Amazingly, a recent NerdWallet.com study showed that a large majority of insurance policyholders have purchased from the same company for more than four years, and just under half have never compared rate quotes at all. Consumers in Minnesota can cut their rates by about 50% a year just by getting comparison quotes, but they just don’t understand the amount of savings they would get if they switched.
If saving money is your primary concern, then the best way to find lower priced Fiat 500 insurance is to annually compare prices from insurance carriers in Minneapolis. Rates can be compared by following these steps.
- Try to learn a little about how insurance works and the modifications you can make to keep rates in check. Many rating factors that result in higher prices like at-fault accidents and a less-than-favorable credit history can be controlled by making minor changes in your lifestyle. Later in this article we will cover ideas to find cheap prices and find discounts that may have been missed.
- Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from one company like Progressive or State Farm, while independent agents can give you price quotes from multiple insurance companies. Select a company
- Compare the new rates to your existing coverage and see if there is a cheaper rate. If you can save money and switch companies, ensure coverage does not lapse between policies.
- Notify your company or agent to cancel your current policy and submit payment and a completed application for your new coverage. Once received, safely store the certificate verifying proof of insurance in a readily accessible location in your vehicle.
A good piece of advice is that you’ll want to compare the same physical damage deductibles and liability limits on every quote request and and to get price estimates from as many companies as feasibly possible. This guarantees a fair rate comparison and a complete price analysis.
Finding affordable car insurance coverage in Minneapolis is not that difficult as long as you know where to start. If you currently have a car insurance policy, you will surely be able to buy cheaper car insurance using the following tips. Smart shoppers only need an understanding of how to buy car insurance using one simple form.
Many insurance companies such as Progressive, GEICO, Allstate and State Farm allow consumers to get coverage price quotes on the web. Doing online quotes for Fiat 500 insurance in Minneapolis is quite easy as all you need to do is type in your coverage information as detailed in the form. When complete, the quote system will obtain credit information and your driving record and returns a price determined by many factors.
Using the web to get quotes for Fiat 500 insurance in Minneapolis makes it a lot easier to compare rates and it’s absolutely necessary to get many rate quotes in order to find the lowest payment on car insurance.
To find out if lower rates are available, check out the car insurance providers below. If you have your current policy handy, we recommend that you enter the coverage information as close as possible to your current policy. Doing this guarantees you will get comparison quotes for similar insurance coverage.
The providers in the list below provide price comparisons in Minnesota. To find the best cheap car insurance in Minneapolis, we recommend you click on several of them in order to find the cheapest rates.
Three main reasons to buy insurance
Despite the high cost, insurance serves a purpose in several ways.
First, the majority of states have minimum liability requirements which means state laws require specific limits of liability in order to drive the car legally. 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.
Second, if you bought your vehicle with a loan, most banks will have a requirement that you have full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the bank may insure your Fiat at a more expensive rate and force you to pay much more than you were paying before.
Third, insurance protects both your Fiat 500 and your assets. It will also cover all forms of medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance, one of your policy coverages, also covers legal expenses if you are sued as the result of an accident. If your Fiat gets damaged, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of insuring your car definitely exceed the cost, specifically if you ever have a liability claim. As of last year, the average driver in Minnesota is currently overpaying as much as $825 a year so you should quote and compare rates each time the policy renews to help ensure money is not being wasted.
What Determines Fiat 500 Insurance Prices?
Consumers need to have an understanding of the rating factors that are used to determine your policy premiums. When you understand what determines premiums, this allows you to make good choices that could result in lower insurance prices.
Listed below are a few of the things utilized by car insurance companies to help set rates.
- Vehicles with better crash test results save money – Safer cars can get you lower premiums. The safest vehicles help reduce the chance of injuries in an accident and reduced instances of injuries translates into savings for insurance companies and cheaper rates on your policy. If your Fiat earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org you may pay a lower rate.
- Where you reside is a factor – Living in areas with lower population has definite advantages if you are looking for the lowest rates. Fewer drivers on the road translates into fewer accident claims and lower theft and vandalism rates. City drivers have more auto accidents and more time behind the wheel. Longer commute distances means higher likelihood of an accident.
- Bundling policies can get discounts – Most companies will award a discount to buyers that purchase more than one policy. It’s known as a multi-policy discount. If you currently are using one company, drivers will still want to check prices from other companies to confirm you are receiving the best rates possible.
- Liability insurance limits on your policy – A critical coverage on your policy, liability insurance is the protection in the event that a court rules you are at fault for an accident. It will provide you with a defense in court to attempt to prove you were not liable. This coverage is relatively inexpensive when compared to the cost of physical damage coverage, so buy as much as you can afford.
- Never go without insurance – Having a lapse in insurance coverage is a fast way to pay more for insurance. Not only will rates go up, being ticketed for driving with no insurance will get you a hefty fine and possibly a revoked license.
- What type of car, truck or SUV do you drive? – The make and model of the car you need insurance for makes a huge difference in your auto insurance rates. Small economy passenger models usually have the lowest rates, but that’s not the only thing that factors into the final price.
- Single vs. married – Getting married may save some money when shopping for insurance. It translates into being more mature and responsible and it’s proven that married drivers get in fewer accidents.
- Certain jobs pay higher rates – Did you know your job can affect your rates? Occupations such as real estate brokers, business owners, and stock brokers tend to have the highest rates because of intense work requirements and lengthy work days. Other jobs such as scientists, students and performers have the lowest average rates.
Claims statistics for a Fiat 500 – Companies include the past claim history for a vehicle in order to profitably underwrite each model. Models that the statistics show to have higher loss trends will be charged more to insure.
The table below illustrates the insurance loss data for Fiat 500 vehicles. For each coverage category, the claim amount for all vehicles averaged together is equal to 100. Percentage values below 100 suggest losses that are better than average, while values that are above 100 point to more claims or an increased chance of larger losses than average.
Auto Insurance Loss Data for Fiat 500 Models Specific Fiat Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Fiat 500 72 76 66 96 89 84 Fiat 500 Convertible 76 79 60 85 Fiat 500 Electric 73 59 76 60 Fiat 500L 112 80 102 128 93 97BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Will just any policy work for me?
When selecting insurance from an agent or online, there really isn’t a single plan that fits everyone. Everyone’s situation is unique.
Here are some questions about coverages that can aid in determining if your situation could use an agent’s help.
- What is the rate difference between pleasure use and commuting?
- Should I put collision coverage on all my vehicles?
- What companies insure drivers after a DUI or DWI?
- At what point should I drop full coverage?
- Am I covered when driving on a suspended license?
- What does UM/UIM cover?
- I have a DUI can I still get coverage?
- What is the ISO rating for a Fiat 500?
If it’s difficult to answer those questions, you might consider talking to an insurance agent. If you don’t have a local agent, complete this form. It’s fast, doesn’t cost anything and may give you better protection.
Which car insurance company is best in Minneapolis?
Picking a good quality company can be rather challenging considering how many companies provide coverage in Minnesota. The information shown below could help you analyze which coverage providers you want to consider when comparing rates.
Top 10 Minneapolis Car Insurance Companies Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- Mercury Insurance
Top 10 Minneapolis Car Insurance Companies Overall
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family
Auto insurance savings summarized
Lower-priced auto insurance in Minneapolis is definitely available online in addition to many Minneapolis insurance agents, and you need to price shop both in order to have the best price selection to choose from. Some insurance providers may not offer price quotes online and these smaller providers only sell coverage through independent agencies.
When trying to cut insurance costs, it’s a bad idea to buy lower coverage limits just to save a few bucks. There are a lot of situations where drivers have reduced comprehensive coverage or liability limits only to regret that saving that couple of dollars actually costed them tens of thousands. Your aim should be to get the best coverage possible for the lowest cost but still have enough coverage for asset protection.
We just showed you a lot of information how to lower your Fiat 500 insurance premium rates in Minneapolis. The key concept to understand is the more quotes you get, the higher the chance of saving money. You may even be surprised to find that the lowest premium rates are with a lesser-known regional company.
Additional auto insurance information can be read at these links:
- Liability Insurance Coverage (Nationwide)
- Who Has Cheap Car Insurance with Multiple Speeding Tickets in Minneapolis? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Chevrolet Equinox in Minneapolis? (FAQ)
- Child Safety FAQ (iihs.org)
- Safety Belts FAQ (iihs.org)
- No-Fault Auto Insurance Statistics (Insurance Information Institute)