Who Has Cheap Car Insurance for Electric Cars in Minneapolis?

The words “bargain” and “auto insurance” really don’t belong together, specifically when looking for the best coverage prices for electric cars. Because it’s not cheap, let’s lead off by showing you a few of the things the can have a considerable influence on car insurance prices, and find out if you can take the bite out of your next policy.

Comparing rates for reasonably-priced insurance is not always easy, and finding out which company quotes the best car insurance rates for electric cars takes more quotes for comparison.

Every insurance provider uses slightly different criteria to set premium rates, so let’s take a look at the car insurance companies with the overall best prices in Minneapolis. It’s a good idea to be aware that Minneapolis car insurance rates are impacted by many factors that control the policy premium. Improving your credit rating, increasing liability limits, or having an accident can trigger rate changes resulting in some rates now being cheaper than others.

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Travelers may offer some of the cheapest car insurance rates in Minneapolis at around $661 each year. This is $760 less than the average premium paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, Western National, and The Hartford also make the cut as some of the more affordable Minneapolis, MN auto insurance companies.

As the example above demonstrates, if you are insured with Western National and switched to Travelers, you may realize savings of about $267. Drivers with The Hartford might save as much as $303 a year, and West Bend Mutual insureds might see rate reductions of $311 a year.

It’s important to note that these policy prices are averaged across all drivers and vehicles in Minnesota and are not factoring in a specific location for electric cars. So the auto insurance company that can offer you the best price may not even be in the top 24 companies in the list above. That is why you need to compare rates from as many companies as possible using your own driver information and specific vehicle type.

One of the more important factors that are looked at to help calculate insurance cost is where you keep your car in Minneapolis. Cities with more crime and/or more people tend to have more expensive car insurance rates, whereas less populated areas have the benefit of cheaper auto insurance prices.

The table below sorts the most expensive areas in Minnesota for electric cars in which to buy car insurance. Minneapolis makes the list at #2 costing $1,997 on average, which is around $166 monthly.

Rate quotes are approximated as specific Minneapolis garaging address can lower or raise coverage prices significantly.

Illustration showing the impact of accidents and violations

The easiest way to earn the best car insurance premiums for eco-friendly vehicles is to be a cautious driver and avoid tickets and accidents. The chart below shows how traffic citations and accident claims influence car insurance rates for each different age category. The prices are based on a single female driver, full coverage, $250 deductibles, and no discounts are applied to the premium.

The data charted above shows the average cost of auto insurance in Minnesota per year with no accidents or violations is $1,748. Add in one speeding ticket and the average cost surges to $1,979, an increase of $231 each year. Then add in two accidents along with the one speeding ticket and the 12-month cost of car insurance for electric cars jumps again to an average of $3,918. That’s an increase of $2,171, or $181 per month, just for not being a responsible driver!

How much more does full coverage cost in Minneapolis?

Saving money when shopping for car insurance is the goal of most people, and one way to reduce the cost of insurance for electric cars is to only buy liability coverage. The example below shows the comparison of car insurance costs with full physical damage coverage compared to only buying liability only. The price estimates are based on no claims or violations, $250 deductibles, marital status is single, and no discounts are applied.

If averaged for all ages, comp and collision coverage costs an additional $1,670 per year more than insuring for liability only. At some point, about every driver wonders if buying full coverage is a good investment. There is no definitive formula to drop physical damage coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, then it might be time to buy liability only.

For example, let’s pretend your vehicle’s settlement value is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $9,500 after paying your deductible. If premium cost is more than $950 a year to have full coverage, then you might consider buying liability only.

The example below demonstrates how choosing different deductibles can increase or decrease insurance prices when trying to find cheap insurance for electric cars. The premium estimates are based on a single male driver, full coverage, and no discounts are applied to the premium.

A 40-year-old driver could lower rates by $260 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $394 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old, could reduce their rates up to $856 or more by choosing a larger deductible amount. When insureds make the decision to increase the deductibles on their policy, it will be necessary to have plenty of savings on hand to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.

Your cheap policy may actually be overpriced

Minneapolis, MN car insurance rates are calculated based on many things that may substantially change the cost of your policy. Turning one year older, having a claim, or getting a ticket for careless driving can trigger rate changes that may make certain companies cheaper than others. In addition to those changes, insurance companies change prices every year or even multiple times each year to ensure their profitability. Unexpectedly high claims can result in rate hikes, while a lower level of claims may cause cheaper Minneapolis car insurance rates.

To help illustrate this point, the chart below compares the cheapest car insurance in Minneapolis, MN for a 40-year-old male driver with no accidents, a clean driving record, and good financial standing. If we estimate rates based on his current rating profile, Travelers may have the lowest car insurance rates in Minneapolis at $842 per year. This is $579 less than the average policy premium paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and The Hartford are the rest of the cheapest Minneapolis, MN auto insurance companies.

In this example, we will give the driver from the first set of rates a chargeable claim, a little lower credit rating, and a traffic citation. Since every car insurance company uses their own formula to determining premium rates, analyzing rate quotes may now show a completely different list of companies as shown below.

Farm Bureau Mutual now has the best price on car insurance in Minneapolis with USAA, Allied, American Family, and General Casualty completing the list. This example demonstrates why consumers need to take the time to compare lots of rates when trying to get the lowest car insurance quotes for electric cars. Insurance rates are determined by many things and can change without notice, so the best company six months ago may now be an over-priced policy.