How Much are Car Insurance Quotes for 16 Year Olds in Minnesota?

When shopping for the cheapest insurance for new drivers, one of the many considerations that determine auto insurance rates is where you call home in Minnesota. Urban areas that are densely populated like Minneapolis, Maplewood, and Bloomington tend to pay higher rates, whereas areas with less congestion benefit from lower coverage costs.

The following table illustrates the higher priced cities in Minnesota for 16 year olds to purchase car insurance in.

Rate quotes are approximated as specific Minnesota garaging address can lower or raise price quotes considerably.

Cost and performance of the vehicle needing coverage is one of the largest considerations when quoting cheap insurance for 16 year olds in Minnesota. Vehicles with limited top-end speed, advanced safety features, or low incidents of liability claims will cost significantly less to insure than higher performance models.

The information below illustrates coverage prices for a handful of the cheapest vehicles to insure in Minnesota.

Data based on single female driver age 16, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate information does not factor in vehicle location which can impact coverage prices significantly.

Table data represents single female driver age 16, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, and claim-free. Rates do not factor in vehicle location which can decrease or increase premium rates greatly.

Cost estimates assume single female driver age 16, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate quotes do not factor in zip code location which can revise premium rates greatly.

The example below shows how choosing a deductible can impact yearly insurance costs when trying to find cheap insurance for 16 year olds. The rates are based on a single male driver, full coverage, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 3117,2843,2543,2261],[‘Age 30’, 1621,1495,1343,1199],[‘Age 40’, 1607,1473,1315,1165],[‘Age 50’, 1459,1337,1199,1065],[‘Age 60’, 1413,1295,1163,1037],[‘Age 70’, 1711,1575,1427,1287]]);var options = {title: ‘Impact of Higher Deductibles on Insurance Prices in Minnesota’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},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);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

As shown above, a 30-year-old driver could lower their policy premium by $292 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $442 by changing to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, have the ability to save up to $856 every year just by choosing larger deductibles. If you do make the decision to raise your deductibles, it will be important to have additional funds in a savings account to enable you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.

Difference between full coverage and liability only rates

Finding cheap insurance for 16 year olds in Minnesota is the goal of most people, and one easy way to pay less for insurance is to only buy liability insurance. The example below compares auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. The prices are based on no claims or driving violations, $100 deductibles, single marital status, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 3117,963],[‘Age 30’, 1621,531],[‘Age 40’, 1607,493],[‘Age 50’, 1459,461],[‘Age 60’, 1413,455],[‘Age 70’, 1711,605]]);var options = {title: ‘Full Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Minnesota’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

As an average, comp and collision coverage costs $1,821 per year over and above liability coverage. At some point, every insured wonders if buying full coverage is a good investment. There is no clear-cut rule to exclude physical damage coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.

There are a few situations where buying only liability insurance is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.