Are you a resident of Minnesota and interested in purchasing a vehicle? If so, you may be curious to find out what your insurance premium could cost you. There are various factors that go into average insurance costs in MN, including your insurance provider, the city you live in, and how old you are. Other aspects, such as driving history and experience, can also play a role in how much you pay. Here we look at average auto insurance rates based on various factors and explore how to shop around and save the most on your car insurance.
Average Minnesota Auto Insurance Rates by Insurance Provider
The insurance provider you choose can make a substantial difference in how much you end up paying for a premium. Exploring different companies is a good idea when shopping for insurance. The following are some of the insurance providers in Minnesota and their average annual car insurance rates:
- Auto-Owners: $430
- North Star Mutual: $319
- West Bend: $380
- Iowa Farm Bureau: $370
- AAA: $487
- Allstate: $549
- Geico: $540
- Country Financial: $519
- MetLife: $793
- QBE: $1,127
- Western National: $470
- USAA: $461
- State Farm: $483
Average Minnesota Auto Insurance Costs by Age
Your age is also a major component that’s factored into the cost of your car insurance premium. In general, younger drivers have a higher insurance cost due to their increased risk of an accident and their little to no experience on the road. Older people typically have lower insurance premiums. Here are the average annual insurance rates in Minnesota based on age range:
- Age 16: $2,217
- Age 18: $4,177
- Age 20: $3,333
- Age 25: $2,011
- Age 30: $1,741
- Age 40: $1,643
- Age 50: $1,548
- Age 60: $1,510
- Age 70: $1,600
Average Minnesota Auto Insurance Premiums by City
In many cases, those who live in larger cities have higher premiums due to the increased risk of accidents. Individuals who reside in more suburban or rural areas may have a lower insurance premium, as these areas are less populated, which means fewer cars are on the road. The largest city in Minnesota, Minneapolis, has the highest average cost of insurance in the state. The following are examples of the prices of insurance rates in Minnesota cities:
- Minneapolis: $1,980
- St. Paul: $1,948
- Rochester: $1,500
- Duluth: $1,555
- Eagan: $1,590
- Bloomington: $1,621
- Woodbury: $1,593
- Brooklyn Park: $1,784
- Maple Grove: $1,567
- Plymouth: $1,561
- Coon Rapids: $1,673
- Eden Prairie: $1,536
- Burnsville: $1,614
- Blaine: $1,653
- Lakeville: $1,579
- Minnetonka: $1,577
- Edina: $1,615
- Apple Valley: $1,583
- Mankato: $1,445
Other Factors That Affect Insurance Rates
In addition to your age, the city you live in, and the insurance provider you choose to go with, there are several other factors that can impact your overall cost of auto insurance. Some other common elements considered when determining your insurance premium include:
Insurance companies look at a driver’s previous driving history to determine how they’ll perform in the future. If you have a history of traffic citations, DUIs or DWIs, or frequent or severe claims, you may end up paying more for your car insurance. Those with a clean record of driving typically receive a lower rate.
While often overlooked, a person’s credit score is another important factor considered in terms of auto premiums. Some data have shown that those with lower credit scores file more claims versus those with higher credit scores. The higher your credit score, the less your insurance premium may cost.
Similar to age, driving experience can also impact a person’s car insurance cost. Those with little to no driving experience, such as teenagers or individuals who haven’t driven a car in years, may have a higher insurance price compared to those with years of driving experience.
Insurance Coverage History
Insurance companies may view people who have a lack of continuous auto insurance coverage as a potential risk. It can also indicate that a person has been driving while uninsured. If you have a gap in your insurance history, you may have to pay a higher premium compared to those who have had continuous coverage.
Some insurance providers also look at your annual mileage rate when putting together a coverage plan. Those who drive less may pay a smaller premium, while those who drive their vehicle regularly and get extensive mileage may pay more for their coverage.
How To Save Money on Your Car Insurance Cost in Minnesota
While some factors are out of your control, there are still things you can do to potentially save money on your car insurance premium. A few possible ways to lower your premium in Minnesota include:
- Shop around. You don’t have to go with the first insurance company you receive a quote from. Consider getting estimates from multiple insurance companies to compare their rates.
- Look for discounts. Some insurance providers offer discounts to their customers that can help save them money on their car insurance costs. Examples of discounts include bundling your auto coverage with your home or renter’s insurance, military discounts, and safe driver discounts.
- Get accident forgiveness as part of your plan. Getting into an accident can significantly raise your insurance premium. Accident forgiveness can help offset this cost and may protect you from a large increase in your insurance costs.
Various factors impact the average car insurance cost in MN. Knowing these factors and how they influence what you may pay for insurance coverage can help you better prepare when shopping for a car insurance plan. Speaking with insurance representatives from various companies is a great way to explore rates and choose the right one for you.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.