Cheapest Insurance for a Honda CR-V in Minnesota

Cheapest Insurance for a Honda CR-V in Minnesota

Your ability to find affordable insurance for a Honda CR-V in Minnesota depends on a complex formula that considers things like how many years you have been driving, if you have ever had a gap in coverage, and the level of deductible you choose. Minnesota drivers on average pay around $880 annually for CR-V insurance, but that is using cost data for a 30-year-old married male with full coverage and $100 deductibles.

More likely than not, you are not 30 and maybe not even a male, possibly single instead of married, or maybe you had a chargeable driving offense. Every car insurance policy is unique to the driver, so the only way to find the cheapest insurance price for your Honda is to put in the effort to do a thorough rate comparison.

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The trim level of your Honda tends to have a direct effect on the cost of coverage, so the price you will be charged to insure a CR-V LX 2WD will be $34 lower than the price to insure the fancier CR-V EX-L 4WD trim level, as shown in the chart below.

Honda CR-V Insurance Rates in Minnesota
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $238 $406 $270 $16 $80 $1,010 $84
CR-V EX 2WD $238 $406 $270 $16 $80 $1,010 $84
CR-V LX 4WD $238 $406 $270 $16 $80 $1,010 $84
CR-V EX 4WD $272 $406 $270 $16 $80 $1,044 $87
CR-V EX-L 2WD $272 $406 $270 $16 $80 $1,044 $87
CR-V EX-L 4WD $272 $406 $270 $16 $80 $1,044 $87
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Premium costs do not factor in your specific Minnesota location which can affect premiums significantly.

Best car insurance company in Minnesota

Finding the highest-rated insurance provider can be a challenge considering how many different companies insure vehicles in Minnesota. The rank data below may help you decide which providers you want to consider when trying to find cheaper insurance for a Honda CR-V. The rankings below only include companies who write in the majority of U.S. states, so companies that may only write in Minnesota are not taken into consideration for the list.

Top 10 Major Auto Insurers in Minnesota Ranked by A.M. Best Rating

  1. USAA – A++
  2. Travelers – A++
  3. State Farm – A++
  4. GEICO – A++
  5. Nationwide – A+
  6. Esurance – A+
  7. The Hartford – A+
  8. Progressive – A+
  9. Allstate – A+
  10. The General – A-

Top 10 Major Auto Insurers Overall in Minnesota

  1. USAA
  2. 21st Century
  3. GEICO
  4. Nationwide
  5. AAA Insurance
  6. Liberty Mutual
  7. Safeco Insurance
  8. State Farm
  9. Travelers
  10. American Family

Top Companies for Honda CR-V Insurance in Minnesota

Full coverage versus liability-only

Finding the cheapest insurance for a Honda CR-V in Minnesota should be important to most vehicle owners, and one great way to save on the cost of insurance is to buy only liability coverage. The information below illustrates the difference between car insurance rates with full physical damage coverage compared to only buying liability only. The rate quotes are based on no claims or violations, $250 deductibles, drivers are single, and no discounts are applied.

As an average for all age groups, comp and collision coverage costs $1,708 per year more than buying just liability insurance. At some point, about every driver wonders when is it safe to stop buying full coverage. There is no definitive guideline of when to stop paying for comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is 10% or more of the settlement you would receive from your company, then you might consider buying liability only.

There are some cases where dropping full coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.

The diagram below highlights how deductible choice can increase or decrease insurance rates when researching cheap insurance for a Honda CR-V. Data assumes a single male driver, comprehensive and collision coverage, and no discounts are applied to the premium.

As shown above, a 50-year-old driver could lower their car insurance rates by $270 a year by switching from a $100 deductible to a $500 deductible, or save $410 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 category, could shave $880 each year by using a higher deductible.

When increasing deductibles, it is a good idea to have enough spare savings to enable you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.

How to find budget-friendly car insurance for a Honda CR-V

It’s not impossible to find cheaper rates, and here are some penny-pinching ideas that can help drivers find cheaper coverage.

  • Drop full coverage on older vehicles
  • Lower rates by purchasing a safer vehicle
  • Do not get traffic citations
  • Remain accident-free and save
  • Higher comprehensive and collision coverage deductibles will save money
  • Maintaining good credit helps earn cheaper rates
  • Compare prices as often as possible

That last tip is especially critical, as we pointed out in the article above. Coverage prices in Minnesota change frequently, so don’t be hesitant to buy a policy from a new company if a lower price can be found. Brand loyalty is great, but it’s not recommended if that stubbornness costs you big bucks every year. Take a few minutes and shop around and find cheaper auto insurance for a Honda CR-V.

Does Allstate, State Farm, Progressive, or Geico have the cheapest car insurance?

When it comes to buying insurance for a CR-V, four companies you’ll want quotes from are Allstate, State Farm, Progressive, and Geico. Combined they have nearly half of all auto insurance policies in force. The following table points out some of the ratings and options that may be available in Minnesota.

Comparison of Top Four U.S. Car Insurance Companies
Allstate State Farm Progressive Geico
Client Satisfaction 2nd 4th 3rd 1st
Discounts Offered 1st 3rd 4th 2nd
Claims Service 1st 2nd 4th 3rd
Price Rank 4th 2nd 3rd 1st
Amount of market share 10% 18.3% 8.8% 11.4%
Customers who recommend 86% 88% 88% 87%
A.M. Best rating A+ A++ A+ A++
S&P financial rating AA- AA AA AA+
Usage-based insurance Yes Yes Yes No
New car replacement coverage Yes No No No
Accident forgiveness Yes No Yes Yes
Rideshare coverage Yes Yes Yes Yes
Roadside assistance Yes Yes Yes Yes
Mechanical breakdown insurance No No Yes Yes
Available in Minnesota Yes Yes Yes Yes
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