Who Has the Cheapest Auto Insurance Quotes for Seniors in Minnesota?

Establishing which insurers offer the cheapest car insurance rates for seniors takes a little more work than just getting one or two price quotes. Every car insurance company uses different criteria for filing rates in each state, so we will examine the car insurance companies with the overall cheapest rates in Minnesota.

It’s important to know that Minnesota car insurance rates are calculated based on many things which can substantially change your annual premium. Simply having another birthday, buying another vehicle, or having an accident may prompt premium changes that can make some companies more affordable than competitors.

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Travelers has some of the most affordable car insurance rates in Minnesota at around $661 a year. USAA, Farm Bureau Mutual, Western National, and The Hartford are also some of the cheapest Minnesota auto insurance companies.

As shown in the rates above, if you are currently insured with Western National and switched to Travelers, you may realize yearly savings of roughly $249. Minnesota drivers with The Hartford may save as much as $265 a year, and West Bend Mutual policyholders might lower prices by $311 a year.

To get a quick, customized rate comparison, click here or click through to the companies below.

It’s important to note that these prices are averages for all types of drivers and the different vehicles they drive and and are not calculated with a rate decrease for seniors. So the company that is best for you may not even be in the chart above. That helps illustrate why you need to compare rates from as many companies as possible using your own individual information.

The type of vehicle on the policy is a significant factor in finding the most economical insurance for seniors. Vehicles with reasonable performance levels, good crash test ratings, or a positive history of liability claims will cost quite a bit less to insure than high performance models.

The list below shows car insurance rates for some of the most budget-friendly vehicles to buy insurance for.

Premium data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Estimates do not factor in Minnesota location which can decrease or increase premiums noticeably.

Looking at the data, we can infer that cars like the Honda CR-V, Ford Escape, and Chevrolet Traverse are likely to be some of the cheaper vehicles to insure for senior citizens.

For senior citizens, one of the more important criteria used to calculate a rate quote is your address. Larger areas like Minneapolis, Maplewood, and Richfield tend to pay more, whereas areas with less traffic congestion and claims tend to receive slightly lower rates.

The following table shows the higher priced cities in Minnesota for seniors to purchase car insurance in.

Annual rates are approximated as zip code location can impact price quotes noticeably.

Picking the best insurance company can be difficult considering how many companies there are in Minnesota. The company rank data listed below may help you select which coverage providers to look at when shopping your coverage around.

These ratings are for large, nationwide insurance companies, so companies that focus mainly on Minnesota business are not factored into this list. To compare prices from the most competitive companies in Minnesota, just click here.

Top 10 Large Car Insurance Companies in Minnesota Ranked by Customer Service

1. State Farm
2. Nationwide
3. Safeco Insurance
4. American Family
5. Travelers
6. Liberty Mutual
7. GEICO
8. Allstate
9. The Hartford
10. Farmers Insurance

Top 10 Large Car Insurance Companies Overall in Minnesota

1. USAA
2. 21st Century
3. GEICO
4. Nationwide
5. AAA Insurance
6. Liberty Mutual
7. Safeco Insurance
8. State Farm
9. Travelers
10. American Family

Full coverage rates compared to liability-only

Finding the cheapest auto insurance for seniors in Minnesota is the goal of the majority of people, and one of the best ways to pay lower rates for insurance is to not insure for full coverage. The chart below shows the comparison of auto insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. The rates are based on no violations or accidents, $500 deductibles, single marital status, and no discounts are factored in.

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If averaged out across all ages, physical damage coverage on your policy costs an additional $1,498 per year more than buying just liability insurance. That amount may make you wonder if it’s worth it to buy full coverage. There is no exact rule to delete full coverage on your policy, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.

For example, let’s pretend your vehicle’s settlement value is $10,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $9,000 after paying your policy deductible. If it’s costing in excess of $900 annually for your policy with full coverage, then you may want to consider only buying liability coverage.

Company comparison: State Farm vs Allstate vs Progressive vs Geico

If you are looking for the best car insurance for senior citizens in Minnesota, the four most popular companies are State Farm, Allstate, Progressive, and Geico. The data below shows ratings for price and service, as well as some optional coverages offered by each company.