Cheap Car Insurance Quotes for Low Credit Scores in Minnesota

When we talk about car insurance, the words “affordable” or “cheap” really shouldn’t be used as a descriptor for car insurance rates. Despite the oxymoron, cheap car insurance for low credit scores is not always easy to find. Don’t let that ruin your day, because we are going to show you how you can quote auto insurance that is more budget-friendly.

For bad credit, one of the largest criteria that auto insurance companies use to calculate the amount you pay for auto insurance is where you keep your vehicle in Minnesota. Regions with larger populations or more claims like Minneapolis, Maplewood, and Blaine tend to pay slightly more, whereas areas that tend to be more rural generally benefit from lower auto insurance rates.

The next table ranks the most expensive cities in Minnesota for low credit scores in which to purchase auto insurance.

Premium costs are comparative as the garaging address in Minnesota can decrease or increase insurance rates considerably.

The make and model of vehicle that is being insured is a large factor when comparing quotes for affordable insurance for low credit scores. Vehicles with lots of speed or power, poor safety features, or high incidents of liability claims will cost more to insure than safer, lower-performance models. The list below illustrates auto insurance prices for some of the cheapest vehicles to insure in Minnesota.

Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can affect auto insurance rates considerably.

Based on these rates, vehicles like the Honda CR-V, Ford Escape, Ford F-150, and Chevrolet Traverse are going to be some of the cheapest vehicles to insure for bad credit.

Get discounts on Minnesota insurance

Insurance companies that sell cheap car insurance for low credit scores in Minnesota could also offer rate discounts that can reduce rates by as much as 35% if you meet specific criteria. A list of companies and a selection of discounts are shown below.

• Progressive has savings for homeowner, good student, continuous coverage, multi-vehicle, and online quote discount.
• AAA may offer discounts for multi-car, anti-theft, AAA membership discount, multi-policy, good student, and good driver.
• Farmers Insurance discounts include early shopping, alternative fuel, teen driver, youthful driver, mature driver, distant student, and switch companies.
• GEICO may include discounts for seat belt use, emergency military deployment, anti-theft, military active duty, five-year accident-free, multi-policy, and membership and employees.
• Esurance may have discounts that include online quote, good student, DriveSense, Pac-12 alumni, multi-car, Switch & Save, and anti-lock brakes.
• SAFECO policyholders can earn discounts including bundle discounts, drive less, teen safe driver, safe driver, anti-lock brakes, and accident prevention training.
• State Farm offers discounts including passive restraint, safe vehicle, Steer Clear safe driver discount, defensive driving training, and good driver.

The illustration below illustrates the difference between insurance rates with and without discounts applied. The premiums assume a male driver, a clean driving record, no at-fault accidents, Minnesota state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with homeowner, accident-free, multiple vehicle, defensive driving course, passive restraint, and anti-theft discounts applied. When these discounts are applied, the average amount saved each year on auto insurance for low credit scores is 28% or $502.

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Full coverage versus liability only rates

Finding cheap car insurance for low credit scores in Minnesota is probably important to the majority of people, and one common way to pay lower rates for insurance is to not insure for full coverage. The chart below compares yearly insurance costs with full physical damage coverage compared to only buying liability only. The premiums are based on no claims or driving violations, $500 deductibles, marital status is single, and no policy discounts are applied.

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Averaged for all age groups, comp and collision coverage costs $1,639 per year more than just buying liability insurance. That is a large expense and it proposes the question if you should buy full coverage. There is no specific rule for phasing out comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

Progressive, Geico, State Farm, or Allstate: Who is best?

When comparing rates for auto insurance, the companies that insure more vehicles than anyone else are Progressive, Geico, State Farm, and Allstate. If you add them together, they insure over 45% of all car insurance policies written. The next table compares price and claims rank as well as some different options that are available for buyers.