Do you need a fast way to compare low-cost Toyota Sienna insurance in Minneapolis? Are you irritated from sacrificing to pay your car insurance bill each month? You are no different than many other consumers in Minnesota.
A study showed that the vast majority of consumers kept their policy with the same company for well over three years, and nearly the majority have never shopped around. Minneapolis insurance shoppers can cut their rates by approximately 50% a year by just comparing rate quotes, but they just don’t understand how much savings they would realize if they just switched companies.
Steps to buying low-cost Toyota Sienna insurance in Minneapolis
Really, the only way to get affordable auto insurance rates in Minneapolis is to make a habit of comparing prices annually from insurance carriers in Minnesota. This can be done by completing these steps.
- Try to learn a little about how insurance companies determine prices and the things you can change to keep rates low. Many rating criteria that result in higher prices like traffic citations, accidents, and a less-than-favorable credit score can be eliminated by being financially responsible and driving safely. Keep reading for tips to prevent rate hikes and find discounts that may have been missed.
- Get rate quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from one company like GEICO and State Farm, while agents who are independent can give you price quotes from multiple sources.
- Compare the quotes to the price on your current policy to determine if you can save on Sienna insurance. If you can save some money and change companies, verify that coverage does not lapse between policies.
- Provide adequate notice to your current company of your decision to cancel your current car insurance policy and submit a completed application and payment for the new policy. Immediately put the certificate verifying coverage in your vehicle’s glove compartment or console.
One key aspect of rate comparisons is to use similar deductibles and liability limits on each quote and and to get rate quotes from as many companies as you can. Doing this provides the most accurate price comparison and the best price selection.
Since you have so many car insurance companies to choose from, it can be difficult for drivers to find a more affordable company.
The purpose of this article is to tell you the best way to buy inexpensive insurance and how to save the most money. If you already have coverage, you will be able to buy cheaper insurance using this strategy. But Minnesota car owners must understand the methods companies use to determine prices.
Six factors that impact insurance premiums
Lots of things are considered when you get a price on insurance. A few of the factors are predictable such as traffic violations, although others are less obvious such as your credit history and annual miles driven. When buying car insurance it’s important to understand the rating factors that go into determining the price you pay for car insurance. If you have some idea of what influences your rates, this enables you to make decisions that could help you find better car insurance rates.
The itemized list below are a few of the things utilized by car insurance companies to help set premiums.
- Lower rates with a multi-policy discount – Some companies allow lower prices to insureds that buy multiple policies in the form of a multi-policy discount. Even if you already get this discount, it’s still a good idea to check prices from other companies to confirm you are receiving the best rates possible.
Youthful vs. older drivers – Older drivers are more responsible, are lower risk to insure, and are safer drivers. Young drivers are known to be easily distracted when behind the wheel and because of this, their car insurance rates are much higher.
The following data uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.
- How much liability – The liability section of your policy will provide protection when a court rules you are at fault for physical damage or personal injury to other. Liability provides you with a defense in court to defend your case. This coverage is relatively inexpensive when compared with rates for comp and collision, so drivers should buy more than the minimum limits required by law.
Is your vehicle built for speed? – The make and model of the vehicle you are buying insurance for makes a big difference in your car insurance bill. The cheapest rates are for small economy passenger vehicles, but the cost you end up paying is determined by many additional factors.
The following data uses these assumptions: married female driver age 30, full coverage with $100 deductibles, and no discounts or violations. The chart compares Toyota Sienna insurance premiums compared to other models of vehicles that have different risk factors.
- Annual mileage impacts prices – The more miles you rack up on your Toyota in a year’s time the more you’ll pay to insure it. Most companies apply a rate determined by how the vehicle is used. Vehicles used primarily for pleasure use can be on a lower rate level as compared to vehicles used primarily for driving to work. Having an incorrect usage rating on your Sienna may be costing you higher rates. It’s always a good idea to double check that your car insurance policy is rated on the correct driver usage, because improper ratings can cost you money.
- Your job may affect rates – Did you know your car insurance rates can be affected by your occupation? Careers such as military personnel, executives, and dentists generally pay higher rates than the rest of us in part from intense work-related stress and lengthy work days. Other jobs like farmers, students and retirees generally pay rates lower than average.
Insurance losses for a Toyota Sienna – Car insurance companies study historical loss data as a tool for profitable underwriting. Models that are shown to have higher loss trends will cost more for coverage.
The table below illustrates the insurance loss data for Toyota Sienna vehicles. For each policy coverage, the claim amount for all vehicles averaged together is equal to 100. Percentage numbers below 100 represent a good loss history, while numbers above 100 indicate more frequent claims or statistically larger losses.
Insurance Loss Ratings for Toyota Sienna Vehicles Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Sienna 2WD 99 88 99 94 98 85 Toyota Sienna 4WD 106 94 102 75 65 73BETTERAVERAGEWORSE
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Premium rates and analysis
The coverage table shown below showcases estimates of prices for Toyota Sienna models. Having knowledge of how insurance prices are calculated can help customers make decisions when shopping your coverage around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Sienna LE AWD||$302||$606||$428||$26||$128||$1,490||$124|
|Sienna XLE AWD||$302||$714||$428||$26||$128||$1,598||$133|
|Sienna Limited AWD||$342||$714||$428||$26||$128||$1,638||$137|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-vehicle, and multi-policy. Premium costs do not factor in specific Minneapolis garaging location which can lower or raise prices significantly.
Safe drivers pay less for car insurance
The information below illustrates how traffic citations and accident claims increase Toyota Sienna insurance costs for different ages of insureds. The rate quotes are based on a married male driver, comp and collision included, $1,000 deductibles, and no discounts are applied.
Rate comparison of male drivers versus female drivers
The illustration below illustrates the difference between Toyota Sienna annual premium costs for male and female drivers. The data assumes no claims or driving violations, full physical damage coverage, $100 deductibles, drivers are single, and no discounts are factored in.
Rate difference between full and liability-only coverage
The example below visualizes the comparison of Toyota Sienna insurance prices with full physical damage coverage and with liability coverage only. The prices are based on no claims or driving violations, $250 deductibles, single status, and no discounts are factored in.
When to drop comp and collision
There is no definitive formula of when to eliminate comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s say your Toyota Sienna replacement cost is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after the policy deductible has been paid. If you are currently paying more than $700 annually for physical damage coverage, then it could be time to drop full coverage.
There are some scenarios where dropping full coverage is not advised. If you still have a loan on your vehicle, you have to keep full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
Minneapolis insurance discounts
The price of auto insurance can be rather high, but there could be significant discounts to reduce the price significantly. Certain discounts will be applied at the time of quoting, but a few must be asked about before you get the savings.
- Home Ownership Discount – Owning a house in Minneapolis may earn you a small savings because maintaining a house shows financial diligence.
- Pay Now and Pay Less – By paying your policy upfront as opposed to paying monthly you could save 5% or more.
- E-sign Discounts – Certain insurance companies will provide an incentive simply for signing online.
- Accident-Free Discounts – Insureds with no claims or accidents are rewarded with significantly better rates on Minneapolis car insurance quote as opposed to drivers who are more careless.
- Discount for Good Grades – Performing well in school can earn a discount of 20% or more. The discount lasts until age 25.
You can save money using discounts, but most discount credits are not given to the entire cost. The majority will only reduce the price of certain insurance coverages like liability and collision coverage. Just because you may think it’s possible to get free car insurance, that’s just not realistic.
The illustration below shows the comparison of Toyota Sienna car insurance rates with and without discounts applied. The information is based on a male driver, no claims or driving violations, Minnesota state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, multi-policy, marriage, multi-car, and safe-driver discounts applied.
Popular insurance companies and a partial list of their discounts are detailed below.
- Progressive offers discounts for homeowner, good student, multi-vehicle, online signing, online quote discount, multi-policy, and continuous coverage.
- GEICO includes discounts for emergency military deployment, military active duty, federal employee, air bags, seat belt use, and good student.
- State Farm policyholders can earn discounts including Steer Clear safe driver discount, anti-theft, student away at school, multiple policy, driver’s education, and safe vehicle.
- Esurance may have discounts that include defensive driver, safety device, online quote, multi-policy, anti-theft, anti-lock brakes, and good student.
- The Hartford has savings for driver training, bundle, defensive driver, vehicle fuel type, and anti-theft.
Before you buy a policy, ask every insurance company what discounts are available to you. Some credits might not be offered in your area. To find insurers offering insurance discounts in Minnesota, click this link.
We’ve covered quite a bit of information on how to get a better price on Toyota Sienna insurance in Minneapolis. It’s most important to understand that the more providers you compare, the better your comparison will be. You may even find the most savings is with a company that doesn’t do a lot of advertising.
Budget-conscious Toyota Sienna insurance can be purchased on the web and from local agencies, so you need to shop Minneapolis car insurance with both so you have a total pricing picture. Some insurance companies may not have the ability to get quotes online and many times these regional carriers prefer to sell through independent agents.
Drivers switch companies for a variety of reasons including lack of trust in their agent, unfair underwriting practices, an unsatisfactory settlement offer and denial of a claim. Regardless of your reason for switching companies, switching companies is less work than it seems.
How to save money on Toyota Sienna insurance in Minneapolis
It takes a little time, but the best way to find affordable auto insurance rates in Minneapolis is to regularly compare price quotes from insurance carriers who provide auto insurance in Minnesota. You can shop around by completing these steps.
First, it will benefit you to learn about how companies set rates and the measures you can control to prevent rate increases. Many rating factors that cause high rates such as getting speeding tickets and a not-so-good credit rating can be improved by making minor changes to your lifestyle.
Second, get rate quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from one company like GEICO or Farmers Insurance, while independent agents can give you price quotes for many different companies.
Third, compare the new rate quotes to your current policy to see if you can save by switching companies. If you find a lower rate quote and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
Fourth, provide notification to your current company of your intention to cancel your current coverage. Submit payment and a completed application to your new agent or company. Once the application is submitted, put the certificate of insurance along with your vehicle registration.
One important bit of advice is to compare similar coverage information on every price quote and and to get price quotes from as many different insurance providers as possible. This enables an apples-to-apples comparison and a thorough price selection.
To learn more, take a look at the articles below:
- How to Avoid Common Accidents (State Farm)
- Who Has the Cheapest Car Insurance Quotes for Teenagers in Minneapolis? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Toyota Camry in Minneapolis? (FAQ)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- Older Drivers FAQ (iihs.org)