It’s easy to assume that auto insurance companies don’t want policyholders to shop around. Drivers who perform rate comparisons will most likely move their business because there are good odds of finding better rates. A study showed that consumers who routinely compared rates saved over $3,500 over four years compared to other drivers who never compared rates.
If finding the best rates on auto insurance is your ultimate target, then having some knowledge of the best way to compare car insurance can help you succeed in finding affordable rates.
If your goal is the lowest price, then the best way to get more affordable Kia Rio insurance is to compare prices regularly from insurance carriers in Buffalo. You can compare rates by following these steps.
Step 1: Try to learn about policy coverages and the factors you can control to keep rates in check. Many factors that drive up the price such as careless driving and a lousy credit rating can be eliminated by being financially responsible and driving safely. Read the full article for information to prevent high prices and find discounts that you may qualify for.
Step 2: Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can give you price quotes from multiple companies.
Step 3: Compare the price quotes to your existing rates to see if cheaper Rio coverage is available. If you find a better price and buy the policy, make sure there is no lapse in coverage.
One thing to point out is that you’ll want to compare the same coverage limits and deductibles on every quote and and to get rates from as many different companies as possible. This enables the most accurate price comparison and a thorough price selection.
When quoting insurance, remember that having more price comparisons will increase your chances of finding the best offered rates.
The providers in the list below are our best choices to provide price comparisons in New York. To find the best cheap car insurance in Buffalo, we suggest you visit several of them to find the most competitive auto insurance rates.
Car insurance analysis for a Kia Rio
The data table shown next showcases different insurance coverage prices for Kia Rio models. Knowing how insurance premiums are established can be valuable when making informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Rio | $198 | $424 | $404 | $24 | $120 | $1,170 | $98 |
| Rio LX | $198 | $424 | $404 | $24 | $120 | $1,170 | $98 |
| Rio SX | $228 | $500 | $404 | $24 | $120 | $1,276 | $106 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New York minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Prices do not factor in zip code location which can raise or lower coverage prices substantially.
Analysis of deductible levels
A question often asked by Buffalo drivers is where should you set your physical damage deductibles. The premium rates below illustrate the premium difference between low and high physical damage deductibles. The first set of prices uses a $250 deductible for physical damage and the second price grid uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Rio | $178 | $344 | $300 | $18 | $90 | $955 | $80 |
| Rio LX | $178 | $344 | $300 | $18 | $90 | $955 | $80 |
| Rio SX | $204 | $406 | $300 | $18 | $90 | $1,043 | $87 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Rio | $144 | $278 | $300 | $18 | $90 | $830 | $69 |
| Rio LX | $144 | $278 | $300 | $18 | $90 | $830 | $69 |
| Rio SX | $166 | $328 | $300 | $18 | $90 | $902 | $75 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and New York minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Price estimates do not factor in your specific Buffalo location which can decrease or increase insurance rates noticeably.
Based on these figures, using a $250 deductible will cost you roughly $11 more each month or $132 for a full year averaged for all Rio models than opting for the higher $500 deductible. Since you would pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you normally average at a minimum 23 months between claims, you would save money if you decide on a higher deductible. The table below illustrates an example of how we made this calculation.
| Average monthly premium for $250 deductibles: | $82 |
| Average monthly premium for $500 deductibles (subtract): | – $71 |
| Monthly savings from raising deductible: | $11 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $11 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 23 months |
An important sidenote is that raising deductibles to get cheaper rates results in having to pay to pay more out-of-pocket when you do file a claim. You need to have some savings in the event you need to pay the higher deductible.
Impact of speeding/accidents on Buffalo car insurance rates
The illustration below highlights how speeding tickets and at-fault accidents can influence Kia Rio auto insurance costs for each different age group. The prices are based on a single female driver, comp and collision included, $250 deductibles, and no additional discounts are factored in.
Kia Rio full coverage rates compared to liability only
The information below illustrates the comparison of Kia Rio auto insurance costs with full physical damage coverage compared to only buying liability only. The data is based on no claims or driving violations, $500 deductibles, single status, and no discounts are applied.
When to buy liability coverage only
There is no definitive rule of when to stop paying for full coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let’s say your Kia Rio book value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $8,000 after paying the physical damage deductible. If it’s costing in excess of $800 a year for physical damage coverage, then it could be time to drop full coverage.
There are some situations where removing full coverage is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Three good reasons to insure your vehicle
Even though it’s not necessarily cheap to insure a Kia in Buffalo, buying car insurance serves several important purposes.
First, almost all states have minimum mandated liability insurance limits which means state laws require specific limits of liability protection in order to license the vehicle. In New York these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if your Kia Rio has a loan, more than likely the lender will have a requirement that you have full coverage to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the lender will be forced to insure your Kia at a significantly higher premium and make you pay for the much more expensive policy.
Third, insurance protects your vehicle and your assets. It will also reimburse you for medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, also covers legal expenses in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of carrying adequate insurance greatly outweigh the cost, especially if you ever need it. In a recent study of 1,000 drivers, the average customer overpays as much as $830 a year so shop around at every renewal to save money.
Informed Consumers Can Save Money
Lots of factors are taken into consideration when quoting car insurance. Some are pretty understandable like a motor vehicle report, but other criteria are more obscure like where you live or your financial responsibility.
Shown below are most of the major factors insurance companies consider when setting your premiums.
- A good credit rating can save money – Credit history can be an important factor in determining your rates. So if your credit history can be improved, you could be paying less to insure your Kia Rio by spending a little time repairing your credit. People with excellent credit tend to be better risks to insure as compared to drivers with bad credit.
- Compare rates if you bundle your policies – Most major insurance companies allow better rates to insureds who have multiple policies with them. It’s known as a multi-policy discount. Even with this discount applied, consumers should still comparison shop to guarantee you are still saving the most.
- No coverage gaps is important – Allowing your insurance policy to lapse is a sure-fire way to increase your insurance rates. Not only will you pay more, not being able to provide proof of insurance may result in a hefty fine and possibly a revoked license. You could then be forced to provide proof of insurance in the form of an SR-22 filing with the New York DMV.
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Your gender affects prices – Over time, data shows that females take fewer risks when driving. However, this does not mean women are BETTER drivers than men. Both sexes have at-fault accidents at about the same rate, but the male of the species have costlier accidents. Not only that, but men also have more aggressive citations such as driving while intoxicated (DWI) or driving recklessly.
The diagram below illustrates the comparison of Kia Rio car insurance rates for male and female drivers. The data assumes no claims, a clean driving record, comprehensive and collision coverage, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.
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How old are your drivers? – Teenage drivers in New York are proven to get distracted easily when driving with friends therefore insurance rates are much higher. Adding a first-time driver onto a policy can really hurt. Older people are proven to be safer behind the wheel, cost insurance companies less in claims, and get fewer tickets.
The next chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
- Deter vehicle theft – Choosing to buy a car with advanced anti-theft systems can earn a premium discount. Theft deterrent systems like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help prevent your car from being stolen.
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Kia Rio claim probability – Insurers take into consideration historical loss data for every vehicle in order to profitably underwrite each model. Models that are shown to have high amounts or severity of claims will have higher premium rates. The data below shows the insurance loss data used by companies for Kia Rio vehicles.
For each coverage category, the statistical loss for all vehicles, as an average, is a value of 100. Values that are below 100 suggest a positive loss record, while values that are above 100 indicate frequent claims or statistically larger claims.
Kia Rio Insurance Loss Statistics Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Kia Rio 90 109 81 141 158 127 BETTERAVERAGEWORSEStatistics from IIHS.org for 2013-2015 Model Years
Don’t overlook these Kia Rio insurance discounts
Car insurance companies do not advertise all their discounts in an easy-to-find place, so the list below contains a few of the more common and also the more inconspicuous discounts that you may qualify for.
- Defensive Driver Discounts – Completing a safe driver class could save 5% or more if you qualify.
- Pay Early and Save – If you pay your bill all at once instead of making monthly payments you may reduce your total bill.
- Sign Online – Many larger companies will give you a small discount for signing up online.
- Drive Less and Save – Fewer annual miles on your Kia may allow you to get lower rates due to less chance of an accident.
- Discounts for Multiple Vehicles – Having multiple cars with one company can reduce rates for all insured vehicles.
- Theft Prevention Discount – Cars and trucks with anti-theft systems are less likely to be stolen and will qualify for a discount on a Buffalo car insurance quote.
- Senior Citizens – Drivers that qualify as senior citizens can possibly qualify for lower premium rates.
- Passive Restraints and Air Bags – Cars that have air bags can get savings of 20 to 30 percent.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles can reduce accidents and earn discounts up to 10%.
- Accident-Free Discounts – Insureds with no claims or accidents have much lower rates as opposed to insureds who have frequent claims or accidents.
You should keep in mind that some of the credits will not apply to the entire cost. Most only reduce individual premiums such as liability, collision or medical payments. So despite the fact that it appears it’s possible to get free car insurance, company stockholders wouldn’t be very happy.
The diagram below shows the difference between Kia Rio annual premium costs with and without policy discounts. The costs are based on a female driver, a clean driving record, no at-fault accidents, New York 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 homeowner, multi-car, multi-policy, safe-driver, claim-free, and marriage discounts applied.
The best car insurance companies and some of the discounts are detailed below.
- State Farm offers premium reductions for defensive driving training, multiple policy, Steer Clear safe driver discount, multiple autos, passive restraint, and accident-free.
- Progressive has discounts for online quote discount, online signing, multi-vehicle, good student, and multi-policy.
- Progressive offers discounts including continuous coverage, good student, online quote discount, multi-vehicle, homeowner, and multi-policy.
- MetLife may offer discounts for defensive driver, claim-free, multi-policy, accident-free, good driver, good student
- Farm Bureau may include discounts for 55 and retired, good student, youthful driver, multi-vehicle, renewal discount, and safe driver.
- GEICO discounts include good student, multi-policy, daytime running lights, air bags, military active duty, five-year accident-free, and federal employee.
- SAFECO includes discounts for anti-lock brakes, safe driver, teen safety rewards, accident prevention training, drive less, and teen safe driver.
If you are trying to find affordable Kia Rio insurance quotes, ask every prospective company what discounts are available to you. Depending on the company, some discounts might not apply in your state. To see a list of insurers that have a full spectrum of discounts in New York, click this link.
Do I just need basic coverages?
When choosing the right insurance coverage, there really is no one-size-fits-all type of policy. Your situation is unique and your policy should reflect that.
These are some specific questions might point out whether you might need professional guidance.
- Is business equipment covered while in my vehicle?
- Do I pay less for low miles?
- Is rental equipment covered for theft or damage?
- How much liability coverage do I need in New York?
- Can I still get insurance after a DUI?
- Is my babysitter covered when using my vehicle?
- Will filing a claim cost me more?
- Do I have any recourse if my insurance company denies a claim?
If it’s difficult to answer those questions, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form or go to this page to view a list of companies.
When to get advice from an insurance agent
Some people still prefer to sit down and talk to an agent and that is just fine! A nice benefit of comparing insurance online is you can get the best rates but also keep your business local. And providing support for local agencies is important especially in Buffalo.
Once you complete this short form, your insurance data is emailed to local insurance agents that provide free Buffalo car insurance quotes and help you find cheaper coverage. It simplifies rate comparisons since you won’t have to find an agent on your own because quoted prices will be sent directly to your email. You can find the lowest rates and a licensed agent to work with. If for some reason you want to get a comparison quote from a specific company, feel free to navigate to their website and fill out their quote form.
Deciding on a insurer shouldn’t rely on just a cheap price quote. Any agent in Buffalo should be forthright in answering these questions:
- What are the financial ratings for the companies they represent?
- Is there a local claims center in Buffalo?
- Is their price quote a firm figure or are their hidden costs?
- What companies can they write with?
- Are they actively involved in the community?
- Does the company allow you to choose your own collision repair facility?
Persistence is the key to affordable rates
Budget-conscious Kia Rio insurance is attainable both online and from local agencies, and you need to price shop both to have the best chance of lowering rates. Some companies do not provide the ability to get a quote online and usually these regional insurance providers sell through independent agents.
In this article, we presented many ways to save on Kia Rio insurance in Buffalo. The most important thing to understand is the more you quote Buffalo car insurance, the higher the chance of saving money. Consumers may even find the lowest rates are with some of the lesser-known companies. Regional companies may have significantly lower auto insurance rates on certain market segments compared to the large companies like Allstate, GEICO and Progressive.
When trying to cut insurance costs, you should never sacrifice coverage to reduce premiums. In too many instances, an insured dropped liability coverage limits only to regret at claim time that the few dollars in savings costed them thousands. The ultimate goal is to purchase plenty of coverage at the best cost while still protecting your assets.
For more information, feel free to browse the articles below:
- Your Car has been Stolen: Now What? (Allstate)
- What Car Insurance is Cheapest for Postal Workers in Buffalo? (FAQ)
- Who Has the Cheapest Buffalo Car Insurance Quotes for High Mileage Drivers? (FAQ)
- Who Has Affordable Buffalo Car Insurance Rates for a Subaru Outback? (FAQ)
- Who Has Affordable Auto Insurance with Multiple Speeding Tickets in Buffalo? (FAQ)
- Who Has Cheap Auto Insurance Rates for Ride Shares in Buffalo? (FAQ)
- Who Has Cheap Auto Insurance Quotes for a Toyota Corolla in Buffalo? (FAQ)
- Drunk Driving Statistics (Insurance Information Institute)
- Teen Driving Statistics (GEICO)
- Teen Driver Statistics (Insurance Information Institute)