Minnesota Auto Insurance
The state of MN is a no-fault state. Therefore, all licensed vehicles are required to carry personal injury protection (PIP), liability, uninsured, and underinsured coverage. According to the Minnesota Department of Commerce, the best ways to find cheap auto insurance and reduce premiums are to obtain rates from more than one company, comparison shop, and inquire about and take advantage of any discounts available.
How to Shop for Car Insurance in MNBy completing quote comparisons, consumers have the best chance of locating the cheapest Minnesota auto insurance rates. The consumer should compare rates from as many providers as possible in order to have a better chance of saving. Although comparing is probably the most important part of purchasing new policies, consumers should take the time to evaluate their particular needs before doing so.
Aside from what is mandatory by state law, there are additional options that may be beneficial. Raising the limits of the required coverage can be wise since expenses may exceed those which are required by the state. The insured would be responsible for the additional expense resulting from a collision if this were the case.
If financing a vehicle, the lien holder may and probably will require that the financed vehicle be covered by comprehensive and collision coverage. This protects the insured automobile from physical damage expenses. If this is not purchased, the finance company can legally buy this coverage and charge the premium to the customer. This is known as "forced insurance" and can become extremely expensive. Residents should compare MN car insurance quotes for such coverage and obtain it themselves rather than have it applied by a finance company.
If in need of comp and collision, one must choose a deductible. The higher the deductibles, the lower the premiums and vice versa. Keep in mind that this is the amount that one would need to pay at the time of filing and receiving compensation for a claim.
Minnesota Car Insurance LawsThere are several types of coverage that are made mandatory by MN auto insurance laws for all registered vehicles. They are the following:
Personal Injury Protection
- $40,000 per person per accident
- $30,000 for bodily injury to one person
- $60,000 for injuries to two or more people
- $10,000 for damage to another party's property
- $25,000 for injuries to one person
- $50,000 for injuries to two or more people