Astonishing but true, a large majority of drivers have remained with the same car insurance company for four years or more, and 38% of drivers have never taken the time to shop around. Most drivers in America could cut their rates by $860 a year just by comparing rates, but most tend to underestimate the actual amount they would save if they swap their current policy for a cheaper one.
If your goal is the lowest price, then the best way to find affordable quotes for Kia Rio insurance in Oklahoma City is to compare prices once a year from insurers who sell insurance in Oklahoma. You can compare prices by following these guidelines.
- Spend some time learning about policy coverages and the modifications you can make to prevent rate increases. Many factors that cause rate increases like accidents, traffic violations, and a poor credit score can be rectified by making minor changes to your lifestyle. Continue reading for instructions to prevent expensive rate increases and find available discounts that you may qualify for.
- Quote rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from one company like GEICO and Allstate, while agents who are independent can quote rates from multiple sources.
- Compare the new rates to your current policy and see if there is a cheaper rate in Oklahoma City. If you find a better price and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
A valuable tip to remember is that you use similar coverage information on each price quote and and to get rate quotes from as many companies as feasibly possible. This helps ensure the most accurate price comparison and a complete price analysis.
The car insurance companies shown below can provide free rate quotes in Oklahoma. If multiple providers are shown, we suggest you compare several of them to get a more complete price comparison.
Rates and statistics
The information shown next covers estimates of insurance coverage prices for Kia Rio models. Being more informed about how policy premiums are calculated is important for you to make smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Rio | $186 | $368 | $506 | $30 | $152 | $1,242 | $104 |
| Rio LX | $186 | $368 | $506 | $30 | $152 | $1,242 | $104 |
| Rio SX | $214 | $432 | $506 | $30 | $152 | $1,334 | $111 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Rate information does not factor in vehicle garaging location which can affect prices noticeably.
Physical damage deductible comparison
One of the most common insurance questions is at what level do you set your deductibles. The figures shown below illustrate the premium difference when you buy lower versus higher insurance deductibles. The first data set uses a $100 physical damage deductible and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Rio | $336 | $698 | $506 | $30 | $152 | $1,747 | $146 |
| Rio LX | $336 | $698 | $506 | $30 | $152 | $1,747 | $146 |
| Rio SX | $386 | $822 | $506 | $30 | $152 | $1,921 | $160 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Rio | $186 | $368 | $506 | $30 | $152 | $1,242 | $104 |
| Rio LX | $186 | $368 | $506 | $30 | $152 | $1,242 | $104 |
| Rio SX | $214 | $432 | $506 | $30 | $152 | $1,334 | $111 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Rate information does not factor in vehicle garaging location which can revise premium rates noticeably.
Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you approximately $45 more each month or $540 each year than selecting the higher $1,000 deductible. Since you would have to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you average at least 20 months between claim filings, you would come out ahead if you choose a higher deductible.
Calculation for determining deductible levels
| Average monthly premium for $100 deductibles: | $151 |
| Average monthly premium for $1,000 deductibles (subtract): | – $106 |
| Monthly savings from raising deductible: | $45 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $45 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 20 months |
One important issue to know is that a higher deductible level results in more money out-of-pocket at claim time. That will necessitate some extra funds in the event you need to pay more to get your vehicle repaired.
The diagram below demonstrates how deductible levels and can affect Kia Rio annual premium costs for different age groups. The premiums assume a married male driver, full physical damage coverage, and no discounts are factored in.
Insurance cost for men versus women in Oklahoma City
The information below illustrates the difference between Kia Rio car insurance costs for male and female drivers. The costs are based on a clean driving record, no claims, full coverage, $500 deductibles, single status, and no discounts are taken into consideration.
Rate difference between full and liability-only coverage
The example below illustrates the comparison of Kia Rio insurance premiums with full physical damage coverage and with liability coverage only. The information is based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are single, and no other discounts are factored in.
When to stop buying full coverage
There is no specific rule for excluding comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
For example, let’s assume your Kia Rio replacement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $3,000 after paying your deductible. If you are currently paying more than $300 annually to have full coverage, then it might be time to consider dropping full coverage.
There are some scenarios where only buying liability is not a good idea. If you still owe money on your vehicle, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not remove full coverage.
Three reasons to insure your vehicle
Despite the high cost, buying insurance is required in Oklahoma but it also protects you in many ways.
- Almost all states have compulsory liability insurance requirements which means state laws require a minimum amount of liability protection in order to license the vehicle. In Oklahoma these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a lien on your Rio, almost all lenders will force you to have comprehensive coverage to guarantee payment of the loan. If you default on your policy, the lender may insure your Kia at a much higher premium rate and require you to pay the higher price.
- Insurance safeguards not only your Kia but also your financial assets. It will also pay for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability insurance will also pay attorney fees if you are sued as the result of your driving. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to repair the damage minus the deductible amount.
The benefits of having insurance definitely exceed the price paid, especially with large liability claims. Today the average American driver is overpaying more than $865 each year so it’s recommended you shop around every year to save money.
Informed Consumers Can Slash Their Insurance Premiums
It’s important that you understand some of the factors that help determine the level of your policy premiums. If you have a feel for what influences your rates, this allows you to make educated decisions that could help you find lower premium levels. Multiple criteria are part of the calculation when you quote your car insurance policy. Some are pretty understandable such as your driving history, but some are not as apparent like your vehicle usage and annual miles driven.
Do you know your comp and collision deductibles? – Comp and collision deductibles state the amount of money you are required to pay before a claim is paid by your company. Insurance for physical damage to your car, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of claims that would be covered would be colliding with a stationary object, damage from fire, or theft of your vehicle. The more of the claim you pay before a claim is paid (deductible), the less money you will pay for auto insurance.
Safer cars lower auto insurance rates – Cars with five star safety ratings cost less to insure. Vehicles engineered for safety protect occupants better and lower injury rates means lower claim amounts passed on to you as lower rates.
High performance equals high premiums – The performance level of the car you need to insure makes a big difference in your premium level. The cheapest insurance rates are usually for lower cost passenger models, but the cost you end up paying is determined by many additional factors.
The next chart assumes a single male driver age 20, full coverage with $500 deductibles, and no discounts or violations. It shows Kia Rio rates compared to other models that have a range of performances.
Annual mileage impacts prices – The more you drive every year the higher the price you pay to insure it. Many insurance companies rate vehicles determined by how the vehicle is used. Cars and trucks that have low annual miles get more affordable rates as compared to vehicles used primarily for driving to work. Verify your auto insurance policy reflects how each vehicle is driven. An improperly rated Rio can cost quite a bit.
Don’t cancel your coverage without a new one in place – Driving your car without having proper coverage can get your license suspended and you may have a hard time finding new coverage because you let your coverage cancel without a new policy in place. In addition to paying higher rates, being ticketed for driving with no insurance could result in a license revocation or jail time.
Better drivers have lower premiums – Drivers with clean records tend to pay less for car insurance than their less careful counterparts. Even one moving violation can increase rates by as much as twenty percent. Drivers who have gotten serious citations like DWI, reckless driving or hit and run convictions may face state-mandated requirements to maintain a SR-22 with their state in order to prevent a license revocation.
The diagram below shows how violations and fender-benders can increase Kia Rio premium costs for different age groups. Data assumes a single female driver, full coverage, $1,000 deductibles, and no policy discounts are applied.
Insurance loss data for Kia Rio vehicles – Car insurance companies include the past claim history for a vehicle to help determine the price you pay. Vehicles that historically have a trend towards higher claim severity or frequency will have a higher premium rate. The table shown below demonstrates the actual insurance loss data for Kia Rio vehicles.
For each coverage type, the loss probability for all vehicles compiled together is considered to be 100. Numbers that are below 100 suggest a better than average loss history, while numbers above 100 indicate frequent claims or statistically larger losses.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Kia Rio | 90 | 109 | 81 | 141 | 158 | 127 |
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
There’s no such thing as the perfect auto insurance policy
When quoting and choosing coverage online or from an agent, there isn’t really a one size fits all plan. Everyone’s situation is a little different.
For instance, these questions might point out if your insurance needs might need professional guidance.
- What is medical payments coverage?
- Do I need special coverage while pulling a rented trailer?
- Are my tools covered if they get stolen from my vehicle?
- Are rock chip repairs covered?
- Does insurance cover damages from a DUI accident?
- I have good health insurance, so how much medical payments coverage do I need?
- If I use my vehicle for business use is it covered?
- Am I covered if I hit my neighbor’s mailbox?
If you’re not sure about those questions, you may need to chat with a licensed agent. To find an agent in your area, complete this form. It’s fast, free and may give you better protection.
The best insurance company isn’t always the cheapest
As you go through the steps to switch your coverage, make sure you don’t sacrifice coverage to reduce premiums. There have been many situations where consumers will sacrifice collision coverage and found out when filing a claim that the savings was not a smart move. Your strategy should be to purchase plenty of coverage at a price you can afford.
We covered some good ideas how to reduce Kia Rio insurance car insurance rates online in Oklahoma City. The most important thing to understand is the more companies you get premium rates for, the better your chances of lowering your premium rates. Consumers may even find the lowest car insurance rates come from some of the smallest insurance companies.
Insureds change insurance companies for any number of reasons including high rates after DUI convictions, questionable increases in premium, lack of trust in their agent and even high prices. Regardless of your reason, finding a new auto insurance company is not as difficult as it may seem.
Other resources
- Understanding your Policy (NAIC.org)
- What Insurance is Cheapest for College Students in Oklahoma City? (FAQ)
- Who Has Cheap Car Insurance Quotes for Low Income Drivers in Oklahoma City? (FAQ)
- Who Has the Cheapest Auto Insurance for Uninsured Drivers in Oklahoma City? (FAQ)
- Who Has Affordable Car Insurance Rates for Drivers with Accidents in Oklahoma City? (FAQ)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Information for Teen Drivers (GEICO)
- Cellphones, Texting and Driving (iihs.org)
- Neck Injury FAQ (iihs.org)