Minnesota car insurance costs depend on a range of variables, with key ones including your type of car, driving history and credit score playing a part. WalletHub’s free car insurance calculator lets drivers enter these and other variables to get quotes from leading insurers; results showed that, on average, drivers in Minnesota tend to pay about four percent more for state minimum coverage than elsewhere in the U.S.
Other factors that can have an effect on your policy are age of drivers on it, whether or not you have a good driving record and your location. Insurance providers take this information into consideration when setting premium rates; thus it’s wise to shop around for the best rates. WalletHub research shows that drivers with poor credit pay an average of 2.4x more for car insurance compared with those with excellent credit due to higher risk profiles associated with poor credit profiles.
Teen drivers in particular can be particularly costly to insure due to their inexperience and increased crash rates; indeed, teens are almost three times more likely than drivers over 20 to be involved in fatal collisions. But the good news is that as time progresses and your driving experience grows, your premiums should decrease accordingly.
Drivers in Minnesota can save money by choosing the appropriate car insurance company. We’ve listed insurers that are best for specific types of drivers – teens and young adults as well as middle-aged. Getting caught speeding could result in your rates increasing by an average of 29%; by shopping around carefully you may find companies offering insurance specifically designed to address speeding tickets in Minnesota.
Minnesota drivers must carry at least the national minimum requirement when it comes to car insurance, but its requirements surpass even this standard. On top of liability coverage, Minnesotans must also obtain PIP (personal injury protection) and uninsured motorist coverage – which could add extra costs to your overall bill – it would be wise to explore ways of decreasing or cancelling them to lower your rate.
Car insurance rates in Minnesota can differ widely across the state, with those living in Minneapolis paying 39% more than drivers in rural areas for coverage due to factors like congestion and crime. Drivers looking for cost savings in their policies could choose a more rural location or purchase less coverage to reduce rates.
Use our car insurance calculator to quickly estimate how much Minnesota auto policy will cost and select options that best meet your needs. Just fill out a few pieces of information, compare quotes from top providers, and set coverage limits according to what works for you – MoneyGeek advises starting by meeting minimum state requirements before considering additional coverage or higher limits if desired.