The average cost of auto insurance in Minneapolis, Minnesota, is $ 1,980 per year for full coverage, or $ 165 per month. The average city commute to work is less than 25 minutes and most drivers drive alone. Although this is a shocking statistic, Minnesota surpassed 300 road fatalities in 2021 at the end of August, the earliest date Minnesota has ever reached the unlucky benchmark since. 2007. Although not all accidents are likely to become so serious, knowing the best auto insurance companies in Minneapolis that have affordable rates can be of great help in staying financially protected.
In reviewing the best auto insurance in Minneapolis, Bankrate’s insurance editorial team rated the cheapest auto insurance companies in the area based on average premium and available coverage and discounts. The cheapest auto insurance company in Minneapolis is State Farm, according to Bankrate’s 2021 Annual Listed Premiums Study.
Best Cheap Car Insurance Companies in Minneapolis
Bankrate arrived at its choices for the cheapest auto insurance in Minneapolis, Minnesota, by analyzing the average annual auto insurance premiums from Quadrant Information Services. We carefully reviewed a range of coverage and discount options available, AM Best financial strength ratings, and JD Power customer satisfaction scores. Industry trusted third-party ratings help provide a more complete view of a vendor’s performance in several important areas, such as customer service and claims payability. By compiling this information, we were able to assign each company a Bankrate Score – rated on a scale of 5.0 – which reflects their overall performance among these categories and this award.
Our review determined that State Farm, American Family, AAA, USAA, and Auto-Owners offer some of the cheapest rates for auto insurance in Minneapolis:
|Insurance company||Discount rate||JD Power Score (Central region)||Average annual premium for full coverage||Average annual premium for minimum coverage|
|State farm||4.5||847/1000||$ 1,535||$ 825|
|American family||3.6||839/1000||$ 1,537||$ 832|
|AAA||3.8||829/1000||$ 1,661||$ 419|
|United States of America*||4.8||897/1000||$ 1,662||$ 652|
|Car owners||4.5||845/1000||$ 1,742||$ 707|
* Not officially listed with JD Power due to eligibility restrictions
State Farm is a well-established and respected insurer distinguished by an easy-to-use website. Its digital presence provides a wealth of easily accessible information to help users create their own sets of policies that meet their needs. As the cheapest full coverage provider on our list, State Farm could be a great choice for those looking for reliable coverage at affordable rates. However, its minimum coverage policies are on average the second most expensive on our list, making it a less viable option for Minneapolis drivers looking for the lowest coverage allowed. State Farm offers a number of great options, including specialty programs designed exclusively for teenage drivers and coverage for vintage car collectors.
Learn more: State agricultural insurance review
American Family is perhaps the best insurer for drivers looking to change carriers, as it encourages policyholders who make the change to take advantage of two cumulative discounts. There are discount options for customer retention, early signing, and purchasing multiple types of policies. However, those who compare the cheapest auto insurance companies based on customer satisfaction may want to consider additional providers, as AmFam scores a few points below the industry average for the central region.
Learn more: American Family Insurance Review
With the cheapest average minimum coverage policy on our list, AAA may be the best option for drivers looking for liability only coverage. With that, Minneapolis drivers could save over $ 400 per year. While there are no early signing discounts, there are several multi-policy discounts, including savings on auto and home plans. Plus, there are savings for good driving, providing up-to-date odometer readings, and maintaining your AAA policy for at least a full year.
Learn more: AAA Assurance Review
USAA is only available to its members – serving and former military and their families. Because of its customer base, the company may be the best option for military families looking for inexpensive auto insurance companies. There are even army-focused savings opportunities, such as a shed for vehicle storage on base. JD Power doesn’t rank USAA in its customer satisfaction surveys, but it does rate the company. With a score of 897, which is 41 points above the ranked leader in the Central region, USAA customers are clearly very satisfied with the company’s service. USAA offers a minimum annual coverage premium lower than the average annual premium in Minneapolis of $ 828.
Learn more: USAA Insurance Review
The auto owners score of 845 ranks the carrier above average in the Central region. It also has the second highest Bankrate Score on our list, which means it might be the best option for overall performance. Auto-Owners offers lower than average auto insurance rates in Minneapolis for minimal and comprehensive coverage. The company is particularly strong in its ability to tailor coverage to the needs of its customers, such as its Plus plan, which offers more than 10 additional coverage options.
Learn more: Automobile Owners Insurance Review
How to get and keep the cheapest car insurance in Minneapolis
Finding cheap quotes is an important part of narrowing down your cheapest auto insurance options, but there are several factors that go into helping you get the lowest price. Considering the following tips can help you find the cheapest business for you.
- Write down your coverage needs. Comparing average quotes is just the start. When comparing providers side-by-side, it helps to have an apple-to-apple comparison for the same amounts and types of coverage, including options like roadside assistance or full window repair. Each provider will offer a different amount, so knowing what coverage you need can help make your cheapest option clearer.
- Reduce your risk. Carriers determine rates based on insurable risk, where the less risk you have as an insured, the lower your rates. Staying accident free, driving within posted speed limits, and avoiding unnecessary claims can all go a long way in helping you hit the lowest rate.
Frequently Asked Questions
What is the best auto insurance company?
There is no single insurer that offers the best auto insurance coverage for everyone. Some coverage options and discounts offered by one company may not match those offered by others. For this reason, many drivers decide to research multiple companies and get multiple quotes for comparison.
What auto insurance do i need in Minneapolis?
To determine how much auto insurance you need, start by looking at the current value of all of your assets. If you are faced with a lawsuit resulting from a serious accident for which you are responsible, you could be putting your assets and your financial security at risk without adequate coverage. Working with your agent can help you set your auto insurance limits accordingly.
How much does auto insurance cost in Minneapolis?
According to the most recent premium data from Quadrant Information Services, the average cost of auto insurance in Minneapolis is $ 1,980 per year for a full coverage policy and $ 828 per year for a minimum coverage policy. Your individual fare may be higher or lower than the city average depending on personal factors such as the make and model of your vehicle and your driving record.
Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, credit and the following comprehensive coverage limits:
- $ 100,000 liability for bodily injury per person
- $ 300,000 liability for bodily injury per accident
- Civil liability for property damage of $ 50,000 per accident
- $ 100,000 in bodily injury caused by an uninsured motorist per person
- $ 300,000 in uninsured bodily injury per accident to a motorist
- $ 500 collision deductible
- Global deductible of $ 500
To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our example drivers own a 2019 Toyota Camry, commute five days a week, and travel 12,000 miles a year.
These are sample rates and should be used for comparison purposes only. Your quotes may be different.
Bankrate Scores primarily reflect a weighted ranking of industry standard ratings for financial strength and customer experience, in addition to analysis of annual quoted bonuses from Quadrant Information Services, covering all 50 states and Washington, DC We know It is important for drivers to have confidence in themselves the financial protection covers the most likely risks, is competitively priced, and is provided by a financially sound company with a history of positive customer support.
To determine how well the best auto insurance companies are meeting these priorities, third-party agency ratings of JD Power, AM Best, S&P, NAIC and Moodys had the most impact on corporate bank rate scores. . With price being a common consideration for drivers, we analyzed the premiums offered based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, evaluated on more than 35,000 zip codes in the United States, has provided a basis on which drivers can compare each supplier.
While coverage options, insurer availability, affordability and customer experience are often top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is evolving rapidly to keep pace with our digital world, so these aspects have also played a role in determining discount rate scores.