Truthfully, the best way to get affordable auto insurance rates is to regularly compare prices from insurers who sell insurance in Miami. Price quotes can be compared by completing these steps.
- First, try to understand policy coverages and the measures you can take to keep rates down. Many rating criteria that result in higher rates like multiple speeding tickets and an imperfect credit rating can be amended by making lifestyle changes or driving safer.
- Second, compare prices from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can give quotes from one company like GEICO or Allstate, while independent agencies can quote prices for a wide range of companies.
- Third, compare the quotes to your existing policy to determine if switching companies saves money. If you find a lower rate and buy the policy, verify that coverage does not lapse between policies.
- Fourth, provide adequate notice to your current company of your decision to cancel your current policy and submit any necessary down payment along with the completed application to your new agent or company. Make sure you put the new certificate verifying coverage with the vehicle registration.
One key aspect when comparing rates is to try to compare the same physical damage deductibles and liability limits on every price quote and to quote with as many companies as possible. This enables a fair rate comparison and a thorough price selection.
A study showed that most drivers in Florida kept their policy with the same company for four years or more, and just short of a majority have never even compared quotes to find affordable rates. Drivers in the U.S. could save an average of approximately 47% each year, but most undervalue the big savings they would realize if they swap their current policy for a cheaper one.
Finding the cheapest coverage in Miami seems hard but is not really that difficult. Just about each driver who is looking for a better price on insurance will most likely find a cheaper policy. Nevertheless, Florida drivers do need to learn the way companies charge you for coverage and use it to your advantage.
Auto insurance statistics and figures
The premium information shown below showcases different insurance costs for Kia Optima models. Learning how policy rates are figured can help customers make smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Optima LX | $316 | $624 | $570 | $34 | $170 | $1,714 | $143 |
| Optima EX | $356 | $736 | $570 | $34 | $170 | $1,866 | $156 |
| Optima SX | $356 | $736 | $570 | $34 | $170 | $1,866 | $156 |
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Rate quotes do not factor in vehicle location which can decrease or increase prices substantially.
Rate comparison for different deductibles
When buying auto insurance, a common question is what deductibles to buy. The comparisons below summarize the costs and benefits when you choose different comp and collision deductibles. The first set of prices uses a $100 physical damage deductible and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Optima LX | $358 | $648 | $472 | $28 | $142 | $1,673 | $139 |
| Optima EX | $406 | $764 | $472 | $28 | $142 | $1,837 | $153 |
| Optima SX | $406 | $764 | $472 | $28 | $142 | $1,837 | $153 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Optima LX | $262 | $438 | $472 | $28 | $142 | $1,342 | $112 |
| Optima EX | $296 | $516 | $472 | $28 | $142 | $1,454 | $121 |
| Optima SX | $296 | $516 | $472 | $28 | $142 | $1,454 | $121 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Rate quotes do not factor in garaging location in Miami which can influence rates substantially.
Based on this data, using a $100 deductible costs an average of $30 more each month or $360 each year than buying the higher $500 deductible. Since the policyholder would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally average at least 13 months between claims, you would probably come out ahead going with the higher deductible. The table below shows how you can do this calculation yourself.
| Average monthly premium for $100 deductibles: | $148 |
| Average monthly premium for $500 deductibles (subtract): | – $118 |
| Monthly savings from raising deductible: | $30 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $30 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 13 months |
The diagram below highlights how deductible choice and can raise or lower Kia Optima premium costs for different insured age categories. The premiums are based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.
Safe drivers Miami pay cheaper rates
The example below highlights how traffic violations and at-fault claims drive up Kia Optima auto insurance rates for different age categories. The data assumes a single male driver, comp and collision included, $1,000 deductibles, and no additional discounts are factored in.
Kia Optima insurance rates by age and gender
The diagram below visualizes the comparison of Kia Optima insurance costs for male and female drivers. The costs are based on no claims or violations, full physical damage coverage, $500 deductibles, drivers are single, and no other discounts are factored in.
Does it make sense to buy full coverage?
The information below shows the difference between Kia Optima insurance costs with and without physical damage coverage. The premium estimates are based on no claims or driving violations, $500 deductibles, single marital status, and no other discounts are factored in.
Should you buy full coverage or liability only?
There is no exact rule of when to drop physical damage coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
For example, let’s assume your Kia Optima settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $7,000 after the deductible is paid. If it’s costing you more than $700 a year for physical damage coverage, then you might want to think about dropping full coverage.
There are some circumstances where dropping physical damage coverage is not financially feasible. If you haven’t satisfied your loan, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Components of Your Kia Optima Insurance Costs
Many things are taken into consideration when you get your auto insurance bill. Some are obvious such as traffic violations, although some other factors are not as apparent like where you live or your financial responsibility.
The itemized list below are just a few of the factors that factor into prices.
Extra policy coverages can add up – There are a ton of additional extra coverages that you can get tricked into buying but may not be useful. Coverage for things like rental car coverage, accidental death, and term life insurance may be wasting your money. These coverages may sound good when deciding what coverages you need, but if they’re wasting money remove them from your policy.
Safety first – Cars with five star safety ratings tend to be cheaper to insure. Vehicles built for safety have better occupant injury protection and fewer serious injuries translates into fewer and smaller insurance claims which can mean better rates for you.
Where you live can impact premiums – Having an address in areas with lower population is a good thing when shopping for auto insurance. Residents of big cities have to deal with more auto accidents and more severe claims. Less people living in that area means less chance of accidents.
Excellent credit saves on insurance – Having a good credit history is likely to be a major factor in determining what you pay. Insureds with high credit ratings tend to be more responsible and file fewer claims than drivers who have lower ratings. If your credit rating leaves room for improvement, you may save money insuring your Kia Optima by improving your credit score.
Teenage drivers pay more – Inexperience drivers are statistically proven to be easily distracted in a vehicle therefore insurance rates are much higher. Having to add a young driver to your policy will cause a huge premium hike. Older, more experienced drivers have been proven to be more responsible, file fewer claims, and receive fewer citations.
The following chart uses these assumptions: single driver, full coverage with $500 deductibles, and no discounts or violations.
Vehicle features can affect premiums – Selecting a car model with an alarm system can help bring down rates. Systems that thwart thieves such as OnStar, LoJack tracking, and tamper alarms all help stop auto theft.
Don’t abuse insurance claims – If you frequently file small claims, you can definitely plan on increased rates or even have your policy non-renewed. Companies in Florida give the lowest premiums to drivers who only file infrequent claims. Your car insurance is intended for larger claims.
Kia Optima statistical loss data – Insurers take into consideration insurance loss statistics for every vehicle as a way to help calculate a profitable premium price. Vehicles that tend to have higher frequency or amount of claims will cost more for coverage. The table below outlines the historical loss data for Kia Optima vehicles.
For each coverage type, the statistical loss for all vehicles, regardless of make or model, is represented as 100. Numbers below 100 suggest losses that are better than average, while values over 100 indicate frequent claims or a tendency for claims to be larger.
| 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
More effort can pay off
Lower-priced insurance in Miami can be found both online in addition to local insurance agencies, and you need to comparison shop both in order to have the best chance of saving money. There are still a few companies who don’t offer rates over the internet and usually these smaller providers work with independent agents.
People switch companies for any number of reasons including extreme rates for teen drivers, high rates after DUI convictions, delays in paying claims and questionable increases in premium. It doesn’t matter why you want to switch finding a great new company is pretty simple and you could end up saving a buck or two.
We just showed you many ideas to find lower-cost Kia Optima insurance in Miami. The key thing to remember is the more companies you get premium rates for, the better likelihood of getting affordable Miami car insurance quotes. You may even find the best car insurance rates are with some of the lesser-known companies.
Additional insurance information can be read at the links below
- Speed and Speed Limit FAQ (iihs.org)
- Who Has Affordable Miami Car Insurance Quotes for Infrequent Drivers? (FAQ)
- Who Has Affordable Auto Insurance Rates for a Toyota Tacoma in Miami? (FAQ)
- How Much is Auto Insurance for Nurses in Miami? (FAQ)
- Who Has Affordable Auto Insurance Quotes for a Nissan Altima in Miami? (FAQ)
- What Auto Insurance is Cheapest for Teenagers in Miami? (FAQ)
- Can I Drive Legally without Insurance? (Insurance Information Institute)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)