Surprisingly, a recent survey revealed that the vast majority of auto insurance customers kept their policy with the same company for over three years, and approximately 38% of consumers have never compared quotes from other companies. Many drivers in Minnesota can save $1,000 each year by just shopping around, but they don’t know the amount of savings they would get if they bought a different policy.
If your goal is the lowest price, then the best way to save on Audi A8 insurance in Minneapolis is to begin comparing prices regularly from insurance carriers that insure vehicles in Minnesota. Price quotes can be compared by following these guidelines.
- Get a basic knowledge of how companies price auto insurance and the modifications you can make to keep rates down. Many things that cause high rates such as careless driving and an imperfect credit rating can be rectified by paying attention to minor details.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can provide rates from one company like Progressive or Farmers Insurance, while independent agencies can provide prices for a wide range of companies.
- Compare the new rate quotes to your current policy premium to determine if switching companies saves money. If you find a better price and make a switch, make sure coverage does not lapse between policies.
- Provide adequate notice to your current company to cancel your current car insurance policy. Submit any necessary down payment along with the completed application for the new policy. As soon as you have the new policy, store the certificate verifying coverage with the vehicle registration.
One thing to point out is to use the same liability limits and deductibles on each quote request and and to get quotes from as many different insurance providers as possible. Doing this guarantees an apples-to-apples comparison and the most accurate and complete price analysis.
Locating the best insurance company for you in Minneapolis is not that difficult. Basically, every vehicle owner who needs more affordable auto insurance will more than likely be able to reduce their rates. But Minnesota car owners need to learn how the larger insurance companies calculate their prices because rates fluctuate considerably.
How Your A8 Insurance Rates are Determined
Many things are taken into consideration when you get your auto insurance bill. Some are obvious like an MVR report, although some other factors are not as apparent such as your credit history or how safe your car is. The best way to find cheaper insurance is to take a look at the different types of things that are used to determine insurance rates. When consumers understand what influences your rates, this enables you to make decisions that can help you get better insurance rates.
Lower premiums with alarms and GPS tracking – Driving a car with a theft deterrent system can save you some money. Advanced theft deterrents like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all aid in stopping auto theft and help lower rates.
Being married brings a discount – Walking down the aisle can get you a discount on insurance. Marriage generally demonstrates drivers are more mature and responsible it has been statistically shown that married couples file fewer claims.
Performance impacts insurance costs – The performance of the car you need insurance for makes a big difference in your car insurance bill. The cheapest insurance rates will generally be found on lower performance four cylinder passenger vehicles, but other factors influence the final cost greatly.
The following chart uses these variables: married male driver age 40, full coverage with $100 deductibles, and no discounts or violations. It compares Audi A8 rates compared to other makes and models that have a range of performance rating factors.
Know your vehicle’s safety rating – Cars with five star safety ratings get lower rates. Vehicles engineered for safety reduce occupant injuries and any reduction in injury severity translates directly to fewer claims which can mean better rates for you.
Drive less and save – The more miles you rack up on your Audi every year the higher your rates will be. Almost all companies rate vehicles based upon how much you drive. Autos not used for work or commuting receive lower rates than those that get driven frequently. An improperly rated A8 is throwing money out the window. Double check that your policy is showing the correct driver usage.
Be proud to be claim-free – Auto insurance companies in Minnesota give better rates to insureds that do not abuse their auto insurance. If you tend to file frequent claims, you can definitely plan on either higher rates or even cancellation. Auto insurance is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
Audi A8 claim probability – Companies analyze historical claim data when they calculate premium rates for each model. Models that the data determines to have increased claim numbers or amounts will have a higher premium rate. The next table illustrates the insurance loss data used by companies for Audi A8 vehicles.
For each policy coverage, the claim amount for all vehicles, regardless of make or model, is set at 100. Numbers below 100 suggest a better than average loss history, while values that are above 100 point to more frequent losses or an increased probability of a larger loss.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Audi A8 4dr 4WD | 289 | 108 | 261 | |||
| Audi A8L 4dr 4WD | 300 | 88 | 279 | 62 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Coverage information
The coverage information below outlines estimates of insurance premium costs for Audi A8 models. Having insight into how premiums are determined is important for you to make smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| A8 4.2 Quattro 4-Dr Sedan | $364 | $814 | $384 | $22 | $114 | $1,698 | $142 |
| A8 4.2L Quattro 4-Dr Sedan | $394 | $898 | $384 | $22 | $114 | $1,812 | $151 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Price estimates do not factor in vehicle location which can influence premium rates greatly.
Can higher deductibles save money?
One of the hardest decisions when shopping for auto insurance is which comprehensive and collision deductibles to buy. The data tables below highlight the difference in cost between low and high policy deductibles. The first set of prices uses a $250 comprehensive and collision deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| A8 4.2 Quattro 4-Dr Sedan | $372 | $708 | $318 | $18 | $94 | $1,535 | $128 |
| A8 4.2L Quattro 4-Dr Sedan | $402 | $782 | $318 | $18 | $94 | $1,639 | $137 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| A8 4.2 Quattro 4-Dr Sedan | $302 | $570 | $318 | $18 | $94 | $1,302 | $109 |
| A8 4.2L Quattro 4-Dr Sedan | $328 | $630 | $318 | $18 | $94 | $1,388 | $116 |
| 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 safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Price information does not factor in your specific Minneapolis location which can revise prices greatly.
Based on this data, using a $250 deductible costs roughly $20 more each month or $240 annually across all Audi A8 models than buying the higher $500 deductible. Since the policyholder would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you go at least 13 months between claims, you would probably come out ahead going with the higher deductible.
Cost of full coverage
The diagram below compares Audi A8 auto insurance rates with full physical damage coverage and with liability coverage only. The data assumes no violations or claims, $100 deductibles, single marital status, and no discounts are taken into consideration.
When to stop buying comprehensive and collision coverage
There is no definitive rule for phasing out comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of coverage is 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 pretend your Audi A8 book value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after the deductible is paid. If you are paying over $400 annually for full coverage, then you might consider buying liability only.
There are a few cases where dropping physical damage coverage is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.
Affordable rates with discounts
Auto insurance companies do not list their entire list of discounts in a way that’s easy to find, so the list below details both the well known and also the lesser-known ways to save on car insurance. If you check and find you aren’t receiving every discount you deserve, you are just wasting money.
- Professional Memberships – Affiliation with a qualifying organization could earn you a nice discount on your next renewal.
- Student in College – Kids who live away from home at college and do not have a car could get you a discount.
- Minneapolis Homeowners Discount – Just owning your own home may earn you a small savings because of the fact that having a home is proof that your finances are in order.
- Multiple Vehicles – Purchasing coverage when you have multiple cars or trucks on the same car insurance policy can get a discount on all vehicles.
- ABS Braking Discount – Vehicles that have anti-lock braking systems are much safer to drive and therefore earn up to a 10% discount.
- Switch and Save Discount – Some car insurance companies give discounts for signing up early. Ten percent is about the average savings.
- Good Grades Discount – Getting good grades could provide a savings of up to 20% or more. This discount can apply up to age 25.
- Low Miles Discount – Maintaining low annual mileage could be rewarded with lower car insurance rates on the low mileage vehicles.
- Online Discount – A handful of larger companies will give you a small discount for buying a policy and signing up on their website.
It’s important to note that most discount credits are not given to all coverage premiums. Some only apply to the cost of specific coverages such as liability, collision or medical payments. So despite the fact that it appears having all the discounts means you get insurance for free, nobody gets a free ride.
The chart below illustrates the comparison of Audi A8 insurance premiums with and without discounts applied to the rates. The prices are based on a female driver, no claims or driving violations, Minnesota state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, claim-free, homeowner, marriage, and multi-car discounts applied.
If you would like to see a list of companies that offer some of these discounts in Minnesota, click this link.
Quote more to save more
Budget-friendly auto insurance in Minneapolis can be found online as well as from insurance agents, and you should compare rates from both to have the best rate selection. A few companies do not offer online price quotes and most of the time these regional carriers provide coverage only through independent agencies.
Drivers leave their current company for a variety of reasons including not issuing a premium refund, poor customer service, lack of trust in their agent or delays in responding to claim requests. It doesn’t matter what your reason, finding a new auto insurance company is pretty easy and you might even save some money in the process.
As you shop your coverage around, it’s a bad idea to sacrifice coverage to reduce premiums. In many instances, someone dropped liability coverage limits to discover at claim time that they should have had better coverage. Your focus should be to get the best coverage possible at the best possible price.
To learn more, feel free to visit the resources below:
- Medical Payments Coverage (Liberty Mutual)
- Who Has the Cheapest Car Insurance for Infrequent Drivers in Minneapolis? (FAQ)
- How Much are Auto Insurance Rates for Nurses in Minneapolis? (FAQ)
- Booster Seat Ratings (iihs.org)
- What is Full Coverage? (Allstate)