Anton Chekhov once said, “Knowledge is of no value unless you put it into practice.” When it comes to saving money on Minnesota car insurance, this couldn’t be more true. When it comes to average insurance rates, Minnesota drivers already enjoy lower premiums on average than the rest of the country. With a state average of just $744, finding high-quality coverage does not have to break the bank. However, we here at the Andreotti Agency know how financially savvy the drivers are here in the Oakdale area. That is why we put together two quick and easy tips for better understanding car insurance quotes and how you can find the lowest rates available to you in the state.
Insurance Companies Are Biased
The insurance industry is highly regulated, but that does not mean there isn’t room for bias. If there were no bias, then policy rates would be the same across the board, regardless of which insurance company you choose. However, Minnesota car insurance quotes can vary wildly between companies for the same type of policy, varying by hundreds of dollars per year for the same person.
Car insurance companies aim to generate enough income to pay customer claims, cover operating costs, and hopefully have enough profit left over to grow the business. Taking on high-risk customers could threaten the bottom line unless costs are offset by higher premiums. Each insurance provider, however, has its own definition of risk. What one company is averse to, another may overlook entirely. That is why one insurance agency may charge you an extra 20-30 percent premium for a couple of old speeding tickets, while another may overlook them entirely.
There are many different factors that an insurance company may judge you on. Examples include:
- College education
- Claims history
- Credit history
- Driving record
- Marital status
- City and zip code
- Where you store your vehicle (garage, driveway, street, etc.)
Getting Multiple Quotes Essential for Maximizing Your Savings
If you are thinking of requesting a quote for coverage directly from a Minnesota car insurance provider, we recommend you rethink your decision. There are many different car insurance companies in Minnesota, some of which exist to serve specific people groups or to provide discounts on coverage for people who fit certain profiles. For example, you may not know that some insurance companies existing solely to provide coverage for mature drivers over age 55. Because they serve a limited population with limited risk, they may beat the quotes of another insurance company. By requesting your Minnesota car insurance quotes from an independent agency like the Andreotti Agency here in Oakdale, you can quickly narrow down your options to only those insurance companies that offer quality coverage at competitive prices.
Keep in mind that there are many different formulas and discounts used to calculate car insurance quotes for Minnesota coverage. For more information about your coverage options or to request your free Minnesota car insurance quotes, contact a helpful agent at Andreotti Agency. We look forward to serving you soon.