Minnesota drivers typically pay less than the national average for car insurance rates. To find the best rate, it’s wise to shop around and compare quotes before selecting your policy and annual premium amount. Your premium could depend on a number of factors including coverage requirements and driving history – however you could possibly lower it further by changing policies, decreasing coverage or raising deductibles or taking other steps such as changing policies altogether.
Auto insurance costs more for those with poor credit than for those with good scores, since insurance companies assume those with poor credit will file more claims, thus increasing costs over time. But there are ways to improve your score and lower premium costs; consider creating a debt management plan or paying off late payments and collection accounts to boost your score and lower premium costs.
Your location plays an integral part in your insurance premium, as insurance providers consider factors like population density, traffic accidents and crime rates when pricing policies. Drivers living in urban areas tend to pay higher premiums due to an increased chance of an accident or theft occurring there.
As well as the type of vehicle you drive, its age and mileage will also have an effect on your insurance rates. Newer cars tend to cost more in terms of repair or replacement costs; additionally, their costs will depend upon safety features like an anti-theft device and other security measures installed in them.
Age and gender of drivers also has an effect on car insurance costs. Male drivers under 20 typically face additional premiums because they are considered high-risk drivers due to inexperience behind the wheel and increased chances of getting involved in an accident.
Teen drivers typically pay higher insurance premiums than adults for similar reasons, making a clean driving record one of the best ways to save money on Minnesota car insurance, and secure a better rate. Any accidents or traffic violations will typically increase your rates by 29% at renewal time.
Minnesota law mandates minimum coverage requirements of $40,000 per person and up to $100,000 total injury expenses, along with $10,000 of property damage liability coverage. Many drivers opt to increase these coverage amounts for greater peace of mind; other options can include loan/lease payoff coverage and roadside assistance services. It’s wise to purchase Personal Injury Protection (PIP) coverage as this will pay medical costs regardless of who caused an accident and funeral and lost income if an accident results in death.