Average car insurance cost in Minneapolis, MN

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The average car insurance cost in Minneapolis, Minnesota is $2,188 per year, according to Insure.com data. This is $277 more than the average auto insurance cost in Minnesota and $293 more than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Minneapolis, the average car insurance rates by age, gender and how much is car insurance in Minneapolis based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Minneapolis. Read on to learn more.

Cheap car insurance companies in Minneapolis

Nationwide offers the cheapest car insurance in Minneapolis, at an average of $1,792 per year with full coverage limits of 100/300/100.

The second cheapest company in Minneapolis is Travelers, offering car insurance rates at $1,799 per year.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Minneapolis before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Minneapolis, Minnesota:

Read about the best car insurance companies.

Average car insurance cost in Minneapolis by coverage limits

The average car insurance rates in Minneapolis by coverage type are as follows:

• State minimum coverage: $783 per year (limits of 25/50/25)
• Liability-only coverage: $834 per year (limits of 50/100/50)
• Full coverage: $2,188 per year (limits of 100/300/100)
• Non-owners coverage: $448 per year

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Minneapolis

Based on an analysis by Insure.com, female drivers in Minneapolis, Minnesota pay an average annual car insurance premium of $2,168. In comparison, male drivers pay $2,207 annually, which is $39 more than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Minneapolis

In Minneapolis, teenagers have the highest car insurance rates, at $6,734 per year or $561 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $3,742 annually for car insurance, which is $2,992 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Minneapolis have car insurance rates of $2,196 and $2,296 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Minneapolis

If we look at the car insurance rates trends in Minneapolis, Minnesota, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 20%, or $369.

The table below shows the trend for last four years:

Conclusion

Car insurance rates in Minneapolis are higher than the average rates in Minnesota. Drivers in Minneapolis can secure affordable car insurance by shopping around and utilizing available discounts. Additionally, many insurance companies offer bundling discounts for customers who purchase multiple policies from the same provider.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.