Minnesota had just under 80.000 car accidents in 2018. To protect themselves and others on the roads, every driver must have car insurance. According to Bankrate’s 2021 analysis of annual premiums, the average cost of Minnesota car insurance is $1,643 per annum for a full-coverage policy. Our insurance editorial team compared policies from several leading insurers in Minnesota to help motorists find the best car insurance.
Minnesota’s best car insurance companies
There are many auto insurance companies that offer Minnesota. Drivers can buy auto insurance. We have compiled a list of Minnesota’s top auto insurance companies. It is based on market share and coverages. Each company was also given a Bankrate Score. This measures factors such as price, coverage, financial strength, and customer service. See our Methodology below.
Geico was rated above average in customer satisfaction according to the 2021 J.D. Power’s U.S. Auto Insurance Study has a Central region A++ financial strength rating by AM Best. Geico is well-known for being the best car insurance company in Minnesota. Geico also offers discounts for federal employees, military personnel and safe drivers. Geico only offers basic coverage. It may be a good choice for Minnesota drivers who require bare-bones coverage and want the lowest rate.
State Farm is a well-respected insurance company in America and has more drivers than any other. State Farm Minnesota’s average premiums tend to be higher, but they offer a range of discounts that can help you save even more. You can personalize your policy by adding endorsements such as rideshare insurance. State Farm is a good option for young drivers in Minnesota, who can benefit from its safe driver and teen discounts. This company boasts an above-average J.D. The company is ranked high in power and overall customer satisfaction in Central Region.
Progressive is known for providing some of the most affordable car insurance rates. Bundling policies, paying your premium fully, being a student, and being a safe driver are all ways to save money. Safe drivers can save an average $146 by signing up for Progressive’s Snapshot rewards programme. Progressive’s online resources are very helpful, such as the Name Your Price tool, which allows policyholders to create a policy that fits within their budget. You can also add roadside assistance, gap insurance, custom parts, and custom gaps to get more coverage.
Allstate is a major name in auto insurance. Minnesota drivers may consider Allstate a good choice if they are looking to increase their coverage by adding endorsements. Allstate offers a variety of add-ons, including sound system insurance, rental car reimbursement, and new car replacement coverage. Bundling or qualifying for discounts could help you save money. Milewise is a pay per mile program offered by Allstate that could prove useful for those who drive less often.
The 2021 J.D. Farmers is ranked second in the 2021 J.D. Power U.S. Auto Insurance Study for overall customer satisfaction. Farmers has some of the most impressive endorsements available, including coverage for original equipment manufacturers and guaranteed value coverage. Farmers’ rates are higher than the average Minnesota rate. This is perhaps the biggest problem. Farmers offers many discounts that can help reduce your rate. You can save by bundling your policies, enrolling in Signal safe driver program and being claims-free. There are also discounts for specific states.
Minnesota’s average cost for car insurance
The North Star State’s average cost for auto insurance is $1,643 annually for a full coverage policy. This is slightly lower than the $1,674 national average rate for a full coverage policy.
Minnesota’s minimum insurance requirements
- $30,000 per person in bodily injury liability
- $60,000 per accident in bodily injury liability
- $25,000 in UM/UIM coverage per person
- $50,000 in UM/UIM coverage per accident
- $10,000 per accident in property damage liability coverage
- $40,000 in personal injury protection
The car insurance rates are different for each state . The amount of coverage required also has an impact on the average premium. A minimum coverage policy in Minnesota is the most affordable. It is worth increasing your liability coverage or purchasing a full coverage policy to get more protection. A full coverage policy is required if you lease or finance your vehicle.
How to get the best car coverage
Your unique situation will determine which policy is best for you. Your neighbor might have the best deal on car insurance, but you may not get the best. These are some important things to consider when looking for car insurance.
- Assess your needs individually: There may be special needs that will impact the car insurance policy you choose. If you have young children, it is worth considering adding a driver for your policy. Insurance companies often offer discounts for teens and good students, which can help reduce your insurance premiums.
- You should also consider state factors. The uninsured drivers and teens in your area, as well as the theft rate, all have an impact on your insurance premium. The III reports that 9.9% drivers in Minnesota are not insured. This means that obtaining higher uninsured motorist coverage could be a good option to protect yourself from any out-of-pocket expenses resulting from no-fault incidents.
Minnesota offers car insurance discounts
Look for discount companies to find affordable car insurance in Minnesota. These are the discounts offered by most Minnesota car insurance companies:
- You can save money if you pay your annual premium in full.
- Discount for students: Students who have a minimum GPA in highschool or college are often eligible for reduced premiums.
- Many insurance companies offer a discount for those who have not had any insurance claims in the past few years.
- AutoPay Discount: If you pay your premium quarterly or monthly, you can get a lower rate by enrolling in automatic payments.
All discounts are available in Minnesota. However, exact savings may vary. Progressive’s student discount can help you save on average 10% while State Farm can get you as much as 25%. To get the best rate, compare insurance companies by looking at the average savings on each discount that you are eligible for.
Questions frequently asked
Do I require more coverage than is necessary?
It depends. It all depends on what risk you are willing and able to accept. Ask yourself how much money you are able to afford to cover your vehicle if it is damaged or destroyed in an accident. This includes any medical costs you may incur due to injuries. Insurance experts recommend that you have full coverage in order to provide the best financial protection.
What information are you required to obtain Minnesota car insurance?
You will need your address, make, year, and birthdate to get an auto insurance quote. It is likely that you will be asked questions about your driving habits. This includes whether you use your car for commuter purposes or to have fun. The VIN number of your vehicle may also be required so that the insurance company can assess your car’s condition and review your accident history.
What is the difference between full coverage and minimum coverage?
Minnesota requires minimum coverage policies to cover personal liability, personal injury protection, and uninsured or underinsured motorist coverage. These coverages are included in a full coverage policy, as well as collision and comprehensive coverage. Remember that car-leasing or financing through a lender can often require drivers to have full coverage until the loan is repaid.