How Much are Car Insurance Quotes for Veterans in Minnesota?

One of the more important factors that control auto insurance rates is where you keep your car. Areas with more people like Minneapolis, Maplewood, and Brooklyn Park likely pay more, whereas areas that tend to be more rural benefit from lower coverage costs.

The illustration below lists the highest-priced areas in Minnesota for veterans to purchase auto insurance in.

Rate quotes are approximated as zip code location can modify auto insurance rates significantly.

Finding out which company has the cheapest insurance rates for veterans calls for a little more effort in order to find a policy that fits your budget. Every auto insurer has their own unique process to set premium rates, so let’s examine the insurance companies with the most affordable rates in Minnesota.

Keep in mind that Minnesota insurance rates are impacted by many things which can substantially decrease or increase the cost of your policy. Turning one year older, moving to a new city, or getting a couple of tickets may cause policy rate changes resulting in some rates now being much cheaper than others.

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Travelers normally has some of the lowest car insurance rates in Minnesota at around $667 each year. Farm Bureau Mutual, USAA, The Hartford, and Western National also qualify as some of the most economical Minnesota auto insurance companies.

As depicted above, if you are a policyholder with Western National and switched to Farm Bureau Mutual, you may realize annual savings of approxmiately $132. Drivers with West Bend Mutual could save as much as $167 a year, and Allied customers might lower prices by $393 a year.

Bear in mind that those estimates are averages across all types of drivers and the different vehicles they drive and do not factor in a price discount for veterans. So the auto insurance company that has the cheapest rates for you may not even be shown in the list of companies above. That affirms the importance of why you need to get rate quotes using your own individual information.

The type of vehicle you are buying coverage for is one of the primary factors when consumers are trying to find cheap auto insurance for veterans in Minnesota. Vehicles with lots of horsepower, a lack of safety features, or a history of substantial liability claims will cost substantially more to insure than safer models. The information below shows auto insurance prices for a handful of the most affordable vehicles to insure in Minnesota.

Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Rate information does not factor in the specific area where the vehicle is garaged which can modify premium rates significantly.

Looking at the numbers, you can presume that models like the Subaru Forester, Ford Edge, and Chevrolet Traverse are going to be the cheaper vehicles to insure for veterans.

Difference between liability only and full coverage rates

Finding cheap auto insurance for veterans in Minnesota should be important to the majority of drivers, and one way to find cheaper insurance is to only buy liability coverage. The chart below compares auto insurance rates with full coverage and liability only. The premiums are based on a clean driving record, no at-fault accidents, $100 deductibles, marital status is single, and no discounts are factored in.

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If the expense is averaged for all age categories, physical damage coverage on your policy costs $2,479 per year more than carrying just liability coverage. At some point, almost every driver questions if you should buy full coverage at all. There is no written rule of when to eliminate comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s replacement cost is $11,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $10,000 after paying your policy deductible. If you are paying in excess of $1,000 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

There are some conditions where dropping physical damage coverage is not a good plan. If you haven’t paid off your loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage in place.