Smart shoppers know that insurance companies don’t want you to compare rates. Consumers who shop around for cheaper rates are highly likely to buy a different policy because there is a high probability of finding a more affordable policy premium. A study discovered that people who compared price quotes annually saved about $72 a month compared to people who never shopped around.
If finding the cheapest price on insurance is your intention, understanding how to get rate quotes and compare insurance rates can help make the process easier.
It takes a few minutes, but the best way to save on Kia Optima insurance is to compare quotes once a year from companies who provide car insurance in Albuquerque. This can be done by following these guidelines.
First, learn about the coverage provided by your policy and the changes you can make to keep rates in check. Many factors that cause rate increases like accidents, traffic violations, and a poor credit rating can be eliminated by making lifestyle changes or driving safer.
Second, compare prices from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give prices from a single company like GEICO or Farmers Insurance, while agents who are independent can quote rates from multiple sources.
Third, compare the quotes to your current policy premium and see if there is a cheaper rate in Albuquerque. If you find a lower rate quote and decide to switch, verify that coverage does not lapse between policies.
A good tip to remember is to make sure you enter the same level of coverage on every price quote and and to analyze as many auto insurance providers as possible. This helps ensure a fair rate comparison and a complete price analysis.
Car insurance statistics and figures
The premium table shown next outlines detailed analysis of insurance costs for Kia Optima models. Having a better idea how auto insurance premiums are formulated can help guide drivers when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Optima LX | $276 | $516 | $492 | $30 | $148 | $1,462 | $122 |
| Optima EX | $312 | $608 | $492 | $30 | $148 | $1,590 | $133 |
| Optima SX | $312 | $608 | $492 | $30 | $148 | $1,590 | $133 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Information does not factor in vehicle location which can lower or raise premiums considerably.
Car insurance rates by gender and age in Albuquerque
The diagram below illustrates the comparison of Kia Optima insurance premiums for male and female drivers. The data is based on no claims or driving citations, full physical damage coverage, $500 deductibles, single marital status, and no discounts are factored in.
Affordable Albuquerque car insurance rates with discounts
Car insurance companies do not list all their discounts in a way that’s easy to find, so below is a list both the well known in addition to some of the lesser obvious discounts you could be receiving when you buy Albuquerque auto insurance online.
- Student Driver Training – Cut your cost by having your teen driver complete a driver education course as it will make them better drivers and lower rates.
- Passive Restraints and Air Bags – Vehicles with factory air bags and/or automatic seat belt systems may earn rate discounts of 25 to 30%.
- Multi-line Discount – Some car insurance companies give a lower rate if you buy a life insurance policy as well.
- Seat Belts Save – Requiring all passengers to wear their seat belts could save 15% on medical payment and PIP coverage.
- Renewal Discounts – A few car insurance companies give discounts for switching to them before your current Optima insurance policy expires. You can save around 10% with this discount.
- Discount for Multiple Policies – If you have multiple policies with one company you could earn a discount of at least 10 to 15 percent or more.
- No Charge for an Accident – Not really a discount, but some insurance companies allow you one accident before your rates go up if you are claim-free for a set time period.
- Data Collection Discounts – Drivers that enable their insurance company to track driving habits by using a small device installed in their vehicle like Drivewise from Allstate or In-Drive from State Farm might see lower rates if they are good drivers.
- Homeowners Savings – Owning a home in Albuquerque can get you a discount because of the fact that having a home requires personal responsibility.
Discounts reduce rates, but you should keep in mind that many deductions do not apply to the entire cost. The majority will only reduce the cost of specific coverages such as medical payments or collision. So even though it sounds like you could get a free car insurance policy, it just doesn’t work that way. Any amount of discount will cut your overall premium however.
The chart below illustrates the comparison of Kia Optima car insurance costs with and without discounts being applied to the rates. The costs are based on a female driver, no accidents, no driving violations, New Mexico state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, claim-free, multi-car, marriage, and safe-driver discounts applied.
If you would like to see a list of insurance companies that provide some of the discounts listed above in New Mexico, follow this link.
What auto insurance coverages do you need?
Knowing the specifics of your auto insurance policy aids in choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. Listed below are the usual coverages found on the average auto insurance policy.
Coverage for collisions
Collision coverage pays for damage to your Optima resulting from a collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision can pay for claims like hitting a parking meter, sideswiping another vehicle, damaging your car on a curb and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to increase the deductible on your Optima in order to get cheaper collision rates.
Coverage for liability
Liability coverage protects you from damages or injuries you inflict on a person or their property. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 25/50/10 which means a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $10,000. Some companies may use one number which is a combined single limit which limits claims to one amount without having the split limit caps.
Liability coverage pays for things such as medical services, medical expenses, structural damage, pain and suffering and attorney fees. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase as high a limit as you can afford. New Mexico requires minimum liability limits of 25/50/10 but you should think about purchasing more liability than the minimum.
The illustration below demonstrates why buying the state minimum limits may not be adequate.
Comprehensive coverage
Comprehensive insurance coverage pays for damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive insurance covers things such as a broken windshield, hail damage, a tree branch falling on your vehicle, damage from getting keyed and hitting a deer. The highest amount a auto insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Medical payments coverage and PIP
Coverage for medical payments and/or PIP reimburse you for expenses such as hospital visits, surgery, ambulance fees and EMT expenses. They are used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. They cover all vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage
Uninsured/Underinsured Motorist coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your Kia Optima.
Since many New Mexico drivers have only the minimum liability required by law (25/50/10), it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Frequently these limits do not exceed the liability coverage limits.
Affordable car insurance is out there
We’ve covered some good ideas how you can compare Kia Optima insurance premium rates in Albuquerque. The most important thing to understand is the more quotes you get, the higher your chance of finding affordable Albuquerque auto insurance quotes. You may even discover the most savings is with a company that doesn’t do a lot of advertising. Smaller companies may cover specific market segments cheaper than their larger competitors like Allstate and Progressive.
Cheap Kia Optima insurance in Albuquerque is available on the web in addition to local insurance agencies, so you need to shop Albuquerque auto insurance with both to get a complete price analysis. Some companies may not offer online rate quotes and many times these small, regional companies sell through independent agencies.
When shopping online for car insurance, it’s not a good idea to buy lower coverage limits just to save a few bucks. There are too many instances where drivers have reduced uninsured motorist or liability limits and learned later they didn’t have enough coverage. The aim is to buy enough coverage for the lowest cost but still have enough coverage for asset protection.
More information can be found at these links:
- Top Signs Your Brakes are Giving Out (State Farm)
- Who Has Affordable Auto Insurance for a Dodge Grand Caravan in Albuquerque? (FAQ)
- Who Has Cheap Albuquerque Car Insurance with Multiple Speeding Tickets? (FAQ)
- Choosing an Insurance Company (Insurance Information Institute)
- Neck Injury FAQ (iihs.org)
- Crash Avoidance Technologies FAQ (iihs.org)
- Rearview cameras reduce backing crashes (Insurance Institute for Highway Safety)