8 Must-Know Techniques When Shopping for Mankato, MN Car Insurance

Comparing Mankato car insurance rates online may seem to be difficult if you’ve never compared online quotes. But relax because it’s actually quite easy.

Shopping for the lowest cost car insurance in Mankato is easy if you know what you’re doing. If you have a current car insurance policy or are shopping for new coverage, you will benefit by learning to reduce the price you pay while maintaining coverages. Minnesota drivers only need to know the best way to get comparison rates over the internet.

Why your price might be higher

It’s important that you understand the rating factors that go into determining your car insurance rates. Having a good understanding of what influences your rates allows you to make educated decisions that may reward you with much lower annual insurance costs.

  • Performance makes a difference – The performance of the vehicle you are insuring makes a big difference in how high your rates are. Lower performance four cylinder passenger vehicles generally have the cheapest insurance rates, but the final cost of insurance is determined by many other factors.
  • Battle of the sexes – Statistics show women tend to be less risk to insure than men. Now that doesn’t mean women are BETTER drivers than men. Men and women are in accidents in similar numbers, but the men tend to have more serious accidents. Men also statistically get cited for more serious violations like DUI and reckless driving.
  • Tickets mean higher rates – Whether or not you get tickets has a big impact on rates. Careful drivers get better rates compared to drivers with tickets. Only having one moving violation can boost insurance rates by twenty percent. Drivers with flagrant tickets such as reckless driving, hit and run or driving under the influence are required to file a SR-22 with their state motor vehicle department in order to keep their license.
  • Proper usage rating affects rates – Driving more miles each year the more you’ll pay to insure your vehicle. Most companies rate vehicles based on how the vehicle is used. Cars not used for work or commuting can get a lower rate compared to those used for work or business. Ask your agent if your car insurance coverage is showing the proper vehicle usage, because it can save money.
  • Always keep insurance in force – Not having insurance can get your license suspended and your next policy will cost more because you let your insurance expire. Not only will you pay more, getting caught without coverage can result in a revoked license or a big fine.Then you may be required to prove you have insurance by filing a SR-22 with the Minnesota department of motor vehicles.
  • Bump up deductibles to save – Your deductibles define the amount you are required to spend in the event of a claim. Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your car. A few examples of covered claims would be running into the backend of another car, damage caused by hail, or theft. The more you have to pay, the bigger discount you will receive.
  • How your age affects price – Young drivers in Minnesota have a tendency to get distracted easily when behind the wheel so car insurance rates are higher. Older insureds are more responsible, statistically cause fewer accidents and get fewer tickets.
  • More than one policy can earn a discount – Most car insurance companies will award you with lower prices to customers who carry more than one policy such as combining an auto and homeowners policy. Discounts can add up to ten or even up to twenty percent in some cases. Even if you’re getting this discount you may still want to comparison shop to confirm you are receiving the best rates possible.

Lower rates by qualifying for discounts

Insuring your fleet can be pricey, but you can get discounts to reduce the price significantly. Certain discounts will be applied at the time of purchase, but some may not be applied and must be asked for before they will apply. If they aren’t giving you every credit you deserve, you are throwing money away.

  • Discount for Good Grades – Getting good grades can save 20 to 25%. This discount can apply until age 25.
  • Accident Forgiveness – A few companies allow you one accident without raising rates so long as you haven’t had any claims for a particular time prior to the accident.
  • Passive Restraints – Cars that have air bags and/or automatic seat belt systems may earn rate discounts of 20% or more.
  • Life Insurance – Select insurance companies reward you with a break if you buy life insurance.
  • Save over 55 – If you qualify as a senior citizen, you can possibly qualify for a small decrease in premiums.
  • Multi-car Discount – Insuring more than one vehicle with the same company could earn a price break for each car.
  • Homeowners Discount – Owning a home in Mankato may earn you a small savings because owning a home is proof that your finances are in order.
  • E-sign – Some insurance companies will give a small break for buying a policy and signing up on their website.
  • Anti-theft Discount – Anti-theft and alarm systems can help prevent theft and will save you 10% or more.
  • Seat Belts Save – Requiring all passengers to use their safety belts can save up to 15% on the medical payments or PIP coverage costs.

As a disclaimer on discounts, most discount credits are not given to the overall cost of the policy. Most only cut individual premiums such as comprehensive or collision. So even though they make it sound like adding up those discounts means a free policy, you won’t be that lucky. But all discounts will bring down the amount you have to pay.

For a list of companies who offer car insurance discounts in Minnesota, follow this link.

Additional car insurance information can be read on the Minnesota Department of Commerce website through this link. Minnesota drivers can learn about insurance regulations, read consumer alerts, file complaints about an insurance agent or broker, and find out industry alerts.

In Summary

Consumers change insurance companies for a number of reasons such as not issuing a premium refund, unfair underwriting practices, high rates after DUI convictions and poor customer service. Whatever your reason, finding the right car insurance provider can be pretty painless.

Mankato Minnesota insurance ad

When you buy insurance online, it’s a bad idea to reduce coverage to reduce premium. There have been many cases where an insured dropped uninsured motorist or liability limits only to discover later that the savings was not a smart move. The proper strategy is to buy the best coverage you can find at an affordable rate while still protecting your assets.

Budget-conscious car insurance can be found on the web as well as from independent agents in Mankato, and you should compare price quotes from both in order to have the best price selection to choose from. There are still a few companies who don’t offer the ability to get a quote online and usually these small insurance companies provide coverage only through local independent agents.