Regrettably, a large majority of insurance policyholders have remained with the same insurance company for four years or more, and nearly half have never compared insurance rates at all. Minnesota drivers could cut their rates by almost 50% a year just by comparing rates, but they underestimate the large savings they would see if they moved their coverage to a different company.
The best way we recommend to find better pricing on auto insurance rates in Minneapolis is to compare prices regularly from insurance carriers who provide auto insurance in Minnesota. Drivers can shop around by following these steps.
- Learn about the different coverages in a policy and the changes you can make to prevent expensive coverage. Many factors that are responsible for high rates like traffic tickets, fender benders, and an imperfect credit score can be amended by making lifestyle changes or driving safer.
- Compare prices from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only provide price estimates from one company like GEICO or Allstate, while independent agents can quote rates for many different companies.
- Compare the price quotes to your current policy and determine if there is any savings. If you find a better price and buy the policy, make sure coverage does not lapse between policies.
A tip to remember is that you’ll want to compare the same deductibles and limits on each price quote and and to analyze as many auto insurance providers as possible. Doing this enables the most accurate price comparison and many rates to choose from.
Finding the cheapest insurance coverage in Minneapolis is easy if you know what you’re doing. If you are insured now, you will surely be able to get lower rates using the techniques presented in this article. But Minnesota drivers need to have an understanding of how big insurance companies determine what you pay because rates fluctuate considerably.
Most major insurance companies such as State Farm, GEICO and Progressive allow consumers to get pricing directly from their websites. Comparing Toyota Camry insurance rates online doesn’t take much effort as you just enter the coverage amounts you desire into the form. After you complete the form, the system pulls your driving record and credit report and gives you a price quote based on the information you submitted.
Getting online rates for Toyota Camry insurance in Minneapolis simplifies rate comparisons, and it’s absolutely necessary to do this if you want to get the best insurance rates.
In order to find out if lower rates are available, compare quotes from the companies shown below. If you have coverage now, it’s recommended you duplicate your coverages as close as possible to your current policy. Doing this assures you will get a fair comparison for exact coverage.
The auto insurance companies shown below offer price quotes in Minnesota. If you want the cheapest auto insurance in Minneapolis, we recommend you visit two to three different companies in order to get a fair rate comparison.
Lower rate quotes with discounts
Auto insurance companies don’t always list every policy discount very clearly, so the list below gives a summary of a few of the more common as well as the least known discounts that may be available.
- Discounts for Cautious Drivers – Accident-free drivers can save as much as half off their rates compared to accident prone drivers.
- Drive Less and Save – Keeping the miles down on your Toyota could earn better premium rates on cars that stay parked.
- Air Bags and Passive Restraints – Vehicles with factory air bags and/or automatic seat belt systems can get savings of 20 to 30 percent.
- Driver Safety – Passing a course that instructs on driving safety could possibly earn you a 5% discount and easily pay for the cost of the class.
- Minneapolis Homeowners Discount – Just being a homeowner can get you a discount because it means you have a higher level of financial diligence.
- No Claim Discounts – Drivers with accident-free driving histories have much lower rates when compared with policyholders that have many claims.
- First Accident Forgiveness – Not necessarily a discount, but some insurance companies may permit one accident before raising your premiums as long as you don’t have any claims for a particular time prior to the accident.
- Online Discount – Some larger companies will give you a small discount just for signing your application online.
Please keep in mind that some credits don’t apply to the whole policy. Some only apply to individual premiums such as liability and collision coverage. Just because it seems like you would end up receiving a 100% discount, companies don’t profit that way. Any qualifying discounts will cut your overall bill.
The chart below shows the comparison of Toyota Camry premium costs with and without discounts applied. The data assumes a male driver, no violations or accidents, Minnesota state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, multi-car, homeowner, safe-driver, and marriage discounts applied.
Companies and their offered discounts are:
- State Farm discounts include defensive driving training, multiple autos, student away at school, Steer Clear safe driver discount, safe vehicle, good driver, and good student.
- GEICO has savings for membership and employees, seat belt use, defensive driver, military active duty, and emergency military deployment.
- Allstate offers premium reductions for anti-theft, good payer, farm vehicle, teenSMART discount, and 55 and retired.
- SAFECO offers discounts including anti-lock brakes, bundle discounts, drive less, anti-theft, and accident prevention training.
- Farm Bureau offers discounts for safe driver, 55 and retired, multi-vehicle, driver training, and good student.
- Progressive includes discounts for multi-policy, online quote discount, multi-vehicle, continuous coverage, online signing, and homeowner.
- AAA may offer discounts for AAA membership discount, good student, pay-in-full, multi-car, multi-policy, good driver, and anti-theft.
When getting free Minneapolis auto insurance quotes, it’s a good idea to every prospective company how you can save money. Savings may not be offered everywhere.
Insurance coverage analysis
The coverage information shown below outlines a range of prices for Toyota Camry models. Learning as much as possible about how auto insurance prices are calculated can assist in making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $182 | $306 | $326 | $20 | $98 | $932 | $78 |
| Camry SE | $182 | $362 | $326 | $20 | $98 | $988 | $82 |
| Camry XLE | $182 | $362 | $326 | $20 | $98 | $988 | $82 |
| Camry Hybrid | $204 | $362 | $370 | $22 | $110 | $1,068 | $89 |
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Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Estimates do not factor in your specific Minneapolis location which can change price quotes noticeably.
Accidents and violations increase rates
The chart below shows how speeding tickets and fender-benders can affect Toyota Camry insurance rates for each age group. The data assumes a married male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
Minneapolis car insurance company ratings
Buying coverage from the highest-rated car insurance company is hard considering how many companies sell coverage in Minneapolis. The company ratings in the lists below may help you select which insurers to look at buying from.
| 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: Insure.com Best Car Insurance Companies
Eight Things That Influence Your Insurance Premiums
A large part of saving on auto insurance is knowing the rating factors that help calculate auto insurance rates. When you understand what determines premiums, this allows you to make good choices that could help you find lower auto insurance prices. Lots of things are taken into consideration when you quote your car insurance policy. Most are fairly basic like an MVR report, but others are less obvious such as your marital status or your vehicle rating.
- Do you know your deductibles? – Physical damage insurance, termed comprehensive and collision coverage on your policy, covers your vehicle from damage. A few examples of covered claims could be a broken windshield, hail damage, and having your car stolen. The deductibles represent how much money you are required to spend out-of-pocket before your auto insurance pays a claim. The higher the amount you are required to pay out-of-pocket, the better rate you will receive.
- Insurance rates for married couples – Having a spouse can get you a discount compared to being single. It demonstrates that you tend to be more mature and statistics show drivers who are married are more cautious.
- Companies want multiple policies – Most major insurers give discounts for people that have more than one policy such as combining an auto and homeowners policy. Even with this discount applied, it’s in your best interest to check prices from other companies to guarantee you are still saving the most.
- Theft deterrents save – Purchasing a vehicle that has a built-in theft deterrent system can earn a premium discount. Anti-theft devices such as OnStar, LoJack tracking, and tamper alarms all aid in stopping your car from being stolen.
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High performance vehicles cost more to insure – The make and model of the car you are buying insurance for makes a big difference in your rates. The lowest base rates are usually for the lowest performance passenger models, but the final cost of insurance is determined by many other factors.
The chart below assumes a single female driver age 30, full coverage with $500 deductibles, and no discounts or violations. The data compares Toyota Camry car insurance rates compared to other models of vehicles that have different performances.
- Safer the car lower the rate – Vehicles with high crash test scores are cheaper to insure. These vehicles result in less severe injuries and any reduction in injury severity means less claims paid and thus lower rates. If your Toyota Camry earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org you may be receiving a better rate.
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Gals tend to be lower risk – Statistics demonstrate that females take fewer risks when driving. The data does not necessarily mean that females are better drivers. Both sexes are in fender benders in similar percentages, but guys tend to have more serious accidents. Men also tend to get higher numbers of serious violations such as driving while intoxicated (DWI) or driving recklessly.
The illustration below illustrates the difference between Toyota Camry auto insurance costs for male and female drivers. The premiums assume a clean driving record, no claims, comprehensive and collision coverage, $500 deductibles, single marital status, and no discounts are taken into consideration.
- Insurance companies don’t like frequent claims – Car insurance companies in Minnesota give most affordable rates to insureds who file claims infrequently. If you are the type of insured that files lots of claims you can expect much higher rates or policy non-renewal. Insurance coverage is intended to be relied upon for claims that pose a financial burden.
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Insurance loss probability for a Toyota Camry – Auto insurance companies use statistical claims data to calculate a rate that will offset losses. Vehicles that tend to have higher claim amounts or frequency will cost more for specific coverages.
The next table shows the historical loss data for Toyota Camry vehicles. For each type of coverage, the loss probability for all vehicles compiled together is represented as 100. Values that are under 100 indicate better than average losses, while values that are above 100 point to more frequent losses or a tendency for losses to be larger than average.
Auto Insurance Loss Data for Toyota Camry Models Specific Toyota Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Camry 110 94 102 148 145 107 Toyota Camry Hybrid 124 100 110 118 127 96 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years