Minnesota Car Insurance Calculator: Estimate Your Car Insurance Costs
If you are looking for auto insurance in Minnesota, you will have to provide a range of personal information to insurance companies to get a precise quote. MoneyGeek’s car insurance calculator helps you get a fair idea of how much you will have to pay for car insurance in Minnesota.
Our auto insurance calculator is a quick way for Minnesota drivers to get a ballpark figure of how much they’ll have to pay for car insurance. MoneyGeek’s tool considers several factors that insurers take into account when calculating insurance premiums. By using it and reading our guide, you can better understand the factors that lead to expensive or more affordable car insurance rates.
Minnesota Car Insurance Calculator: Get an Instant, Free Estimate
MoneyGeek’s Minnesota car insurance calculator will give you an approximate quote fast. You’ll need to put in some personal information such as your age, the type of vehicle you own, your driving history and the coverage levels you wish to include in your policy.
Our analysis shows that the factors that impact the cost of insurance in Minnesota most are adding a teen driver to your policy, your credit score and your age. However, insurance costs for you may vary depending on your combination of those and other factors.
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See how the Average Annual Auto Insurance Rates vary with the options chosen.
While the cheapest car insurance in Minnesota for you depends on that combination of factors, our calculator can get you a close estimate. MoneyGeek found that the cheapest auto insurance provider for most drivers in Minnesota is AAA, with policies that cost $492 per year on average.
Of course, price isn’t everything. You may want to consider a more expensive insurer if it has great customer service and offers the coverage and add-ons you need.
You can use MoneyGeek’s Minnesota car insurance calculator or browse our collection of sample drivers to find the cheapest car insurance in Minnesota.
MoneyGeek determined the average cost of car insurance in Minnesota too. This information can allow you to compare insurance costs in your state with those nationwide.
The best car insurance companies in Minnesota are more than just affordable; they also provide quality customer service. Using our scoring system, MoneyGeek identifies these insurers for you.
How Car Insurance Premiums are Calculated in Minnesota
There are several factors that insurance companies look at while determining the cost of your car insurance policy. In Minnesota, the factors that impact the cost of auto insurance most are adding a teen driver to an existing policy, your credit score and age.
The most impactful is to add a teen driver to your policy. In Minnesota, that can triple the cost of your yearly auto insurance.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Minnesota
Insurers deem teen drivers as higher risk than older drivers due to their inexperience and typically charge them significantly more for their car insurance. One study shows that teenage drivers are almost three times as likely to be involved in a fatal crash than drivers over the age of 20.
From all of the differentials used to calculate insurance costs, adding a young driver to your policy is the most expensive in Minnesota. It can increase your premium by 3x.
How Much Credit Score Matters in Calculating Car Insurance in Minnesota
Your credit score is the second most important factor that impacts auto insurance costs in Minnesota. Drivers with a low credit score may have to pay 2.4x more for insurance than those with good credit.
Car insurance companies look at credit scores so carefully because there’s a risk that drivers with poor credit may have trouble paying their premiums.
How Much The Age of the Driver Matters in Calculating Car Insurance in Minnesota
Your age is another consideration that affects your insurance costs. Young drivers in Minnesota typically have to pay 2.2x more than older drivers.
That means, for example, that a 40-year-old driver in Minnesota pays the least amount for car insurance, while the most expensive rate is paid by drivers aged 19 to 20 for a similar policy.
How Much Driving Record Matters in Calculating Car Insurance in Minnesota
If you have a poor driving history in Minnesota, you are likely to pay more for auto insurance. Car insurance companies consider drivers with prior violations, including accidents, speeding tickets and DUIs, as high-risk. A poor driving record can double your car insurance premiums in Minnesota.
How Much Car Model Matters in Calculating Car Insurance in Minnesota
The model of your car also impacts insurance costs. Repairs and spare parts for luxury and sports cars cost more than those for standard cars. Certain models also report higher instances of theft and vandalism than others, which increase premium costs.
All in all, the model of your car can double your insurance costs in Minnesota.
How to Calculate How Much Car Insurance You Need in Minnesota
When insuring your car, you need to give equal consideration to cost and protection. How much insurance you buy is one of the biggest factors affecting the cost of car insurance in Minnesota.
Depending on your situation, you may want to increase your coverage limits. You may also choose to add comprehensive and collision insurance.
Understand Minnesota car insurance requirements
By law, drivers in Minnesota must have minimum liability coverage of 30/60/10 along with personal injury protection and uninsured and underinsured motorist coverage. That means your policy must cover a minimum of $30,000 for bodily injury liability per person, $60,000 for all injuries per accident and $10,000 in property damage coverage.
You can always increase your liability limits to ensure more protection. Similarly, you may wish to include comprehensive and collision insurance to pay for damages to your vehicle.
Consider Purchasing Additional Liability Insurance
Opting for a state minimum policy may not be enough to cover all the costs if you are involved in an accident. In such situations, you may need higher liability insurance limits. In Minnesota, an auto insurance policy that comes with $300,000 bodily injury liability costs $967 per year compared to a state minimum policy that costs $868 per year.
Decide whether or not to buy comprehensive and collision insurance
Although not mandatory in Minnesota, you may need a full coverage policy to ensure any damages to your car are covered. A full coverage policy typically includes comprehensive and collision insurance and helps save on exorbitant out-of-pocket costs if your car is damaged in an accident. A full coverage policy may be required if your vehicle is leased or financed.
Adding comprehensive and collision insurance with a $1,000 deductible will cost you an additional $435 per year on average in Minnesota. However, if the replacement value of your car is a few thousand dollars, it may not be worth the additional cost of comprehensive and collision coverage.
Consider buying additional protection besides these core coverages
Minnesota has a relatively low risk of uninsured motorists at approximately 9.9% of all drivers. Still, the state requires all car insurance policies to include uninsured/underinsured motorist coverage. This helps pay for insurance costs in accidents where the other driver is uninsured or underinsured.
Minnesota laws also require all policies to include personal injury protection. With this coverage, drivers may be paid up to $40,000 in lost wages or medical costs as a result of being involved in an accident.
Frequently Asked Questions About How Car Insurance is Calculated in Minnesota
Numerous factors go into how to calculate insurance premiums in Minnesota and how each of those factors impacts the cost. Below, MoneyGeek answers some of the most frequently asked questions about how these factors influence insurance premiums.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Minnesota. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About the Author
- Centers for Disease Control and Prevention. "Teen Drivers: Get the Facts." Accessed February 9, 2022.