Compare Toyota Venza Insurance Rate Quotes in Minneapolis

Want to save money and find cheaper auto insurance rates in Minneapolis, MN? Minneapolis shoppers have a choice when shopping for the lowest priced Toyota Venza insurance. You can either waste hours calling around to get rate comparisons or use the internet to get rate quotes. There are both good and bad ways to compare auto insurance rates and we’ll show you the proper way to price shop coverage for a Toyota and find the cheapest rates either online or from Minneapolis insurance agents.

Cutting your insurance rates is not rocket science. The only thing you need to do is invest a few minutes comparing free Minneapolis car insurance quotes from some recommended companies.

The providers in the list below are ready to provide free quotes in Minnesota. If multiple companies are listed, it’s highly recommended you compare several of them in order to get a fair rate comparison.

Insurance coverage analysis

The coverage table displayed next outlines a range of coverage prices for Toyota Venza models. Having a good grasp of how insurance premiums are determined is important to be able to make smart choices when purchasing an insurance policy.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Rate quotes do not factor in specific zip code location which can alter prices substantially.

Higher deductibles save money

One of the most common insurance questions is how high should the physical damage deductibles be. The rates shown below may aid in understanding the cost difference between low and high comp and collision deductibles. The first rate quote example uses a $250 physical damage deductible and the second data table uses a $500 deductible.

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Rate quotes do not factor in your specific Minneapolis location which can alter premiums noticeably.

Using the premium rates above, we can conclude that using a $250 deductible will cost you about $14 more each month or $168 annually averaged for all Venza models than opting for the higher $500 deductible. Because you would pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you usually have more than 18 months between claim filings, you would come out ahead by going with a higher deductible. Here’s an example of how you can do this calculation yourself.

Cost of full coverage in Minneapolis

The illustration below illustrates the comparison of Toyota Venza auto insurance rates with full coverage compared to only the Minnesota minimum liability coverage. The prices are based on no tickets, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are applied.

When to drop comprehensive and collision coverage

There is no set guideline for phasing out physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than about 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let’s assume your Toyota Venza settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after the policy deductible has been paid. If it’s costing you more than $600 a year for comprehensive and collision coverage, then it might be time to buy liability only.

There are some scenarios where eliminating full coverage is not a good plan. If you still have a lienholder on your title, you must maintain physical damage coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.

How Your Venza Insurance Rates are Determined

The best way to find cheaper insurance is to take a look at the rating factors that are used to determine the price you pay for insurance. If you understand what impacts premium levels, this allows you to make good choices that may reward you with much lower annual insurance costs. Multiple criteria are used in the calculation when premium rates are determined. Some are pretty understandable like your driving record, although some other factors are more obscure like your continuous coverage or your commute time.

• Too many claims will drive premiums up – Insurance companies in Minnesota provide discounts to insureds who do not file claims often. If you file a lot of claims you can definitely plan on either higher rates or even cancellation. Insurance coverage is designed for claims that pose a financial burden.
• Good credit equals lower prices – Your credit score is a large factor in calculating your insurance rates. People that have very good credit scores tend to be more responsible as compared to drivers with worse credit. So if your credit rating is lower than you’d like, you may save money insuring your Toyota Venza by spending a little time repairing your credit.
• Raise your physical damage deductibles for better rates – Insurance for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your vehicle. Some coverage claims are a broken side mirror, vandalism, and burglary. Comp and collision deductibles state the amount of money you are willing to pay if a covered claim is submitted. The more you are required to pay out-of-pocket, the less your company will charge you for insurance.

• Accidents drive up costs – Whether or not you get tickets has a lot to do with how much you pay for insurance. Attentive drivers have lower premiums as compared to those with violations. Getting just one chargeable violation may cause rates to rise twenty percent or more. Drivers who have gotten license-revoking violations like DUI, reckless driving or excessive speeding may find they need to submit a SR-22 or proof of financial responsibility with their state’s licensing department in order to legally drive.

  The information below shows how speeding tickets and fender-benders can raise Toyota Venza insurance prices for different ages of insureds. The price estimates are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

• Vehicles with better crash test results cost less to insure – Vehicles that have high safety ratings cost less to insure. Vehicles built for safety protect occupants better and any reduction in injury severity means less money paid by your insurance company which can mean better rates for you. If your Toyota scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
• More annual miles equals more premium – The more you drive in a year the higher the price you pay to insure it. Most insurance companies apply a rate based on their usage. Vehicles not used for work or commuting get more affordable rates than cars that get driven a lot. Make sure your insurance declarations sheet correctly shows the right rating data. Improper usage on your Venza can result in significantly higher rates.
• Prevent theft and save – Selecting a car model with anti-theft technology or alarm system can save you a little every year. Theft prevention features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help stop your car from being stolen.

• Premiums are impacted by vehicle performance – The make and model of the vehicle you are insuring makes a substantial difference in the rate you pay. The most favorable rates are generally reserved for lower cost passenger vehicles, but the final cost of insurance is determined by many other factors.

  The next chart uses these assumptions: married female driver age 20, full coverage with $500 deductibles, and no discounts or violations. It illustrates Toyota Venza policy rates compared to other vehicles that have a range of risk factors.

• Loss probability for a Toyota Venza – Insurance companies use past insurance losses to help determine rates. Models that the data shows to have higher losses will cost more for coverage. The table below shows the collected loss data for Toyota Venza vehicles.

  For each policy coverage, the claim amount for all vehicles averaged together is represented as 100. Numbers below 100 suggest a better than average loss history, while percentages above 100 indicate frequent claims or tendency to have larger claims.

  
  

  Insurance Loss Ratings for Toyota Venza Vehicles

  Vehicle Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Toyota Venza 4dr 2WD	93	102	86	115	110	93
  Toyota Venza 4dr 4WD	94	102	97	120	94	87

  BETTER

  AVERAGE

  WORSE

  Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Why you need quality insurance for your Toyota Venza

Despite the high cost, maintaining insurance is mandatory in Minnesota but it also protects more than you think.

• Almost all states have mandatory liability insurance requirements which means the state requires specific minimum amounts of liability in order to get the vehicle licensed. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
• If you bought your Venza with a loan, most banks will make it mandatory that you buy insurance to guarantee loan repayment. If the policy lapses, the bank or lender will purchase a policy for your Toyota at an extremely high rate and require you to pay for the expensive policy.
• Insurance safeguards both your Toyota and your personal assets. It will also reimburse you for hospital and medical expenses that are the result of an accident. As part of your policy, liability insurance will also pay to defend you in the event you are sued. If you have damage to your Toyota as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.

The benefits of insuring your Venza definitely exceed the cost, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver overpays as much as $855 a year so you should quote your policy with other companies once a year at a minimum to make sure the price is not too high.

Minneapolis auto insurance companies ranked

Selecting a high-quality insurance company is difficult considering how many companies there are to choose from in Minneapolis. The rank data in the lists below may help you pick which auto insurance companies to look at when shopping around.

Top 10 Minneapolis Car Insurance Companies Ranked by Value

1. USAA
2. GEICO
3. AAA Insurance
4. State Farm
5. Liberty Mutual
6. Allstate
7. Safeco Insurance
8. 21st Century
9. Travelers
10. Titan Insurance

Top 10 Minneapolis Car Insurance Companies by A.M. Best Rank

1. USAA – A++
2. GEICO – A++
3. Travelers – A++
4. State Farm – A++
5. Allstate – A+
6. Progressive – A+
7. Mercury Insurance – A+
8. The Hartford – A+
9. Nationwide – A+
10. Esurance – A+