Cheap Insurance for a Toyota Sequoia in Minneapolis

It’s astonishing, but a large majority of consumers renewed their policy with the same company for well over three years, and virtually 40% of consumers have never quoted auto insurance rates at all. With the average auto insurance premium being $2,242, Minneapolis drivers can save hundreds of dollars each year, but they don’t invest the time required to shop their coverage around.

If saving money is your primary concern, then the best way to get more affordable Toyota Sequoia insurance is to make a habit of comparing prices annually from insurers who can sell car insurance in Minneapolis.

1. Gain an understanding of how car insurance works and the measures you can control to keep rates down. Many things that drive up the price like high-risk driving behaviors and a bad credit score can be improved by making minor changes in your lifestyle.
2. Obtain price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from one company like GEICO or State Farm, while independent agents can provide rate quotes from many different companies.
3. Compare the quotes to the premium of your current policy to determine if switching companies saves money. If you find a lower rate and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
4. Notify your agent or company to cancel the current policy and submit a signed application and payment to the new company. Once the paperwork is finalized, keep your new certificate verifying proof of insurance somewhere easily accessible.

An important note is to try to compare similar coverage information on each quote request and and to get quotes from as many auto insurance providers as possible. This guarantees the most accurate price comparison and a complete rate analysis.

Lowering your insurance rates is not rocket science. You just have to take the time to get quotes from some recommended companies.

The auto insurance companies shown below provide quotes in Minnesota. To locate the cheapest auto insurance in MN, it’s highly recommended you click on several of them in order to find the most affordable rates.

Save money on Toyota Sequoia insurance in Minneapolis with these five car insurance discounts

Car insurance is neither fun to buy or cheap, but you may be missing some discounts that can drop the cost substantially. Larger premium reductions will be automatically applied at quote time, but some may not be applied and must be asked about in order for you to get them.

• 55 and Retired – If you qualify as a senior citizen, you are able to get a small decrease in premiums.
• Life Insurance – Select insurance carriers reward you with a lower premium rate if you buy a life insurance policy as well.
• New Vehicle Savings – Insuring a new Sequoia can get you a discount because newer vehicles have to meet stringent safety requirements.
• Passive Restraint Discount – Factory air bags or motorized seat belts can qualify for discounts of more than 20%.
• Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices prevent vehicle theft so companies will give you a small discount.

As a disclaimer on discounts, some of the credits will not apply to the whole policy. Some only reduce the cost of specific coverages such as comp or med pay. So when the math indicates adding up those discounts means a free policy, you’re out of luck.

The information below shows the comparison of Toyota Sequoia premium costs with and without discounts applied. The data assumes a female driver, no violations or accidents, Minnesota state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, homeowner, claim-free, multi-policy, and multi-car discounts applied.

Companies and a selection of discounts are included below.

• American Family offers discounts for TimeAway discount, multi-vehicle, bundled insurance, Steer into Savings, and early bird.
• Farm Bureau may have discounts that include multi-vehicle, renewal discount, 55 and retired, multi-policy, safe driver, and good student.
• State Farm has discounts for multiple autos, anti-theft, driver’s education, safe vehicle, and good student.
• Travelers has savings for good student, payment discounts, multi-policy, new car, and multi-car.
• The Hartford discounts include vehicle fuel type, defensive driver, air bag, anti-theft, driver training, and good student.
• GEICO may offer discounts for air bags, daytime running lights, defensive driver, membership and employees, and driver training.
• Progressive includes discounts for good student, online signing, homeowner, multi-vehicle, and multi-policy.

Double check with every company which discounts you qualify for. All car insurance discounts might not be offered on policies in Minneapolis. To choose car insurance companies with discount car insurance rates in Minneapolis, follow this link.

Toyota Sequoia insurance coverage information

The premium table shown below highlights different insurance premium costs for Toyota Sequoia models. Learning a little about how policy premiums are figured can help drivers make smart choices when buying a policy.

Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Price estimates do not factor in your specific Minneapolis location which can modify rates greatly.

Higher deductibles save money

One frequently asked question is how high or low should comp and collision deductibles be. The tables below summarize the differences in price of buying low and high physical damage coverage deductibles. The first data table uses a $250 deductible for physical damage and the second price grid uses a $500 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Premium amounts do not factor in Minneapolis location which can affect insurance rates considerably.

Based on this data, we can arrive at the conclusion that using a $250 deductible will cost in the ballpark of $15 more each month or $180 every year than choosing the higher $500 deductible. Because you would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to average at a minimum 17 months between claims, you would save more money if you choose a higher deductible.

An important sidenote is that a higher deductible level means you will have to cover more of the damage yourself when you have to file a claim. That will necessitate some extra funds in the event you need to pay more to get your vehicle repaired.

Poor driving habits will raise your car insurance rates

The chart below demonstrates how traffic citations and at-fault claims can drive up Toyota Sequoia auto insurance rates for each age group. The premiums are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are taken into consideration.

Do you need full coverage?

The chart below illustrates the comparison of Toyota Sequoia insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no claims or driving violations, $1,000 deductibles, drivers are not married, and no discounts are applied.

Should you be buying full coverage?

There is no definitive rule to stop buying full coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your Toyota Sequoia book value is $7,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $6,000 after paying your deductible. If it’s costing you more than $600 a year to have full coverage, then it may be the right time to buy liability only.

There are some circumstances where only buying liability is not a good idea. If you still owe money on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not buy liability only.

When should I have guidance from a local insurance agent?

Many drivers still like to sit down with an agent and that is just fine! Good agents can help determine the best coverages and help in the event of a claim. One of the benefits of comparing insurance online is that you can obtain cheap rate quotes and still have a local agent.

After completing this form (opens in new window), your insurance coverage information is sent to local insurance agents in Minneapolis that can give you free Minneapolis car insurance quotes to get your business. You won’t need to search for an agent since price quotes are sent to you directly. If you have a need to quote rates from a specific company, you just need to go to their quote page to submit a rate quote request.

Picking an insurer should include more criteria than just the bottom line cost. Ask your prospective agent these questions:

• Does the agent recommend any additional coverage?
• How are claims handled?
• If your car is in the repair shop, do you have coverage for a rental car?
• Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
• What are the financial ratings for the companies they represent?
• Who is covered by the car insurance policy?
• How does the company pay claims for a total loss?
• Does the agency support the community they serve?

When researching a reputable insurance agent or broker, there are a couple of different agency structures from which to choose. Insurance agencies may be either exclusive or independent agents depending on their company appointments. Both types can handle insurance, but it’s important to point out how they differ since it may influence the kind of agent you use.

Exclusive Agents

These type of agents can only write with one company like Farmers Insurance and State Farm. They generally cannot place coverage with different providers so they have to upsell other benefits. These agents are trained well on what they offer and that enables them to sell even at higher rates. Many people buy insurance from these agents partially due to the brand legacy rather than having low rates.

Listed below are Minneapolis exclusive insurance agents that are able to give price quotes.

• AAA Minneapolis Insurance
  5400 Auto Club Way – Minneapolis, MN 55416 – (952) 927-2518 – View Map
• Farmers Insurance – Steven Wolfson
  1516 W Lake St Suite 203 – Minneapolis, MN 55408 – (612) 822-1287 – View Map
• Jeff Meyer – State Farm Insurance Agent
  4316 S Upton Ave – Minneapolis, MN 55410 – (612) 920-2340 – View Map

View more agents

Independent Agencies or Brokers

Independent insurance agents do not work for one specific company and that is an advantage because they can write policies with multiple insurance companies and find the cheapest insurance rates. If they find a lower price, they simply move the coverage in-house and you don’t have to do anything. When comparing rates, it’s a good idea to contact at a minimum one independent agency to maximize your price options. Many independent agencies also insure through additional companies that you may not be familiar with that many times have cheaper rates.

Listed below are independent agents in Minneapolis who can help you get price quotes.

• Cheap Car Insurance Minneapolis Auto Insurance Agency
  2227 W 21st St – Minneapolis, MN 55405 – (612) 425-1616 – View Map
• True Insurance Agency and Financial Services – Minneapolis Home and Auto Insurance
  4708 Excelsior Blvd – St Louis Park, MN 55416 – (952) 388-2006 – View Map
• TCF Agency Insurance Services Inc
  801 S Marquette Ave – Minneapolis, MN 55402 – (612) 661-8400 – View Map

View more agents

Once you have received good feedback to all your questions and an affordable coverage quote, it’s possible that you found an insurance agent that meets the criteria to properly insure your vehicles.

Special considerations

When buying your policy, there really is no “best” method to buy coverage. Your situation is unique so this has to be addressed.
For example, these questions could help you determine if your insurance needs might need an agent’s assistance.

• Do I need added coverage for expensive stereo equipment?
• Is there a penalty for late payment?
• Does my car insurance cover rental cars?
• Do I have ACV or replacement cost coverage?
• Do I have coverage when pulling a U-Haul trailer?
• What is high-risk coverage and where do I buy it?

If you can’t answer these questions but you think they might apply to your situation, then you may want to think about talking to an agent. To find an agent in your area, fill out this quick form or click here for a list of auto insurance companies in your area. It’s fast, doesn’t cost anything and may give you better protection.

Car insurance just makes sense

Despite the high insurance cost for a Toyota Sequoia in Minneapolis, buying car insurance is required by state law in Minnesota and it also provides benefits you may not be aware of.

First, most states have mandatory liability insurance requirements which means state laws require a specific level of liability coverage in order to be legal. 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 your Sequoia has a loan, most lenders will require you to have physical damage coverage to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the lender will be forced to insure your Toyota at an extremely high rate and force you to pay for the expensive policy.

Third, insurance safeguards your vehicle and your assets. It will also cover medical expenses incurred in an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.

The benefits of carrying enough insurance definitely exceed the price paid, specifically if you ever have a liability claim. But the average American driver is wasting up to $850 per year so compare quotes from several companies each time the policy renews to ensure rates are inline.

Specifics of your insurance policy

Understanding the coverages of your insurance policy helps when choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and reading a policy is terribly boring. Shown next are the usual coverages found on the average insurance policy.

Collision coverage – Collision insurance pays for damage to your Sequoia resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as hitting a mailbox, scraping a guard rail, crashing into a building and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. Another option is to choose a higher deductible on your Sequoia to bring the cost down.

Uninsured Motorist or Underinsured Motorist insurance – This coverage provides protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your Toyota Sequoia.

Since a lot of drivers only carry the minimum required liability limits (30/60/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Insurance for medical payments – Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills for things like dental work, funeral costs and doctor visits. They are often used to cover expenses not covered by your health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP is not an option in every state and gives slightly broader coverage than med pay

Comprehensive coverage (or Other than Collision) – This pays for damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as theft, fire damage, rock chips in glass, damage from getting keyed and a tree branch falling on your vehicle. The most you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Auto liability – This coverage can cover injuries or damage you cause to a person or their property that is your fault. This insurance protects YOU from legal claims by others. It does not cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 30/60/10 which means $30,000 in coverage for each person’s injuries, a limit of $60,000 in injury protection per accident, and a limit of $10,000 paid for damaged property.

Liability coverage pays for things like medical services, repair bills for other people’s vehicles, bail bonds, loss of income and legal defense fees. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford. Minnesota state law requires minimum liability limits of 30/60/10 but it’s recommended drivers buy higher limits.

The chart below shows why buying the state minimum limits may not be enough.

How to find a good Minnesota auto insurance company

Ending up with the best insurer can be difficult considering how many different companies sell coverage in Minnesota. The rank data in the next section could help you choose which providers you want to consider when comparing rate quotes.

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

Cover all your bases

Discount Toyota Sequoia insurance in Minneapolis is possible from both online companies in addition to many Minneapolis insurance agents, and you need to comparison shop both to have the best chance of lowering rates. There are still a few companies who may not provide rates over the internet and usually these regional carriers only sell through independent insurance agencies.

As you go through the steps to switch your coverage, you should never sacrifice coverage to reduce premiums. Too many times, an accident victim reduced liability limits or collision coverage and learned later they didn’t have enough coverage. Your aim should be to find the BEST coverage for the lowest cost, but do not skimp to save money.

In this article, we covered many ways to compare Toyota Sequoia insurance rates in Minneapolis. The key thing to remember is the more times you quote, the better your chances of lowering your auto insurance rates. Drivers may even discover the best rates are with a lesser-known regional company. These smaller insurers may cover specific market segments cheaper compared to the large companies like Progressive or GEICO.

Additional information

• New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
• Who Has Affordable Auto Insurance for a Ford F-150 in Minneapolis? (FAQ)
• Who Has Affordable Minneapolis Auto Insurance for Drivers with Bad Credit? (FAQ)
• Auto Insurance FAQ (Farmers Insurance)
• What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
• Rental Reimbursement Coverage (Allstate)
• Airbag FAQ (iihs.org)