We hear a lot that Minnesota is expensive when it comes to car insurance. In 2021, according to MoneyGeek.com, Minnesota ranks 16th in the Nation for the most expensive Car Insurance.
According to Moneygeek.com the national average for a 40 year old driver with a clean driving record would be $1265. In the state of Minnesota, the average premium would be $1365. These are very high insurance premiums. In comparison to the car insurance companies that we work with, this would be considered a very high rate. I would say the average premium for this driver would be $800 per year or less.
There are so many variables when it comes to car insurance rating. In the good old days for Minnesota Car Insurance, there were 4 variables. Age, Sex, Vehicle and Location. Now there can be nearly 100 variables for a single car insurance policy. Some of these variables are credit, mileage, education, distance traveled to work, number of years with your car insurance company, vehicle performance, driving behavior and so many more.
The most expensive state for car insurance is Michigan, followed closely by New York and Louisiana. Michigan is the most expensive state because they offer an unlimited medical benefit. Minnesota Insurance also requires this benefit, but there is a limit. The least expensive car insurance states are Maine, Idaho and Iowa.