The Best Cheap Minnesota Car Insurance
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
There is no getting around the fact that car insurance is necessary in the Land of 10,000 Lakes, which makes the job of finding the cheapest car insurance in Minnesota even more critical. Here, we've combed through insurance providers to locate the most affordable car insurance in Minnesota and broken them down by the type of driver most likely to be on the lookout for low-cost car insurance.
Cheap auto insurance in Minnesota is offered by some of the best car insurance companies in the U.S. For a typical driver with a clean driving record (no accidents or tickets), four companies offer the most affordable car insurance quotes in Minnesota. The insurer with the lowest rate is Nationwide, with an average yearly quote of $1,337, or $111 per month.
Nationwide is followed by three other big names in Minnesota auto insurance:
Military members, former members of the military, and their families frequently score the most affordable car insurance rates in Minnesota in thanks for their service. Nationwide currently offers the lowest rates to military members, with an average annual premium of $1,314.
Not far behind are three other Minnesota auto insurance carriers:
It is impossible to deny the impact a single accident can have on insurance rates. Until that accident falls off a driver's record, they can expect to pay higher rates. Here, we looked for the companies that appear to be the most forgiving. The leader of the pack is State Farm. This longtime industry leader offers an annual insurance rate of $1,740 to drivers with an accident on their record.
State Farm is followed by three other carriers, among the best car insurance companies in Minnesota:
Speeding tickets are another way to drive up Minnesota auto insurance rates. As we searched for the best car insurance in Minnesota for drivers with one speeding ticket on their record, we found Nationwide to be the hands-down winner. With an average annual premium of $1,536, Nationwide beat out some of the best-known names in Minnesota auto insurance.
Those big names include runners-up:
Minnesota state car insurance laws make it clear that drivers must carry, at the least, minimum car insurance coverage. Drivers looking for cheap liability car insurance in Minnesota have four competitive options, with USAA being the least expensive at $435.
Those who do not qualify for USAA coverage have three more competitive companies from which to choose. They are:
The average rate for Minnesota auto insurance is $2,652, closely in line with the national average of $2,646.
Minnesota car insurance laws clearly state that coverage is required. In Minnesota, driving without insurance is punishable by a fine of up to $1,000, possible revocation of license and registration, reinstatement fees of $30, and 90 days in jail. Typically, a first-time offender can expect to pay a $200 fine and receive no time in jail. Penalties increase if the driver is caught driving without insurance more than one time.
Minnesota minimum car insurance must include personal injury protection (PIP), liability, uninsured, and underinsured coverage. They break the amounts down by type of coverage as follows:
Drivers who ask, "How much is car insurance in Minnesota?" may also wonder about ways to save money on their annual premiums. The three most straightforward ways are to keep a clean driving record, pay attention to their credit score, and search through the many discounts offered by most auto insurance companies.
If a driver has been involved in an accident or has a speeding ticket on their record, insurers become nervous, worried that perhaps the driver is not as careful as they should be. For that reason, they charge higher premiums to those they believe are most likely to file a claim. Until the accident falls off the driver's record, they can expect to pay more in annual premiums. One of the easiest things for a driver is to remain mindful of their speed and drive defensively, cutting down on the odds of an accident (or ticket) and ultimately saving money on Minnesota auto insurance.
Studies have long shown that drivers with high credit scores tend to make the least insurance claims. That's the primary reason insurance companies check a driver's credit report before offering a quote. The higher the score, the lower the quote.
This list of discounts represents the tip of the iceberg. Each insurance carrier has its own list of potential discounts, with something to fit just about any driver. Before settling on a particular insurance company, it can pay to check out their list of discounts and pocket the savings. Here are some of the most common discounts on car insurance:
As mentioned, Minnesota requires drivers to carry PIP insurance as part of its minimum coverage law. PIP is a type of no-fault insurance, meaning it covers medical expenses no matter which driver is at fault. It sometimes includes lost wages as well. PIP can even help those who are not driving. For example, if a covered driver is out walking or riding their bike and is hit by a car, PIP will cover them through their auto insurance.
Finally, when a driver finds an insurance company they like with rates they can afford, it may pay to move all their insurance needs to that company. That way, they can score one final discount by bundling products.
RELATED: Need homeowners insurance? Check out Motley Fool Money's guide to the best cheap Minnesota homeowners insurance.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.