Auto insurance is a must-have for all car owners in Minnesota. It is mandatory in the state to have a minimum liability coverage of $30,000 for bodily injury per person, $60,000 for bodily injury per accident, and $10,000 for property damage. Driving without insurance in Minnesota can lead to penalties and fines.
Types of Auto Insurance in MN
There are several types of auto insurance available in MN. Let’s take a look at each one of them.
Liability Coverage
Liability coverage is mandatory in Minnesota. It covers the damages caused by you to the other party in an accident for which you are at fault. The minimum liability coverage required in MN is $30,000 per person and $60,000 per accident for bodily injury, and $10,000 for property damage. However, it is always recommended to purchase coverage higher than the minimum limit, as accidents can be expensive.
The liability coverage can also be extended to cover the damages caused to your car in case of an accident. This is known as full coverage.
Collision Coverage
Collision coverage covers the damages caused to your car in an accident, regardless of who is at fault. The coverage may also extend to cover the damages caused by a hit-and-run driver.
Collision coverage is not mandatory in Minnesota, but it is highly recommended, especially if you have a new car or a car that is expensive to repair.
Comprehensive Coverage
Comprehensive coverage covers the damages caused to your car by anything other than an accident. This includes theft, vandalism, fire, and natural disasters like hurricanes and tornadoes.
Comprehensive coverage is not mandatory in Minnesota, but it is highly recommended, especially if you live in an area with a high risk of theft or natural disasters.
Personal Injury Protection
Personal injury protection (PIP) covers the medical expenses and lost wages of you and your passengers in case of an accident, regardless of who is at fault. The coverage may also extend to cover the funeral expenses in case of a fatal accident.
PIP coverage is not mandatory in Minnesota, but it is highly recommended, especially if you do not have health insurance.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist coverage covers the damages caused by a driver who does not have enough insurance coverage or no insurance at all. The coverage may also extend to cover the damages caused by a hit-and-run driver.
Uninsured/underinsured motorist coverage is not mandatory in Minnesota, but it is highly recommended, especially if you live in an area with a high number of uninsured/underinsured drivers.
Factors Affecting Auto Insurance Premiums
The auto insurance premiums in MN are affected by several factors. Let’s take a look at each one of them.
Driving Record
Your driving record is one of the most important factors affecting your auto insurance premiums. A clean driving record with no accidents and tickets can get you a lower premium, while a record with accidents and tickets can lead to a higher premium.
Age and Gender
Younger drivers and male drivers are considered to be more risky to insure, and hence, they are charged a higher premium.
Type of Car
The type of car you drive also affects your auto insurance premiums. A car that is expensive to repair or has a high theft rate can lead to a higher premium.
Credit Score
Your credit score also affects your auto insurance premiums. A good credit score can get you a lower premium, while a poor credit score can lead to a higher premium.
Location
The location where you live also affects your auto insurance premiums. The premiums are higher in areas with a high number of accidents, thefts, and vandalism.
FAQ
Q: Is auto insurance mandatory in MN?
A: Yes, it is mandatory to have liability coverage in MN.
Q: What is the minimum liability coverage required in MN?
A: The minimum liability coverage required in MN is $30,000 per person and $60,000 per accident for bodily injury, and $10,000 for property damage.
Q: What types of auto insurance are available in MN?
A: The types of auto insurance available in MN are Liability Coverage, Collision Coverage, Comprehensive Coverage, Personal Injury Protection, and Uninsured/Underinsured Motorist Coverage.
Q: What factors affect auto insurance premiums in MN?
A: The factors that affect auto insurance premiums in MN are driving record, age and gender, type of car, credit score, and location.
Q: Can auto insurance premiums be reduced in MN?
A: Yes, there are several ways to reduce auto insurance premiums in MN. These include maintaining a clean driving record, choosing a car with safety features, taking a defensive driving course, and bundling multiple policies with the same insurer.
Conclusion
Auto insurance is an important aspect of owning a car in Minnesota. It not only protects you and your car but also the other party in case of an accident. Make sure to purchase the right type and amount of coverage and follow safe driving practices to reduce your premiums.
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