What Auto Insurance is Cheapest for Felons in Minneapolis?

This would be a quick read if we could simply give you the name of the company that has the cheapest policy rates in Minnesota. It’s just not that simple, as there are a ton of unknowns like if you are a homeowner or renter, if you are a man or woman, and if you want full coverage included, that all impact the cost of your policy. The content below will cover the best ways to pay less and should give you a good beginning to your quest for cheaper car insurance.

For felons, one of the more important components that aid in calculating the amount you pay for auto insurance is where your car is garaged. Areas with increased crime or more people tend to have more expensive car insurance rates, whereas areas with less crime or weather claims receive better rates.

The table below ranks the most costly cities in Minnesota for felons in which to buy car insurance. Minneapolis is ranked #1 with an annual premium of $2,058 for the average policy, which is about $172 each month.

Annual rates are approximated as the garaging address in Minneapolis can raise or lower prices significantly.

Trying to buy budget auto insurance is not easy, and finding out which companies quote the cheapest auto insurance rates for felons takes even more rate comparisons.

Each company has a unique formula for filing rates in each state, so let’s begin by examining the auto insurance companies with the overall cheapest rates in Minnesota.

Lowest Insurance Price Quotes for Felons

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Travelers may have some of the cheapest car insurance rates in Minneapolis at around $667 per year. USAA, Farm Bureau Mutual, Western National, and The Hartford also rank well as some of the lowest-priced Minneapolis, MN car insurance companies.

In the above rates, if you currently buy coverage from USAA and switched to Travelers, you might see a yearly savings of about $140. Customers with Farm Bureau Mutual could save as much as $162 a year, and Western National policyholders might cut rates by $234 a year.

Be aware that those policy prices are averages for all insureds and vehicles and do not take into consideration a specific vehicle garaging location for felons. So the insurer that fits your situation best may not even be in the top 24 companies shown above. That’s why you need to get car insurance quotes using your own individual information.

The vehicle that needs insurance is probably the largest consideration when shopping for the most affordable coverage for felons. Vehicles with higher performance characteristics, poor passenger safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer models. The table below illustrates insurance rates for some of the more affordable automobiles to buy insurance for.

Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Table data does not factor in Minneapolis, MN location which can alter auto insurance rates significantly.

Looking at the numbers, cars like the Honda Odyssey, Toyota Prius, and Ford Edge are going to be the most affordable vehicles to insure for felons.

Auto insurance rates are higher with tickets and accidents

A great way to receive the cheapest auto insurance rates for felons is to drive safely and avoid traffic citations and accidents. The example below demonstrates how citations and at-fault fender-benders impact auto insurance costs for different insured age categories. The costs are based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.

In the prior example, the average cost of an auto insurance policy per year with no accidents or violations is $1,136. Add in one speeding ticket and the average cost surges to $1,306, an increase of $170 each year. Next add one accident along with the one speeding ticket and the annual cost of auto insurance for felons goes up to an average of $1,777. That’s an increase of $641, or $53 per month, just for a couple of infractions!

Cost difference between full coverage and liability

Buying cheaper auto insurance should be important to most people, and an effective way to lower the cost of insurance for felons is to buy only liability coverage. The diagram below illustrates the difference between insurance premiums when comparing full coverage to liability only. The premiums assume a clean driving record, no claims, $100 deductibles, drivers are single, and no policy discounts are applied.

As an average, physical damage insurance costs an extra $2,436 per year over and above liability only. That is a significant amount which raises the question if buying full coverage is worth the expense. There is no exact formula of when to eliminate comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s say your vehicle’s replacement cost is $12,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $11,000 after the policy deductible has been paid. If you are paying more than $1,100 a year for physical damage coverage, then you might want to consider buying only liability coverage.

There are some circumstances where removing full coverage is not recommended. If you still have a lienholder on your title, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not consider dropping full coverage.

Why are you paying too much for Minneapolis car insurance?

Minneapolis auto insurance rates are influenced by many factors that may substantially change the price you pay. Simply having a birthday, moving across town, or getting a ticket for careless driving can produce rate changes resulting in some companies being more affordable than others. In addition, insurers amend premium rates without warning to ensure their profitability. Larger than normal claims may result in higher priced premiums, while profitable underwriting may result in lower-priced Minneapolis car insurance rates.

To illustrate this point, the bar chart below shows rates for the cheapest car insurance in Minneapolis, MN for a 35-year-old female driver with no accidents or violations, and excellent credit. Based on her current risk factors, Travelers may have the most affordable car insurance rates in Minneapolis at $869 annually. This is $552 less than the average policy premium paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and The Hartford also make the list of the top five cheapest Minneapolis, MN auto insurance companies.

Let’s now give the driver in the first example a claim or two, a lower credit rating, and a traffic ticket or two. Since each insurance company uses their own formula to determining premium rates, getting updated rate quotes most likely will result in a completely different list of the cheapest car insurance companies in Minneapolis as shown below.

USAA now has the best car insurance rate in Minneapolis with Allied, Farm Bureau Mutual, Western National, and State Farm now rounding out the top five. This example shows why Minneapolis drivers need to shop around to find the most economical car insurance quotes for felons.

Insurance prices are determined by many risk factors and change frequently, so the cheapest company the last time you shopped your coverage around may now be one of the more expensive options.

The Minneapolis, MN, insurance agents below are a good start to help you decide which insurance coverage will be best for you, since some drivers have questions and prefer to have a professional recommendation when shopping around for cheaper insurance for felons. It can be challenging to find the cheapest rates, and getting professional guidance from a licensed agent can bring satisfaction knowing your policy gives you adequate asset protection. To find a Minneapolis insurance agent near you, click the button following the list or click here to compare price quotes.

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