It’s safe to assume that car insurance companies don’t want you comparing rates. Drivers who get price comparisons will presumably switch companies because there is a great chance of finding better rates. A study showed that drivers who compared prices regularly saved as much as $72 a month as compared to drivers who didn’t regularly shop around.
If finding the cheapest price on car insurance in Minneapolis is your ultimate objective, then understanding how to quote and compare insurance coverage can help you be more efficient.
If you want to save money, the best way to save on Chevy Traverse insurance in Minneapolis is to compare prices regularly from companies in Minnesota. Rates can be compared by following these steps.
Step 1: Try to learn about how companies set rates and the changes you can make to lower rates. Many rating criteria that cause high rates such as high-risk driving behaviors and a less-than-favorable credit history can be improved by making minor changes in your lifestyle. Continue reading for additional tips to keep prices down and find overlooked discounts.
Step 2: Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO or Allstate, while independent agencies can provide prices from multiple sources.
Step 3: Compare the new rate quotes to the premium of your current policy and see if you can save money. If you find a lower rate quote, make sure there is no coverage gap between policies.
A key point to remember is to use the same level of coverage on each quote request and and to get price estimates from as many auto insurance providers as possible. Doing this ensures a fair rate comparison and many rates to choose from.
When looking for cheaper Minneapolis car insurance quotes, there are a couple ways to compare rate quotes from many available auto insurance companies in Minnesota. The best way to comparison shop consists of obtaining rate quotes online. When comparison shopping, more quotes increases the chance that you will find more affordable rates.
The providers in the list below can provide comparison quotes in Minnesota. To buy the best car insurance in Minnesota, we recommend you get price quotes from several of them to get the most affordable price.
Rates and other information
The table shown next showcases a range of policy rates for Chevy Traverse models. Being able to understand how rates are determined is important for you to make informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $196 | $314 | $326 | $20 | $98 | $954 | $80 |
| Traverse LS AWD | $220 | $314 | $326 | $20 | $98 | $978 | $82 |
| Traverse LT 2WD | $220 | $314 | $326 | $20 | $98 | $978 | $82 |
| Traverse LT AWD | $220 | $384 | $326 | $20 | $98 | $1,048 | $87 |
| Traverse LTZ 2WD | $220 | $384 | $326 | $20 | $98 | $1,048 | $87 |
| Traverse LTZ AWD | $220 | $384 | $326 | $20 | $98 | $1,048 | $87 |
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Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Price estimates do not factor in specific garaging location which can affect auto insurance rates greatly.
How high should deductibles be?
When buying car insurance, a common question is how high should the physical damage coverage deductibles be. The comparisons below summarize the premium difference between high and low physical damage deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $272 | $406 | $270 | $16 | $80 | $1,069 | $89 |
| Traverse LS AWD | $308 | $406 | $270 | $16 | $80 | $1,105 | $92 |
| Traverse LT 2WD | $308 | $406 | $270 | $16 | $80 | $1,105 | $92 |
| Traverse LT AWD | $308 | $492 | $270 | $16 | $80 | $1,191 | $99 |
| Traverse LTZ 2WD | $308 | $492 | $270 | $16 | $80 | $1,191 | $99 |
| Traverse LTZ AWD | $308 | $492 | $270 | $16 | $80 | $1,191 | $99 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $200 | $274 | $270 | $16 | $80 | $840 | $70 |
| Traverse LS AWD | $224 | $274 | $270 | $16 | $80 | $864 | $72 |
| Traverse LT 2WD | $224 | $274 | $270 | $16 | $80 | $864 | $72 |
| Traverse LT AWD | $224 | $334 | $270 | $16 | $80 | $924 | $77 |
| Traverse LTZ 2WD | $224 | $334 | $270 | $16 | $80 | $924 | $77 |
| Traverse LTZ AWD | $224 | $334 | $270 | $16 | $80 | $924 | $77 |
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Estimates do not factor in the specific area where the vehicle is garaged which can revise insurance rates greatly.
Based on the data above, we can derive that using a $100 deductible would cost the average driver about $21 more each month or $252 each year than quoting the higher $500 deductible. Since the policyholder would be required to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 19 months between claims, you would most likely save money if you opt for a higher deductible.
The diagram below demonstrates how deductible levels and can increase or decrease Chevy Traverse annual premium costs for different age categories. The premium estimates are based on a married female driver, full coverage, and no additional discounts are factored in.
Difference between full coverage and liability only rates
The chart below shows the comparison of Chevy Traverse insurance costs with and without full coverage. Data assumes no violations or claims, $500 deductibles, single marital status, and no policy discounts are applied.
Are you wasting money on full coverage?
There is no definitive formula to stop buying full coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s assume your Chevy Traverse claim settlement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $5,000 after paying your deductible. If it’s costing in excess of $500 annually for your policy with full coverage, then it might be time to buy liability only.
There are some cases where buying only liability insurance is not a good idea. If you haven’t paid off your loan, you have to carry full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not eliminate full coverage.
Protect your Traverse and other assets
Despite the high insurance cost for a Chevy Traverse in Minneapolis, buying auto insurance is required by state law in Minnesota and it also provides benefits you may not be aware of.
First, the majority of states have compulsory liability insurance requirements which means state laws require a specific minimum amount of liability protection in order to drive the car legally. 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.
Second, if you bought your Chevy Traverse with a loan, most lenders will stipulate that you carry insurance to protect their interest in the vehicle. If you do not pay your insurance premiums, the lender may insure your Chevy at a significantly higher premium and require you to pay for it.
Third, auto insurance protects not only your vehicle but also your financial assets. It also can pay for many types of medical costs for not only you but also any passengers injured in an accident. Liability coverage also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, your policy will cover the damage repairs after a deductible is paid.
The benefits of insuring your car definitely exceed the cost, specifically if you ever have a liability claim. Despite what companies tell you, the average driver is overpaying over $825 a year so you should quote and compare rates at every renewal to make sure the price is not too high.
The Chevy Traverse Insurance Cost Equation
Many different elements are part of the calculation when you quote your car insurance policy. Some are pretty understandable such as your driving history, but others are less obvious like where you live or your financial responsibility. A large part of saving on insurance is knowing some of the factors that come into play when calculating your premiums. If you have a feel for what impacts premium levels, this allows you to make educated decisions that can earn you big savings.
Keep policy claims to a minimum – Auto insurance companies in Minnesota generally give better rates to insureds who are claim-free. If you tend to file frequent claims, you can look forward to either higher rates or even cancellation. Insurance coverage is intended for claims that pose a financial burden.
Cars with good safety ratings are cheaper to insure – Vehicles that have high safety ratings get lower rates. Vehicles built for safety have better occupant injury protection and reduced instances of injuries means less money paid by your insurance company and more competitive rates for policyholders.
Consolidate policies with the same company – Most insurance companies will award better rates to buyers who consolidate policies with them such as combining an auto and homeowners policy. Even if you qualify for this discount already, you may still want to compare Chevy Traverse rates in Minneapolis to help guarantee you have the best rates.
Prevent insurance lapses – Allowing your coverage to lapse is a guaranteed way to pay more for insurance. And not only will your rates increase, the inability to provide proof of insurance may earn you a license revocation or jail time. You may need to submit proof of financial responsibility or a SR-22 with the Minnesota motor vehicle department.
Teenagers are high risk – Youthful drivers in Minnesota have a tendency to be easily distracted when at the wheel of a vehicle and because of this, their insurance rates are much higher. Adding a inexperienced driver onto a policy can be very expensive. Older people have been proven to be more responsible, file fewer claims, and receive fewer citations.
The next chart uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.
Insurance loss probability for a Chevy Traverse – Auto insurance companies factor in insurance loss information to calculate a rate that will offset any claims. Models that the data determines to have increased claim numbers or amounts will have increased rates.
The table shown below demonstrates the loss history for Chevy Traverse vehicles. For each type of coverage, the claim probability for all vehicles, as an average, is a value of 100. Values under 100 suggest a better than average loss history, while numbers above 100 point to more claims or tendency to have higher losses.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Chevrolet Traverse 4dr 2WD | 75 | 101 | 72 | 93 | 90 | 90 |
| Chevrolet Traverse 4dr 4WD | 72 | 91 | 82 | 78 | 76 | 78 |
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
How to find a good Minneapolis car insurance company
Selecting the top car insurance company is difficult considering how many companies provide coverage in Minneapolis. The company information listed below can help you decide which providers to look at purchasing a policy from.
Top 10 Minneapolis Car Insurance Companies by A.M. Best Rank
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Mercury Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
Top 10 Minneapolis Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 92%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
- Progressive – 87%
Affordable insurance rates are out there
We just showed you many ways to get a better price on Chevy Traverse insurance in Minneapolis. It’s most important to understand that the more you quote Minneapolis car insurance, the better your chances of lowering your rates. You may even be surprised to find that the lowest prices are with a smaller regional carrier.
Consumers leave their current company for a number of reasons such as being labeled a high risk driver, delays in responding to claim requests, high prices or even denial of a claim. Regardless of your reason for switching companies, finding a new insurance company is actually quite simple.
When buying insurance coverage, you should never skimp on coverage in order to save money. There are many occasions where consumers will sacrifice collision coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. The aim is to buy enough coverage at the lowest possible cost, but don’t skip important coverages to save money.
Additional information is available on the following sites:
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- Who Has Affordable Car Insurance Quotes for a Dodge Grand Caravan in Minneapolis? (FAQ)
- How Much are Auto Insurance Rates for a Chevrolet Silverado in Minneapolis? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Retired Military in Minneapolis? (FAQ)
- Who Has Affordable Minneapolis Auto Insurance for a Honda Civic? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Chevrolet Equinox in Minneapolis? (FAQ)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Booster Seat Ratings (iihs.org)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)