Best cheap car insurance in Minneapolis

Best cheap car insurance in Minneapolis


The average cost of auto insurance in Minneapolis, Minnesota is $1,980 per year with full coverage, or $152 per month. Auto insurance with minimum coverage averages $725 per year, or $60 per month. Auto insurance in Minneapolis is about the same as the national average, but drivers can find even lower rates and are financially protected in the event of an accident.

As part of determining the best auto insurance in Minneapolis, Bank rate's insurance editorial team rated the cheapest auto insurance companies in the area by average premium and available coverage and discounts. We've found that American Family and State Farm offer full-coverage auto insurance at the lowest average rates in Minneapolis, but they may not be the right insurer for everyone. Bank rate's handpicked recommendations are a good place to start to find the best cheap car insurance for you.


Best cheap auto insurance company in minneapolis


Bank rate found the cheapest auto insurance options in Minneapolis, Minnesota by analyzing Quadrant Information Services average annual auto insurance premiums. Based on our findings, American Family, State Firm, and USAA offered the cheapest auto insurance for both minimum and full coverage.


Price is important, but it's also important to look at carriers holistically. Bank rate's editorial team also reviewed each insurer's available coverage options and discounts, AM Best's Financial Strength Rating, and J.D. Power's Customer Satisfaction Score. Industry-trusted third-party evaluations help provide a more comprehensive view of how a provider performs in several key aspects, such as customer service and claims-paying ability. By putting this information together, we were able to assign each company a Bankrate Score (scored on a 5.0 scale). This reflects our overall performance in these categories and prices.

INSURANCE COMPANYBANKRATE SCOREJ.D. POWER SCORE (CENTRAL REGION)AVERAGE ANNUAL PREMIUM FOR FULL COVERAGEAVERAGE ANNUAL PREMIUM FOR MINIMUM COVERAGE
American Family4.3848/1,000$1,212$631
State Farm4.7843/1,000$1,293$649
USAA*4.9879/1,000$1,678$615
Auto-Owners4.5821/1,000$1,708$628
AAA3.8838/1,000$1,966$545

*Not officially ranked with J.D. Power due to eligibility restrictions

American family


American Family may be one of the best insurers to consider for drivers looking to switch insurance providers. This is because it facilitates that a switching policyholder is entitled to her two duplicate discounts. Discount opportunities are available for customer loyalty, early signatures, and multiple policy type purchases. However, users looking for a great digital experience may want to consider other carriers. In J.D. Power's 2022 Digital Experience Survey, American Family is below average in digital services and shopping, based on customer feedback.


State Farm 


State Farm is a well-established and reputable insurance company that stands out for its easy-to-use website. Its digital presence provides easily accessible information that helps users build a unique policy her package that meets their needs. As the cheapest full coverage provider on our list, State Farm is a great choice for those looking for reliable coverage at affordable rates. , Minneapolis drivers have fewer viable options when it comes to seeking the lowest coverage allowed. State Farm offers many valuable options, including special programs designed specifically for teen drivers and insurance for antique car collectors.


USAA


The USAA is open only to its members (active and former military personnel and their families). Because of its customer base, the company may be the best option for military families looking for cheap auto insurance. There are even military-centric savings opportunities, such as discounts for storing vehicles on base. J.D. Power scores the company in customer satisfaction surveys, although he does not rank USAA. USAA customers scored 879 points, putting him 13 points higher than his leaders in the Central Region ranking, indicating a high degree of satisfaction with the company's services. USAA offers a minimum annual premium that is below the average annual premium in Minneapolis of $828.

Auto-Owner


Auto-Owners' J.D. Power score of 821 ranks this carrier below average in the central region. But when it comes to auto insurance rates, Auto-Owners offers auto insurance rates below the Minneapolis average for both minimum and full coverage. The company is particularly good at tailoring coverage to customer needs, including Plus His packages that offer over 10 additional coverage options.

AAA


With the cheapest average minimum coverage policy on our list, AAA may be the best option for drivers seeking liability-only coverage. There are no early-signing discounts, but there are some discounts with multiple policies, such as auto and home bundle discounts. In addition, you must drive properly, provide up-to-date odometer readings, and subscribe to AAA policies for at least one year. There are also savings to maintain.

Minneapolis insurance requirements


Drivers in Minnesota are required to have a minimum automobile insurance policy if they own a vehicle. Minnesota requires drivers to take minimum personal injury and property damage liability, uninsured driver compensation, and personal injury protection. Below is a breakdown of auto insurance requirements in Minnesota.


  • $30,000 personal injury liability per person
  • $60,000 personal injury liability per accident
  • $10,000 property damage liability per accident
  • $25,000 uninsured motorist injury per person
  • $50,000 uninsured driver bodily injury per accident
  • $25,000 uninsured driver injury per person
  • $50,000 uninsured motorist injury per accident
  • $40,000 Personal Injury Protection (PIP)

These coverage requirements for drivers in Minnesota provide a baseline level of protection in the event of an accident. In the event of an accident, liability for personal injury and property damage will apply to the other party. Uninsured or underinsured car insurance, on the other hand, usually applies when someone else has an accident and their insurance isn't enough to cover your damages. Minnesota law also requires personal injury protection as a no-fault state. This is intended to cover you and any passengers involved in an accident where you have had to pay for issues such as medical bills or lost wages.


Minnesota drivers can purchase higher limits than the state's requirements to increase coverage. You can also add optional coverage. This includes comprehensive collision protection, roadside assistance, rental car reimbursement, and more to insure your vehicle if you're involved in an accident.


How to Get and Maintain the Cheapest Auto Insurance in Minneapolis


Finding cheap quotes is an important part of narrowing down the cheapest auto insurance options, but there are several factors that help ensure the lowest price. Considering the following tips will help you identify the cheapest company.


  • Be aware of your need for compensation. Comparing average estimates is just the beginning. When comparing providers side by side, it helps to compare the same amount and type of coverage, including options like roadside assistance and full glass repair. Each provider quotes a different amount, so knowing what coverage you need can help clarify the cheapest option.
  • Reduce risk. Carriers will charge based on insurance risk. The less risk you pose as an insured, the cheaper the fee. Staying accident-free, driving at the stated speed limit, and avoiding unnecessary charges all go a long way toward achieving the lowest fare.


Methodology


Bank rate uses Quadrant Information Services to analyze his 2022 rates for all 50 states and all Washington, D.C. zip codes and carriers. Rates quoted are based on 40 year old male and female drivers. Scope of application restrictions:


  • $100,000 personal injury liability per person
  • $300,000 personal injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist injury per person
  • $300,000 uninsured driver injury 1 accident
  • $500 Collision Deductible
  • $500 Total Deductible

To determine minimum coverage, Bank rate used the minimum coverage that meets each state's requirements. The sample driver owns a 2020 Toyota Camry, commutes five days a week, and drives 12,000 miles per year.


These are sample rates and should only be used for comparison purposes. Your estimate may vary.


Bank Rate Score


Bank rate Scores primarily reflect an analysis of annual premium quotes from Quadrant Information Services across all 50 states and Washington, D.C., plus weighted ranks of industry-standard ratings for financial strength and customer experience. . Financial protection covers the most likely risks, is competitively priced, and is provided by a financially sound company with a positive customer support history.


To determine how well the best auto insurers meet these priorities, third-party ratings from J.D. Power, AM Best, S&P, NAIC, and Moody's are the most important factors in each company's bank rate score. It made a big impact. Price is a common consideration for motorists, so we analyzed estimated insurance premiums based on his 40-year-old male and female drivers in their 2019 Toyota Camry. This profile was evaluated across his 35,000+ zip codes in the US and provided a baseline for drivers to compare each provider.


Coverage options, insurer availability, affordability, and customer experience are often top priorities, but Bankrate also analyzed each insurer's online and mobile resources for policy administration and claims processing. These aspects also influenced the Bankrate Score decision, as insurance is rapidly evolving to keep pace with our digital world.

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