You have most likely seen the captivating commercials from auto insurance companies like GEICO and Farmers that promise huge savings. So drivers just need to pick the one with the catchiest commercial, right?
It’s not that simple, unfortunately, as there are a ton of unknown aspects like the crime level of your neighborhood, your date of birth, and your marital status, that all go into determining the rate you pay. In this article, we will cover these topics and should give you a good start in finding the cheapest car insurance in Minneapolis.
The vehicle model requiring coverage is a large factor when shopping around for the most affordable coverage for real estate agents. Vehicles with high performance features, poor safety ratings, or a track record of large liability claims will cost significantly more to insure than more modest models. The information below illustrates auto insurance rates for the cheaper vehicles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $1,211 |
| Ford Escape Limited 4WD | $1,283 |
| Toyota Prius | $1,309 |
| Ford F-150 XL Regular Cab 4WD | $1,328 |
| Chevrolet Impala LT | $1,399 |
| Chevrolet Equinox LS AWD | $1,404 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,413 |
| Ford Explorer Eddie Bauer AWD | $1,426 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,474 |
| Toyota Corolla XLE | $1,484 |
| Dodge Grand Caravan CV | $1,477 |
| Ford Focus SE 4-Dr Sedan | $1,492 |
| Honda Odyssey Touring | $1,500 |
| Jeep Grand Cherokee Limited 2WD | $1,505 |
| Toyota RAV4 Sport 2WD | $1,524 |
| Dodge Ram Crew Cab TRX 2WD | $1,529 |
| GMC Sierra SLE Regular Cab 2WD | $1,564 |
| Chevrolet Malibu Hybrid | $1,571 |
| Volkswagen Jetta 2.0T Station Wagon | $1,567 |
| Toyota Camry Hybrid | $1,599 |
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Table data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Premium amounts do not factor in garaging location in Minneapolis, MN which can influence prices significantly.
Looking at the rates, you can see that makes and models like the Honda CR-V, Ford Escape, Toyota Prius, and Ford F-150 are some of the more affordable vehicles to insure for realtors.
Finding dependable, cheap auto insurance is not most people’s favorite thing to do, and figuring out which insurers offer the lowest-priced car insurance rates for real estate agents calls for even more work. Every auto insurer uses their own method to set policy rates, so we’ll take a look at the lowest cost car insurance companies in Minnesota.
We do need to point out that Minnesota car insurance rates are influenced by many factors which can substantially change the price you pay for coverage. Turning one year older, having a teen driver, or getting a couple of tickets can trigger changes in premium that may make certain companies more expensive than before.
Cheap Insurance Rates for Realtors
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $667 |
| 2 | Farm Bureau Mutual | $805 |
| 3 | USAA | $823 |
| 4 | The Hartford | $926 |
| 5 | Western National | $928 |
| 6 | West Bend Mutual | $981 |
| 7 | Allied | $1,198 |
| 8 | State Farm | $1,250 |
| 9 | California Casualty | $1,264 |
| 10 | General Casualty | $1,274 |
| 11 | American Family | $1,280 |
| 12 | Auto-Owners | $1,295 |
| 13 | Nationwide | $1,364 |
| 14 | Auto Club Group | $1,393 |
| 15 | Farmers | $1,407 |
| 16 | Allstate | $1,437 |
| 17 | North Star | $1,446 |
| 18 | Progressive | $1,463 |
| 19 | Country | $1,470 |
| 20 | MetLife | $1,534 |
| Find Cheaper Rates Go | ||
Travelers may have some of the lowest car insurance rates in Minneapolis at around $667 annually. This is $754 less than the average rate paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, The Hartford, and Western National also make the cut as some of the cheaper Minneapolis, MN insurance companies.
In the rate table above, if you are a policyholder with Western National and switched to Farm Bureau Mutual, you may realize yearly savings of in the neighborhood of $123. Minnesota drivers with West Bend Mutual could save as much as $176 a year, and Allied customers might realize rate reductions of up to $393 a year.
To find out how much you can save, click here or click through to the companies below.
It’s important to note that these premiums are averages across all drivers and vehicles and are not factoring in a vehicle location for real estate agents. So the company that has the cheapest rates for you may not even be in the top 24 companies shown above. That point stresses why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
Drive safe and save
One of the best ways to obtain affordable car insurance rates in Minneapolis for realtors is to be a cautious driver and avoid traffic citations and accidents. The information below illustrates how traffic citations and accident claims can influence insurance premiums for different age groups. The data is based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
The chart shows that the average cost of a car insurance policy in Minnesota per year with no accidents and a clean driving record is $1,426. Add in one speeding ticket and the average cost jumps to $1,636, an increase of $210 each year. Then add in one accident along with the one speeding ticket and the annual cost of car insurance for real estate agents jumps again to an average of $2,224. That’s an increase of $798, or $67 per month, just for not keeping your driving record clean!
Which car insurance company is best in Minnesota?
Ending up with a good quality insurance provider can be challenging considering how many choices drivers have in Minnesota. The information shown below can help you select which companies to look at comparing rates from. These ratings are only comprised of companies with a national presence, so companies that have a smaller presence are not factored into the list.
| 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 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| The Hartford | 87 | 89 | 84 | 87% | A+ | 88 |
| Esurance | 84 | 88 | 85 | 83% | A+ | 86 |
| Farmers Insurance | 79 | 88 | 84 | 87% | A | 84.7 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Last year’s bargain might be this year’s rip off
Minneapolis, MN car insurance rates are based on many factors that control the price you have to pay. Improving your credit rating, buying another vehicle, or having a fender bender can trigger changes in premium that can now make some companies more affordable than others.
In addition, car insurance companies change rates as needed in order to maintain liquidity for claims. An extended period of higher than normal claims may result in more expensive premiums, while less frequent claims may cause cheaper Minneapolis car insurance rates.
As an example, the graph below compares the cheapest car insurance in Minneapolis, MN for a 30-year-old female driver with no accidents, a clean driving record, and great credit. If we compare prices based on her current risk factors, Travelers may have the most affordable car insurance rates in Minneapolis at $860 annually. This is $561 less than the average rate paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, The Hartford, and Western National round out the rest of the cheapest Minneapolis, MN auto insurance companies.
Now we will give the driver in the first chart an accident surcharge, slightly worse credit, and a couple of points charged on her driving record. Since each auto insurance company uses their own calculation for setting rates, comparing quotes may result in a different ranking of affordable companies as shown below.
USAA now has the best insurance rate in Minneapolis, MN with Farm Bureau Mutual, Allied, State Farm, and California Casualty completing the list. This illustrates why it is important to spend some time comparing rates when trying to get the most affordable car insurance quotes for real estate agents. Auto insurance prices are determined by many risk factors and change frequently, so the most economical option a year ago may now not even be in the top five.