female driver, full coverage, $500 deductibles, and no discounts are applied to the premium.
Gender differences in insurance premiums
The chart below illustrates the comparison of Toyota Prius insurance costs for male and female drivers. The premiums are based on no violations or claims, full coverage, $250 deductibles, single status, and no discounts are applied to the premium.
Comparison of full coverage and liability-only policies
The chart below visualizes the comparison of Toyota Prius insurance costs when comparing full coverage to liability only. Data assumes no accidents or driving violations, $250 deductibles, drivers are single, and no other discounts are factored in.
Deciding between full coverage and liability only
There is no specific rule for phasing out full coverage, but there is a broad guideline. If the yearly cost of full coverage is more than around 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your Toyota Prius settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,000 after you pay the deductible. If you are paying in excess of $500 annually for full coverage, then you might consider buying liability only.
There are a few situations where only buying liability is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Independent versus exclusive insurance agencies
Many people prefer to visit with an insurance agent and that is a personal choice. Good agents can point out coverage gaps and will help you if you have claims. A nice benefit of getting free rate quotes online is the fact that you can find lower rates and still choose a local agent. Buying from local insurance agents is especially important in Minneapolis.
Once you complete this quick form, the quote information is sent to companies in Minneapolis who will give you quotes for your business. You never need to contact any agents since rate quotes are delivered to you instantly. If you wish to compare rates from one company in particular, just search and find their rate quote page and fill out their quote form.
Listed below is a list of auto insurance companies in Minneapolis that may be able to provide price quotes for Toyota Prius insurance in Minneapolis.
2736 Lyndale Ave S – Minneapolis, MN 55408 – (612) 872-4004 – View Map
Minneapolis St. Paul Agency Insurance and Risk Management
2469 University Ave W – St Paul, MN 55114 – (651) 647-9665 – View Map
Finding the right insurer shouldn’t rely on just a cheap price. Get answers to these questions too.
- What insurance companies do they work with in Minneapolis?
- Is assistance available after office hours?
- Is the agent properly licensed in Minnesota?
- How is replacement cost determined on your vehicle?
- Are they actively involved in the community?
- Does the quote include credit and driving reports?
- Do they make recommendations based only on price?
Car insurance coverages 101
Learning about specific coverages of a car insurance policy helps when choosing the best coverages for your vehicles. The terms used in a policy can be ambiguous and reading a policy is terribly boring. Listed below are typical coverages found on most car insurance policies.
Uninsured/Underinsured Motorist coverage
This protects you and your vehicle’s occupants from other drivers when they are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.
Due to the fact that many Minnesota drivers only purchase the least amount of liability that is required (which is 30/60/10), their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Frequently your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Liability coverage protects you from damage that occurs to a person or their property. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 30/60/10 that translate to $30,000 bodily injury coverage, a total of $60,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Alternatively, you may have a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability can pay for things like repair bills for other people’s vehicles, bail bonds, emergency aid and pain and suffering. How much coverage you buy is up to you, but it’s cheap coverage so purchase higher limits if possible. Minnesota requires minimum liability limits of 30/60/10 but you should think about purchasing better liability coverage.
The illustration below demonstrates why minimum state limits may not be high enough to cover claims.
Comprehensive insurance covers damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things like a tree branch falling on your vehicle, rock chips in glass, a broken windshield and damage from flooding. The maximum payout a car insurance company will pay at claim time is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance pay for short-term medical expenses such as pain medications, hospital visits, X-ray expenses and nursing services. They are used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants and will also cover getting struck while a pedestrian. Personal Injury Protection is not universally available but can be used in place of medical payments coverage
Collision coverage pays for damage to your Prius caused by collision with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.
Collision coverage pays for claims such as crashing into a ditch, hitting a mailbox and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. You can also choose a higher deductible on your Prius to save money on collision insurance.
Cheaper auto insurance premiums are possible
When shopping online for auto insurance, it’s not a good idea to buy lower coverage limits just to save a few bucks. Too many times, an insured cut collision coverage and found out when filing a claim that it was a big error on their part. Your strategy should be to buy a smart amount of coverage at the best cost, not the least amount of coverage.
Discount Toyota Prius insurance in Minneapolis can be found on the web in addition to many Minneapolis insurance agents, and you should compare price quotes from both to get a complete price analysis. Some insurance companies may not offer internet price quotes and most of the time these small insurance companies only sell through local independent agents.
We covered many tips how you can get a better price on Toyota Prius insurance in Minneapolis. The most important thing to understand is the more quotes you get, the better chance you’ll have of finding cheaper Minneapolis auto insurance quotes. You may even discover the lowest priced auto insurance comes from some of the lesser-known companies. They may only write in your state and offer lower premium rates compared to the large companies like Allstate or State Farm.
More detailed auto insurance information can be found in these articles:
- Safety Tips for Teen Drivers (Insurance Information Institute)
- Who Has Cheap Minneapolis Auto Insurance Rates for Used Cars? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Inexperienced Drivers in Minneapolis? (FAQ)
- Who Has Cheap Auto Insurance Rates for Seniors in Minneapolis? (FAQ)
- Credit Impacts Car Insurance Rates (State Farm)
- Auto Insurance 101 (About.com)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Understanding Rental Car Insurance (Insurance Information Institute)