Minnesota drivers typically pay an average cost of car insurance of $1,493 annually or about $124.3 a month according to research by WalletHub. A number of factors influence your premium rates such as age group, gender, driving history and credit score; drivers with poor records or scores tend to incur higher premium rates – however this can be decreased by taking steps to improve risk profiles and decrease premium costs.
Your coverage decisions can also have an effect on your rate. While Minnesota state minimum requirements provide adequate protection, many drivers opt to purchase collision and comprehensive policies as extra safeguards against serious accidents or theft. Although more costly, such policies could save out-of-pocket expenses in such instances.
Other factors affecting premiums in Minnesota can include healthcare costs, uninsured drivers and natural disaster risks in your area. Densely populated cities tend to attract higher premiums due to increased traffic congestion and accidents; insurance providers must factor in whether flooding or wildfires could damage vehicles.
There are various strategies you can employ to reduce premiums, including paying the total premium amount upfront or enrolling in a defensive driving course. Furthermore, improving your credit score or exploring various providers might also help. It is crucial that you compare car insurance companies regularly since prices fluctuate frequently – using tools like MoneyGeek’s Minnesota Car Insurance Calculator will enable you to quickly obtain accurate quotes.
WalletHub’s research reveals that there are a handful of companies in Minnesota offering the most cost-effective auto insurance policies. State Farm, Country Financial, Geico and Jerry Brown rank among these top providers; their policies provide coverage at prices affordable to drivers of various ages including young drivers and seniors as well as providing competitive quotes even to those with less-than-perfect credit profiles. If struggling to secure affordable coverage should consider the state Low-Cost Auto Insurance Program which assists those denied or dropped by regular providers to secure adequate protection at more reasonable costs.
State law mandates you carry at a minimum 30/60/10 coverage in bodily injury and property damage liability insurance, however adding on additional coverage such as personal injury protection, underinsured/uninsured motorist and collision/comprehensive may be beneficial depending on your needs and vehicle value. A car insurance calculator will give you options tailored specifically to you based on your preferences and driving record for finding the most affordable premiums.