Unfortunately, most auto insurance buyers kept their policy with the same company for a minimum of four years, and roughly 40% of drivers have never even compared rates from other companies. Many consumers in Minneapolis could save themselves up to 50% a year just by comparing rates, but they don’t want to take the time to compare rates online.
The preferred way to find the cheapest price for car insurance prices is to compare prices at least once a year from insurance carriers in Minneapolis.
- Step 1: Spend a few minutes and learn about how companies price auto insurance and the things you can change to lower rates. Many risk factors that are responsible for high rates like traffic violations and a lousy credit rating can be rectified by making minor driving habit or lifestyle changes.
- Step 2: Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only provide price estimates from one company like GEICO or Allstate, while independent agencies can provide rate quotes from multiple insurance companies. Get quotes now
- Step 3: Compare the quotes to your current policy premium to see if a cheaper price is available in Minneapolis. If you find better rates, ensure coverage does not lapse between policies.
- Step 4: Tell your current agent or company of your intention to cancel your current car insurance policy. Submit a completed application and payment to your new carrier. As soon as you can, safely store the proof of insurance certificate with your registration paperwork.
The most important part of shopping around is to try to compare the same physical damage deductibles and liability limits on every quote request and and to get prices from every company you can. Doing this guarantees a fair price comparison and a thorough selection of prices.
When shopping for insurance there are multiple ways of comparing rate quotes from insurance companies in your area. The fastest way to lower the rate you pay for insurance consists of shopping online.
Doing online rates comparisons is so easy that it takes the place of having to spend your day driving to insurance agencies in your area. Buying insurance online eliminates the middleman unless you’re the type of person who wants the professional assistance of an agent trained in personal lines coverage. It is possible to get prices online but buy from a local Minneapolis insurance agent.
Just keep in mind that having more price comparisons provides better odds of finding the best offered rates. Not every company does quotes online, so it’s important to also get price estimates on coverage from those companies, too.
The following companies are ready to provide quotes in Minnesota. If you want cheap auto insurance in Minneapolis, it’s a good idea that you get prices from several of them in order to get a fair rate comparison.
| Make, Model, and Trim Level | Annual Policy Premium | 6-month Policy Premium | Monthly Premium |
|---|---|---|---|
| Chevrolet Colorado LT Crew Cab 2WD | $856 | $428 | $71 |
| Chevrolet Silverado LS Regular Cab 2WD | $876 | $438 | $73 |
| Dodge Ram Crew Cab Sport 4WD | $1,016 | $508 | $85 |
| Ford Edge SEL AWD | $856 | $428 | $71 |
| Ford Escape XLT 4WD | $754 | $377 | $63 |
| Ford F-150 Lariat Super Cab 4WD | $888 | $444 | $74 |
| Ford Focus SE 2-Dr Coupe | $982 | $491 | $82 |
| Ford Fusion Sport 4-Dr Sedan | $934 | $467 | $78 |
| Honda Accord EX 4-Dr Sedan | $738 | $369 | $62 |
| Honda CR-V LX 2WD | $738 | $369 | $62 |
| Honda Civic SI 4-Dr Sedan | $964 | $482 | $80 |
| Kia Optima EX | $998 | $499 | $83 |
| Mazda 3 I Touring 4-Dr Sedan | $918 | $459 | $77 |
| Nissan Altima 3.5 SR 2-Dr Coupe | $1,044 | $522 | $87 |
| Toyota Camry SE | $918 | $459 | $77 |
| Toyota Corolla XLE | $918 | $459 | $77 |
| Get Rate Quotes for Your Vehicle Go | |||
Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Price information does not factor in specific zip code location which can affect rates significantly.
Why you need to buy car insurance
Despite the potentially high cost of car insurance, maintaining insurance is required by state law in Minnesota and it also provides benefits you may not be aware of.
First, most states have compulsory liability insurance requirements which means the state requires specific limits of liability in order to get the vehicle licensed. 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.
Second, if your car has a loan, it’s most likely the lender will require you to buy full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the bank may insure your vehicle for a much higher rate and require you to fork over for it.
Third, insurance protects not only your vehicle but also your assets. It will also cover hospital and medical expenses for not only you but also any passengers injured in an accident. Liability coverage also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If your vehicle gets damaged, collision and comprehensive coverages will pay to repair the damage.
The benefits of buying enough insurance greatly outweigh the cost, especially if you ever need it. According to a survey of 1,000 drivers, the average driver overpays more than $750 every year so compare rates at least once a year to be sure current rates are still competitive.
Do you qualify for discounts on car insurance?
Companies don’t always advertise all discounts in a way that’s easy to find, so below is a list some of the best known as well as some of the hidden credits available to you.
- Telematics Data Discounts – Drivers that enable data collection to scrutinize their driving habits by using a telematics device such as State Farm’s In-Drive could save a few bucks if they are good drivers.
- Discount for Life Insurance – Select car insurance companies reward you with a small discount if you purchase life insurance from them.
- Payment Discounts – If paying your policy premium upfront instead of paying each month you may have a lower total premium amount.
- Defensive Driver Discounts – Passing a driver safety course could save 5% or more and easily pay for the cost of the class.
- Paper-free Discount – Certain companies may give you up to $50 for completing your application digitally online.
One thing to note about discounts is that most of the big mark downs will not be given to all coverage premiums. A few only apply to the price of certain insurance coverages like physical damage coverage or medical payments. So when it seems like you could get a free car insurance policy, company stockholders wouldn’t be very happy. But any discount will reduce the cost of coverage.
To find companies that have a full spectrum of discounts in Minneapolis, follow this link.