It’s no secret that the cost of insurance is on the rise. Insurance companies look at a number of factors when determining the premiums. They consider your age, your driving history, your credit rating, and more to figure out how much to charge you. If you’re looking to get the best deal, you need to understand how these factors affect the price of your coverage.

The average car insurance in Minnesota costs $1,643 per year for full coverage, which is well below the national average. However, a full-coverage policy will cost more than a basic one. You can lower the costs of your policy by opting for less expensive coverage limits. In fact, you may be able to save as much as $500 a year if you stick to a simple policy that offers comprehensive and collision protection.

Although there are several factors that contribute to the average car insurance rate in Minnesota, a few things stand out. Among them are the state’s minimum liability requirements. Unlike most states, Minnesota requires drivers to carry a minimum amount of bodily injury liability and uninsured motorist coverage. Having this type of policy can help you pay for medical expenses and lost wages if you are involved in an accident.

Another thing you can do to lower your costs is to get a full coverage policy. These policies typically cover damages to your vehicle, including damage to other vehicles and property. Even if you have a newer model car, it may be worth your while to purchase a comprehensive coverage policy. This type of insurance will also cover your deductible should you be in an accident.

A comprehensive coverage policy is also recommended if you plan on financing your car. This type of insurance may not be necessary for older cars that have a replacement value that isn’t as high as the costs of repairs.

The best thing to do is to check your rates periodically. Most insurance companies offer discounts. They’re more likely to offer them to you if you’re a good driver or if you’ve maintained a good credit score. Getting a policy that fits your needs and budget can be a complicated process.

There are plenty of resources on the web that can help you find the cheapest possible auto insurance in Minnesota. WalletHub, for instance, provides a streamlined way to compare quotes from the top carriers in the state.

Similarly, MoneyGeek has a car insurance calculator that will give you a rough estimate of what it will cost to insure your vehicle. Their calculators will also identify the cheapest insurance companies in the state. Using their car insurance calculator, you can see which insurers have the cheapest rates for your particular driving profile.

Finally, you can find out more about how to find the cheapest insurance in Minnesota using a comparison site like ValChoice. These sites allow you to enter information and get a free quote from multiple companies.