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How much is car insurance in Minneapolis?
|Area||Average Monthly Car Insurance Premium|
Car insurance policies across the rest of Minnesota are about $11 a month cheaper than the rates drivers pay in Minneapolis.
Similarly, the expected monthly payments for an auto insurance policy in Minneapolis are above the national average. The average monthly payment for the rest of the U.S. is about is about $28 cheaper than it is in Minneapolis.
Although these are the average monthly costs for an auto insurance policy in Minneapolis, that doesn't mean it's exactly what you'll pay. The monthly rate that insurance companies end up charging you is determined by a variety of factors. Things like age, gender, vehicle make and model, driving record and, in some areas, credit score can all play a part in figuring out your monthly premium.
But don't worry, we've broken down the average rate for Minneapolis residents based on several different factors so that you can get a more accurate idea of the bill you'll see each month. To find out if you're overpaying for your area, just enter your ZIP below and find out in minutes!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
It makes sense that older drivers would have more experience behind the wheel, right? That experience can lead to some serious savings when it comes to car insurance rates. According to the table above, you can see that 18-24-year-olds pay significantly more than someone who is at retirement age.
You can expect to see a decrease in your monthly premium drop about once a decade or so. As you get closer to retirement, however, you may see your rates creep back up in Minneapolis.
Average Car Insurance Rates by Gender
On average, female drivers pay slightly less for car insurance than their male counterparts. In Minneapolis, the difference comes out to about $4 a month. As you can see in the table above, female drivers in the area typically pay $106 on average, while female drivers typically pay $110 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Depending on your driving record, your rates can vary wildly. Those with clean records will see the most affordable rates, whereas even a single accident or infraction can cost you. In Minneapolis, having a single accident on your record will usually get you rates around $143 a month. On a similar note, drivers with one ticket on their record will be looking at a monthly rate of about $183 on average.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$152|
|15 Years or Older||$103|
As you can see in the first table above, the cheapest vehicles to insure in Minneapolis are by and large SUVs, which run about $99 per month.
Truck and van drivers will see rates of about $110, while the rates for car owners average out to about $112 per month.
In addition to vehicle type, you can also expect to see slightly different rates depending on your vehicle's age. Generally, the most expensive vehicles to insure are going to be newer ones. Once your car is a few years old however, your rates may start to dip back down a bit. In Minneapolis, the most expensive vehicles to insure are vehicles less than one year old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$112|
Overall, married policyholders will pay slightly less for car insurance coverage. This usually boils down to owners having multiple vehicles on the same policy, something many companies offer special discounts for.
At a national level, married drivers usually pay less than single drivers for auto insurance. This holds true for Minneapolis as well, where the difference is around $19 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$124|
Another factor taken into consideration is your housing situation. Homeowners in Minneapolis can expect to pay around $30 a month less than those who rent. But if you live with your parents, your rates will be significantly higher.
Bundling your home or rental insurance with your auto insurance can oftentimes reduce your average premiums, depending on your insurance company.
Car Insurance Companies in Minneapolis, MN
Recent trends in car insurance for Minneapolis drivers
Since car insurance rates are constantly changing, it's a good idea to know the local trends in your area when selecting an auto insurance policy.
The cost of car insurance in Minneapolis decreased from 2016-2019, before leveling out in 2020. Insurance rates finished down in 2021, at $96 a month
How does Minneapolis compare to neighboring areas?
Why are car insurance rates in Minneapolis different from other areas?
Car insurance companies take in numerous factors when deciding how much individual insurance policies will cost. The specifics of where you live and drive will have an impact on your personal policy. This might include things like:
- Frequency of car accidents
- Off-street parking accessibility
- Total number of drivers in the community
Having an awareness of these factors is critical when thinking about buying a new policy or potentially moving to a new home. Different towns and cities will all have different average rates, so guides like these are a great place to get started.
How can I find the cheapest car insurance in Minneapolis?
In the end, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies. Understanding what the average costs are for drivers prior to seeking out a quote can help you understand how closely the quote reflects local trends.
But wait! Compare.com does all of that work for you. Just type in your ZIP Code below, answer a few questions regarding the factors mentioned above, and you'll be comparing the cheapest quotes from many of the car insurance companies providing policies in Minneapolis.
Minneapolis Insurance FAQs
What factors affect car insurance quotes in Minneapolis?
The factors that car insurance companies take into account when calculating your monthly cost include things you can't control like your age and gender, but also factors like your vehicle's year, make and model, as well as your driving record, credit score, marital status, and address.
Why is the cost of car insurance in Minneapolis different from other neighboring cities?
Auto insurance companies consider regional factors, such as local laws, parking situations, and crime rates into account when calculating the monthly rate for coverage. Since these can all vary from city to city the rates you may see can differ from neighboring areas.
Which car insurance company will offer me the cheapest rate in Minneapolis?
There isn't one company that can guarantee the cheapest rate to everybody, since the rates they charge for coverage are calculated based off of factors that can vary from person to person, such as vehicle make and model, driving record, and number of drivers on the policy. By using sites like Compare.com to compare multiple quotes simultaneously, you can rest assured that you're getting the best price available.
Do I need to change my insurance if I move to Minneapolis?
Whenever you move to a new area, or experience any other major life event such as getting married or finding a new job, it's always a good idea to re-evaluate your current insurance policy. Certain companies may offer larger discounts in certain cities, so it's a smart idea to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
Not at all, in fact you can switch companies at any point, regardless of how much time is left on your current policy. If you're thinking about moving to Minneapolis or haven't checked out the latest rates in your area for some time, it might be worth your while to take 10 minutes and see if Compare.com can save you any cash.