Minnesota’s average cost for car insurance is $537 annually for minimum coverage, and $1643 annually to insure full coverage. This is slightly lower than the national average of $565 for minimum and full coverage, and $1,674 respectively. These rates are an average rate, but there are many factors that will determine the actual rate you pay when you buy car insurance.
What is the cost of car insurance in Minnesota
Your car insurance rates can be affected by your driving record, age, and type of vehicle. Knowing how these factors can impact your premium will help you to find the best rates when searching for auto insurance in Minnesota.
Minnesota auto insurance rates by company
We compared many of the top insurance companies in Minnesota. If you are looking for minimum coverage, West Bend and USAA make solid choices. Iowa Farm Bureau and State Farm have great rates for full-coverage insurance.
Minnesota auto insurance rates by location
Minnesota is large and has many communities, both rural and urban. Minnesota’s larger cities have higher premiums for drivers than those in rural and suburban areas. Below is a breakdown of the average rates in Minnesota for 20 major cities. This will give you an idea about what you can expect depending on where your home is. The state’s largest city is Minneapolis. Drivers can expect to pay 21 percent more than the Minnesota average.
Minnesota car insurance rates based on age
Because they are less experienced behind the wheel, younger drivers are more at risk. Statistics show that they are responsible for more fatalities and accidents than any other age group, which makes them more costly to insure. As long as drivers are safe and don’t file too many claims, premiums will decrease for most of them.
Minnesota auto insurance rates for driving record
Insurance companies reward safe drivers with the best car insurance rates. However, a speeding ticket or accident could increase your premiums significantly. One DUI can increase your rates by up to 50%.
Minnesota car insurance: How to Save
It is impossible to control factors like age and whereabouts that can affect your car insurance rate. However, there are ways you can lower your Minnesota car insurance rates.
- Check out the rates of other insurance companies to compare your current rate to get quotes. You might get better rates from another company, so it is worth switching carriers .
- Ask for discounts: Nearly every car insurance company offers discounts that will help lower your premiums. You can receive a rate cut for automatic payments, bundling of your vehicle, renters, or home insurance, as well as for staying with the same provider for a long time or switching to another company.
- You should look for deals for affiliates or organizations: There are many carriers that offer discounts to employees of a particular employer, members of an association, and students who attend a partner college or university.
- Accident forgiveness insurance: A single accident can raise your premiums by 29%. If you have only occasional accidents, choosing coverage with accident forgiveness can protect you from a large increase in your premiums.
Questions frequently asked
What is the cost of car insurance in Minnesota
Minnesota’s annual average cost for car insurance is $1,643 per year for full coverage and $537 for state-required minimum. This is just below the national average. Rates will vary depending on many factors.
Which Minnesota insurance company offers the best car insurance?
Although actual rates may vary, Bankrate’s cheapest car insuring in Minnesota study found that AAA and State Farm offer very competitive rates for full-coverage insurance. It is a smart idea to compare rates and coverage options.
Minnesota: How much insurance do you need?
30/60/10 is required for liability coverage. This covers $30,000 per person for bodily injury, $60,000 per accident, and $10,000 per property damage. Also, you’ll need uninsured/underinsured motorist insurance of $25,000 in bodily injury per person and $50,000 in bodily injury per accident, as well as $40,000 in personal injury protection.
