A car is considered a classic in Minnesota if it's at least 20 years old, was manufactured after 1935, and is operated solely as a collector's vehicle. Vehicles can also qualify if they are at least 10 model years old with a body or engine style of which no more than 500 were manufactured or imported into the United States. When a vehicle in Minnesota meets these requirements, the owner can register it as a collector's vehicle, which will limit the car’s use. Specifically, classic cars in Minnesota can only be used for non-commercial purposes.
Classic Car Qualifications in Minnesota
At least 20 years old
OR at least 10 model years old with a body or engine style of which no more than 500 were manufactured or imported into the United States
Manufactured after 1935
Operated solely as a collector's vehicle
Keep in mind that even if your vehicle is registered as a classic car in Minnesota, it might not qualify for classic car insurance from certain companies. Each classic car insurer has its own eligibility requirements, so your car will need to meet those standards in order to qualify.
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
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 $63 per month, on average, or $758 per year. The average cost of car insurance in Minnesota is 5% higher than the national average auto insurance premium, and Minnesota ranks 33 out of 50 for the most affordable car insurance rates in the U.S.
There are several factors that affect how much you’ll pay for car insurance in Minnesota, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from. On average, the cheapest insurance companies in Minnesota are North Star, West Bend, and Geico. But every insurer has their own way of calculating premiums, so it’s a good idea to get quotes from at least three different companies to make sure you find the best deal.
Finally, it’s worth noting that car insurance premiums in Minnesota are high, compared to the cost of coverage in neighboring states like Wisconsin and Iowa. You can find more details in the table below.
Cost of Car Insurance in Minnesota vs. Neighboring States
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:
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
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