What year is a car considered a classic in Minnesota?

Classic car insurance costs less than regular car insurance because a classic spends less time on the road than a vehicle used for commuting or errands. The average classic car insurance policy costs between $400 and $1,000 per year.

Like with any auto insurance policy, each driver’s classic car insurance premium will vary based on individual risk factors such as location, driving history, the driver’s age, and the vehicle’s value. Classic car insurance usually applies to antique vehicles as well as to old, high-performance cars. Requirements and prices vary by company, though.… read full answer

Classic Car Insurance Costs by Company

• Grundy: 50%+ less than standard car insurance
• Hagerty: up to 36% less than standard car insurance
• American Collectors: up to 40% less than standard car insurance
• Nationwide: up to 43% less than standard car insurance
• Heacock Classic: up to 40% less than standard car insurance

Why Classic Car Insurance Costs Less Than Normal Car Insurance

Almost every classic car insurance provider forbids regular use of the vehicle, which reduces the risk for the insurer and keeps costs low. Classic cars are generally limited to parades, car shows, and pleasure driving up to a mileage limit stated in the policy. As a result, you may need to provide proof that you own a regular car for daily use when purchasing classic car insurance.

Another key difference is that most classic car insurers pay the vehicle’s “agreed value” if it is totaled. This amount is decided when the policy is purchased and reflects the fact that classic cars maintain their worth over time. On the other hand, standard car insurance policies usually pay a vehicle’s actual cash value in the event of a total loss, accounting for depreciation.

How to Lower the Cost of Classic Car Insurance

You can lower the cost of a classic car insurance policy by comparison-shopping for quotes and taking advantage of discounts. Many discounts will be the same as those for regular car insurance, such as discounts for having an anti-theft device or taking a defensive driving course. Some companies also offer discounts for membership in certain car clubs or for switching from a different insurer.

Car insurance in Minnesota costs $58 per month or $698 per year for minimum coverage, on average. The cheapest car insurance companies in Minnesota are Westfield, USAA, and Auto-Owners, and getting quotes from several companies can help you find the best deal.

The average cost of car insurance in Minnesota is 4% higher than the … read full answernational average auto insurance premium. There are several factors that affect how much you’ll pay for car insurance in Minnesota, including your driving record, age and location, the amount of coverage you purchase, and the insurance company you buy it from.

Average Cost of Car Insurance in Minnesota by Category

• After an at-fault accident: $189 per month
• Driver with poor credit: $135 per month
• Teen driver: $194 per month
• After a DUI: $142 per month

Average Cost of Car Insurance in Minnesota by Company

Note: Rates are an approximation based on a 45-year-old man in Minnesota with a clean driving record. Actual rates will vary.

Average Cost of Car Insurance in Minnesota by Age

Note: Rates are an approximation based on a driver in Minnesota with minimum coverage and a clean driving record. Actual rates will vary.

How to Lower the Cost of Car Insurance in Minnesota

1. Shop around and compare quotes. We recommend comparing quotes from at least three different insurance companies to make sure you are getting the best rate.
2. Choose a higher deductible. Your deductible is the amount you have to pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your premiums but means you will have to pay more out-of-pocket when you file a claim.
3. Consider lowering your coverage. Consider purchasing only the minimum amount of coverage required by your state, rather than purchasing higher limits or a full coverage policy.
4. Look for discounts you may be eligible for. For instance, most insurance companies offer a good-driver discount for customers with a clean driving record, a good-student discount, or a discount for paying your premiums in full up front.

To learn more, check out our guide to how much car insurance you need in Minnesota as well as our picks for the cheapest car insurance companies in Minnesota.

Minnesota car insurance laws require bodily injury liability coverage of $30,000 per person ($60,000 per accident) and $10,000 of liability coverage for property damage. The state also requires $25,000 per person and $50,000 per accident of bodily injury of uninsured and underinsured motorist coverage, and $40,000 of personal injury protection coverage.… read full answer

The first two categories - bodily injury liability and property damage liability - cover injuries or damages that you accidentally cause with your car. Your car insurance pays up to the per-person or per-accident limit in each category. If you want additional coverage, you can choose higher limits than the ones required by Minnesota law.

Uninsured and underinsured motorist coverage is protection for you, in the event that another driver hits your car but doesn’t have insurance. Car insurance is required in Minnesota, but some drivers break the law and drive uninsured. An uninsured driver is still financially responsible for any damage they caused – but getting that money could be very difficult or time-consuming. uninsured and underinsured motorist insurance means you can repair your car or go to the hospital without worrying about where you’ll get the money to pay your bills.

Minnesota has no-fault car insurance laws. Most states that require medical payment coverage are no-fault states. No-fault laws mean that, at least initially, each driver is responsible for their own medical bills – regardless of who caused the accident. That’s when personal injury protection can come in handy for a driver if they’re injured.

Since insurance is required by Minnesota law, you can face multiple penalties if you’re caught driving without it, including fines, suspension of registration, or imprisonment. Another important Minnesota law to note is the grace period for new residents: When you move to Minnesota, you have 60 days to register your car. You’ll need to bring proof of Minnesota car insurance when you go to register, with coverage in each of the categories listed below.

Minimum Coverage Required by Minnesota Car Insurance Laws

• Bodily injury liability: $30,000 per person / $60,000 per accident
• Property damage liability: $10,000
• Uninsured and underinsured motorist insurance: $25,000 per person and $50,000 per accident of bodily injury
• Personal injury protection: $40,000