Minnesota Insurance Resources
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The Minnesota Department of Commerce has a lot of helpful information to help consumers understand and purchase the best insurance policies for their needs. The following information is provided from the Minnesota Department of Commerce’s website.
What Affects Policy Cost
A number of factors affect the insurance premiums you pay.
Different insurance companies may determine rates in different
ways, but here are some of the items that affect the cost of the
policy.
Added coverage. In addition to required coverage and optional
collision and comprehensive coverage, you may choose additional
coverage that will increase the cost of the policy. Full glass
replacement, towing, and providing for rental car use when your
car is unavailable are examples of optional coverage.
Age and gender. Insurance industry statistics show that certain
groups of people have different accident rates, based on their age
and gender. For example, teenagers and seniors have more accidents.
Because they are viewed as an increased risk for the
insurance company, they pay more for coverage.
Type of vehicle. Certain vehicles cost more to repair or replace.
An insurance company charges more for physical damage coverage
on one of these vehicles.
Mileage. The more you drive, the more opportunity for an accident—
and the more you pay for coverage.
Driving record. You will be rated according to traffic accidents
and tickets you have over a period of years. The more incidents,
the greater the premium. You may also be turned down for coverage
if you have too many.
Where you live. If you live in an area with more traffic (a city
versus a rural area), industry statistic show that you have a
greater chance for an accident and therefore will pay more for
coverage.
Deductibles. Some coverages in your policy have a deductible,
which is the amount you pay first, before your insurance company
pays, on a covered loss. The higher the deductible, the lower your
premium. Insurance companies offer varying deductible amounts.
Discounts. Your premium may be reduced by various discounts
offered by some companies in some instances. For example, some
companies may offer a discount if you have your homeowner’s
insurance with them or if you are a non-smoker. Other discounts
are required by law: policyholders age 55 and over who have successfully
completed a defensive driving course receive a 10 percent
discount; a vehicle equipped with an authorized anti-theft protection
device receives a 5 percent deduction on comprehensive coverage.
Surcharges. If you have one or more traffic violations or accidents,
your insurance company may attach an additional charge
to your policy. What triggers the surcharge and how much it will
be vary from company to company. The Surcharge Disclosure
Sheet, which by law must be given to you at the time you apply
for your policy, will have the details.
Deciding which Minnesota auto insurance company policy is best for you can be a difficult task, but you’ve come to the right place. We’ll help you streamline your auto insurance company search providing you with one place to get the information you’ll need. Find the top Minnesota insurance rates around. If you type your zip code into the box at the top of you’ll get an instant quote rate comparison that fits your individual needs.
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