Buying used cars and auto insurance in Minnesota

The average insurance rates in the state of Minnesota as a whole are not very high, but they aren’t very low either. The average annual insurance rate is $1,432, making Minnesota the 24th most expensive state to buy auto insurance. The average insurance rates in Minneapolis, Minnesota’s largest city, and Duluth, Minnesota’s fourth-largest city, are lower than Minnesota’s rates. The average annual insurance rates in Duluth and Minneapolis are $1063 and $1376, respectively.

Buying a used car in Minnesota? You might want to look through the numbers to figure out the best used car deal before you make a choice. If you are also considering getting the car with the most affordable insurance rates, there are some things you should know.

The Honda Accord has the lowest median price ($8992) in Minneapolis. However, one has to spend an average of $1290 every year on insuring it, i.e., 14% of the median price.

If you buy a Nissan Altima from Minneapolis, you will have to spend an average of $1,406 every year to insure it. This is the highest annual average insurance rate for any car in Minneapolis. The median price of this car is $16,993. This means that 8% of your median price will be spent on insurance.

The Toyota Corolla, too, has high insurance rates. With an average annual insurance rate of $1320, the Toyota Corolla has the second average insurance rate in Minneapolis. The median price of the Corolla is $15,492.

Let us consider the table below.

City Make Model Insurance Average ($) Median Price ($) Insurance Percentage (%)
Minneapolis Chevrolet Silverado 1,194 26,998 4
Minneapolis Ford F-Series 1,250 29,991 4
Minneapolis Honda Accord 1,290 8,992 14
Minneapolis Nissan Altima 1,406 16,993 8
Minneapolis Toyota Corolla 1,320 15,492 8

It would seem that the Accord is the most affordable car in Minnesota. This is probably true, and Minneapolis is the third least expensive city in the United States to buy an Accord. The difference between the median prices in Minneapolis and Ann Arbor is not more than $1,000.

The Altima, on the other hand, can be bought from Peoria or Toledo for a median price less than $10,000. If you live in Minneapolis, you might want to consider that option before you make a choice.