Save Money on Kia Optima Insurance in Memphis

Insurance for Kia OptimaAmazingly, over 70% of drivers have bought insurance from the same company for four years or more, and roughly 40% of drivers have never quoted insurance rates at all. Memphis consumers could save 35% each year just by shopping around, but they won’t spend time to compare rates and save money.

If you want to save money, the best way to find discount Kia Optima insurance in Memphis is to regularly compare prices from different companies who can sell car insurance in Tennessee.

Step 1: Get a basic knowledge of how insurance works and the measures you can take to drop your rates. Many rating criteria that are responsible for high rates such as at-fault accidents, careless driving, and poor credit history can be remedied by making small lifestyle or driving habit changes.

Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO and Allstate, while independent agencies can provide prices from multiple sources. Compare rates

Step 3: Compare the new rates to your existing coverage and see if you can save money. If you find a better price and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Tell your current agent or company to cancel your current auto insurance policy and submit the signed application along with the required initial payment for the new policy. As soon as coverage is bound, keep your new certificate of insurance with your registration paperwork.

A crucial key to this process is that you’ll want to make sure you compare the same amount of coverage on every quote and and to get rates from as many auto insurance providers as possible. This provides the most accurate price comparison and and a good selection of different prices.

How to get free Kia Optima insurance quotes online

Cutting your car insurance rates is a great way to save money. Drivers just need to take a few minutes to get quotes to see which company has cheaper Memphis car insurance quotes.

The companies shown below provide free quotes in Tennessee. To locate the best cheap auto insurance in TN, it’s a good idea that you visit as many as you can to get a more complete price comparison.

Auto insurance analysis for a Kia Optima

The data table below highlights different insurance prices for Kia Optima models. Understanding more about how insurance rates are figured can assist in making smart policy decisions.

Kia Optima Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Optima LX $166 $278 $336 $20 $100 $900 $75
Optima EX $186 $328 $336 $20 $100 $970 $81
Optima SX $186 $328 $336 $20 $100 $970 $81
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Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Rate quotes do not factor in specific garaging location which can increase or decrease premiums noticeably.

Physical damage deductible comparison

One of the most common auto insurance questions is where should you set your physical damage deductibles. The following tables may aid in understanding the price difference between high and low deductibles. The first pricing table uses a $250 comprehensive and collision deductible and the second price table uses a $1,000 deductible.

Kia Optima insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Optima LX $224 $376 $326 $20 $98 $1,069 $89
Optima EX $252 $444 $326 $20 $98 $1,165 $97
Optima SX $252 $444 $326 $20 $98 $1,165 $97
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Kia Optima insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Optima LX $138 $236 $326 $20 $98 $818 $68
Optima EX $156 $278 $326 $20 $98 $878 $73
Optima SX $156 $278 $326 $20 $98 $878 $73
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Premium amounts do not factor in specific garaging location which can influence insurance rates greatly.

Based on this data, using a $250 deductible costs roughly $23 more each month or $276 annually than choosing the higher $1,000 deductible. Because you would pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you go at a minimum 33 months between claims, you would come out ahead if you choose the higher deductible. The numbers below show a better example of how this decision is made.

Average monthly premium for $250 deductibles: $94
Average monthly premium for $1,000 deductibles (subtract): – $71
Monthly savings from raising deductible: $23
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $23
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 33 months

How accidents and tickets impact rates

The illustration below demonstrates how traffic citations and accident claims can drive up Kia Optima insurance rates for different ages of insureds. The premium estimates are based on a single male driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.

Auto insurance prices based on gender

The illustration below illustrates the comparison of Kia Optima auto insurance rates for male and female drivers. The costs are based on no tickets, no at-fault accidents, full physical damage coverage, $250 deductibles, drivers are not married, and no discounts are factored in.

Full coverage rates compared to liability-only

The diagram below shows the difference between Kia Optima auto insurance rates with full coverage compared to only the Tennessee minimum liability coverage. The information is based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.

Should you pay for full coverage or liability only?

There is no clear-cut formula of when to stop paying for full coverage, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of the settlement you would receive from your company, then it might be time to buy liability only.

For example, let’s assume your Kia Optima settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $3,000 after you pay the deductible. If you are paying in excess of $300 annually for your policy with full coverage, then it might be time to buy liability only.

There are some cases where eliminating full coverage is not a good idea. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not opt for liability only.

Why do I need car insurance?

Even though Memphis Optima insurance rates can get expensive, car insurance is required in Tennessee but also provides important benefits.

The benefits of having insurance are definitely more than the cost, especially for larger claims. According to a 2015 survey, the average American driver overpays more than $865 each year so compare rate quotes at least once a year to help ensure money is not being wasted.

Reduce Insurance Rates with These Tips

When buying auto insurance it’s important to understand the factors that go into determining auto insurance rates. If you understand what impacts premium levels, this enables you to make decisions that could result in big savings. Many different elements are part of the equation when pricing auto insurance. Some factors are common sense such as your driving history, but some are more transparent such as whether you are married or your financial responsibility.

The list below includes some of the things that factor into your premiums.

Do you need those incidental coverages? – There are quite a few additional coverages that can add up on your auto insurance policy. Insurance for things like coverage for rental cars, towing coverage, and extra life insurance coverage may be costing you every month. The coverages may be enticing when discussing your needs, but your needs may have changed so remove them and pocket the money.

A auto insurance lapse can increase premiums – Driving any period of time without insurance can get your license suspended and you will pay a penalty because you let your coverage have a gap. And not only will insurance be more expensive, being ticketed for driving with no insurance could earn you a steep fine or even jail time. You may need to file a SR-22 with the Tennessee department of motor vehicles.

Infrequent drivers can save – The more you drive every year the higher your rates will be. Many insurance companies apply a rate based on their usage. Cars and trucks not used for work or commuting can get a lower rate than those used for commuting. Having an incorrect usage rating on your Optima can cost quite a bit. It’s a smart idea to ensure your declarations sheet is showing the correct usage, because it can save money.

With age comes lower costs – Older drivers are shown to be more cautious, cause fewer claims and accidents, and get fewer tickets. Drivers with little experience are statistically proven to be easily distracted when at the wheel of a vehicle and because of this, their auto insurance rates are much higher.

The data below uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.

Rural vs Urban Areas – Living in a rural area may provide you with better prices when trying to find low car insurance rates. People who live in big cities tend to have more aggressive driving styles and longer commute times. Fewer people means a lower chance of having an accident in addition to fewer liability claims.

Getting married pays dividends – Being married actually saves money on your auto insurance policy. Having a spouse means you’re less irresponsible and insurance companies reward insureds because married drivers tend to file fewer claims.

Vocation reflects on rates – Occupational choices like lawyers, business owners, and financial analysts generally have higher premium rates in part from intense work-related stress and lengthy work days. Other jobs such as scientists, engineers and retirees have the lowest average rates.

Discounts for multiple policies – The majority of insurance companies give lower prices to customers who buy several policies from them such as combining an auto and homeowners policy. Even if you already get this discount, consumers should still compare Kia Optima rates in Memphis to make sure you are getting the best deal.

Insurance losses for a Kia Optima – Companies analyze past claim statistics to help determine prices. Vehicles that statistically have higher claim frequency or loss amount will have a higher premium rate.

The information below illustrates the collected loss data for Kia Optima vehicles. For each type of coverage, the statistical loss for all vehicles averaged together is represented as 100. Percentages below 100 indicate better than average losses, while numbers above 100 point to more losses or an increased probability of a larger loss.

Insurance Loss Ratings for Kia Optima Vehicles
Vehicle Make and 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

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

Verify you’re earning every discount

Buying auto insurance is not cheap, but you may be missing some discounts that you may not know about. Many of these discounts will be applied automatically at the time of quoting, but some discounts are required to be specifically requested in order for you to get them.Discount auto insurance

A quick disclaimer, some credits don’t apply to your bottom line cost. Some only apply to specific coverage prices like liability, collision or medical payments. So despite the fact that it appears it’s possible to get free car insurance, it’s just not the way it works.

The chart below shows the comparison of Kia Optima car insurance rates with and without discounts being applied to the rates. The data is based on a male driver, no claims or driving violations, Tennessee state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, multi-policy, marriage, homeowner, and claim-free discounts applied.

Large auto insurance companies and the discounts they provide are:

If you are trying to find the cheapest Kia Optima rate quotes, ask every company to give you their best rates. Depending on the company, some discounts may not apply to policyholders in your state.

Buying from car insurance agents

Certain consumers just prefer to have an agent’s advice and that is a smart decision Professional insurance agents are very good at helping people manage risk and help you file claims. A good thing about comparing insurance prices online is you can get better rates and still have an agent to talk to.

After filling out this short form, your coverage information is submitted to insurance agents in Memphis who will give you bids for your insurance coverage. You won’t need to contact any agents due to the fact that quote results will go directly to your email. If you have a need to compare rates from a specific auto insurance provider, feel free to jump over to their website and fill out their quote form.

Picking the best insurance company requires more thought than just the bottom line cost. Get answers to these questions too.

The following is a list of insurance companies in Memphis willing to provide comparison quotes for Kia Optima insurance in Memphis.

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Insurance savings summarized

As you go through the steps to switch your coverage, do not buy poor coverage just to save money. There are many occasions where someone dropped liability limits or collision coverage only to regret they didn’t purchase enough coverage. The proper strategy is to purchase plenty of coverage for the lowest price while not skimping on critical coverages.

Insureds leave their current company for a variety of reasons including delays in paying claims, high prices, delays in responding to claim requests and policy non-renewal. It doesn’t matter what your reason, switching insurance companies can be less work than you think.

Throughout this article, we presented many ideas to get a better price on Kia Optima insurance in Memphis. The key thing to remember is the more quotes you get, the higher your chance of finding affordable Memphis car insurance quotes. You may even be surprised to find that the biggest savings come from some of the lesser-known companies.

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