Buying cheaper insurance for a Kia Optima doesn’t take a lot of effort, but it hinges on a lot of rating factors such as how old the vehicle is, your claims history, and driving violations. New Mexico drivers will pay on average $854 annually to insure their Optima, but that price is an estimate based upon a 40-year-old single female driver with full physical damage coverage and $1,000 deductibles.
Odds are that you are not 40 and maybe not even a female, possibly married instead of single, or maybe you have a teenager that needs to be on your policy. There is no one cookie-cutter policy that works for everyone, so the only way to find cheap car insurance rates for your Kia is to put in the effort to do a thorough rate comparison.
Your Kia’s trim level has an effect on the insurance rate, so the price to insure a Optima LX trim level will be $72 cheaper than the insurance cost for the more expensive Optima SX version, as shown in the table below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Optima LX | $148 | $298 | $474 | $28 | $142 | $1,090 | $91 |
| Optima EX | $166 | $352 | $474 | $28 | $142 | $1,162 | $97 |
| Optima SX | $166 | $352 | $474 | $28 | $142 | $1,162 | $97 |
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Rates do not factor in specific location which can alter coverage rates considerably.
Finding dependable, affordable car insurance is not the easiest thing to accomplish, and finding out which companies have the most affordable auto insurance rates for a Kia Optima will take a bit more work. Every insurance company has a different formula for determining rates, so let’s rank the auto insurance companies with the most affordable rates in Albuquerque.
We do need to point out that New Mexico auto insurance rates are determined by lots of factors that control the policy premium. This price fluctuation is why consumers need to compare lots of rates to find the cheapest car insurance quotes for a Kia Optima. Car insurance prices are influenced by many different factors and change frequently, so the best company two years ago may now cost much more than other companies.
Find the Best Cheap Insurance for Your Optima
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $677 |
| 2 | Allied | $920 |
| 3 | Safeco | $1,004 |
| 4 | Farm Bureau Mutual | $1,202 |
| 5 | Farmers | $1,276 |
| 6 | State Farm | $1,297 |
| 7 | The Hartford | $1,326 |
| 8 | Central Mutual | $1,328 |
| 9 | Progressive | $1,505 |
| 10 | Travelers | $1,537 |
| 11 | California Casualty | $1,591 |
| 12 | MetLife | $1,626 |
| 13 | GEICO | $1,640 |
| 14 | Encompass | $1,643 |
| 15 | Allstate | $2,314 |
| 16 | Liberty Mutual | $2,554 |
| 17 | Sentry | $3,114 |
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USAA offers some of the most affordable car insurance rates in Albuquerque at around $677 annually. Allied, Safeco, Farm Bureau Mutual, and Farmers are also some of the more affordable Albuquerque, NM car insurance companies.
In this example, if you are a customer of Farm Bureau Mutual and switched to USAA, you might realize an annual savings of approximately $525. Drivers with Farmers could save as much as $599 a year, and State Farm customers might see rate reductions of $620 a year.
Bear in mind that those premium estimates are averages across all types of insureds and vehicles and do not take into consideration a specific location for a Kia Optima. So the car insurance company that fits you best may not even be in the list above. That illustrates why you need to quote rates from many companies using your own driver information and specific vehicle type.
Rate difference between full and liability-only coverage
Saving money when shopping for auto insurance is the goal of the majority of people, and a good way to save on the cost of insurance for a Kia Optima is to only pay for liability coverage. The chart below shows the difference between yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The price estimates are based on no claims or violations, $250 deductibles, single marital status, and no discounts are applied to the premium.
If we average the cost for all age groups, comp and collision coverage costs an additional $2,301 per year more than buying just liability insurance. That is a significant amount which raises the question when is it safe to stop buying full coverage. There isn’t a written rule of when to eliminate full coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s assume your vehicle’s book value is $5,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $4,500 after paying your deductible. If premium cost is more than $450 a year to have full coverage, then you may want to consider only buying liability coverage.
Cautious drivers save money
The obvious way to get the best auto insurance premiums for an Optima is to be an attentive driver and avoid getting tickets or having accidents. The illustration below illustrates how speeding tickets and fender-benders influence insurance prices for each different age category. The prices are based on a married male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
The data charted above shows the average cost of an auto insurance policy per year with no accidents or violations is $1,457. Factor in two speeding tickets and the average cost rises to $1,999, an increase of $542 each year. Now get one accident along with the two speeding tickets and the annual cost of auto insurance for a Kia Optima jumps again to an average of $2,553. That’s an increase of $1,096, or $91 per month, just for not being a responsible driver!
How to find more affordable car insurance for a Kia Optima
Lowering your rates is not difficult, and here are many thrifty suggestions that can help New Mexico drivers quote lower-cost auto insurance.
- Do not get into accidents
- Buy vehicles with good safety ratings
- Good credit scores may lower your rates
- Increase the comprehensive and collision deductibles on your policy
- Do not get traffic citations
- Comparison shop at least once a year
That last tip is very crucial, as we hit on in the prior information. Rates change constantly, so don’t hesitate to buy from a different company if a lower-cost policy is available.
Many drivers tend to have loyalty to a certain company, but it’s not recommended if your bullheadedness ends up costing you a wad of cash every year. Now is a great time to shop around and find cheaper car insurance for a Kia Optima in Albuquerque.
If you aren’t sure which coverage to buy and prefer to get some guidance when trying to find lower insurance rates for an Optima, the agents listed below are willing to help you make a decision which is the best policy.
To find an auto insurance agency using an interactive map, click the button below the list or click here to compare rates now.
- Allstate Insurance: Krista L. Sanchez
3300 San Mateo Blvd NE e – Albuquerque, NM 87110 – (505) 255-3371 - Jesse Leal – State Farm Insurance Agent
141 Eubank Blvd – Albuquerque, NM 87123 – (505) 294-8662 - Art Sandoval – State Farm Insurance Agent
5555 Montgomery Blvd NE #19 – Albuquerque, NM 87109 – (505) 338-0300 - Michele Romero – State Farm Insurance Agent
3904 Carlisle Blvd NE c – Albuquerque, NM 87107 – (505) 881-7000 - Rosendo Aragon – State Farm Insurance Agent
1808 Lomas Blvd NW b – Albuquerque, NM 87104 – (505) 247-2921