Save Money on Kia Rio Insurance in Newark

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Unfortunately, most insurance buyers have been with the same company for a minimum of four years, and approximately 38% of consumers have never shopped around. Consumers in New Jersey can cut their rates by as much as $716 a year by just comparing quotes, but they don't believe the large savings they would see if they just switched companies.

Discount Kia Rio insuranceThe recommended way to find cheaper prices for Kia Rio insurance is to annually compare prices from companies who can sell car insurance in Newark.

First, get an understanding of the coverage provided by your policy and the measures you can control to prevent rate increases. Many rating factors that cause high rates such as traffic tickets, fender benders, and an unacceptable credit rating can be amended by paying attention to minor details.

Second, compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only quote rates from a single company like GEICO or Allstate, while independent agencies can provide price quotes for a wide range of companies.

Third, compare the quotes to your existing policy to determine if you can save on Rio insurance in Newark. If you can save some money and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

An important bit of advice to remember is to use the same deductibles and limits on every quote request and and to look at as many companies as possible. Doing this guarantees a fair price comparison and plenty of rates choose from.

Cutting your Newark car insurance rates is an easy way to save money. Drivers just need to take a couple of minutes getting comparison quotes from some recommended companies.

The companies in the list below offer price quotes in Newark, NJ. If your goal is to find cheap car insurance in New Jersey, it's highly recommended you get rate quotes from several of them in order to find the lowest rates.

Kia Rio coverage analysis

The premium table shown below showcases estimates of coverage costs for Kia Rio models. Learning as much as possible about how auto insurance premiums are calculated is important for you to make smart choices when purchasing an auto insurance policy.

Kia Rio Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Rio $222 $484 $734 $44 $220 $1,704 $142
Rio LX $222 $484 $734 $44 $220 $1,704 $142
Rio SX $254 $570 $734 $44 $220 $1,822 $152
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Prices do not factor in the specific area where the vehicle is garaged which can raise or lower price quotes substantially.

Physical damage deductibles: Should you raise them?

One frequently asked question is what deductibles to buy. The figures shown below can help illustrate the price difference when you choose different deductibles. The first set of rates uses a $100 deductible and the second data table uses a $500 deductible.

Kia Rio insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Rio $360 $746 $544 $32 $162 $1,869 $156
Rio LX $360 $746 $544 $32 $162 $1,869 $156
Rio SX $414 $880 $544 $32 $162 $2,057 $171
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Kia Rio insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Rio $264 $504 $544 $32 $162 $1,506 $126
Rio LX $264 $504 $544 $32 $162 $1,506 $126
Rio SX $302 $594 $544 $32 $162 $1,634 $136
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Premium amounts do not factor in Newark location which can revise prices noticeably.

Using the data above, we can ascertain that using a $100 deductible will cost you about $32 more each month or $384 each year than opting for the higher $500 deductible. Since you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you average at least 13 months between claims, you would probably come out ahead by selecting a higher deductible. Here is an example of how we made this calculation.

Average monthly premium for $100 deductibles: $161
Average monthly premium for $500 deductibles (subtract): - $129
Monthly savings from raising deductible: $32
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $32
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

The illustration below illustrates how your choice of deductibles and can increase or decrease Kia Rio insurance premiums for different age categories. The data assumes a single male driver, full coverage, and no discounts are applied to the premium.

Full coverage rates vs. liability-only in Newark

The illustration below compares Kia Rio insurance rates with liability coverage only compared to full coverage. The premiums are based on no violations or accidents, $1,000 deductibles, single status, and no discounts are applied to the premium.

When to eliminate full coverage

There is no definitive rule of when to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is more than about 10% of the vehicle's replacement cost less your deductible, then you might consider buying liability only.

For example, let's pretend your Kia Rio replacement cost 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 policy deductible has been paid. If it's costing in excess of $700 annually for physical damage coverage, then it could be time to drop full coverage.

There are a few situations where eliminating full coverage is not a good idea. If you still owe a portion of the original loan, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should not drop full coverage.

Find Kia Rio Insurance for Less

Many different elements are used when premium rates are determined. Most are fairly basic like an MVR report, although some other factors are more obscure such as whether you are married or your commute time.

  • Married drivers get cheaper prices - Having a wife or husband may earn you lower rates on your insurance bill. It translates into being more financially stable and insurance companies like that married drivers get in fewer accidents.
  • More traffic means higher claims - Having an address in small towns and rural areas has it's advantages when buying insurance. Less people living in that area means less chance of accidents. City drivers have congested traffic and longer commute times. More time commuting statistically corresponds to a higher accident and claim rate.
  • Multiple policies with one company - The majority of insurers give lower prices to clients who carry more than one policy, otherwise known as a multi-policy discount. The discount can add up to ten percent or more. Even with this discount, consumers should still check prices from other companies to ensure the best deal. You may still save even more than the discount by splitting coverages up.
  • Cautious drivers pay lower premiums - Having a clean driving record impacts your car insurance rates tremendously. Even a single speeding ticket or other violation can bump up the cost by as much as twenty percent. Drivers with clean records pay less for auto insurance compared to bad drivers. People who have careless tickets like DUI, reckless driving or excessive speeding are required to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to continue driving.

    The example below shows how traffic citations and at-fault fender-benders influence Kia Rio car insurance rates for each different age category. The information is based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

  • Cheaper rates with safer cars - Cars with five star safety ratings get lower rates. Safe vehicles protect occupants better and fewer serious injuries translates into fewer and smaller insurance claims which can result in lower premiums.
  • Gender impacts premiums - Statistics demonstrate women are more cautious behind the wheel. The data does not necessarily mean that women are better drivers. Women and men are in auto accidents at about the same rate, but the males cause more damage. Men also statistically get cited for more serious violations like driving under the influence (DUI). Youthful male drivers are most likely to cause an accident and therefore pay the highest rates.

    The diagram below compares Kia Rio annual premium costs for male and female drivers. The data is based on no claims or driving citations, comprehensive and collision coverage, $250 deductibles, drivers are not married, and no policy discounts are applied.

  • Additional coverages that may be costing you - Policies have additional coverages that can waste your money if you aren't diligent. Coverages like vanishing deductibles, accident forgiveness, and additional equipment coverage are probably not needed. These coverages may sound good when buying your policy, but if they're wasting money remove them and pocket the money.
  • Coverage deductibles are a factor - Insurance for physical damage to your car, aka comp and collision, insures against damage to your Kia. Examples of covered claims are a broken windshield, vandalism, and having your car stolen. The deductibles you choose state the amount of money you are willing to pay out-of-pocket before a claim is paid by your company. The more money you're willing to pay, the lower your rates will be.
  • Kia Rio statistical loss data - Companies analyze historical claim data to help determine costs. Models that the data shows to have increased losses will cost more to insure. The table shown below demonstrates the historical loss data for Kia Rio vehicles.

    For each type of coverage, the loss probability for all vehicles compiled together is a value of 100. Values that are below 100 mean the vehicle has better than average losses, while values that are above 100 indicate a higher chance of having a claim or an increased chance of a larger loss.

    Kia Rio Insurance Claim Statistics
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Kia Rio 90 109 81 141 158 127

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

Protect more than your Kia vehicle

Despite the potentially high cost of Kia Rio insurance, insuring your vehicle is not optional due to several reasons.

  • The majority of states have mandatory liability insurance requirements which means the state requires a minimum amount of liability protection if you drive a vehicle. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
  • If you have a loan on your vehicle, almost all lenders will require that you carry insurance to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender will be forced to insure your Kia at a significantly higher premium and force you to pay for the much more expensive policy.
  • Auto insurance preserves not only your Kia Rio but also your financial assets. It will also pay for medical transport and hospital expenses for you, your passengers, and anyone else injured in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If your Kia gets damaged, your policy will pay all costs to repair after the deductible has been paid.

The benefits of having insurance more than cancel out the cost, particularly if you ever have a claim. As of last year, the average driver in New Jersey overpays as much as $865 each year so smart consumers compare quotes each time the policy renews to ensure rates are inline.