Minnesota Car Insurance (MN)

Like every other state in the Union, the pace of life in Minnesota is accelerating, particularly around the Twin Cities. A fast-paced, urban lifestyle has surfaced along with the high-tech industries that feed it.  Young, ambitious people are finding a home and social style that matches many other up-and-coming areas around the nation.  For those of us who live at a quick clip, dealing with time-consuming and mundane tasks (such as buying car insurance) becomes an unpleasant distraction.

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Car Insurance Requirements for Minnesota  

The state of Minnesota is a no-fault state, which means that in the event of an accident, your insurance will cover you no matter who was at fault. Minnesota requires personal injury protection (PIP), liability coverage, and insurance to protect you against uninsured and underinsured drivers.  The minimum PIP coverage is $40,000 per person per accident. $20,000 of that coverage is for medical expenses and $20,000 for lost wages, replacement services, and other non-medical costs.  PIP IS your no-fault coverage, covering your medical costs regardless of who is at fault. 

Required liability coverage is $30,000 in bodily injury coverage for one person, and $60,000 for two or more individuals.  This is medical coverage for the people in the other car if you are at fault in the accident, and is drawn upon if the other party's no-fault coverage is used in its entirety and costs remain.  Bodily injury minimums covering collisions with uninsured or underinsured drivers are $25,000 for one person and $50,000 for two or more.  Also required is a minimum of $10,000 in liability coverage for the other party's vehicle, if you are at fault.

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Additional Car Insurance Coverage Options for Minnesota

In order to protect yourself from an enormous car repair bill, you should consider two other insurance choices. Collision coverage pays for the repairs to your car after an accident which is your fault. Comprehensive pays for damages to your car cause by non-traffic related occurrences, such as fire, storm damage, theft or vandalism. Each of these insurance components is sold with deductible payments attached to them. It is generally thought that you should opt for the highest deductible that you can manage financially. High deductibles will substantially lower your insurance premium.

Minnesota’s statutory requirements are a good start, but the liability coverage that is required does not provide the personal protection you may want to have. Take a thorough look at the best way to protect you, your car and your passengers, according to your unique financial situation. Also, be sure to ask about any insurance discounts that may be available.

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