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Are you in need of cheap auto insurance in Minneapolis, MN? From AutoInsuranceEZ.com, you can find the lowest priced insurance premiums locally. To acquire free car insurance quotes offered by the best providers today, provide your local zip code in the quote box in this article.

Minneapolis is the biggest city in all of Minnesota, “the land of 10,000 lakes”. During the early days of exploration in the North American continent, the city was founded at the head of the Mississippi River as a convenient location for trade and travel. Economically, the city was founded on the lumber industry. Now it is propped up by high technology. It is reported that the growing business environment in Minneapolis (and its sister city, Saint Paul) is quite hospitable.

  • Fun fact: Calling all the single ladies! Minneapolis is #65 on the list of “Top 100 cities with the largest percentage of males (pop. 50,000+)”. Learn more about Minneapolis, MN.

Auto Insurance Coverage Requirements in Minnesota

Driving legally in Minneapolis requires:

Coverage Requirements Most Common
Bodily Injury Liability 30,000/60,000 100,000/300,000
Property Damage Liability 10,000 100,000
Uninsured Motorist Bodily Injury 25,000/50,000 100,000/300,000
Personal Injury Protection 40,000 40,000
Collision Not required 500 deductible
Comprehensive Not required 0 deductible

In addition to regular Liability requirements, Minnesota also requires that its drivers purchase Uninsured motorist coverage and Medical Payments. While this may seem to make your policy more expensive, they can be worth it if you are ever struck and/or injured by an uninsured motorist.

Rumor is that the average Minnesota driver pays around $113 monthly or more for their insurance policy. But even Minneapolis residents can get insured for as low as $68/mo* – if you act fast!

Average Monthly Auto Insurance Premiums Legend: Minneapolis Allstate Farmers State Farm Allied Nationwide 10 20 30 40 50 60 70 $76 $41 $77 $67 $79

 

It looks like Farmers, Allied, and Allstate are offering the lowest prices in your area right now. But remember: sometimes, you get what you pay for. This means that offering the lowest rate doesn’t always come with stellar customer service, too.

Auto insurance companies contemplate different elements when calculating quotes, such as marital status, where you live, credit score/rating, driving distance to work, and current insurance coverage and limits. Also keep in mind that premiums vary from company to company. To make sure you’re still paying the cheapest price, assess cheap Minneapolis auto insurance quotes online.

Major Car Insurance Factors in Minneapolis

There are lots of ways that your car insurance rate can be calculated. But not all of it is out of your control; there are steps you can take to be able to impact what discounts you are entitled to acquire. Listed here are some of these elements in greater detail:

  • Your Zip Code

Your car insurance rates may differ according to the place you call home. Generally, highly populated cities feature greater car insurance rates since the extra number of drivers on the highway increases the probability of a collision! The population of Minneapolis is 400,070 and the average household earnings are $50,563 per year.

Auto Insurance by Zip Code Legend: Minneapolis Bloomington Duluth Rochester Saint Paul Allstate Farmers State Farm Allied Nationwide 8 16 24 32 40 48 56 64 72 80 $76 $46 $42 $38 $74 $41 $32 $33 $28 $47 $77 $57 $40 $40 $77 $67 $48 $41 $38 $72 $79 $50 $43 $37 $83

 

  • Automotive Accidents

The numbers in the chart below may seem high, but keep in mind that there are over 400,000 residents in Minneapolis (and many more than that if you count the surrounding suburbs). Therefore, per capita, the accident rates are fairly low – which can lead to lower car insurance rates.

Fatal Accidents in Minneapolis, MN Legend: Minneapolis Fatal accident count Vehicles involved in fatal crashes Fatal crashes involving drunk persons Fatalities Persons involved in fatal crashes Pedestrians involved in fatal accidents 5 10 15 20 25 30 35 40 45 16 27 6 19 48 7

 

  • Auto Thefts in Minneapolis

Sometimes in modest cities or non-urban towns, auto theft may still be a problem. In order to make it a lesser problem for you, consider installing a passive anti-theft system on your current automobile. Your auto insurance company might compensate you with lower prices! In Minneapolis, there were 1,575 auto thefts in 2013. This marks a slight decline in average theft, but that doesn’t mean you should ignore or avoid Comprehensive coverage (which is the only coverage that protects against theft).

Basic vs. Comprehensive Auto Policy Legend: Basic Coverage Comprehensive Coverage Allstate Farmers State Farm Allied Nationwide 15 30 45 60 75 90 105 120 135 150 165 $76 $173 $41 $80 $77 $140 $67 $123 $79 $127

 

  • Your Credit Score

Having poor credit can be one of the biggest and most costly factors when it comes to automotive insurance. If you have a poor credit score, you can end up paying double or more the monthly premiums of someone with excellent credit.

Auto Insurance by Credit Score Legend: Excellent Credit Poor Credit Allstate Farmers State Farm Allied Nationwide 15 30 45 60 75 90 105 120 135 150 165 $62 $142 $42 $150 $63 $143 $57 $101 $82 $178

 

  • Your Age

The older you are, the more experience you have behind the wheel – and the less likely you are to get into an accident. This can lead to some serious discounts for older drivers. I can also produce some high monthly rates for younger motorists.

Auto Policy Age Comparison Legend: 34 Year Old 17 Year Old Allstate Farmers State Farm Allied Nationwide 35 70 105 140 175 210 245 280 315 350 385 420 $76 $175 $41 $428 $77 $229 $67 $234 $79 $361

 

  • Your Driving Record

The more violations you have on your record, the more you will likely be paying in premiums each month. However, more and more companies are beginning to offer “Accident Forgiveness”, which is a great discount for lowering your premiums.

Driving Violations Legend: Perfect Record Minor Speeding Ticket DUI/Reckless Driving Major At-Fault Accident Allstate Farmers State Farm Allied Nationwide 35 70 105 140 175 210 245 280 315 350 $76 $93 $113 $117 $41 $54 $65 $63 $77 $85 $85 $94 $67 $108 $253 $142 $79 $143 $362 $192

 

  • Your Vehicle

If you think it’s more expensive to insure luxury vehicles than your typical sedan, you’re right – but it’s more complicated than you think. You can actually insure a Ferrari or a Porsche for quite cheaply if all you purchase is state minimum coverage. But is purchasing insufficient insurance worth the risk? Most drivers think not.

Car Insurance by Make/Model Legend: 2015 Honda Accord 2012 Porsche Boxster Spyder Allstate Farmers State Farm Allied Nationwide 20 40 60 80 100 120 140 160 180 200 $76 $208 $41 $96 $77 $154 $67 $112 $79 $106

 

Minor Car Insurance Factors in Minneapolis

Don’t worry, there are other factors you can adjust to change your monthly premium:

  • Your Marital Status

Bundling is one of the best ways to get discounts on your automobile or any other type of insurance policy. And married couples can bundle their policies together for added savings – just make sure your policies are with the same company first.

  • Your Gender

Think insurance companies are charging exorbitantly different rates based on gender? Think again. More and more companies are moving away from calculating premiums based on gender. And even if your company does, the difference will be less than 1-2%.

  • Your Driving Distance to Work

Average commute times in Minneapolis may vary. While some trips may take as little as 17 minutes, an average of up to 26 minutes is also likely. The majority of commuters (60%) will drive their own vehicle to work, anywhere from 2-26% might carpool to work on a given day.

Driving fewer miles each year will save you on gas and vehicle maintenance costs, but sadly it won’t put more than a dent in your monthly premium. However, business vehicles cost around 11% more to insure than personal-use ones.

  • Your Coverage and Deductibles

There is an inverse relationship between your deductible amount and your monthly premium. You can actually lower your monthly payment by quite a bit by raising your deductible. But if you ever have to file a claim, make sure you have the money saved up.

  • Education in Minneapolis, MN

For many drivers, simply earning and advanced degree can help them negotiate a lower price on their auto insurance. It’s a stronger negotiating tool than having a prestigious job, or a higher salary. For Minneapolis, this applies to the 24% of motorists who possess a bachelor’s degree. A slightly smaller amount, 20% have obtained their high school diploma.

Minneapolis is a highly educated city. It hosts one of the top 20 universities in the country, the University of Minnesota – Twin Cities, which educates nearly 50,000 students each year and offers a range of degrees from bachelor’s and up. However, if you’re looking for a private institution, you may want to examine the North Central Bible College or Augsburg College, both of which offer associates and other advanced degrees.

Locating reasonably priced car insurance could end up being a hassle. There’s lots of information you need to think about, and understanding how insurance providers examine your possible risk could be complex. But try not to let the wrong insurance company to convince you to buy an expensive policy. Learn more about Minneapolis, MN.

How We Conducted Our Car Insurance Analysis

*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.

Sources:

Minnesota Department of Commerce – Insurance Division

Minnesota Department of Commerce – Banking & Finance

Department of Highway Safety and Motor Vehicles

City-Data.com

Census.gov

Compare Auto Insurance Rates in Minneapolis, Minnesota – See How Much You Can Save

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