Bloomington, MN Car Insurance

From fender benders on Penn Avenue to multi-vehicle collisions on I-35, accidents can happen, even to the best drivers. This is particularly true in the winter months when roadways are slick with ice and sleet. Fortunately, a reliable car insurance policy can shield Bloomington vehicle owners from large financial losses in the wake of an accident. 

If you own a car, you are required to have auto insurance—but you are not required to overpay for it. An independent insurance agent in Bloomington can help you find an affordable policy that meets your coverage needs.

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How Much Does Car Insurance Cost in Minnesota?

• National average cost per year: $1,311
• Minnesota average cost per year: $1,222
• 29th most expensive auto premium in the US

On average, car insurance rates in the state of Minnesota are a bit lower than the national average. However, the figures listed above can only give you a ballpark idea of how much a policy might actually cost you. Auto insurance rates are calculated on an individual basis according to several factors like:

• The make, model, and year of your vehicle
• Details about the licensed drivers in your household
• The amount of liability coverage you are purchasing
• The amount of your deductible
• Whether you are bundling your car insurance with other policies like home insurance or renters insurance

Every insurance company has a different way of calculating rates, so comparing quotes lets you pick the policy that offers the most value for your dollar. Independent agents in Bloomington can help you find the best car insurance policy.

Minnesota Car Insurance Requirements

• Bodily injury liability: Required
• Property damage liability: Required
• Personal injury protection (PIP): Required
• Uninsured motorist coverage: Required
• Minimum liability limits: 30/60/10; coverage up to $60,000 for all persons injured in an accident, subject to a limit of $30,000 for one individual; and $10,000 coverage for property damage.

Minnesota’s minimum liability coverage requirements may be sufficient to cover the costs associated with most vehicular accidents. However, more serious collisions — particularly those that result in injuries that require extensive medical treatment — are likely to exceed these limits. If that happens, you will have to make up the difference, and that can be financially draining.

That is why many Minnesota drivers choose to buy higher-than-required liability coverage amounts when they buy their car insurance. An independent agent can help you compare rates for different levels of coverage so you can see how much you can reasonably afford.

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Number of Uninsured Motorists in Minnesota

Driving without insurance in Minnesota is a crime. Penalties include fines up to $3,000, suspension of your license, and even possible jail time. Despite this, one in ten drivers on the roadways is uninsured.

• How many US drivers are uninsured? 12.6%.
• How many Minnesota drivers are uninsured? 10.8%.

If you are involved in a collision that is the fault of an uninsured driver, that person is responsible for paying for your damage and any necessary medical treatment. Collecting this money can be time-consuming and very difficult.

That is why uninsured motorist insurance is so useful. It can cover damage and injuries that may result if you are in a collision with an uninsured, underinsured, or hit-and-run driver. This insurance is required in Minnesota.

Number of Auto Thefts in Bloomington, MN

In a typical year, Bloomington residents report about 100 auto thefts. In a city this size, that equates to a relatively low auto theft rate.

• National number of thefts per 1,000 vehicles: 2.94
• Minnesota number of thefts per 1,000 vehicles: 1.74
• Bloomington number of auto thefts per 1,000 vehicles: 1.08

This is good news for vehicle owners in Bloomington, since it can have a positive impact on your auto insurance rates. 

Be aware that if your car is stolen, you can only receive compensation for your loss if your car insurance policy includes “other than collision,” or comprehensive, insurance. This optional insurance is often required by lenders until your car is paid in full. Comprehensive coverage can also cover other non-collision damage, such as that caused by falling objects, floods, and fires. 

Why Work with an Independent Insurance Agent?

An independent agent in Bloomington can answer your insurance-related questions and can provide you with a selection of car insurance quotes to compare. That way, you can choose the policy that best meets your coverage and budgetary needs. Your agent may even be able to find you policy discounts for which you qualify. 

Find an agent near you to learn more.