It takes a little time, but the best way to find more affordable auto insurance rates in Minneapolis is to regularly compare price quotes from different companies in Minnesota. Drivers can shop around by following these guidelines.
First, it will benefit you to learn about what is in your policy and the measures you can take to lower rates. Many things that are responsible for high rates such as traffic violations and a negative credit score can be amended by being financially responsible and driving safely.
Second, quote rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from one company like GEICO or Farmers Insurance, while agents who are independent can provide prices from multiple sources. Select a company
Third, compare the new quotes to your current policy to determine if switching companies saves money. If you find better rates, ensure coverage does not lapse between policies.
Fourth, notify your agent or company of your intention to cancel your current auto insurance policy. Submit the application along with any required down payment to the new company. Once received, place the new certificate of insurance above your visor, in the console, or in the glove compartment.
A good tip to remember is to try to use the same liability limits and deductibles on every price quote and and to compare as many different companies as possible. Doing this provides a fair rate comparison and a better comparison of the market.
Unbelievably, a large majority of drivers kept their policy with the same company for a minimum of four years, and roughly 40% of drivers have never shopped around. Most drivers in Minnesota could pocket almost 50% a year by just shopping around, but they underestimate how much savings they would realize if they bought a different policy.
Cheapest companies for Chevy Cobalt insurance
The following companies provide free quotes in Minneapolis, MN. If you wish to find the cheapest car insurance in Minneapolis, we recommend you visit as many as you can to get a more complete price comparison.
Insurance coverage analysis
The premium table shown next showcases different insurance prices for Chevy Cobalt models. Learning a little about how policy premiums are established is important for drivers to make decisions when shopping around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cobalt LS 4-Dr Sedan | $244 | $486 | $470 | $28 | $140 | $1,368 | $114 |
| Cobalt XFE 4-Dr Sedan | $244 | $486 | $470 | $28 | $140 | $1,368 | $114 |
| Cobalt LS 2-Dr Coupe | $280 | $486 | $520 | $30 | $156 | $1,472 | $123 |
| Cobalt XFE 2-Dr Coupe | $280 | $486 | $520 | $30 | $156 | $1,472 | $123 |
| Cobalt LT 4-Dr Sedan | $280 | $486 | $470 | $28 | $140 | $1,404 | $117 |
| Cobalt LT 2-Dr Coupe | $316 | $486 | $520 | $30 | $156 | $1,508 | $126 |
| Cobalt SS Turbo 2-Dr Coupe | $352 | $634 | $520 | $30 | $156 | $1,692 | $141 |
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Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in specific location which can increase or decrease prices considerably.
Higher deductibles save money
When shopping for insurance, a common question is how low should you set your deductibles. The premium rates below can help you visualize how much more rates are between high and low physical damage coverage deductibles. The first set of rates uses a $100 physical damage deductible and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cobalt LS 4-Dr Sedan | $238 | $580 | $358 | $22 | $108 | $1,331 | $111 |
| Cobalt XFE 4-Dr Sedan | $238 | $580 | $358 | $22 | $108 | $1,331 | $111 |
| Cobalt LS 2-Dr Coupe | $272 | $580 | $396 | $24 | $118 | $1,415 | $118 |
| Cobalt XFE 2-Dr Coupe | $272 | $580 | $396 | $24 | $118 | $1,415 | $118 |
| Cobalt LT 4-Dr Sedan | $272 | $580 | $358 | $22 | $108 | $1,365 | $114 |
| Cobalt LT 2-Dr Coupe | $308 | $580 | $396 | $24 | $118 | $1,451 | $121 |
| Cobalt SS Turbo 2-Dr Coupe | $344 | $756 | $396 | $24 | $118 | $1,663 | $139 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cobalt LS 4-Dr Sedan | $174 | $392 | $358 | $22 | $108 | $1,054 | $88 |
| Cobalt XFE 4-Dr Sedan | $174 | $392 | $358 | $22 | $108 | $1,054 | $88 |
| Cobalt LS 2-Dr Coupe | $200 | $392 | $396 | $24 | $118 | $1,130 | $94 |
| Cobalt XFE 2-Dr Coupe | $200 | $392 | $396 | $24 | $118 | $1,130 | $94 |
| Cobalt LT 4-Dr Sedan | $200 | $392 | $358 | $22 | $108 | $1,080 | $90 |
| Cobalt LT 2-Dr Coupe | $224 | $392 | $396 | $24 | $118 | $1,154 | $96 |
| Cobalt SS Turbo 2-Dr Coupe | $250 | $512 | $396 | $24 | $118 | $1,300 | $108 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can modify coverage rates greatly.
We can estimate from the data above that using a $100 deductible will cost you about $25 more each month or $300 each year than requesting the higher $500 deductible. Since you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you have at least 16 months between claim filings, you would come out ahead if you choose the higher deductible.
How to determine if a higher deductible is a good idea
| Average monthly premium for $100 deductibles: | $119 |
| Average monthly premium for $500 deductibles (subtract): | – $94 |
| Monthly savings from raising deductible: | $25 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $25 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 16 months |
One big caveat is that increasing deductibles to lower your rates means you will have to pay more when you have a physical damage claim. That will force you to have enough disposable savings in order to pay more to get your vehicle repaired.
The example below shows how choosing a deductible and can raise or lower Chevy Cobalt annual premium costs for each different age group. The data assumes a married male driver, comprehensive and collision coverage, and no additional discounts are factored in.
Does it make sense to buy full coverage?
The diagram below illustrates the comparison of Chevy Cobalt insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $100 deductibles, single status, and no discounts are applied.
When to stop buying full coverage
There is no clear-cut rule to exclude physical damage insurance, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your Chevy Cobalt claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after paying the physical damage deductible. If premium cost is more than $800 annually for your policy with full coverage, then you may want to consider only buying liability coverage.
There are some situations where buying only liability insurance is not recommended. If you haven’t satisfied your loan, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
Insurance discounts are available to cut your rates
Some providers do not advertise all discounts in a way that’s easy to find, so below is a list a few of the more well known and the more hidden credits that may apply to you. If you are not receiving all the discounts you deserve, you may be paying too high a price.
- Good Students Pay Less – Getting good grades may save as much as 25% on a Minneapolis car insurance quote. You can use this discount normally up until you turn 25.
- Multiple Vehicles – Buying coverage for multiple cars or trucks on one policy can get a discount on all vehicles.
- Low Mileage Discounts – Low mileage vehicles could earn cheaper premium rates.
- Discounts for Government Workers – Simply working for the federal government could provide a small rate reduction depending on your insurance provider.
- Senior Discount – If you’re over the age of 55, you may receive better insurance rates.
- Drive Safe and Save – Insureds without accidents can save as much as half off their rates compared to accident prone drivers.
- Telematics Discount – Insureds who allow their company to analyze driving habits by using a small device installed in their vehicle such as Drivewise from Allstate or Snapshot from Progressive could see a rate decrease if they are good drivers.
Keep in mind that some credits don’t apply to all coverage premiums. A few only apply to specific coverage prices like comp or med pay. So when the math indicates adding up those discounts means a free policy, you aren’t that lucky. Any qualifying discounts will help reduce the premium cost.
The diagram below shows the difference between Chevy Cobalt yearly insurance costs with and without discounts. The premiums are based on a female driver, no driving violations, no at-fault accidents, Minnesota state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, marriage, homeowner, claim-free, and multi-policy discounts applied.
A few popular companies and a summarized list of policyholder discounts are detailed below.
- American Family has discounts for good student, multi-vehicle, Steer into Savings, accident-free, bundled insurance, and air bags.
- Nationwide offers discounts including family plan, business or organization, accident-free, good student, easy pay, Farm Bureau membership, and anti-theft.
- MetLife offers discounts for defensive driver, good student, multi-policy, accident-free, and good driver.
- 21st Century may offer discounts for homeowners, teen driver, defensive driver, automatic seat belts, theft prevention, and driver training.
- Farmers Insurance may have discounts that include mature driver, alternative fuel, switch companies, business and professional, and pay in full.
- Allstate has savings for resident student, teenSMART discount, auto/life discount, multi-policy, 55 and retired, and FullPay discount.
When getting free Minneapolis car insurance quotes, it’s a good idea to every prospective company how many discounts you can get. Some discounts may not apply to policyholders in Minneapolis. To see a list of companies that offer some of these discounts in Minneapolis, click here to view.
Get Cheap Insurance Rates by Understanding These Factors
Smart consumers have a good feel for the different types of things that help determine your policy premiums. If you know what positively or negatively impacts your premiums, this allows you to make educated decisions that may result in much lower annual insurance costs. Lots of factors are part of the calculation when you get your auto insurance bill. Some are pretty understandable such as your driving record, although others are less obvious like your continuous coverage or how financially stable you are.
The list below includes some of the factors used by insurance companies to determine your rates.
- Add-on coverages push up prices – There are a ton of additional coverages that can waste your money on your Cobalt policy. Coverages for personal injury protection, accidental death, and extra life insurance coverage are probably not needed. They may sound like good ideas when buying your policy, but if you have no use for them remove them and pocket the money.
- Filing claims can cost you – If you frequently file small claims, you should expect either higher rates or even cancellation. Car insurance companies in Minnesota award discounts to policyholders who file claims infrequently. Insurance coverage is designed for the large, substantial claims.
- Having a spouse brings a discount – Being married actually saves money on your policy. Marriage may mean you are more responsible it has been statistically shown that married couples file fewer claims.
- Never allow your insurance to lapse – Driving with no insurance can get your license suspended and as a result your rates will increase for letting your coverage cancel without a new policy in place. Not only will you pay higher rates, being ticketed for driving with no insurance could result in fines and jail time. You may need to provide proof of insurance in the form of an SR-22 filing with the Minnesota motor vehicle department.
Comparing quotes from local Minneapolis auto insurance agents
Some people prefer to buy from a licensed agent and that is a smart decision Good insurance agents can help you choose the best coverages and help in the event of a claim. One of the great benefits of comparing rates online is that drivers can save money and get the best rates but still work with a licensed agent. And supporting neighborhood agents is still important in Minneapolis.
Upon completion of this quick form, your insurance coverage information is submitted to insurance agents in Minneapolis who will give you bids and help you find cheaper coverage. You don’t have to find an agent because quoted prices will be sent instantly to you. If you have a need to quote rates for a specific company, just find their quoting web page and fill out the quote form the provide.
If you want to buy car insurance from a local agent, you must know there are a couple different types of agents and how they can quote your rates. Car insurance agents in Minneapolis can be categorized as either independent (non-exclusive) or exclusive. Either one can sell affordable car insurance policies, but it’s important to point out why they differ since it can affect buying decisions.
Independent Agencies or Brokers
Independent insurance agents can sell policies from many different companies so they have the ability to put coverage with any number of different companies and get you the best rates possible. If you are not satisfied with one company, they simply move your policy to a different company and you stay with the same agent. When comparing car insurance rates, you absolutely need to include price quotes from at a minimum one independent agency in order to compare the most rates.
The following is a short list of independent insurance agents in Minneapolis that can give you free car insurance rate quotes.
Dedicated Insurance
2736 Lyndale Ave S – Minneapolis, MN 55408 – (612) 872-4004 – View Map
RJF Agencies, Inc.
7225 Northland Dr N #300 – Minneapolis, MN 55428 – (763) 746-8000 – View Map
Patrick J. Thomas Agency
121 S 8th St #980 – Minneapolis, MN 55402 – (612) 339-5522 – View Map
Exclusive Insurance Agents
Exclusive insurance agents can only provide one company’s prices and examples are Allstate, State Farm and Farm Bureau. Exclusive agencies are unable to compare other company’s rates so you need to shop around if the rates are high. Exclusive agents receive a lot of sales training on their products and sales techniques which helps them compete with independent agents.
Listed below is a list of exclusive agencies in Minneapolis willing to provide rate quotes.
American Family Insurance – Katie Bard
5459 Nicollet Ave – Minneapolis, MN 55419 – (612) 345-7900 – View Map
American Family Insurance – Patrick Fagerlee Agency Inc
3910 Central Ave NE – Minneapolis, MN 55421 – (763) 789-6201 – View Map
Allstate Insurance: Charles Fritz
2213 Johnson St NE – Minneapolis, MN 55418 – (612) 788-6279 – View Map
Finding a good auto insurance agent is decision based upon more than just the quoted price. These are some questions your agent should answer.
- Do you work with a CSR or direct with the agent?
- Do they prorate repair cost based on vehicle mileage?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- How are they compensated?
- Does the company have a solid financial rating?
Compare but don’t skimp
Cheap Chevy Cobalt insurance in Minneapolis can be bought both online as well as from insurance agents, so you need to quote Minneapolis car insurance with both so you have a total pricing picture. A few companies don’t offer internet price quotes and many times these smaller companies provide coverage only through independent agencies.
As you prepare to switch companies, never skimp on coverage in order to save money. In too many instances, someone sacrificed comprehensive coverage or liability limits only to find out they didn’t have enough coverage. Your goal is to purchase a proper amount of coverage at the best price, but do not sacrifice coverage to save money.
Other resources
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Who Has Affordable Car Insurance Quotes for a Dodge Grand Caravan in Minneapolis? (FAQ)
- Who Has Affordable Car Insurance Rates for Lyft Drivers in Minneapolis? (FAQ)
- Who Has Cheap Car Insurance Quotes for Handicapped Drivers in Minneapolis? (FAQ)
- Who Has Cheap Minneapolis Auto Insurance for 17 Year Olds? (FAQ)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Insuring a Leased Car (Insurance Information Institute)