Astonishing but true according to a recent study, over 70% of consumers have stayed with the same insurance company for at least four years, and about 40% of consumers have never compared insurance rates at all. With the average insurance premium being $2,200, Minneapolis drivers can save hundreds of dollars each year by just comparing quotes, but they just feel it’s too hard to compare rates and save money.
The most effective way to find better pricing on Scion xB insurance is to do a yearly price comparison from insurers in Minneapolis.
- Get an understanding of policy coverages and the measures you can control to keep rates down. Many risk factors that cause high rates like accidents, careless driving, and a negative credit rating can be amended by making minor changes in your lifestyle. This article gives the details to get low prices and get additional discounts that may be available.
- Quote rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can provide rates from one company like Progressive or State Farm, while independent agencies can give you price quotes for a wide range of companies. View companies
- Compare the new rates to the price on your current policy and determine if there is any savings. If you find a lower rate, make sure there is no lapse between the expiration of your current policy and the new one.
- Provide written notification to your current company of your intent to cancel your current coverage and submit any necessary down payment along with the completed application to the newly selected company. Once the application is submitted, put the new certificate verifying coverage in a readily accessible location in your vehicle.
An important part of this process is to make sure you enter identical limits and deductibles on every price quote and and to get price estimates from as many carriers as you can. Doing this helps ensure an apples-to-apples comparison and a complete rate analysis.
The car insurance companies shown below can provide free rate quotes in Minnesota. To find the best auto insurance in Minneapolis, we suggest you visit several of them to get a more complete price comparison.
Car insurance statistics for a Scion xB
The rate information displayed below outlines different rate quotes for Scion xB models. Learning as much as possible about how car insurance premiums are determined can be of help when making smart choices when buying a car insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XB 2WD | $262 | $458 | $412 | $24 | $124 | $1,280 | $107 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Premium costs do not factor in Minneapolis location which can alter insurance rates substantially.
Illustration showing the impact of accidents and violations
The chart below highlights how traffic violations and accident claims impact Scion xB insurance costs for each different age category. The rate quotes are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.
Cost comparison with and without full coverage
The diagram below shows the comparison of Scion xB auto insurance costs with and without physical damage coverage. The price estimates are based on no driving violations, no at-fault accidents, $100 deductibles, single marital status, and no policy discounts are applied.
When to drop full coverage
There is no set rule of when to exclude full coverage, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s pretend your Scion xB replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after the policy deductible has been paid. If you are paying over $800 annually for physical damage coverage, then you may want to consider only buying liability coverage.
There are some scenarios where buying only liability insurance is not a good plan. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Insurance protects more than just your car
Despite the high cost, paying for insurance may be mandatory for several reasons.
- Most states have minimum liability requirements which means you are required to buy specific limits of liability in order to license the vehicle. 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 your xB has a loan, most banks will have a requirement that you have insurance to guarantee loan repayment. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Scion at an extremely high rate and require you to reimburse them much more than you were paying before.
- Insurance protects both your Scion and your personal assets. Insurance will pay for medical transport and hospital expenses incurred in an accident. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, your insurance policy will pay to have it repaired.
The benefits of having insurance definitely exceed the cost, particularly if you ever have a claim. Unknowingly, the average driver overpays as much as $700 annually so you should quote and compare rates every year to help ensure money is not being wasted.
How to Lower Your Insurance Prices
Part of the insurance buying process is learning a few of the rating criteria that play a part in calculating your insurance rates. When you understand what influences your rates, this helps enable you to make changes that could result in better insurance rates.
The items below are just a few of the factors companies use to determine your rates.
- Prevent insurance lapses – Not having insurance is a misdemeanor and insurance companies will penalize you for letting your coverage cancel without a new policy in place. Not only will you pay higher rates, failure to provide proof of insurance may result in fines or a revoked license.
- Single drivers take more risk – Having a wife or husband helps lower the price when buying insurance. Having a spouse may mean you are more mature than a single person and it’s statistically proven that married drivers tend to file fewer claims.
- Cars with good safety ratings are cheaper to insure – Safe vehicles get lower rates. Safe vehicles help reduce the chance of injuries in an accident and better occupant protection means lower claim amounts and cheaper rates on your policy.
- Protect yourself with liability – Liability insurance provides coverage if ever you are responsible for personal injury or accident damage. It provides you with a defense in court up to the limits shown on your policy. This coverage is relatively inexpensive compared to physical damage coverage, so drivers should buy more than the minimum limits required by law.
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Scion xB insurance loss statistics – Insurance companies use past insurance losses when they set coverage costs for each model. Vehicles that the statistics show to have high amounts or severity of claims will have higher premium rates.
The next table shows the insurance loss data used by companies for Scion xB vehicles. For each insurance policy coverage type, the loss probability for all vehicles, regardless of make, model or trim level, equals 100. Numbers under 100 suggest losses that are better than average, while numbers above 100 point to more frequent losses or statistically larger losses.
Car Insurance Loss Data for Scion xB Models Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Scion xB 86 92 89 148 127 116 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Your insurance coverage should be tailored to you
When it comes to a policy, there really is not a cookie cutter policy. Your needs are not the same as everyone else’s so your insurance should reflect that
For instance, these questions can aid in determining if you might need professional guidance.
- What is roadside assistance coverage?
- Can my teen drive my company car?
- I have health insurance so do I need medical payments coverage?
- Does every company file a SR-22 automatically?
- Am I covered when driving in Canada or Mexico?
- Do I pay less if my vehicle is kept in my garage?
- Can I pay claims out-of-pocket if I buy high deductibles?
- Why am I required to get a high-risk car insurance policy?
- Why do I need rental car insurance?
If you can’t answer these questions but a few of them apply, then you may want to think about talking to an agent. To find an agent in your area, simply complete this short form or click here for a list of insurance companies in your area. It is quick, free and you can get the answers you need.
Don’t give up on cheaper rates
As you restructure your insurance plan, never skimp on coverage in order to save money. Too many times, consumers will sacrifice liability coverage limits and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. Your focus should be to buy a smart amount of coverage for the lowest cost.
Cost effective Scion xB insurance can be found from both online companies and from local agencies, so you need to quote Minneapolis auto insurance with both to have the best selection. There are still a few companies who do not offer rates over the internet and these regional carriers sell through independent insurance agencies.
More articles
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- Who Has Cheap Car Insurance Rates for a School Permit in Minneapolis? (FAQ)
- How Much are Auto Insurance Quotes for Drivers Over Age 60 in Minneapolis? (FAQ)
- Who Has the Cheapest Minneapolis Car Insurance Quotes for Uninsured Drivers? (FAQ)
- How Can I Save Money on Auto Insurance? (Insurance Information Institute)
- State Laws for Cellphones and Texting (iihs.org)