For students in college, one of the big factors that determine auto insurance rates is where your car is garaged. Regions with more people or even just more weather-related claims tend to pay slightly more, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower rates.
The table below ranks the most expensive places in Minnesota for college students to purchase a policy in. Minneapolis is ranked #2 with the annual price of $2,018 for car insurance, which is around $168 per month.
|Rank||City||Average Per Year|
|16||Saint Louis Park||$1,702|
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Rate quotes are comparative as the specific garaging location can alter rates substantially.
Establishing which companies quote the lowest-priced car insurance rates for college students will involve a little more work in order to find the lowest price. Each company has a proprietary method to set policy rates, so let’s rank the most affordable car insurance companies in Minneapolis.
Keep in mind that Minnesota car insurance rates are calculated based on many things that will increase or decrease the cost of having a policy. Simply having a birthday, increasing liability limits, or getting a speeding ticket may cause policy rate changes resulting in some rates now being affordable when they were higher priced.
Cheap Insurance Rates for College Students
Travelers offers some of the cheapest car insurance rates in Minneapolis at around $661 each year. Farm Bureau Mutual, USAA, Western National, and The Hartford are also some of the more affordable Minneapolis, MN car insurance companies.
In the rate table above, if you are insured with Western National and switched to Farm Bureau Mutual, you might achieve an annual savings of in the neighborhood of $97. Customers with The Hartford may save as much as $113 a year, and West Bend Mutual customers might reduce prices by as much as $168 a year.
These policy prices are averaged across all types of drivers and the different vehicles they drive and do not take into consideration a specific location for college students. So the auto insurance company that can offer you the lowest price may not even be in the top 24 companies shown above. That affirms the importance of why you need to get car insurance quotes using your own specific driver information and vehicle.
The vehicle model on the policy is one of the main factors that determines if you can find the cheapest coverage for college students. Vehicles with average performance, excellent safety ratings, or a positive history of liability claims will cost quite a bit less to insure than high performance models.
The data below outlines insurance rates for some of the most affordable automobiles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$3,976|
|Honda CR-V EX-L 4WD||$4,035|
|Ford F-150 STX Regular Cab 2WD||$4,365|
|Toyota Tacoma 4WD||$4,423|
|Dodge Grand Caravan CV||$4,428|
|Ford Edge SEL AWD||$4,661|
|Chevrolet Impala LT||$4,719|
|Toyota RAV4 Limited 4WD||$4,729|
|Ford Fusion S 4-Dr Sedan||$4,719|
|Jeep Grand Cherokee Laredo 4WD||$4,724|
|Chevrolet Equinox LT 2WD||$4,719|
|Chevrolet Malibu Hybrid||$4,724|
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Data rating is based on single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate information does not factor in the specific area where the vehicle is garaged which can influence coverage rates noticeably.
Based upon the table data, makes and models like the Ford Escape, Honda CR-V, and Ford F-150 are most likely to be some of the more affordable vehicles to insure for students in college. The cost of a car insurance policy will trend higher just because there is more risk for college students, but in general those particular models will most likely have the best rates that you’ll find.
Types of discounts on Minneapolis insurance rates
Insurance companies that sell policies for college students may have discounts that could lower prices by as much as 30% if you qualify for them. A few popular companies and a partial list of their discounts include:
- State Farm may include discounts for multiple autos, good driver, safe vehicle, anti-theft, multiple policy, and accident-free.
- Farmers Insurance includes discounts for business and professional, pay in full, switch companies, homeowner, electronic funds transfer, multi-car, and good student.
- Progressive policyholders can earn discounts including good student, online signing, multi-policy, homeowner, online quote discount, and continuous coverage.
- GEICO has discounts for five-year accident-free, multi-vehicle, seat belt use, defensive driver, air bags, anti-lock brakes, and emergency military deployment.
- Auto-Owners Insurance offers discounts including multiple vehicles, company car, safe vehicle, anti-theft, safe driver, and air bags.
- The Hartford offers discounts for bundle, driver training, defensive driver, anti-theft, vehicle fuel type, and good student.
- Farm Bureau may offer discounts for safe driver, youthful driver, driver training, multi-vehicle, good student, renewal discount, and 55 and retired.
- USAA has savings for multi-vehicle, driver training, family discount, defensive driver, loyalty savings, annual mileage, and vehicle storage.
The information below visualizes the comparison of car insurance costs with and without discounts. The costs are based on a male driver, no accidents or driving violations, Minnesota state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with good student, paperless filing, continuous coverage, vehicle safety, passive restraint, and anti-theft discounts applied. When discounts are applied, the average amount saved each year on car insurance for college students is 18% or $333.
Ending up with a highly-rated insurance company can be challenging considering how many different insurance companies sell coverage in Minnesota. The company rank data in the lists below may help you select which auto insurance companies to look at comparing rate quotes with. The ratings below include the largest companies in America, so companies that focus mainly on Minnesota business are not taken into consideration for this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Why you should compare rates
Minneapolis, MN car insurance rates are impacted by many things that control the price you have to pay. Turning one year older, getting married, or getting a couple of tickets can trigger rate changes resulting in some companies being more affordable than competitors. Additionally, insurance companies modify pricing at least once a year to ensure their profitability. Larger than normal claims may cause additional premium costs, while lower claim levels may result in lower-priced Minneapolis car insurance rates.
To illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Minneapolis, MN for a 30-year-old female driver with no prior accidents, a clean driving record, and a high credit rating. If we compare prices based on her personal profile, Travelers might quote the lowest car insurance rates in Minneapolis at $931 per year. This is $490 less than the average rate paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual round out the rest of the best Minneapolis, MN auto insurance companies.
Now we will give the driver from the first rate comparison some claims, slightly worse credit, and a stop sign violation. Since every insurance provider uses a different method for determining prices, comparing prices could now result in a slightly different list of the cheapest Minneapolis car insurance companies as shown below.
USAA now has the best auto insurance rate in Minneapolis with Farm Bureau Mutual, Allied, California Casualty, and American Family also having competitive pricing. This demonstrates why Minnesota drivers need to shop around to get the most budget-friendly car insurance quotes for college students.
Auto insurance prices are impacted by many things and can change without notice, so the cheapest company the last time you checked may now cost much more than other companies.
How to find more affordable car insurance for college students
The list below details some thrifty ideas that can help drivers buy low-cost auto insurance.
- Pay less by remaining claim-free
- Save money by observing traffic laws and speed limits
- Avoid preventable accidents
- Safe vehicles cost less to insure
- Buying home and auto together can help save money
- Ensure you have the best deal by shopping around regularly
The last item on the list is especially critical, as was affirmed in this article. Insurance rates vary greatly, so don’t be tentative to buy a policy from a new company if a cheaper rate is available. Many drivers tend to have loyalty to a certain company, but it’s not a good idea if that faithfulness ends up costing you money that could be going to better use. In less than five minutes you could shop around to find cheaper insurance for college students in Minneapolis.
If you aren’t sure which coverage you need and prefer to have a professional recommendation when comparing insurance rates for students in college, the agents listed below are a good start to help you decide which is the best policy.
To find an agent nearest to you, click the link at the bottom.
- Oakwood Insurance Inc
5188 Central Ave NE – Minneapolis, MN 55421 – (763) 862-4800
- Seguros Amezcua Insurance Agency, Inc
6418 Bass Lake Rd #4 – Minneapolis, MN 55428 – (612) 465-0400
- Farmers Insurance – Natalie Fox
210 N 2nd St #70 – Minneapolis, MN 55401 – (612) 208-0276