Establishing which company has the best insurance rates for retired military involves more time in order to find the lowest price quote. Each insurance company has a proprietary formula to set premium rates, so we’ll take a look at the lowest cost insurance companies in Minnesota.
Find the Cheapest Car Insurance for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $667 |
| 2 | USAA | $823 |
| 3 | Farm Bureau Mutual | $837 |
| 4 | Western National | $928 |
| 5 | West Bend Mutual | $943 |
| 6 | The Hartford | $954 |
| 7 | Allied | $1,198 |
| 8 | State Farm | $1,213 |
| 9 | California Casualty | $1,264 |
| 10 | General Casualty | $1,274 |
| 11 | American Family | $1,280 |
| 12 | Auto-Owners | $1,282 |
| 13 | Farmers | $1,351 |
| 14 | Auto Club Group | $1,352 |
| 15 | Nationwide | $1,364 |
| 16 | Progressive | $1,420 |
| 17 | Allstate | $1,437 |
| 18 | North Star | $1,446 |
| 19 | Country | $1,455 |
| 20 | MetLife | $1,534 |
| Get Personalized Rates Go | ||
Travelers may have some of the most affordable car insurance rates in Minneapolis at around $667 annually. This is $754 less than the average rate paid by Minnesota drivers of $1,421. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual are also some of the best Minneapolis, MN insurance companies.
As shown in the table above, if you currently have a policy with Western National and switched to Travelers, you may realize a yearly price reduction of around $261. Minnesota drivers with West Bend Mutual may save as much as $276 a year, and The Hartford policyholders might lower prices by up to $287 a year.
To see if your current coverage is too expensive, click here to begin a quote or visit any of the low-priced companies below.
These estimates are averaged for all ages of drivers and types of vehicles and and are not calculated with an exact location for retired military. So the car insurance company that is most affordable for your situation may not even be in the top 24 companies shown above. That’s why you need to get auto insurance quotes using your own individual information.
The type of vehicle driven is one of the primary factors when comparing quotes for low-priced auto insurance for retired military. Vehicles with lower acceleration and performance, excellent safety ratings, or a low likelihood of having liability claims will cost substantially less to insure than high performance models. The next list shows car insurance premiums for a number of the cheapest automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Dodge Grand Caravan SE | $1,599 |
| Ford Explorer XLT 4WD | $1,607 |
| Honda CR-V LX 4WD | $1,748 |
| Ford Escape XLT 2WD | $1,754 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,772 |
| Honda Odyssey EX-L W/Rear Entertainment | $1,775 |
| Toyota Camry SE | $1,780 |
| Ford F-150 STX Super Cab 2WD | $1,791 |
| Jeep Grand Cherokee Limited 2WD | $1,807 |
| Toyota Prius | $1,812 |
| Ford F-350 Super Cab Lariat 2WD | $1,872 |
| Ford Edge SE 2WD | $1,918 |
| Toyota RAV4 Sport 4WD | $1,932 |
| Chevrolet Impala LT | $1,942 |
| Chevrolet Malibu Hybrid | $1,932 |
| Get a Custom Quote Go | |
Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Rates do not factor in garaging location in Minneapolis, MN which can alter rates substantially.
Based upon the rates shown, cars like the Dodge Grand Caravan, Ford Explorer, Honda CR-V, and Ford Escape should be a few of the most affordable vehicles to insure for veterans.
One of the more important criteria that are looked at to determine the cost of insurance is where you live. More densely populated places tend to have more expensive car insurance rates, whereas areas that tend to be more rural can boast about having cheaper rates.
The next table rates the highest-priced areas in Minnesota for retired military to purchase auto insurance in. Minneapolis is ranked #1 with an annual cost of $2,079 for the average policy, which is about $173 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Minneapolis | $2,079 |
| 2 | Saint Paul | $2,049 |
| 3 | Maplewood | $2,005 |
| 4 | Coon Rapids | $1,809 |
| 5 | Brooklyn Park | $1,798 |
| 6 | Richfield | $1,796 |
| 7 | Edina | $1,777 |
| 8 | Bloomington | $1,739 |
| 9 | Blaine | $1,731 |
| 10 | Burnsville | $1,726 |
| 11 | Maple Grove | $1,724 |
| 12 | Duluth | $1,724 |
| 13 | Minnetonka | $1,723 |
| 14 | Eden Prairie | $1,723 |
| 15 | Saint Louis Park | $1,702 |
| 16 | Saint Cloud | $1,686 |
| 17 | Woodbury | $1,680 |
| 18 | Lakeville | $1,666 |
| 19 | Apple Valley | $1,663 |
| 20 | Plymouth | $1,663 |
| Get a Custom Quote Go | ||
Annual rates are estimated as the specific zip code location can influence prices greatly.
Liability rates compared to full coverage
Saving money on insurance should be important to most people, and a good way to buy cheap insurance for retired military is to buy only liability coverage. The chart below illustrates the comparison of annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. The premium estimates are based on no driving violations, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are factored in.
On average, comp and collision coverage costs an extra $1,336 per year over and above liability coverage. A very common question is if full coverage is worth the money. There is no clear-cut rule to drop physical damage coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s assume your vehicle’s book value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $5,000 after the deductible is paid. If you are paying over $500 annually to have full coverage, then you may want to consider only buying liability coverage.
Finding the highest-rated auto insurance provider can be challenging considering how many companies there are to choose from in Minneapolis. The company rank data below may help you decide which coverage providers you want to consider comparing rate quotes with.
These rankings are only comprised of large insurance companies, so companies that have a smaller presence will not be included in the list. To check rates and find the cheapest rates for retired military, just click here.
| 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 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
The agents listed below are willing to help you decide which auto insurance policy fits you best, as some drivers aren’t sure which coverage they need and prefer to have some professional guidance when shopping around for cheaper insurance for veterans. It can be challenging to find the cheapest rates, so getting advice from a licensed Minnesota insurance agent can bring peace of mind knowing your policy gives you adequate asset protection.
To find a Minneapolis insurance agency nearest to you, click the button following the list or click here to compare price quotes.
Moreno Agency – Innovative Insurance
4748 Chicago Ave #2 – Minneapolis, MN 55407 – (612) 584-0077
Semlak Miernicki Insurance Agency
2657 Dupont Ave S – Minneapolis, MN 55408 – (612) 208-0873
Germain Insurance Agency
315 W 46th St – Minneapolis, MN 55419 – (612) 822-7983
Minneapolis St. Paul Agency Insurance and Risk Management
2469 University Ave W – St Paul, MN 55114 – (651) 647-9665
American Family Insurance – Patrick Fagerlee Agency Inc
3910 Central Ave NE – Minneapolis, MN 55421 – (763) 789-6201
More insurance agents in Minneapolis, MN
How to find cheaper auto insurance for retired military
The list below shows a few thrifty solutions that can help you find cheaper auto insurance.
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Higher deductibles mean lower rates
- Clean up your credit rating
- Choose a safer vehicle and pay lower rates
- Avoid preventable accidents
- Check for cheaper rates once a year
The last tip is notably necessary, as we noted in the prior information. Prices charged by auto insurers adjust often, so don’t be afraid to switch to a new company if you find a cheaper price.
Staying with the same company for years is fine, but it’s not a great idea if that loyalty ends up costing hundreds of dollars a year. In just a few minutes you could shop around to find cheaper auto insurance for retired military in Minneapolis.