How to Save on Minneapolis Chevy Cobalt Insurance

Insurance for Chevy CobaltIt takes a little time, but the best way to find more affordable auto insurance rates in Minneapolis is to regularly compare price quotes from different companies in Minnesota. Drivers can shop around by following these guidelines.

First, it will benefit you to learn about what is in your policy and the measures you can take to lower rates. Many things that are responsible for high rates such as traffic violations and a negative credit score can be amended by being financially responsible and driving safely.

Second, quote rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from one company like GEICO or Farmers Insurance, while agents who are independent can provide prices from multiple sources. Select a company

Third, compare the new quotes to your current policy to determine if switching companies saves money. If you find better rates, ensure coverage does not lapse between policies.

Fourth, notify your agent or company of your intention to cancel your current auto insurance policy. Submit the application along with any required down payment to the new company. Once received, place the new certificate of insurance above your visor, in the console, or in the glove compartment.

A good tip to remember is to try to use the same liability limits and deductibles on every price quote and and to compare as many different companies as possible. Doing this provides a fair rate comparison and a better comparison of the market.

Unbelievably, a large majority of drivers kept their policy with the same company for a minimum of four years, and roughly 40% of drivers have never shopped around. Most drivers in Minnesota could pocket almost 50% a year by just shopping around, but they underestimate how much savings they would realize if they bought a different policy.

Cheapest companies for Chevy Cobalt insurance

The following companies provide free quotes in Minneapolis, MN. If you wish to find the cheapest car insurance in Minneapolis, we recommend you visit as many as you can to get a more complete price comparison.

Insurance coverage analysis

The premium table shown next showcases different insurance prices for Chevy Cobalt models. Learning a little about how policy premiums are established is important for drivers to make decisions when shopping around.

Chevrolet Cobalt Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cobalt LS 4-Dr Sedan $244 $486 $470 $28 $140 $1,368 $114
Cobalt XFE 4-Dr Sedan $244 $486 $470 $28 $140 $1,368 $114
Cobalt LS 2-Dr Coupe $280 $486 $520 $30 $156 $1,472 $123
Cobalt XFE 2-Dr Coupe $280 $486 $520 $30 $156 $1,472 $123
Cobalt LT 4-Dr Sedan $280 $486 $470 $28 $140 $1,404 $117
Cobalt LT 2-Dr Coupe $316 $486 $520 $30 $156 $1,508 $126
Cobalt SS Turbo 2-Dr Coupe $352 $634 $520 $30 $156 $1,692 $141
Get Your Own Custom Quote Go

Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in specific location which can increase or decrease prices considerably.

Higher deductibles save money

When shopping for insurance, a common question is how low should you set your deductibles. The premium rates below can help you visualize how much more rates are between high and low physical damage coverage deductibles. The first set of rates uses a $100 physical damage deductible and the second data table uses a $500 deductible.

Chevrolet Cobalt insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cobalt LS 4-Dr Sedan $238 $580 $358 $22 $108 $1,331 $111
Cobalt XFE 4-Dr Sedan $238 $580 $358 $22 $108 $1,331 $111
Cobalt LS 2-Dr Coupe $272 $580 $396 $24 $118 $1,415 $118
Cobalt XFE 2-Dr Coupe $272 $580 $396 $24 $118 $1,415 $118
Cobalt LT 4-Dr Sedan $272 $580 $358 $22 $108 $1,365 $114
Cobalt LT 2-Dr Coupe $308 $580 $396 $24 $118 $1,451 $121
Cobalt SS Turbo 2-Dr Coupe $344 $756 $396 $24 $118 $1,663 $139
Get Your Own Custom Quote Go

Chevrolet Cobalt insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cobalt LS 4-Dr Sedan $174 $392 $358 $22 $108 $1,054 $88
Cobalt XFE 4-Dr Sedan $174 $392 $358 $22 $108 $1,054 $88
Cobalt LS 2-Dr Coupe $200 $392 $396 $24 $118 $1,130 $94
Cobalt XFE 2-Dr Coupe $200 $392 $396 $24 $118 $1,130 $94
Cobalt LT 4-Dr Sedan $200 $392 $358 $22 $108 $1,080 $90
Cobalt LT 2-Dr Coupe $224 $392 $396 $24 $118 $1,154 $96
Cobalt SS Turbo 2-Dr Coupe $250 $512 $396 $24 $118 $1,300 $108
Get Your Own Custom Quote Go

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can modify coverage rates greatly.

We can estimate from the data above that using a $100 deductible will cost you about $25 more each month or $300 each year than requesting the higher $500 deductible. Since you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you have at least 16 months between claim filings, you would come out ahead if you choose the higher deductible.

How to determine if a higher deductible is a good idea

Average monthly premium for $100 deductibles: $119
Average monthly premium for $500 deductibles (subtract): – $94
Monthly savings from raising deductible: $25
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

One big caveat is that increasing deductibles to lower your rates means you will have to pay more when you have a physical damage claim. That will force you to have enough disposable savings in order to pay more to get your vehicle repaired.

The example below shows how choosing a deductible and can raise or lower Chevy Cobalt annual premium costs for each different age group. The data assumes a married male driver, comprehensive and collision coverage, and no additional discounts are factored in.

Does it make sense to buy full coverage?

The diagram below illustrates the comparison of Chevy Cobalt insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $100 deductibles, single status, and no discounts are applied.

When to stop buying full coverage

There is no clear-cut rule to exclude physical damage insurance, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s assume your Chevy Cobalt claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after paying the physical damage deductible. If premium cost is more than $800 annually for your policy with full coverage, then you may want to consider only buying liability coverage.

There are some situations where buying only liability insurance is not recommended. If you haven’t satisfied your loan, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.

Insurance discounts are available to cut your rates

Some providers do not advertise all discounts in a way that’s easy to find, so below is a list a few of the more well known and the more hidden credits that may apply to you. If you are not receiving all the discounts you deserve, you may be paying too high a price.Insurance discounts

Keep in mind that some credits don’t apply to all coverage premiums. A few only apply to specific coverage prices like comp or med pay. So when the math indicates adding up those discounts means a free policy, you aren’t that lucky. Any qualifying discounts will help reduce the premium cost.

The diagram below shows the difference between Chevy Cobalt yearly insurance costs with and without discounts. The premiums are based on a female driver, no driving violations, no at-fault accidents, Minnesota state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, marriage, homeowner, claim-free, and multi-policy discounts applied.

A few popular companies and a summarized list of policyholder discounts are detailed below.

When getting free Minneapolis car insurance quotes, it’s a good idea to every prospective company how many discounts you can get. Some discounts may not apply to policyholders in Minneapolis. To see a list of companies that offer some of these discounts in Minneapolis, click here to view.

Get Cheap Insurance Rates by Understanding These Factors

Smart consumers have a good feel for the different types of things that help determine your policy premiums. If you know what positively or negatively impacts your premiums, this allows you to make educated decisions that may result in much lower annual insurance costs. Lots of factors are part of the calculation when you get your auto insurance bill. Some are pretty understandable such as your driving record, although others are less obvious like your continuous coverage or how financially stable you are.

The list below includes some of the factors used by insurance companies to determine your rates.

Comparing quotes from local Minneapolis auto insurance agents

Some people prefer to buy from a licensed agent and that is a smart decision Good insurance agents can help you choose the best coverages and help in the event of a claim. One of the great benefits of comparing rates online is that drivers can save money and get the best rates but still work with a licensed agent. And supporting neighborhood agents is still important in Minneapolis.

Upon completion of this quick form, your insurance coverage information is submitted to insurance agents in Minneapolis who will give you bids and help you find cheaper coverage. You don’t have to find an agent because quoted prices will be sent instantly to you. If you have a need to quote rates for a specific company, just find their quoting web page and fill out the quote form the provide.

If you want to buy car insurance from a local agent, you must know there are a couple different types of agents and how they can quote your rates. Car insurance agents in Minneapolis can be categorized as either independent (non-exclusive) or exclusive. Either one can sell affordable car insurance policies, but it’s important to point out why they differ since it can affect buying decisions.

Independent Agencies or Brokers

Independent insurance agents can sell policies from many different companies so they have the ability to put coverage with any number of different companies and get you the best rates possible. If you are not satisfied with one company, they simply move your policy to a different company and you stay with the same agent. When comparing car insurance rates, you absolutely need to include price quotes from at a minimum one independent agency in order to compare the most rates.

The following is a short list of independent insurance agents in Minneapolis that can give you free car insurance rate quotes.

Dedicated Insurance
2736 Lyndale Ave SMinneapolis, MN 55408(612) 872-4004View Map

7225 Northland Dr N #300Minneapolis, MN 55428(763) 746-8000View Map

121 S 8th St #980Minneapolis, MN 55402(612) 339-5522View Map

More Minneapolis agents

Exclusive Insurance Agents

Exclusive insurance agents can only provide one company’s prices and examples are Allstate, State Farm and Farm Bureau. Exclusive agencies are unable to compare other company’s rates so you need to shop around if the rates are high. Exclusive agents receive a lot of sales training on their products and sales techniques which helps them compete with independent agents.

Listed below is a list of exclusive agencies in Minneapolis willing to provide rate quotes.

5459 Nicollet AveMinneapolis, MN 55419(612) 345-7900View Map

3910 Central Ave NEMinneapolis, MN 55421(763) 789-6201View Map

2213 Johnson St NEMinneapolis, MN 55418(612) 788-6279View Map

More Minneapolis agents

Finding a good auto insurance agent is decision based upon more than just the quoted price. These are some questions your agent should answer.

Compare but don’t skimp

Cheap Chevy Cobalt insurance in Minneapolis can be bought both online as well as from insurance agents, so you need to quote Minneapolis car insurance with both so you have a total pricing picture. A few companies don’t offer internet price quotes and many times these smaller companies provide coverage only through independent agencies.

As you prepare to switch companies, never skimp on coverage in order to save money. In too many instances, someone sacrificed comprehensive coverage or liability limits only to find out they didn’t have enough coverage. Your goal is to purchase a proper amount of coverage at the best price, but do not sacrifice coverage to save money.

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