You’ve seen the catchy advertisements from car insurance companies like Farmers and Liberty Mutual guaranteeing the cheapest price, so drivers just need to pick the company with the cutest commercial, right?
It’s just not that simple, as there are a whole bunch of unknown elements such as whether you are a man or a woman, the amount of liability coverage you want, what your desired deductibles are, and how far you drive each year, that all influence how much you pay for auto insurance. We are going to cover the things that cause high insurance rates and will give you a good beginning to your quest for cheaper car insurance.
Comparing quotes for low-priced auto insurance is not the easiest thing to do, and finding out which company has the lowest-priced car insurance rates for high school students will require a little more work. Each insurance company uses a little different formula to set their prices, so let’s take a look at the overall cheapest car insurance companies in Minneapolis.
It’s important to understand that Minneapolis, MN car insurance rates are influenced by many factors that will increase or decrease the cost of coverage. This price fluctuation is why drivers need to do a thorough rate comparison when trying to find the most budget-friendly insurance quotes for high school students. Insurance prices can be altered by many factors and change frequently, so the cheapest company the last time you shopped around may now not even be in the top five.
Find the Best Cheap Insurance for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $641 |
| 2 | USAA | $807 |
| 3 | Farm Bureau Mutual | $813 |
| 4 | Western National | $937 |
| 5 | West Bend Mutual | $943 |
| 6 | The Hartford | $964 |
| 7 | Allied | $1,210 |
| 8 | California Casualty | $1,214 |
| 9 | State Farm | $1,226 |
| 10 | General Casualty | $1,261 |
| 11 | American Family | $1,268 |
| 12 | Auto-Owners | $1,295 |
| 13 | Auto Club Group | $1,339 |
| 14 | Farmers | $1,407 |
| 15 | Progressive | $1,420 |
| 16 | Nationwide | $1,420 |
| 17 | North Star | $1,432 |
| 18 | Allstate | $1,467 |
| 19 | Country | $1,470 |
| 20 | MetLife | $1,581 |
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Travelers has some of the best car insurance rates in Minneapolis at around $641 a year. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual would also make the list of some of the more affordable Minneapolis, MN insurance companies.
In the rate table above, if you have coverage with Farm Bureau Mutual and switched to Travelers, you could realize an annual premium reduction of in the vicinity of $172. Customers with Western National could save as much as $296 a year, and West Bend Mutual insureds might see rate reductions of $302 a year.
To compare your rates to other Minnesota insurance companies, click here to begin a quote or quote rates from the companies below.
Remember that these rates are averages across all ages of drivers and types of vehicles and and are not figured with an exact vehicle garaging location for high school students. So the insurer that can offer you the best rate may not even be in the top 24 companies shown above. That points out the importance of why you need to get auto insurance quotes using your own driver information and specific vehicle type.
The car, truck, or SUV on the policy is probably the largest consideration when comparing economical car insurance for high school students. Vehicles with high performance features, poor safety ratings, or a history of substantial liability claims will cost quite a bit more to insure than safer, lower-performance models.
The next table ranks car insurance prices for a handful of the most affordable vehicles to insure in Minnesota.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $5,663 |
| Honda CR-V EX 4WD | $5,715 |
| Ford Escape Limited 4WD | $6,062 |
| Toyota Prius | $6,113 |
| Chevrolet Impala LS | $6,666 |
| Ford Edge SEL 2WD | $6,674 |
| Toyota RAV4 Sport 2WD | $6,717 |
| Ford Explorer Limited 4WD | $6,769 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $6,777 |
| Dodge Grand Caravan SXT | $6,769 |
| Chevrolet Malibu LT | $6,776 |
| Honda Odyssey EX-L | $7,061 |
| Toyota Camry XLE | $7,069 |
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Prices above based on single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific location which can revise coverage rates considerably.
Based upon the table data, cars like the Hyundai Elantra, Honda CR-V, Ford Escape, and Toyota Prius should be a few of the most budget-friendly vehicles to insure for teenagers. The cost of a car insurance policy will be more costly because of the fact that there is more liability exposure for high school students, but in general those particular vehicles will have the cheapest rates compared to other vehicles.
Insuring your vehicle with the top auto insurance company can be challenging considering how many different companies there are to choose from in Minnesota. The ranking data shown below can help you choose which companies you want to consider shopping prices with. The ratings below include the largest companies in America, so companies that focus mainly on Minnesota business will not be included in these rankings.
| 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 |
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Data Source: Insure.com Best Car Insurance Companies
The information below highlights how deductible selection can increase or decrease insurance premiums when researching cheap insurance for high school students. The data is based on a single male driver, full coverage, and no discounts are applied to the premium.
In the chart above, a 40-year-old driver could save $314 a year by changing from a $100 deductible up to a $500 deductible, or save $470 by choosing a $1,000 deductible. Young drivers, such as the 20-year-old chart data, can save as much as $1,028 annually just by choosing higher deductibles when buying full coverage.
If you make the decision to raise deductibles, it will now be necessary to have enough funds in savings to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Types of discounts on Minneapolis auto insurance rates
Auto insurance companies that offer cheap quotes for high school students may provide special discounts that could potentially reduce rates by 30% or more if you meet specific eligibility requirements. A few popular companies and a summarized list of policyholder discounts include:
- State Farm may offer discounts for driver’s education, multiple autos, defensive driving training, anti-theft, accident-free, and safe vehicle.
- GEICO offers premium reductions for five-year accident-free, membership and employees, anti-theft, air bags, seat belt use, and federal employee.
- SAFECO includes discounts for anti-theft, bundle discounts, safe driver, teen safe driver, teen safety rewards, accident prevention training, and multi-car.
- Farmers Insurance may include discounts for homeowner, pay in full, teen driver, alternative fuel, business and professional, and mature driver.
- AAA has savings for multi-car, education and occupation, pay-in-full, good student, good driver, and AAA membership discount.
- USAA has discounts for family discount, safe driver, loyalty savings, multi-vehicle, good student, and driver training.
The information below shows the comparison of insurance costs with and without discounts applied to the policy premium. Data assumes a male driver, no accidents, no driving violations, Minnesota state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with paid-in-full, paperless filing, continuous coverage, vehicle safety, anti-theft, and good student discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on car insurance for high school students is 28% or $891.