Who Has Cheap Car Insurance for High Risk Drivers in Minnesota?

You have surely seen all the captivating ads from auto insurance companies like Liberty Mutual and Progressive promising enormous savings. So you just need to pick the one with the catchiest commercial, right?

Regrettably, it’s not quite that easy, as there are a ton of unknown elements like the safety features built into your vehicle, the likelihood of vehicle theft where you live, and if full coverage is needed. In this article, we will teach you about these factors and others that can influence the price of auto insurance and will hopefully give the reader a good start to your coverage search.

The make and model of vehicle you are trying to insure is probably the largest consideration that determines whether or not you can buy cheap car insurance for high risk drivers in Minnesota. Vehicles with economical engines, modern passenger safety features, or a low likelihood of having liability claims will cost significantly less to insure than fast, unsafe models.

The next list estimates coverage costs for the most budget-friendly automobiles to insure in Minnesota.

Data assumes single male driver age 50, two speeding tickets, two at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Table data does not factor in garaging location in Minnesota which can alter prices considerably.

Based upon the table data, cars like the Honda CR-V, Honda Accord, Ford Escape, Chevrolet Traverse, and Hyundai Tucson are most likely going to be the cheapest vehicles to insure for high risk drivers. Prices will be more costly just because there is more inherent risk for high risk drivers, but in general those specific models will most likely have the cheapest rates compared to all other vehicles.

When buying insurance for high risk drivers, one of the key things that play a part in determining the price of your policy is the neighborhood you call home in Minnesota. Cities with larger populations or higher claim trends like Minneapolis, Maplewood, and Blaine will most likely pay more, whereas areas with less congestion benefit from lower rates.

The information below shows the priciest cities in Minnesota for high risk drivers in which to purchase auto insurance.

Rate information is comparative as the specific Minnesota residence address can change prices considerably.

Buying cheap insurance is not easy, and figuring out which companies offer the lowest-priced insurance rates for high risk drivers will take even more work. Policy rates will more than likely be much more expensive than the average price in Minnesota because of the potential for higher claims that goes along with selling coverage for high risk drivers, but reasonable coverage may be available with some perseverence. Every car insurance company has a proprietary method for determining prices, so let’s begin by examining the most competitive insurance companies in Minnesota.

We do need to point out that Minnesota insurance rates are determined by lots of factors which can significantly increase or decrease the price you pay for coverage. That is why drivers need to shop around when trying to find the best auto insurance quotes for high risk drivers. Car insurance prices are impacted by many factors and can decrease or increase without notice, so the cheapest rate the last time you shopped your coverage around may now not even be in the top five.

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Travelers offers some of the lowest car insurance rates in Minnesota at around $667 annually. USAA, Farm Bureau Mutual, Western National, and West Bend Mutual are also some of the most economical Minnesota insurance companies.

As illustrated above, if you are a policyholder with West Bend Mutual and switched to USAA, you could earn a yearly price reduction of about $145. Insureds with The Hartford may save as much as $147 a year, and Allied policyholders might realize rate reductions of up to $403 a year.

It’s important to note that these prices are averages for all types of insureds and vehicles and and are not figured with a price surcharge for high risk drivers. So the company that is best for you may not even be in the above list. That’s why you need to compare rates from as many companies as possible using your own driver data and vehicle information.

Cost comparison with and without full coverage

Finding cheap car insurance for high risk drivers in Minnesota should be important to the majority of drivers, and a good way to buy cheap insurance is to buy only liability coverage. The chart below compares car insurance costs when comparing full coverage to liability only. The price estimates are based on no claims or driving citations, $100 deductibles, drivers are single, and no policy discounts are applied.

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If averaged out across all ages, physical damage coverage on your policy costs an extra $2,027 per year over having just liability coverage. At some point, almost every driver questions if physical damage coverage is worth the money. There is no clear-cut formula of when to phase out comp and collision coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.

Impact of violations and accidents on rates

The easiest method to earn the most affordable insurance prices for high risk drivers is to drive cautiously and not receive tickets or have accidents. The information below illustrates how traffic citations and fender-benders increase insurance costs for different categories of driver ages. Data assumes a single male driver, full coverage, $1,000 deductibles, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and Two Accidents’],[‘Age 20’, 2261,2681,4439],[‘Age 30’, 1199,1619,3377],[‘Age 40’, 1165,1583,3341],[‘Age 50’, 1065,1485,3243],[‘Age 60’, 1037,1455,3213],[‘Age 70’, 1287,1705,3463]]);var options = {title: ‘Accidents, Violations, and Minnesota Auto Insurance Rates’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Minnesota’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the example above, the average cost of a car insurance policy per year with no accidents or violations is $1,336. Add in two speeding tickets and the average cost hikes up to $1,755, an increase of $419 each year. Now get two accidents along with the two speeding tickets and the 12-month cost of insurance for high risk drivers goes up to an average of $3,513. That’s an increase of $2,177, or $181 per month, just for being a less-than-perfect driver!

How to find cheap car insurance for high risk drivers in Minnesota

It’s not impossible to find cheaper rates, and here are some money-saving ideas that can help drivers get more affordable coverage.

• Remove physical damage coverage on older vehicles
• Clean up your credit
• Increase the comprehensive and collision deductibles on your policy
• Get cheaper liability coverage by choosing a safer vehicle
• Claim-free drivers earn discounts
• Home or renters coverage can save on auto insurance
• Compare rates often to find the best deal

The last tip in the list is notably vital, as was discussed in the article above. Rates in Minnesota change frequently, so drivers shouldn’t be resistant to buy a different policy if a more affordable price is available. Many drivers tend to have loyalty to a certain company, but it’s not a good idea if that faithfulness ends up costing you a lot of money every month. In just a few minutes you could shop around to find cheaper insurance for high risk drivers.