Ideally, we could simply give you the name of the exact car insurance company that has the most affordable coverage in Minnesota. Regrettably, it’s not quite that easy, as there are a lot of unknowns like if you own or rent your home, whether you just need liability insurance, your credit score, and your marital status. In this article, we will cover the best ways to avoid high prices and will hopefully give the reader a jump start in finding the best auto insurance in Minnesota.
Finding out which insurers offer the cheapest car insurance rates for good students will involve a bit more effort in order to find the lowest price quote. Every insurance provider has their own process to set their prices, so let’s take a look at the most affordable car insurance companies in Minneapolis.
It’s important to know that Minneapolis car insurance rates are determined by lots of factors that control the price of your policy. Turning one year older, buying a home, or having an accident may cause policy rate changes that can cause some rates to be cheaper than others.
Best Auto Insurance Prices for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $667 |
| 2 | Farm Bureau Mutual | $805 |
| 3 | USAA | $823 |
| 4 | Western National | $901 |
| 5 | The Hartford | $954 |
| 6 | West Bend Mutual | $981 |
| 7 | Allied | $1,174 |
| 8 | State Farm | $1,213 |
| 9 | California Casualty | $1,227 |
| 10 | American Family | $1,242 |
| 11 | Auto-Owners | $1,295 |
| 12 | General Casualty | $1,300 |
| 13 | Auto Club Group | $1,352 |
| 14 | North Star | $1,404 |
| 15 | Progressive | $1,405 |
| 16 | Nationwide | $1,406 |
| 17 | Farmers | $1,407 |
| 18 | Country | $1,427 |
| 19 | Allstate | $1,437 |
| 20 | MetLife | $1,549 |
| Compare Rates Now Go | ||
Travelers quotes some of the lowest car insurance rates in Minneapolis at around $667 each year. Farm Bureau Mutual, USAA, Western National, and The Hartford would also be considered some of the most economical Minneapolis, MN car insurance companies.
As illustrated above, if you buy coverage from The Hartford and switched to Farm Bureau Mutual, you could see yearly savings of about $149. Insureds with West Bend Mutual may save as much as $176 a year, and Allied customers might realize rate reductions of up to $369 a year.
To see how much you can save, click here to start your free quote or click several companies below for low rates.
Bear in mind that those premium estimates are averaged across all drivers and vehicles in Minnesota and and are not figured with an exact location for good students. So the insurer that is most affordable for your situation may not even be in the list above. That’s why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
For student drivers, one of the more important things that are looked at to help calculate car insurance rates is where you live. Areas with a lot of weather claims or more people tend to have higher rates, whereas more rural areas get the luxury of paying less.
The information below shows the most costly cities in Minnesota for good students to buy auto insurance in. Minneapolis is ranked at #1 having an annual price of $2,079 for car insurance, which is around $173 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Minneapolis | $2,079 |
| 2 | Maplewood | $2,045 |
| 3 | Saint Paul | $1,988 |
| 4 | Richfield | $1,814 |
| 5 | Coon Rapids | $1,809 |
| 6 | Blaine | $1,801 |
| 7 | Brooklyn Park | $1,798 |
| 8 | Edina | $1,759 |
| 9 | Bloomington | $1,756 |
| 10 | Saint Louis Park | $1,754 |
| 11 | Duluth | $1,724 |
| 12 | Minnetonka | $1,706 |
| 13 | Eden Prairie | $1,706 |
| 14 | Woodbury | $1,697 |
| 15 | Plymouth | $1,680 |
| 16 | Maple Grove | $1,673 |
| 17 | Lakeville | $1,666 |
| 18 | Eagan | $1,661 |
| 19 | Burnsville | $1,658 |
| 20 | Saint Cloud | $1,652 |
| 21 | Shakopee | $1,642 |
| 22 | Rochester | $1,623 |
| 23 | Apple Valley | $1,614 |
| 24 | Moorhead | $1,550 |
| 25 | Mankato | $1,534 |
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Prices are comparative as the specific garaging location can decrease or increase coverage rates noticeably.
The make and model of vehicle you are insuring is one of the primary factors in finding the best cheap auto insurance for good students. Vehicles with higher performance, a lack of advanced safety features, or a track record of large liability claims will cost substantially more to insure than safer, lower-performance models.
The information below showcases car insurance costs for a number of the cheaper vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $5,004 |
| Volkswagen Jetta S 2.5 Station Wagon | $5,339 |
| Ford Escape Limited 4WD | $5,346 |
| Honda Accord EX-L 4-Dr Sedan | $5,339 |
| Toyota Prius | $5,392 |
| Chevrolet Silverado LS Regular Cab 4WD | $5,484 |
| Honda Odyssey LX | $5,494 |
| Ford Explorer XLT AWD | $5,540 |
| Ford F-150 STX Super Cab 4WD | $5,593 |
| Ford Edge Limited 2WD | $5,820 |
| Chevrolet Impala LS | $5,829 |
| Toyota RAV4 Limited 4WD | $5,875 |
| Chevrolet Malibu LS | $5,883 |
| Dodge Grand Caravan SXT | $5,928 |
| Toyota Tacoma Double Cab 4WD | $5,934 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $6,102 |
| Hyundai Elantra GLS 4-Dr Sedan | $6,210 |
| Toyota Corolla LE | $6,216 |
| Honda Civic Hybrid 4-Dr Sedan | $6,264 |
| GMC Sierra SLT Crew Cab 2WD | $6,272 |
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Table data assumes single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, and safe-driver. Estimates do not factor in the specific area where the vehicle is garaged which can influence price quotes considerably.
Looking at the numbers, we can conclude that models like the Honda CR-V, Volkswagen Jetta, and Ford Escape are going to be a few of the most budget-friendly vehicles to insure for student drivers.
The example below illustrates how your choice of deductibles can increase or decrease insurance costs when searching for cheap insurance for good students. The data is based on a married female driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 50-year-old driver could reduce rates by $218 a year by changing from a $100 deductible up to a $500 deductible, or save $330 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old category, could shave $538 every year just by choosing higher deductibles when buying full coverage.
When choosing a higher deductible, it is a good idea to have additional funds squirreled away to pay the extra out-of-pocket expense associated with higher deductibles.
Get discount Minneapolis auto insurance
Insurers that provide policies for good students could also offer premium discounts that may potentially lower prices by as much as 25% or more if you can meet the requirements. A few popular companies and a partial list of their discounts are included below.
- 21st Century has discounts for air bags, defensive driver, automatic seat belts, student driver, teen driver, 55 and older, and homeowners.
- Progressive has savings for multi-policy, online signing, continuous coverage, multi-vehicle, good student, homeowner, and online quote discount.
- State Farm may offer discounts for multiple autos, good driver, multiple policy, student away at school, and passive restraint.
- Nationwide may include discounts for multi-policy, defensive driving, good student, family plan, and business or organization.
- Esurance may have discounts that include good driver, emergency road assistance, anti-lock brakes, DriveSense, and multi-car.
- The Hartford offers discounts for bundle, air bag, defensive driver, driver training, vehicle fuel type, and good student.
The illustration below illustrates the difference between insurance prices with and without discounts applied to the policy premium. The rates are based on a female driver, no claims or driving violations, Minnesota state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with anti-theft, continuous coverage, paid-in-full, good student, vehicle safety, and paperless filing discounts applied. When drivers qualify for the discounts, theamount saved on car insurance for good students is 28% or $587.
Here’s why price comparisons are so important
Minneapolis, MN car insurance rates are calculated based on many things which can significantly increase or decrease the cost of having a policy. Improving your credit rating, increasing liability limits, or getting a few speeding tickets may cause policy rate changes that can cause some rates to be more affordable than before. Also, insurers change their prices every year or even multiple times each year in order to protect their financial rating. Larger than normal claims may result in high rates, while profitable underwriting can produce cheaper Minneapolis car insurance rates.
As an example, the data below shows rates for the cheapest car insurance in Minneapolis, MN for a 45-year-old female driver with a good driving record, no prior claims, and good financial standing. When comparing rates based on her current situation, Travelers may offer the lowest car insurance rates in Minneapolis at $931 each year. This is $490 less than the average rate paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, The Hartford, and Western National are the remainder of the cheapest Minneapolis, MN auto insurance companies.
Let’s now give the driver from above an accident claim, bad credit, and a speeding citation. Due to the fact that each insurance company has a unique approach to set premium rates, analyzing rate quotes could now result in a different set of the cheapest companies as shown below.
USAA now has the cheapest rate in Minneapolis with Farm Bureau Mutual, Allied, California Casualty, and American Family now being in the top five. This illustrates why drivers need to shop around with many companies to find the most budget-friendly auto insurance quotes for good students. Insurance prices are calculated by many risk factors and can decrease or increase without notice, so the cheapest rate the last time you compared rates may now be costing you a lot of money.