The words “low-priced” and “insurance” probably shouldn’t be used together, in particular when you are trying to find the best car insurance for drivers over age 70. In an attempt to save some money, let’s open your eyes to some of the things that determine car insurance prices, and find out if you can slash the price of the next policy you buy.
One of the more important criteria that are looked at to determine the amount you pay for auto insurance is where you normally keep your vehicle. Regions with larger populations or more claims tend to pay slightly more, whereas areas with less congestion have the luxury of cheap car insurance rates.
The following table sorts the most expensive cities in Minnesota for drivers over age 70 to purchase auto insurance in. Minneapolis is ranked at #3 with the yearly price of $2,018 on average, which is approximately $168 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Saint Paul | $2,049 |
| 2 | Maplewood | $2,045 |
| 3 | Minneapolis | $2,018 |
| 4 | Richfield | $1,796 |
| 5 | Duluth | $1,794 |
| 6 | Coon Rapids | $1,792 |
| 7 | Blaine | $1,784 |
| 8 | Edina | $1,759 |
| 9 | Bloomington | $1,756 |
| 10 | Brooklyn Park | $1,744 |
| 11 | Woodbury | $1,731 |
| 12 | Burnsville | $1,726 |
| 13 | Maple Grove | $1,724 |
| 14 | Eden Prairie | $1,723 |
| 15 | Saint Louis Park | $1,720 |
| 16 | Minnetonka | $1,706 |
| 17 | Saint Cloud | $1,702 |
| 18 | Shakopee | $1,693 |
| 19 | Lakeville | $1,666 |
| 20 | Plymouth | $1,663 |
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Prices are estimated as specific location information can influence premiums substantially.
Establishing which insurers offer the most affordable car insurance rates for drivers over age 70 involves more time in order to find coverage that fits your budget. Every car insurance company has their own guidelines to establish rates, so let’s look at the rankings for the car insurance companies that tend to be cheaper in Minneapolis, MN.
It’s important to understand that Minneapolis, MN car insurance rates are impacted by many factors which can substantially decrease or increase your annual premium. Simply turning a year older, buying a different home, or getting a ticket for running a stop sign can trigger changes in premium that can now make some companies cheaper in comparison to the competition.
Compare Cheap Insurance Quotes for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $661 |
| 2 | USAA | $799 |
| 3 | Farm Bureau Mutual | $829 |
| 4 | Western National | $901 |
| 5 | The Hartford | $926 |
| 6 | West Bend Mutual | $952 |
| 7 | Allied | $1,210 |
| 8 | State Farm | $1,263 |
| 9 | California Casualty | $1,264 |
| 10 | American Family | $1,280 |
| 11 | Auto-Owners | $1,295 |
| 12 | General Casualty | $1,313 |
| 13 | Nationwide | $1,364 |
| 14 | Auto Club Group | $1,393 |
| 15 | Farmers | $1,407 |
| 16 | Country | $1,412 |
| 17 | Progressive | $1,420 |
| 18 | North Star | $1,432 |
| 19 | Allstate | $1,481 |
| 20 | MetLife | $1,596 |
| View More Rates Go | ||
Travelers may have some of the lowest car insurance rates in Minneapolis at around $661 a year. This is $760 less than the average price paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and The Hartford also make the cut as some of the cheaper Minneapolis, MN insurance companies.
As illustrated above, if you have coverage with Western National and switched to USAA, you could see a yearly savings of in the neighborhood of $102. Drivers with The Hartford may save as much as $127 a year, and West Bend Mutual insureds might see rate reductions of $153 a year.
It’s important to note that these premium estimates are averages across all ages of drivers and types of vehicles and and are not figured with an exact zip code location for drivers over age 70. So the insurer that has the lowest price for you may not even be in the top 24 companies shown above. That point stresses why you need to compare as many prices as possible using your own driver and vehicle profiles.
Impact of citations and accidents on Minneapolis insurance rates
The obvious way to score the most affordable car insurance rates in Minneapolis for older drivers is to drive cautiously and not receive tickets or have accidents. The illustration below highlights how traffic violations and accidents influence insurance rates for different insured age categories. The rates are based on a single male driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
The chart shows that the average cost of a car insurance policy in Minneapolis per year with no accidents and a clean driving record is $1,639. Add in one speeding ticket and the average cost rises to $1,846, an increase of $207 each year. Now throw in one accident along with the one speeding ticket and the yearly cost of car insurance for drivers over age 70 increases to an average of $2,427. That’s an increase of $788, or $66 per month, just for not being attentive to the road!
The information below demonstrates how deductible levels can affect annual premium costs when researching cheap insurance for drivers over age 70. The data assumes a single female driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 40-year-old driver could lower their car insurance rates by $340 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $512 by changing to a $1,000 deductible. Younger drivers, such as the 20-year-old example, can cut $874 or even more by choosing a higher deductible.
If you make the decision to raise deductibles, it is essential to have enough spare savings to enable you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Should you buy full coverage?
Buying cheaper car insurance is important to the majority of drivers, and one of the fastest ways to pay less for insurance for drivers over age 70 is to only buy liability insurance. The illustration below shows the comparison of premium costs with full physical damage coverage and with liability coverage only. The rates are based on no accidents, no driving violations, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
Averaged for all ages 20 through 70, full coverage on your policy costs an additional $1,639 per year more than just insuring for liability. Many people question if it’s worth it to buy full coverage. There is no definitive formula of when to phase out comp and collision coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
There are some cases where dropping full coverage is not financially feasible. If you haven’t satisfied your loan, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Tips for buying budget-friendly auto insurance for drivers over age 70
The list below shows a few thrifty solutions that can help you find cheap coverage.
- Save money by insuring older vehicles for liability only
- Bundle home or renters insurance to earn a discount on car insurance
- Pay for small claims rather than turning them in to your insurance company
- Vehicles with safetly features generally cost less to insure
- Drive attentively and avoid accidents
- Speeding tickets and other violations increase rates
- Compare prices frequently to find the best deal
That last piece of advice is remarkably important, as was pointed out in this write-up. Coverage prices fluctuate constantly, so you should be ready to change insurance companies if a more affordable price is available. Many drivers have brand loyalty and that’s fine, but it’s not a great idea if that faithfulness ends up costing you a lot of money every month. Take a couple minutes and shop around and find cheaper auto insurance for drivers over age 70 in Minneapolis.
If you like to have some professional guidance when comparing insurance rates for older drivers, the agents listed below can help you make a decision which is the best policy. To find a Minneapolis insurance agency near you, click the button at the bottom of the list.
Kelly Mulligan Allstate Insurance Agency
80 8th St S – Minneapolis, MN 55402 – (612) 713-9253
Kim Nybo – State Farm Insurance Agent
2724 University Ave SE – Minneapolis, MN 55414 – (612) 767-7775
Allstate Insurance: Charles Fritz
2213 Johnson St NE – Minneapolis, MN 55418 – (612) 788-6279
CBIZ Associated Insurance Agents
2800 Freeway Blvd – Minneapolis, MN 55430 – (763) 549-2200