Wouldn’t life be great if we could just give you the name of that one special company that has the cheapest car insurance rates for Uber drivers? Unfortunately, it’s just not that easy, as there are a lot of unknown elements such as what level of deductibles you wish to have, if you have any tickets or accidents, and your gender, that all impact the cost of coverage. The content below covers some of these criteria and educate you enough to have a jump start in finding the best auto insurance in Minneapolis.
The type of vehicle you are seeking coverage for is a significant factor when shopping for economical car insurance for Uber drivers. Vehicles with lots of horsepower, poor crash test ratings, or a high likelihood of having liability claims will cost substantially more to insure than more economical and safe models. The information below outlines car insurance prices for the cheapest automobiles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $1,673 |
| Chevrolet Impala LT | $1,793 |
| Honda Odyssey EX-L W/Navigation | $1,888 |
| Toyota Corolla S | $1,895 |
| Ford Escape Limited 2WD | $1,902 |
| Honda CR-V EX 4WD | $1,910 |
| Chevrolet Equinox LTZ AWD | $1,921 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,944 |
| Ford F-350 Super Cab Cabela Package 2WD | $1,955 |
| Nissan Rogue SL AWD | $2,016 |
| Ford Focus SES 2-Dr Coupe | $2,024 |
| Toyota RAV4 Limited 4WD | $2,052 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,062 |
| Jeep Grand Cherokee Laredo 2WD | $2,052 |
| Ford Explorer XLT AWD | $2,080 |
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Data variables include single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Rate quotes do not factor in specific Minneapolis, MN garaging location which can decrease or increase coverage rates substantially.
Based on these rates, we can conclude that cars like the Toyota Prius, Chevrolet Impala, Honda Odyssey, Toyota Corolla, and Ford Escape should be a few of the most affordable vehicles to insure for Uber vehicles.
For Uber vehicles, one of the big criteria that aid in calculating insurance cost is where you keep your car in Minneapolis. Regions with more people or even just more weather-related claims tend to have higher rates, whereas areas that tend to be more rural receive better rates.
The following table sorts the most expensive areas in Minnesota for Uber drivers to purchase a policy in. Minneapolis comes in at #3 with an annual cost of $2,018 for the average policy, which is about $168 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Saint Paul | $2,070 |
| 2 | Maplewood | $2,066 |
| 3 | Minneapolis | $2,018 |
| 4 | Richfield | $1,814 |
| 5 | Brooklyn Park | $1,798 |
| 6 | Duluth | $1,794 |
| 7 | Coon Rapids | $1,792 |
| 8 | Edina | $1,777 |
| 9 | Blaine | $1,748 |
| 10 | Bloomington | $1,739 |
| 11 | Plymouth | $1,731 |
| 12 | Burnsville | $1,726 |
| 13 | Saint Louis Park | $1,720 |
| 14 | Eagan | $1,712 |
| 15 | Eden Prairie | $1,706 |
| 16 | Saint Cloud | $1,702 |
| 17 | Shakopee | $1,693 |
| 18 | Maple Grove | $1,690 |
| 19 | Woodbury | $1,680 |
| 20 | Minnetonka | $1,672 |
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Rate information is approximated as vehicle location can alter rates significantly.
Should you buy full coverage?
Reducing premiums for auto insurance is important to the majority of drivers, and one of the quickest ways to buy cheaper insurance for Uber drivers is to not buy full coverage. The chart below compares insurance rates when comparing full coverage to liability only. The price estimates are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are not married, and no policy discounts are applied.
If all age groups are averaged, physical damage coverage on your policy costs $1,844 per year more than buying just liability insurance. That brings up the question when is it a good idea to stop buying full coverage. There is no definitive formula to eliminate comp and collision coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.
There are some scenarios where buying only liability insurance is not recommended. If you still have a loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Discounts on Minneapolis car insurance
Auto insurance companies that provide coverage for Uber drivers may also provide special discounts that can reduce rates by 35% or more if you are eligible to receive them. Popular auto insurance companies and their possible discounts are included below.
- 21st Century offers premium reductions for homeowners, early bird, good student, teen driver, and automatic seat belts.
- State Farm has savings for defensive driving training, accident-free, good student, passive restraint, and Steer Clear safe driver discount.
- AAA offers discounts for AAA membership discount, multi-car, good student, pay-in-full, good driver, and multi-policy.
- Liberty Mutual has discounts for newly retired, multi-car, new vehicle discount, exclusive group savings, and teen driver discount.
- Progressive offers discounts including multi-vehicle, online signing, multi-policy, good student, online quote discount, and continuous coverage.
The example below illustrates the difference between car insurance costs with and without discounts applied to the policy rates. The rates are based on a male driver, no claims or violations, Minnesota state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with anti-theft, safe-driver, marriage, multiple policy, vehicle safety, and defensive driving course discounts applied. When discounts are factored in, theamount saved on auto insurance for Uber drivers is 28% or $414.
Last year’s bargain might be this year’s rip off
Minneapolis, MN auto insurance rates are influenced by many factors which can substantially decrease or increase your annual premium. Simply improving your credit, having a teenage driver, or getting a few speeding tickets can trigger price changes that can now make some companies much cheaper than others.
Additionally, companies modify pricing as often as every quarter in order to offset underwriting gains or losses. Significantly higher losses can result in more expensive prices, while a profitable period may cause cheaper Minneapolis car insurance rates.
The bar chart below shows which companies have the cheapest car insurance in Minneapolis, MN for a 35-year-old female driver with no violations or accidents, and a decent credit rating. If we look at prices based on her personal risk profile, Travelers may offer the cheapest car insurance rates in Minneapolis at $922 a year. This is $499 less than the average premium paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual also make the list of the most affordable Minneapolis, MN auto insurance companies.
The example below compares rates after we give the driver from the first rate comparison an accident surcharge, poor credit, and an imperfect driving record. Since every car insurance company has a unique approach for setting rates, analyzing rates may now show a different set of cheap Minneapolis auto insurance companies as shown below.
USAA now has the cheapest rate in Minneapolis, MN with Allied, Farm Bureau Mutual, State Farm, and American Family now rounding out the top five. This example illustrates why Minnesota drivers need to take the time to shop around to get the lowest car insurance rates for Uber drivers. Insurance rates are made up of many risk factors and can change substantially, so the most economical company the last time you shopped around may now be quite expensive.