Are you regretting buying an under-performing, overpriced auto insurance policy? Believe me, you’re not the only one.
Surprisingly, a recent survey revealed that about 70% of customers renewed their policy with the same company for a minimum of four years, and almost half have never compared auto insurance rates at all. Minneapolis drivers could cut their rates by approximately $1,000 a year by just shopping around, but they don’t believe the rate savings if they switched to a cheaper policy. With so many companies to choose from that have lower-cost insurance for a Toyota Prius Prime in Minneapolis, it can be difficult for drivers to choose the lowest price auto insurance company.
Our objective is to familiarize you with the best way to buy inexpensive insurance and some tips to save money. If you have insurance now, you should be able to reduce the price you pay using these tips. Smart buyers just need to know the quickest method to buy insurance from multiple carriers.
The companies in the list below provide comparison quotes in Minneapolis, MN. If multiple companies are listed, it’s highly recommended you visit two to three different companies in order to find the most competitive rates.
It may be expensive, but it’s not optional
Even though it’s not necessarily cheap to insure a Toyota in Minneapolis, insuring your vehicle is not optional due to several reasons.
- Just about all states have compulsory liability insurance requirements which means you are required to carry a specific minimum amount of liability in order to be legal. 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.
- If your vehicle has a loan, more than likely the lender will require that you have comprehensive coverage to protect their interest in the vehicle. If the policy lapses, the bank will be required to insure your Toyota at a more expensive rate and require you to fork over for it.
- Auto insurance preserves not only your car but also your assets. It will also cover medical expenses that are the result of an accident. As part of your policy, liability insurance will also pay to defend you if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, your auto insurance policy will pay to restore your vehicle to like-new condition.
The benefits of insuring your car more than cancel out the cost, particularly if you ever have a claim. Today the average American driver overpays as much as $810 a year so you should quote rates at every policy renewal to make sure the price is not too high.
Eight Things That Determine Your Insurance Rates
The best way to find cheaper insurance is to take a look at some of the things that come into play when calculating the level of your policy premiums. If you have a feel for what impacts premium levels, this empowers consumers to make smart changes that could result in lower premium levels.
- Safer vehicles cost less to insure – Safe vehicles tend to have better insurance rates. Highly rated vehicles protect occupants better and reduced instances of injuries means less money paid by your insurance company and cheaper rates on your policy.
- Obey driving laws and save – Good drivers tend to pay less for car insurance than people who have multiple driving citations. Having a single speeding ticket can increase rates by as much as twenty percent. Drivers who get license-revoking violations such as hit and run, DWI or reckless driving convictions are required to file a SR-22 with their state DMV in order to prevent a license revocation.
- Performance influences costs – The type of vehicle you need insurance for makes a big difference in the rate you pay. The cheapest rates tend to be for low performance passenger cars, but the final cost of insurance is determined by many other factors.
- Increase physical damage deductibles to save – Comp and collision deductibles state the amount of money you are willing to pay if you file a covered claim. Insurance for physical damage to your car, also known as collision and other-than-collision, covers damage that occurs to your car. Examples of covered claims are collision with another vehicle, hail damage, and damage caused by road hazards. The more the insured is willing to pay, the less your company will charge you for insurance.
- Never let your insurance expire – Having a gap between insurance policy dates is a fast way to increase your insurance rates. In addition to paying higher premiums, the inability to provide proof of insurance will get you a license revocation or jail time.
- More traffic equals higher rates – Having an address in a rural area can save you money when insuring your vehicles. Less people means reduced accidents and also fewer theft and vandalism claims. Drivers in populated Minnesota areas tend to have congested traffic and longer commute times. More time on the road means higher likelihood of an accident.
- Policy add-ons may be wasting money – There are quite a few optional add-on coverages you can purchase if you aren’t careful. Insurance for things like rental car coverage, towing coverage, and extra life insurance coverage may be costing you every month. You may think they are a good idea when talking to your agent, but if they’re wasting money eliminate them to save money.
- Does your occupation cost you more? – Jobs like lawyers, air traffic controllers, and medical professionals have the highest average rates because of stressful work requirements and lots of time spent at work. Other careers such as scientists, historians and the unemployed pay the least.
Lower rate quotes on Toyota Prius Prime insurance in Minneapolis with these discounts
The price of auto insurance can be rather high, but you may be missing some discounts that many consumers don’t even know exist. Many discounts should be triggered when you purchase, but a few must be asked for before being credited.
- Defensive Driver – Taking part in a course that instructs on driving safety is a good idea and can lower rates and easily pay for the cost of the class.
- Anti-lock Brakes – Anti-lock brake equipped vehicles are much safer to drive and qualify for as much as a 10% discount.
- Full Payment Discount – If paying your policy premium upfront as opposed to paying monthly you could save up to 5%.
- Government Employee Discount – Employees or retirees of the government can save as much as 8% with select insurance companies.
- Minneapolis Homeowners Discount – Simply owning a home can save a few bucks because of the fact that having a home means you have a higher level of financial diligence.
- Early Renewal Discounts – Some auto insurance companies give discounts for renewing your policy prior to your current Prius Prime insurance policy expiring. It’s a savings of about 10%.
- Include Life Insurance and Save – Some companies give a small discount if you purchase a life insurance policy as well.
One thing to note about discounts is that most discounts do not apply to the entire policy premium. Most only apply to the price of certain insurance coverages like collision or personal injury protection. So even though it sounds like it’s possible to get free car insurance, it doesn’t quite work that way.
The best auto insurance companies and a selection of discounts include:
- State Farm discounts include multiple policy, safe vehicle, Drive Safe & Save, defensive driving training, multiple autos, and Steer Clear safe driver discount.
- GEICO offers discounts for driver training, good student, federal employee, defensive driver, seat belt use, and air bags.
- SAFECO has discounts for anti-theft, drive less, homeowner, teen safety rewards, and safe driver.
- Farmers Insurance offers premium reductions for good student, electronic funds transfer, homeowner, mature driver, early shopping, alternative fuel, and teen driver.
- AAA may include discounts for AAA membership discount, good student, multi-policy, good driver, education and occupation, and multi-car.
- USAA includes discounts for multi-policy, loyalty savings, safe driver, annual mileage, driver training, and vehicle storage.
When getting a coverage quote, ask each company to apply every possible discount. Some discounts might not be available to policyholders in every state.
Get rate quotes but still have a local neighborhood Minneapolis car insurance agent
Many people prefer to talk to an insurance agent and doing so can bring peace of mind Most agents can help you build your policy and help submit paperwork. One of the benefits of price shopping on the web is the fact that drivers can get cheap rate quotes but also keep your business local. Supporting neighborhood insurance agencies is definitely important in Minneapolis.
To make it easy to find an agent, after completing this simple form, your information is sent to local insurance agents in Minneapolis that can give you free Minneapolis auto insurance quotes for your coverage. You don’t have to drive around since rate quotes are delivered to your email. If you need to compare rates from a specific insurance company, feel free to navigate to their website and complete a quote there.
Choose the right auto insurance agent
If you want a good insurance agency, it’s important to understand the different agency structures and how they differ in how they can insure your vehicles. Minneapolis agents are categorized either independent or exclusive. Either one can sell and service auto insurance coverage, but it’s a good idea to understand how they are different since it may influence the kind of agent you use.
Independent Agents (or Brokers)
These agents are not required to write business for one company so they can quote policies through many companies enabling the ability to shop coverage around. If premiums increase, an independent agent can move your coverage and you can keep the same agent.
If you need lower rates, it’s recommended you get several quotes from a couple of independent agencies in order to compare the most rates.
Listed below is a short list of independent insurance agencies in Minneapolis that may be able to give comparison quotes.
Semlak Miernicki Insurance Agency
2657 Dupont Ave S – Minneapolis, MN 55408 – (612) 208-0873 – View Map
Cheap Car Insurance Minneapolis Auto Insurance Agency
2227 W 21st St – Minneapolis, MN 55405 – (612) 425-1616 – View Map
Exclusive Insurance Agencies
Exclusive agencies are contracted to one company like Allstate, State Farm and Farm Bureau. These agents are not able to provide prices from multiple companies so if the price isn’t competitive there isn’t much they can do. Exclusive agents are usually quite knowledgeable on the products they sell which can be an advantage.
Shown below are Minneapolis exclusive insurance agencies that are able to give price quote information.
Picking an insurance agent needs to be determined by more than just a cheap price. Any agent in Minneapolis should be willing to answer these questions.
- Do they have any clout with companies to ensure a fair claim settlement?
- Which insurance companies are they affiliated with?
- Do they review policy coverages at every renewal?
- Do you need full coverage on every vehicle?
- What are their preferred companies if they are an independent agency?
What is YOUR best insurance company?
Throughout this article, we presented many ways to compare Toyota Prius Prime insurance prices in Minneapolis. It’s most important to understand that the more rate quotes you have, the better your chances of lowering your rates. You may even be surprised to find that the lowest priced car insurance comes from a small local company. Smaller companies can often insure niche markets at a lower cost compared to the large companies like Progressive or GEICO.
Low-cost Toyota Prius Prime insurance in Minneapolis can be found on the web as well as from insurance agents, and you need to comparison shop both to have the best rate selection. Some companies may not have online rate quotes and most of the time these regional insurance providers work with local independent agencies.
As you quote Minneapolis auto insurance, make sure you don’t reduce needed coverages to save money. There have been many situations where someone sacrificed liability limits or collision coverage and learned later that their decision to reduce coverage ended up costing them more. Your objective should be to buy enough coverage at the lowest possible cost, but do not skimp to save money.
Steps to saving on Toyota Prius Prime insurance in Minneapolis
If saving the most money is your goal, then the best way to get low-cost Toyota Prius Prime insurance is to start comparing prices regularly from providers who sell auto insurance in Minneapolis.
Step 1: Spend some time learning about individual coverages and the modifications you can make to lower rates. Many policy risk factors that cause rate increases like distracted driving and poor credit can be remedied by improving your driving habits or financial responsibility.
Step 2: Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can give quotes from one company like Progressive or State Farm, while independent agencies can quote prices for many different companies.
Step 3: Compare the new rate quotes to your existing rates to see if you can save by switching companies. If you can save money and make a switch, make sure coverage does not lapse between policies.
Step 4: Notify your current company of your intent to cancel your current policy and submit a down payment and signed policy application to the new company. Once received, store the proof of insurance certificate with your registration paperwork.
An important note is to use the same level of coverage on every price quote and to quote with as many car insurance companies as possible. Doing this ensures the most accurate price comparison and maximum price selection.
More detailed car insurance information is available in these articles:
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- How Much are Auto Insurance Rates for a Chevrolet Silverado in Minneapolis? (FAQ)
- Distracted Driving (Insurance Information Institute)
- Preventing Carjacking and Theft (Insurance Information Institute)