It’s amazing but the vast majority of Minnesota auto insurance customers have stayed with the same insurance company for a minimum of four years, and just short of a majority have never quoted auto insurance rates at all. Many consumers in the United States could save themselves almost $860 a year by just shopping around, but they just feel it’s too hard to go online and compare rates.
If saving money is your primary concern, then the best way to find discount auto insurance rates in Minneapolis is to compare prices regularly from companies who provide auto insurance in Minnesota. This can be done by following these guidelines.
Step 1: Learn about policy coverages and the changes you can make to keep rates in check. Many things that are responsible for high rates like your driving record and an imperfect credit history can be amended by making minor driving habit or lifestyle changes. Continue reading for the details to prevent rate hikes and get additional discounts that may have been overlooked.
Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from one company like GEICO and Allstate, while independent agencies can give you price quotes from many different companies.
Step 3: Compare the new quotes to your existing policy to see if a cheaper rate is available. If you find a lower rate quote and change companies, ensure there is no coverage lapse between policies.
An important part of this process is to try to compare the same physical damage deductibles and liability limits on each price quote and and to look at every insurance company. This enables a level playing field and a complete price analysis.
If you have insurance now, you will surely be able to buy cheaper car insurance using the techniques presented in this article. Buying the cheapest car insurance in Minneapolis is quite easy if you know the best way to do it. Nevertheless, Minnesota consumers must comprehend how the larger insurance companies price insurance differently.
There are several ways to get quotes from many insurance companies in Minnesota. By far the easiest way to find the cheapest insurance rates consists of obtaining rate quotes online.
It’s so simple to compare insurance rates online replaces the need to drive around to local Minneapolis insurance agencies. Doing it all online has made agencies unnecessary unless your situation requires the professional abilities that can only be provided by a licensed insurance agent. It is possible to comparison shop online but purchase the actual policy in an agency. Keep in mind that comparing more prices increases your odds of finding a lower rate. Some insurance companies are not set up to provide Minneapolis Accent insurance quotes online, so you need to compare quotes from those companies as well.
The following companies have been selected to offer price quotes in Minnesota. If you wish to find the cheapest auto insurance in Minneapolis, MN, it’s highly recommended you get price quotes from several of them in order to find the most competitive rates.
Hyundai Accent insurance charts and tables
The table displayed below showcases different coverage costs for Hyundai Accent models. Learning how rates are established can help customers make smart choices when buying a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accent Blue 2-Dr Hatchback | $96 | $210 | $304 | $18 | $92 | $720 | $60 |
| Accent GS 2-Dr Hatchback | $114 | $254 | $304 | $18 | $92 | $782 | $65 |
| Accent GLS 4-Dr Sedan | $114 | $300 | $406 | $24 | $122 | $966 | $81 |
| Accent SE 2-Dr Hatchback | $130 | $346 | $304 | $18 | $92 | $890 | $74 |
| Get Your Own Custom Quote Go | |||||||
Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Rate quotes do not factor in the specific area where the vehicle is garaged which can alter prices noticeably.
Raise deductibles and save
The hardest decision when buying coverage is how high should the physical damage coverage deductibles be. The following insurance rates help summarize the cost difference when you buy lower versus higher deductibles. The first set of prices uses a $100 deductible for comprehensive and collision coverage and the second set of prices uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accent Blue 2-Dr Hatchback | $202 | $406 | $270 | $16 | $80 | $999 | $83 |
| Accent GS 2-Dr Hatchback | $238 | $492 | $270 | $16 | $80 | $1,121 | $93 |
| Accent GLS 4-Dr Sedan | $238 | $580 | $358 | $22 | $108 | $1,331 | $111 |
| Accent SE 2-Dr Hatchback | $272 | $668 | $270 | $16 | $80 | $1,331 | $111 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accent Blue 2-Dr Hatchback | $112 | $214 | $270 | $16 | $80 | $692 | $58 |
| Accent GS 2-Dr Hatchback | $132 | $260 | $270 | $16 | $80 | $758 | $63 |
| Accent GLS 4-Dr Sedan | $132 | $306 | $358 | $22 | $108 | $926 | $77 |
| Accent SE 2-Dr Hatchback | $152 | $352 | $270 | $16 | $80 | $870 | $73 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Rate quotes do not factor in garaging location in Minneapolis which can decrease or increase premium rates noticeably.
Using the data above, we can ascertain that using a $100 deductible will cost you about $32 more each month or $384 a year averaged for all Accent models than quoting the higher $1,000 deductible. Since you would have to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you have at least 28 months between claims, you would probably come out ahead if you choose the higher deductible.
How to calculate deductible break even point
| Average monthly premium for $100 deductibles: | $100 |
| Average monthly premium for $1,000 deductibles (subtract): | – $68 |
| Monthly savings from raising deductible: | $32 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $32 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 28 months |
One thing to be aware of is that raising deductibles to save money results in a higher out-of-pocket expense when you do file a claim. You need enough savings in order to pay the higher deductible.
Hyundai Accent liability rates compared to full coverage
The chart below compares Hyundai Accent premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no claims or driving citations, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
Guidelines for eliminating full coverage
There is no clear-cut formula of when to stop paying for full coverage, but there is a broad guideline. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let’s say your Hyundai Accent claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $7,000 after the policy deductible has been paid. If you are currently paying more than $700 a year for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some conditions where buying only liability insurance is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Insurance agencies can help
Many people would rather go talk to an agent and that can be a great decision One of the great benefits of comparing car insurance online is the fact that you can find cheap rate quotes and still have an agent to talk to. Buying from neighborhood agents is definitely important in Minneapolis.
Once you complete this form (opens in new window), your insurance coverage information gets sent to companies in Minneapolis that can provide free Minneapolis auto insurance quotes and help you find cheaper coverage. You won’t need to visit any agencies since price quotes are sent straight to your inbox. It’s the lowest rates without having to waste a lot of time. In the event you want to get a rate quote from a specific car insurance provider, feel free to navigate to their website and submit a quote form there.
If you need to find local Minneapolis agents, there are a couple of different agency structures and how they can quote your rates. Insurance agencies in Minneapolis can be categorized as either exclusive or independent (non-exclusive).
Independent Car Insurance Agents
These agents are not restricted to one company and that enables them to quote your coverage through many different car insurance companies and find the cheapest rate. If premiums increase, the business is moved internally and that require little work on your part.
When comparing car insurance rates, you need to compare prices from several independent agencies in order to have the best price comparison.
Below is a small list of independent insurance agencies in Minneapolis who may provide free price quotes.
Minneapolis Insurance Specialists Team
333 N Washington Ave – Minneapolis, MN 55401 – (612) 460-7796 – View Map
Bernie Glover Insurance Agency
2520 Lowry Ave N – Minneapolis, MN 55411 – (612) 522-6531 – View Map
Skarnes Agency Inc.
1845 NE Stinson Blvd – Minneapolis, MN 55418 – (612) 354-2040 – View Map
Exclusive Car Insurance Agencies
Exclusive agencies can usually just insure with one company and some examples include AAA, Allstate, and State Farm. These agents are unable to provide prices from multiple companies so you need to shop around if the rates are high. These agents receive a lot of sales training on what they offer which helps overcome the inability to quote other rates.
Below is a list of exclusive agencies in Minneapolis that are able to give rate quotes.
State Farm: Ashkan Morvari
25 W Diamond Lake Rd – Minneapolis, MN 55419 – (612) 455-4196 – View Map
Allstate Insurance: Mohamud Isse
331 E Lake St – Minneapolis, MN 55408 – (612) 353-6667 – View Map
State Farm: Seth Bork Insurance Agency Incorporated
8347 University Ave NE D – Minneapolis, MN 55432 – (763) 780-2222 – View Map
Finding a good insurance agency should include more criteria than just a cheap price. You should also get answers to these questions.
- Is there any savings for paying the full premium?
- Does the agent have professional designations like CIC, CPCU or AIC?
- Do they have a Better Business Bureau rating in Minneapolis?
- Does the company have a solid financial rating?
- Will the quote change when the policy is issued?
- Do they see any coverage gaps in your plan?
- Do they offer accident forgiveness?