Purchasing Minnesota auto insurance in a market of ever-increasing premiums can be a scary prospect. Auto insurance costs have increased steadily over the past five years, making finding an affordable auto insurance policy difficult.
Let InsureMe help! As the first online auto insurance quoting service, we contract with some of the state's chief auto insurers—and we know how to find you the most competitive auto insurance rates. Use our free quote box to let us know about yourself and your driving habits, and we'll put our agents to work for you right away!
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Minnesota auto insurance is a competitive market, with about 200 companies competing for your auto insurance business. Still, auto insurance costs significantly more in Minnesota than in neighboring states. This is due, in part, to the state's requirement that residents carry all four of the following types of insurance coverage:
Personal Injury Protection (PIP): also called "no-fault" insurance. Designed to pay medical expenses and lost earnings for a driver or passenger injured in or by your car, regardless of who is at fault. Minimum required is $40,000 per person per accident.
Bodily Injury Liability: protects you against claims alleging your negligence or fault in an accident. State-mandated minimums are $30,000 per person, $60,000 per accident and $10,000 for property damage.
Uninsured Motorist: pays for your medical expenses after you have exhausted your PIP benefits and when the other driver is at fault but has no Minnesota auto insurance. Required minimums are $25,000 per person and $50,000 per accident.
Underinsured Motorist: covers personal injury or property damage caused by an underinsured driver. At least $25,000 per person and $50,000 per accident is required.
Please note: if you still owe money on your car, your lender will also require you to carry comprehensive and collision coverage, which protect your own car against damage.
Auto Insurance Is…
Auto Insurance Is Not…
The price you pay for your Minnesota auto insurance depends on:
You can offset some of these costs by comparison shopping, comparing rates from more than one Minnesota auto insurance company; setting your deductibles as high as you can afford; and asking for all possible discounts.
What to Do If You Can't Find Insurance
All Minnesota residents are guaranteed auto insurance coverage under the Minnesota Auto Insurance Plan. If you are not able to purchase a policy through ordinary channels, this plan provides you with a pool of licensed state insurers who must offer you coverage after prequalification. This type of policy is, however, more costly, so exhaust all other resources before considering this type of coverage.
For More Help with Your Auto Insurance Needs
The Minnesota Department of Commerce is available to answer any questions you have about your Minnesota auto insurance. Contact them at 800-657-3602, or online at www.commerce.state.mn.us.
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