How to Save on Kia Optima Insurance in Minneapolis

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Insurance quote for Kia Optima in MinneapolisIf you want to find the absolute lowest rates, then the best way to get the cheapest auto insurance rates is to start comparing prices yearly from insurers in Minneapolis.

  1. Spend some time learning about individual coverages and the changes you can make to prevent rate increases. Many policy risk factors that result in higher rates like accidents, traffic violations, and a less-than-favorable credit history can be amended by improving your driving habits or financial responsibility. Keep reading for additional ideas to prevent high prices and find missing discounts.
  2. Obtain price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give rate quotes from a single company like Progressive and State Farm, while agents who are independent can provide rate quotes for many different companies. View companies
  3. Compare the new rate quotes to your current policy and see if you can save money. If you can save money and switch companies, ensure coverage does not lapse between policies.
  4. Provide notification to your current company of your decision to cancel your current car insurance policy. Submit a down payment along with a signed application to your new carrier. Once the application is submitted, put the proof of insurance certificate along with the vehicle's registration papers.

One piece of advice is to make sure you enter the same amount of coverage on each quote request and and to get rates from as many carriers as you can. This helps ensure a level playing field and the best price quote selection.

It's safe to conclude that auto insurance companies want to keep your business as long as possible. Insureds who perform rate comparisons will most likely buy a different policy because the odds are good of finding a lower-cost company. A recent study showed that drivers who compared rates annually saved an average of $865 a year compared to people who never shopped for cheaper rates.

If finding the cheapest price for auto insurance in Minneapolis is your ultimate objective, then having an understanding of how to find companies and compare car insurance can help make the process easier.

Affordable Minneapolis Kia Optima insurance quotes

Lowering your auto insurance rates is surprisingly easy. Just spend a few minutes on the computer to compare rates from some recommended companies.

The auto insurance companies shown below provide comparison quotes in Minnesota. If you want the best car insurance in Minneapolis, we recommend you visit several of them in order to get a fair rate comparison.

Rates and data analysis

The rate information shown below highlights detailed analysis of insurance policy prices for Kia Optima models. Learning more about how rates are determined can help drivers make smart choices when purchasing an auto insurance policy.

Kia Optima Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Optima LX $272 $508 $484 $28 $144 $1,436 $120
Optima EX $308 $598 $484 $28 $144 $1,562 $130
Optima SX $308 $598 $484 $28 $144 $1,562 $130
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Information does not factor in specific location information which can increase or decrease premiums considerably.

The chart below demonstrates how deductibles and can increase or decrease Kia Optima annual premium costs for different age categories. The premiums assume a married male driver, full physical damage coverage, and no discounts are factored in.

Does full coverage make sense?

The diagram below compares Kia Optima insurance premiums with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. The data is based on no violations or claims, $250 deductibles, single status, and no other discounts are factored in.

When to stop buying physical damage coverage

There is no clear-cut formula to drop full coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let's assume your Kia Optima replacement cost is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $4,000 after paying the physical damage deductible. If it's costing in excess of $400 annually for full coverage, then you may need to consider dropping full coverage.

There are some cases where buying only liability insurance is not in your best interest. If you haven't satisfied your loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.

Auto insurance protects more than just your car

Despite the high cost, paying for auto insurance serves an important purpose.

First, almost all states have minimum liability requirements which means the state requires specific minimum amounts of liability protection if you want to drive legally. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you took out a loan on your car, almost all lenders will make it mandatory that you carry insurance to guarantee payment of the loan. If you do not pay your insurance premiums, the bank may insure your Kia at a significantly higher premium and force you to pay the higher price.

Third, auto insurance protects both your car and your personal assets. It also can pay for medical bills for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also covers legal expenses if anyone sues you for causing an accident. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.

The benefits of carrying enough insurance outweigh the cost, especially with large liability claims. Unknowingly, the average driver overpays more than $825 a year so we recommend shopping around once a year at a minimum to be sure current rates are still competitive.

Why Your Insurance Rates might be higher

Part of the insurance buying process is learning the rating factors that come into play when calculating the level of your policy premiums. If you have a feel for what positively or negatively impacts your premiums, this allows you to make educated decisions that could help you find big savings. Many things are used in the calculation when premium rates are determined. Some are obvious like an MVR report, although others are less apparent like your continuous coverage or your vehicle rating.

The list below includes a few of the "ingredients" that factor into premiums.

  • Allowing your policy to lapse raises prices - Driving your car without having proper coverage is not a good idea and your next policy will cost more because you let your coverage cancel without a new policy in place. In addition to paying higher premiums, getting caught without coverage can result in fines and jail time. You may then have to file a SR-22 with the Minnesota DMV.
  • Gender is a factor - Statistics demonstrate women are more cautious behind the wheel. It does not mean females are better drivers. Women and men cause accidents in similar numbers, but the men have accidents that have higher claims. In addition to higher claims, males also get higher numbers of serious violations such as driving while intoxicated (DWI) or driving recklessly. Male drivers age 16 to 19 are several times more likely to be in an accident and therefore pay the highest rates.

    The illustration below illustrates the comparison of Kia Optima auto insurance costs for male and female drivers. The data assumes a clean driving record, no claims, full coverage, $500 deductibles, drivers are single, and no discounts are factored in.

  • You may save more by bundling policies - Most major insurers will award discounts to policyholders that buy multiple policies in the form of a multi-policy discount. Even with this discount, you may still want to shop around to help guarantee you have the best rates. It's possible to still find better rates by insuring with multiple companies.
  • Your employer and insurance rates - Did you know your career choice can influence rates? Occupational choices like doctors, air traffic controllers, and financial analysts usually pay higher average rates in part from job stress and incredibly demanding work hours. On the flip side, occupations like farmers, engineers and the unemployed pay the least.
  • GPS tracking and theft deterrents systems cut prices - Owning a car with a theft deterrent system can save you some money. Theft prevention features such as LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system all hinder your car from being stolen.
  • Extra policy coverages can add up - There are quite a few extra coverages that can waste your money if you aren't diligent. Coverage for things like rental car reimbursement, death and dismemberment, and extra life insurance coverage may be wasting your money. They may sound like good ideas initially, but if you've never needed them in the past remove them and pocket the money.
  • Teenage drivers pay higher rates - Teen drivers in Minnesota have a tendency to be inattentive and easily distracted with other occupants in the car so insurance rates are higher. Adding a first-time driver onto your insurance can increase premiums substantially. More mature drivers are proven to be safer behind the wheel, cause fewer claims and accidents, and tend to be get fewer driving tickets.

    The following chart assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.

  • Loss probability for a Kia Optima - Insurance companies use historical loss data to help determine the rate you pay. Vehicles that the statistics show to have higher claim frequency or loss amount will cost more for coverage. The table below illustrates the actual insurance loss data for Kia Optima vehicles.

    For each type of coverage, the claim probability for all vehicles, regardless of manufacturer or model, equals 100. Numbers shown that are under 100 imply a favorable loss record, while values that are above 100 indicate a higher chance of having a claim or tendency to have larger claims.

    Insurance Loss Ratings for Kia Optima Vehicles
    Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Kia Optima 115 101 107 133 142 120
    Kia Optima Hybrid 143 115 116 139 158 151
    BETTER
    AVERAGE
    WORSE

    Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Do I need special coverages?

Always remember that when buying adequate coverage, there is no one-size-fits-all type of policy. You are unique.Higher deductibles save money

For instance, these questions could help you determine whether your personal situation would benefit from an agent's advice.

  • Is business property covered if stolen from my car?
  • What if I don't agree with a claim settlement offer?
  • Should I buy only the required Minnesota minimum liability coverage?
  • If I use my vehicle for business use is it covered?
  • Should I waive the damage coverage when renting a car?
  • Is extra glass coverage worth it?
  • How can I get high-risk coverage after a DUI?
  • Does my Kia Optima qualify for pleasure use?
  • Why am I be forced to buy a membership to get insurance from some companies?

If it's difficult to answer those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form. It only takes a few minutes and can provide invaluable advice.

Quote often and quote early

As you go through the steps to switch your coverage, it's very important that you do not buy less coverage just to save a little money. There are too many instances where an insured dropped full coverage only to discover later they didn't have enough coverage. Your focus should be to get the best coverage possible for the lowest cost, not the least amount of coverage.

People switch companies for many reasons like delays in responding to claim requests, unfair underwriting practices, not issuing a premium refund or even high prices. Regardless of your reason, finding the right car insurance provider is easier than you think.

Budget-conscious Kia Optima insurance can be bought both online as well as from independent agents in Minneapolis, and you should compare rates from both in order to have the best price selection to choose from. There are still a few companies who may not provide the ability to get quotes online and these smaller providers sell through independent agencies.

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