The preferred way to find low-cost prices for car insurance rates in Minneapolis is to regularly compare prices from companies that insure vehicles in Minnesota. You can compare rates by following these guidelines.
- First, read about what is in your policy and the modifications you can make to prevent high rates. Many factors that increase rates like your driving record and a substandard credit score can be rectified by making minor driving habit or lifestyle changes. This article gives tips to get lower rates and get additional discounts that may be available.
- Second, compare price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give prices from one company like GEICO and Allstate, while independent agencies can give you price quotes for a wide range of companies. View rates
- Third, compare the new quotes to your current policy premium to determine if you can save on Element insurance. If you can save some money, make sure there is no lapse in coverage.
- Fourth, notify your agent or company to cancel the current policy. Submit any necessary down payment along with the completed application to the new insurer. Once coverage is bound, place your new proof of insurance paperwork with your registration paperwork.
One piece of advice is that you use the same liability limits and deductibles on every price quote and and to compare as many different insurance providers as possible. This provides an apples-to-apples comparison and the most accurate and complete price analysis.
It’s amazing but most auto insurance customers have been with the same company for more than four years, and roughly 40% of drivers have never even compared rates from other companies. Minneapolis drivers can save hundreds of dollars each year, but most undervalue how much savings they would realize if they just switched companies.
The purpose of this article is to teach you a little about how auto insurance companies operate and also pocket some savings If you have insurance now, you will most likely be able to find the best rates using the ideas covered in this article. Vehicle owners just need to understand how to compare prices using one simple form.
Learn How to Lower Your Insurance Rates
One of the most helpful ways to save on car insurance is to to have a grasp of the rating factors that help determine the price you pay for car insurance. If you have some idea of what controls the rates you pay, this helps enable you to make changes that can help you get lower rates.
Shown below are some of the major factors used by insurance companies to determine rates.
- Bump up comp and collision deductibles to lower rates – Comp and collision deductibles state the amount of money you are required to pay in the event of a claim. Physical damage coverage, also called ‘full coverage’, insures against damage to your car. Some instances where coverage would apply could be rear-ending another vehicle, animal collisions, and having a roll-over accident. The higher the amount you choose to pay out-of-pocket, the bigger discount you will receive.
- Bundle policies and save – The majority of insurance companies will award a discount for people who carry more than one policy, otherwise known as a multi-policy discount. Discounts can be ten or even up to twenty percent in some cases. Even if you qualify for this discount already, it’s still a good idea to get quotes from other companies to confirm you are receiving the best rates possible. You may still save money by buying insurance from more than one company.
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More performance means more cost – The type of car or truck you are insuring makes a significant difference in the rate you pay. The cheapest insurance rates are generally reserved for lower cost passenger vehicles, but the final cost of insurance is determined by many other factors.
The chart below assumes a married male driver age 40, full coverage with $250 deductibles, and no discounts or violations. It compares Honda Element insurance rates compared to other vehicles that have different risk factors.
- Too many car insurance claims and you’ll pay more – If you tend to file frequent claims, don’t be surprised to see much higher rates or policy non-renewal. Auto insurance companies in Minnesota give the lowest premiums to policyholders who are claim-free. Insurance coverage is intended for the bigger claims that can’t be paid out-of-pocket.
How to get free Honda Element insurance quotes online
The providers in the list below can provide price quotes in Minneapolis, MN. If you want to find the cheapest car insurance in Minneapolis, we recommend you get rate quotes from several of them to get the best price comparison.
Insurance analysis for a Honda Element
The premium table displayed next highlights estimates of insurance rates for Honda Element models. Understanding how policy rates are determined is important for drivers to make informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Element LX 2WD | $234 | $508 | $358 | $22 | $108 | $1,230 | $103 |
| Element LX 4WD | $234 | $508 | $358 | $22 | $108 | $1,230 | $103 |
| Element EX 2WD | $234 | $508 | $358 | $22 | $108 | $1,230 | $103 |
| Element EX 4WD | $234 | $508 | $358 | $22 | $108 | $1,230 | $103 |
| Element SC 2WD | $234 | $508 | $358 | $22 | $108 | $1,230 | $103 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Premium amounts do not factor in garaging location in Minneapolis which can change premiums considerably.
Physical damage deductible comparison
One of the most common insurance questions is what deductibles to buy. The premium rates below can help illustrate the price difference when you buy lower versus higher policy deductibles. The first price estimate table uses a $250 comprehensive and collision deductible and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Element LX 2WD | $246 | $414 | $318 | $18 | $94 | $1,115 | $93 |
| Element LX 4WD | $246 | $414 | $318 | $18 | $94 | $1,115 | $93 |
| Element EX 2WD | $246 | $414 | $318 | $18 | $94 | $1,115 | $93 |
| Element EX 4WD | $246 | $414 | $318 | $18 | $94 | $1,115 | $93 |
| Element SC 2WD | $246 | $414 | $318 | $18 | $94 | $1,115 | $93 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Element LX 2WD | $200 | $334 | $318 | $18 | $94 | $964 | $80 |
| Element LX 4WD | $200 | $334 | $318 | $18 | $94 | $964 | $80 |
| Element EX 2WD | $200 | $334 | $318 | $18 | $94 | $964 | $80 |
| Element EX 4WD | $200 | $334 | $318 | $18 | $94 | $964 | $80 |
| Element SC 2WD | $200 | $334 | $318 | $18 | $94 | $964 | $80 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Rate quotes do not factor in your specific Minneapolis location which can impact insurance rates noticeably.
Using the premium rates above, we can conclude that using a $250 deductible could cost the average driver approximately $13 more each month or $156 for a full year than choosing the higher $500 deductible. Since the policyholder would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you usually have at least 19 months between claim filings, you would save money if you opt for a higher deductible.
How to calculate if a higher deductible is a good decision
| Average monthly premium for $250 deductibles: | $93 |
| Average monthly premium for $500 deductibles (subtract): | – $80 |
| Monthly savings from raising deductible: | $13 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $13 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 19 months |
One important note is that a higher deductible means you pay more out-of-pocket if you have a claim. You need to have some savings in the event you have to pay the deductible for vehicle repair.
The information below shows how different deductible levels and can change Honda Element insurance costs for different age groups. The price estimates are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
Auto insurance is not optional in Minnesota
Even though it can be expensive, auto insurance is not optional due to several reasons.
- Almost all states have mandatory insurance requirements which means you are required to buy a minimum amount of liability insurance in order to get the vehicle licensed. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your Honda, almost every bank will force you to have insurance to protect their interest in the vehicle. If you default on your policy, the lender will be forced to insure your Honda at an extremely high rate and require you to reimburse them the higher price.
- Insurance safeguards your Honda and your assets. Insurance will pay for most medical and hospital costs for you, your passengers, and anyone else injured in an accident. One policy coverage, liability insurance, also covers legal expenses in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, your auto insurance policy will pay to repair the damage.
The benefits of having insurance more than cancel out the cost, particularly if you ever have a claim. The average driver in America is overpaying more than $869 every year so smart consumers compare quotes at every renewal to help ensure money is not being wasted.
Auto insurance discounts help lower rates for Honda Element insurance in Minneapolis
Auto insurance is expensive, but you might find some hidden discounts that you may not know about. A few discounts will be applied at the time of quoting, but some may not be applied and must be asked about prior to getting the savings.
- Theft Prevention Discount – Cars that have factory anti-theft systems prevent vehicle theft so companies will give you a small discount.
- Federal Government Employee – Active or former government employment may reduce rates when you quote Minneapolis auto insurance with certain companies.
- Buy New and Save – Buying a new car instead of a used Element may earn a small discount since new model year vehicles are generally safer.
- Distant Student Discount – Kids who are enrolled in a college that is more than 100 miles from Minneapolis and leave their car at home could get you a discount.
- Senior Citizens – If you’re over the age of 55, you could receive a small decrease in premiums.
- Discounts for Cautious Drivers – Accident-free drivers can pay as much as 50% less than drivers with accidents.
- Military Discounts – Being on active duty in the military could mean lower prices.
Discounts reduce rates, but you should keep in mind that some of the credits will not apply to the whole policy. A few only apply to specific coverage prices like comp or med pay. So when the math indicates it’s possible to get free car insurance, insurance companies wouldn’t stay in business.
The illustration below visualizes the comparison of Honda Element auto insurance costs with and without some available policy discounts. Data assumes a male driver, no tickets, no at-fault accidents, Minnesota state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, homeowner, marriage, claim-free, and multi-policy discounts applied.
A list of auto insurance companies and the discounts they provide are shown below.
- American Family offers discounts including early bird, bundled insurance, accident-free, multi-vehicle, defensive driver, Steer into Savings, and air bags.
- Nationwide may offer discounts for Farm Bureau membership, anti-theft, accident-free, defensive driving, good student, easy pay, and multi-policy.
- MetLife may have discounts that include claim-free, multi-policy, accident-free, good driver, and good student.
- 21st Century offers premium reductions for automatic seat belts, homeowners, air bags, 55 and older, theft prevention, good student, and teen driver.
- Farmers Insurance may include discounts for homeowner, switch companies, distant student, youthful driver, electronic funds transfer, pay in full, and bundle discounts.
- Allstate discounts include anti-theft, economy car, premier plus, eSmart discount, farm vehicle, and teenSMART discount.
When quoting, ask all companies you are considering which discounts you qualify for. Some of the earlier mentioned discounts might not be offered everywhere. If you would like to choose from a list of auto insurance companies who offer free Honda Element insurance quotes in Minneapolis, click here to view.
Local insurance agents
Many drivers would prefer to visit with an insurance agent and doing so can bring peace of mind Professional agents can make sure you are properly covered and give you someone to call. One of the great benefits of comparing rate quotes online is that you can obtain lower rates but still work with a licensed agent. And supporting neighborhood insurance agencies is important especially in Minneapolis.
For easy comparison, once you complete this simple form, your coverage information is immediately sent to companies in Minneapolis who will give you quotes for your car insurance coverage. You won’t need to contact an agency since rate quotes are delivered directly to your email. If you want to compare rates from one company in particular, you just need to jump over to their website and complete a quote there.
Compare rates from both independent and exclusive car insurance agents
When looking for a reputable insurance agent or broker, there are two different types of agents that you can choose from. Car insurance agents in Minneapolis can be described as either exclusive or independent agents depending on their company appointments. Both can properly insure your vehicles, but it’s important to point out how they differ because it can influence the kind of agent you use.
Independent Agents
Agents that choose to be independent are not locked into one company so they have the ability to put coverage with many different companies and help determine which has the cheapest rates. If they find a cheaper price, an independent agent can move your coverage and you can keep the same agent. If you need lower rates, you absolutely need to get quotes from at a minimum one independent agency in order to compare the most rates. They also have the ability to place coverage with less well-known companies which may provide better rates.
Shown below is a partial list of independent agents in Minneapolis who can help you get rate quotes.
- Abbco Insurance Agency Co.
6227 University Ave NE – Minneapolis, MN 55632 – (763) 571-2880 – View Map - Patrick J. Thomas Agency
121 S 8th St #980 – Minneapolis, MN 55402 – (612) 339-5522 – View Map - Moreno Agency – Innovative Insurance
4748 Chicago Ave #2 – Minneapolis, MN 55407 – (612) 584-0077 – View Map
Exclusive Agents
Exclusive agencies can only quote rates from one company such as Allstate and State Farm. Exclusive agents cannot compare rates from other companies so they really need to provide good service. Exclusive agents are very knowledgeable on what they offer which helps overcome the inability to quote other rates. Consumers sometimes purchase coverage from exclusives primarily because of the brand legacy and the convenience of having all coverages with one company.
Below is a list of exclusive agents in Minneapolis willing to provide price quote information.
- Farmers Insurance – Mark Hansen
6001 Portland Ave – Minneapolis, MN 55417 – (612) 869-7760 – View Map - Jerry Vang – State Farm Insurance Agent
701 4th Ave S #220 – Minneapolis, MN 55415 – (612) 338-6400 – View Map - Kelly Mulligan Allstate Insurance Agency
80 8th St S – Minneapolis, MN 55402 – (612) 713-9253 – View Map
Deciding on an car insurance agent should depend on more than just a cheap price. These are valid questions to ask:
- Can they give you a list of client referrals?
- Are they actively involved in the community?
- Do they specialize in personal lines auto insurance in Minneapolis?
- Is insurance their full-time profession?
- Do they receive special compensation for putting your coverage with one company over another?
After you get positive responses for all questions you ask and inexpensive Honda Element insurance in Minneapolis quotes, you may have found a car insurance agent that can adequately provide car insurance.
When do I need an agent’s advice?
Always remember that when buying the best auto insurance coverage, there really is not a “perfect” insurance plan. Your situation is unique and your auto insurance should be unique as well.
For example, these questions may help highlight whether or not you would benefit from professional advice.
- Is my custom stereo system covered?
- Am I missing any policy discounts?
- Is my cargo covered for damage or theft?
- Am I covered if I crash into my own garage door?
- Can I get a multi-policy discount?
- Should I rate my vehicle as business use?
- How can I force my company to pay a claim?
If you can’t answer these questions, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form or go to this page to view a list of companies. It’s fast, free and can provide invaluable advice.
Affordable car insurance premiums are possible
As you shop your coverage around, make sure you don’t buy lower coverage limits just to save a few bucks. In many instances, someone dropped liability limits or collision coverage only to discover later that their decision to reduce coverage ended up costing them more. The ultimate goal is to buy the best coverage you can find for the lowest price.
Budget-conscious Honda Element insurance is available on the web and with local Minneapolis insurance agents, so get free Minneapolis auto insurance quotes from both of them so you have a total pricing picture. Some insurance companies do not provide online price quotes and many times these smaller providers sell through independent insurance agencies.
More tips and info about car insurance is available at these sites:
- Red Light Cameras (State Farm)
- What Insurance is Cheapest for Police Officers in Minneapolis? (FAQ)
- What Auto Insurance is Cheapest for a Nissan Rogue in Minneapolis? (FAQ)
- Who Has Cheap Auto Insurance Quotes for College Graduates in Minneapolis? (FAQ)
- Who Has the Cheapest Car Insurance for Infrequent Drivers in Minneapolis? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Chevrolet Equinox in Minneapolis? (FAQ)
- How Much is Minneapolis Car Insurance for College Students? (FAQ)
- Collision Coverage (Liberty Mutual)
- Rental Reimbursement Coverage (Allstate)
- Can I Drive Legally without Insurance? (Insurance Information Institute)