Save Money on Kia Rio Insurance in Miami

Insurance for Kia RioWe don’t have to tell you that insurance companies want to keep you from comparing rates. Consumers who shop rates annually are highly likely to buy a different policy because there is a good chance of finding better rates. A recent survey discovered that drivers who routinely compared quotes saved over $3,450 over four years as compared to drivers who never compared other company’s rates.

If finding the most affordable Kia Rio insurance is your ultimate objective, then having an understanding of the best ways to shop for cheaper coverage can make the process more efficient.

If you want to save money, the best way to find cheaper quotes for Kia Rio insurance in Miami is to compare quotes once a year from providers in Florida.

A good piece of advice is to compare identical coverages on every price quote and and to get quotes from every company you can. This ensures the most accurate price comparison and a complete rate analysis.

When comparing auto insurance rates, know that comparing more prices will improve the odds of getting the best rates. Not every company does online rate quotes, so it’s important to also get quotes from them, too.

The following companies offer price comparisons in Florida. If multiple companies are listed, we recommend you get rate quotes from several of them to get the best price comparison.

Rates and statistics

The table shown next highlights a range of coverage costs for Kia Rio models. Learning how insurance prices are established can assist in making decisions when shopping your coverage around.

Kia Rio Insurance Rates in Miami, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Rio $196 $452 $532 $32 $160 $1,372 $114
Rio LX $196 $452 $532 $32 $160 $1,372 $114
Rio SX $226 $532 $532 $32 $160 $1,482 $124
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Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Prices do not factor in vehicle location which can impact prices greatly.

Physical damage deductibles: Should you raise them?

When shopping for auto insurance, a common question is which comprehensive and collision deductibles to buy. The rates shown below determine the differences in premium rates when you select higher and lower policy deductibles. The first data set uses a $250 comprehensive and collision deductible and the second price chart uses a $500 deductible.

Kia Rio insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Rio $280 $544 $472 $28 $142 $1,491 $124
Rio LX $280 $544 $472 $28 $142 $1,491 $124
Rio SX $322 $640 $472 $28 $142 $1,629 $136
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Kia Rio insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Rio $228 $438 $472 $28 $142 $1,308 $109
Rio LX $228 $438 $472 $28 $142 $1,308 $109
Rio SX $262 $516 $472 $28 $142 $1,420 $118
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Rate quotes do not factor in the specific area where the vehicle is garaged which can modify premiums greatly.

Based on the figures above, using a $250 deductible costs an average of $16 more each month or $192 each year than choosing the higher $500 deductible. Since you would have to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you have at least 16 months between claim filings, you would save money if you elect the higher deductible.

Calculate deductible break even point

Average monthly premium for $250 deductibles: $128
Average monthly premium for $500 deductibles (subtract): – $112
Monthly savings from raising deductible: $16
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

The example below illustrates how choosing a deductible and can change Kia Rio annual premium costs for different age groups. Data assumes a married female driver, full coverage, and no other discounts are factored in.

Does full coverage make sense?

The chart below illustrates the comparison of Kia Rio car insurance rates with and without physical damage coverage. Data assumes a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.

When to drop comprehensive and collision coverage

There is no exact rule for eliminating full coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.

For example, let’s assume your Kia Rio settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $8,000 after paying the physical damage deductible. If premiums are more than $800 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some conditions where eliminating full coverage is not recommended. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should maintain full coverage.

Why you need Rio insurance in Florida

Even though it’s not necessarily cheap to insure a Kia in Miami, buying auto insurance is required for several reasons.

The benefits of buying auto insurance are without a doubt worth the cost, particularly for liability claims. But the average American driver is currently overpaying as much as $800 each year so you should quote your policy with other companies every year to ensure rates are competitive.

Car insurance 101

Understanding the coverages of car insurance can be of help when determining appropriate coverage for your vehicles. Car insurance terms can be ambiguous and coverage can change by endorsement.

Collision coverage

This pays to fix your vehicle from damage from colliding with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things such as sustaining damage from a pot hole, hitting a mailbox and crashing into a building. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. You can also choose a higher deductible on your Rio to save money on collision insurance.

Liability auto insurance

This protects you from injuries or damage you cause to other people or property. It protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 10/20/10 which stand for a limit of $10,000 per injured person, a per accident bodily injury limit of $20,000, and $10,000 of coverage for damaged property. Occasionally you may see one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.

Liability can pay for claims like bail bonds, structural damage, pain and suffering and medical services. The amount of liability coverage you purchase is your choice, but you should buy as large an amount as possible. Florida requires minimum liability limits of 10/20/10 but drivers should carry more liability than the minimum.

The next chart shows why buying minimum limits may not be adequate.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance pay for short-term medical expenses for chiropractic care, prosthetic devices, funeral costs and doctor visits. They are often used to fill the gap from your health insurance policy or if you do not have health coverage. It covers both the driver and occupants and also covers any family member struck as a pedestrian. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist coverage

This coverage protects you and your vehicle from other motorists when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers carry very low liability coverage limits (10/20/10 in Florida), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally your uninsured/underinsured motorist coverages are set the same as your liability limits.

Comprehensive coverage

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like theft, a tree branch falling on your vehicle and a broken windshield. The maximum amount your car insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.