Are you sick and tired of not being able to afford to buy car insurance? You are no different than many other vehicle owners in Colorado.
A recent study showed that 70% of consumers have remained with the same car insurance company for at least four years, and nearly 40% of drivers have never even shopped around for cheaper coverage. With the average car insurance premium being $1,847, American drivers could save approximately 47% each year, but most undervalue the actual amount they would save if they switched to a more affordable policy. With vehicle owners having so many car insurance companies to choose from, it is very difficult to pick the most affordable insurer.
The intent of this article is to let you in on how car insurance companies work. If you currently have a car insurance policy, you will definitely be able to save money using the concepts covered in this article. Comparison shoppers just have to use the tricks to find the lowest price instantly.
Why You Might Pay Inflated Rates in Aurora
Many different elements are taken into consideration when you quote your car insurance policy. Some are obvious like your driving record, although some other factors are not as apparent such as your credit history and annual miles driven.
Listed below are some of the most rate-impacting factors that factor into prices.
- Youthful drivers cost more - More mature drivers are viewed as being more responsible, cost insurance companies less in claims, and usually have better credit.Teenage drivers are statistically proven to be more careless when driving with friends therefore auto insurance rates are much higher.
- Do you know you're credit score? - Having a bad credit rating factor in calculating your premium rate. People that have excellent credit scores tend to be better drivers and file fewer claims than drivers who have lower credit ratings. So if your credit history is not that good, you could save money insuring your Kia Soul by improving your credit score.
- Cheaper rates after marriage - Your spouse actually saves money when shopping for auto insurance. Having a significant other demonstrates that you tend to be more stable financially and it's proven that drivers who are married are more cautious.
- Commute or pleasure use - The more you drive your Kia each year the more you will pay for auto insurance. A lot of insurance companies price each vehicle's coverage based upon how you use the vehicle. Cars and trucks that do not get driven very much get more affordable rates as compared to vehicles used primarily for driving to work. Incorrect rating for your Soul can cost quite a bit. It's a good idea to make sure your auto insurance declarations sheet shows annual mileage, because improper ratings can cost you money.
- Safer the car lower the rate - Safe vehicles tend to have better insurance rates. Vehicles built for safety have better occupant injury protection and lower rates of occupant injuries translates directly to fewer claims and thus lower rates. If the Kia Soul is rated at least four stars on Safercar.gov or an "acceptable" rating on iihs.org you may qualify for a discount.
- Little extras can really add up - Insurance policies have a lot of additional extra coverages that can waste your money when buying auto insurance. Coverages for personal injury protection, accidental death, and extra life insurance coverage are examples of these. They may seem like a good idea initially, but if you've never needed them in the past eliminate them to save money.
- Certain jobs pay higher rates - Do you work in a high-stress field? Careers such as military generals, air traffic controllers, and accountants usually pay higher rates than the rest of us because of intense work-related stress and lots of time spent away from family. On the flip side, occupations like farmers, athletes and the unemployed receive lower rates.
- Small claims can cost you - Auto insurance companies in Colorado award the best rates to policyholders who do not rely on their insurance for small claims. If you are a frequent claim filer, you can look forward to either policy cancellation or increased premiums. Auto insurance is intended for larger claims.
- Insurance loss data for a Kia Soul - Insurance companies factor in historical loss data as a tool for profitable underwriting. Vehicles that historically have high amounts or severity of claims will have a higher cost to insure.
The table below illustrates the loss history for Kia Soul vehicles. For each coverage type, the loss probablilty for all vehiclescombined as an average equals 100. Percentages below 100 are indicative of better than average losses, while numbers above 100 indicate a higher chance of having a claim or an increased likelihood of larger losses.
Insurance Loss Ratings for Kia Soul Vehicles
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Kia Soul 89 98 84 138 138 118
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
How to compare Aurora Kia Soul insurance rate quotes
The car insurance companies shown below offer quotes in Colorado. If more than one company is shown, we suggest you visit two to three different companies in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Rate information does not factor in zip code location which can modify prices substantially.
Rate comparison of full coverage and liability-only
The information below visualizes the comparison of Kia Soul insurance premiums when comparing full coverage to state minimum liability only. The premiums assume no accidents or driving violations, $500 deductibles, single male driver, and no discounts are taken into consideration.
Should you buy full coverage or liability only?
There is no exact rule for phasing out comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let's assume your Kia Soul settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after paying your deductible. If you are paying more than $400 a year for physical damage coverage, then you may want to consider only buying liability coverage.
There are some cases where removing full coverage is not a good idea. If you haven't paid off your loan, you are required to maintain full coverage to protect the lienholder's interest. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should maintain full coverage.
Male drivers compared to female drivers
The illustration below shows the comparison of Kia Soul insurance costs for male and female drivers. The prices are based on no violations or accidents, comprehensive and collision coverage, $250 deductibles, single marital status, and no policy discounts are applied.
Can you really save that much by switching?
Consumers can't get away from all the ads for cheaper insurance by State Farm and Allstate. All the companies tend to make the same promise about saving some big amount if you move your insurance policy to them.
But how can every company offer you a better deal on Kia Soul insurance in Aurora?
Different companies quote the lowest rates for the right customer that earns them the most money. An example of a desirable risk could possibly be over the age of 35, has no driving citations, and drives less than 7,500 miles a year. Any customer that fits those parameters may get the lowest car insurance rates in Aurora as well as save a lot of money.
Potential insureds who fall outside the "perfect" profile will be charged a higher rate and ends up with the customer buying from someone else. The ad wording is "drivers who switch" but not "everyone who gets a quote" can get the lowest rates when switching. That is how companies can truthfully make the claims of big savings.
Because each company has a different risk profile, you should do a price quote comparison at every renewal. It's just not possible to know the company that will fit your personal profile best.
Why you need quality insurance for your Kia Soul
Despite the potentially high cost of Kia Soul insurance, buying car insurance is a good idea for several reasons.
- Almost all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability if you don't want to risk a ticket. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a loan on your Kia, most banks will make it a condition of the loan that you buy insurance to guarantee loan repayment. If coverage lapses or is cancelled, the bank or lender will purchase a policy for your Kia for a lot more money and require you to fork over a much higher amount than you were paying before.
- Car insurance protects both your Kia Soul and your assets. It also can pay for hospital and medical expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, also covers legal expenses if you cause an accident and are sued. If you have damage to your Kia as the result of the weather or an accident, your policy will cover the damage repairs after a deductible is paid.
The benefits of insuring your Soul outweigh the cost, especially with large liability claims. The average driver in America overpays more than $869 every year so it's recommended you shop around once a year at a minimum to ensure rates are competitive.
Affordable Aurora insurance rates with discounts
The price of auto insurance can be rather high, but you can get discounts that many consumers don't even know exist. A few discounts will be applied at the time of quoting, but a few must be inquired about in order for you to get them.
- Driver's Ed - Teen drivers should participate in a local driver's education class as it will make them better drivers and lower rates.
- Safety Restraint Discount - Requiring all passengers to use a seat belt can save up to 15% on the premium charged for medical payments and/or PIP.
- Defensive Driver Discount - Completing a course in defensive driving could possibly earn you a 5% discount and make you a better driver.
- Online Discount - A handful of larger companies will give you a small discount simply for signing on the internet.
- Save with a New Car - Buying a new car instead of a used Soul can get you a discount because new model year vehicles are generally safer.
- Anti-theft Discount - Cars equipped with anti-theft or alarm systems help deter theft and will save you 10% or more on Soul insurance in Aurora.
- Accident Waiver - Not really a discount, but a handful of insurance companies may permit one accident before your rates go up if you are claim-free for a particular time prior to the accident.
- Passive Restraints and Air Bags - Vehicles equipped with air bags may earn rate discounts of more than 20%.
Drivers should understand that most of the big mark downs will not be given to the overall cost of the policy. Some only apply to the cost of specific coverages such as medical payments or collision. Even though it may seem like having all the discounts means you get insurance for free, it doesn't quite work that way. Any qualifying discounts will lower your policy premium.
Some companies who might offer these discounts are:
Double check with every insurance company to give you their best rates. A few discounts may not apply in Aurora.
Comparing rates from local Aurora car insurance agents
Some consumers prefer to go talk to an agent and doing that can be a smart decision Professional agents can point out coverage gaps and give you someone to call. One of the great benefits of comparing insurance prices online is that you can obtain cheap rate quotes and still have a local agent. And providing support for local insurance agencies is important especially in Aurora.
Upon completion of this short form, your information is immediately sent to agents in your area who will give competitive quotes to get your business. It's much easier because you don't need to contact an agency since rate quotes are delivered immediately to your email address. If for some reason you want to get a rate quote from one company in particular, you can always find their quoting web page and fill out their quote form.
Exclusive or Independent: There is a difference
If you prefer to buy car insurance from a reputable insurance agent or broker, it's helpful to know the different types of agencies and how they differ in how they quote coverages. Agents can be classified as either independent or exclusive. Both types of agents can properly insure your vehicles, but it is a good idea to know how they are different since it can impact which agent you choose.
Independent Agents (or Brokers)
Independent agencies often have affiliation with several companies and that allows them to write policies with an assortment of companies and find the cheapest rate. If they find a cheaper price, an independent agent can move your coverage which requires no work on your part.
When searching for an agent, it's a good idea to include rate quotes from several independent insurance agents to get the most accurate price comparison.
Featured below is a list of independent insurance agents in Aurora that can give you free car insurance rate quotes.
A Complete Auto Insurance Agency
543 Sable Blvd - Aurora, CO 80011 - (303) 650-0060 - View Map
Focus Insurance Agency
2993 S Peoria St #144 - Aurora, CO 80014 - (303) 695-6220 - View Map
Agents in the exclusive channel can only provide pricing for a single company such as State Farm or Allstate. Exclusive agencies are unable to provide other company's prices so they have no alternatives for high prices. Exclusive agents are well trained in insurance sales which helps them sell insurance even at higher premiums.
Listed below are exclusive agents in Aurora who can help you get price quotes.
Picking the best car insurance agent requires you to look at more than just the bottom line cost. These questions are important to ask:
- Do they have designations such as AIC, CPCU, or CIC?
- Who are their largest clients?
- Are all drivers listed on the coverage quote?
- Does the company have a local claim office in Aurora?
- Will their companies depreciate repairs to your car based on the mileage?
- Is the agency covered by Errors and Omissions coverage?
- Are there any extra charges for paying monthly?
It's not one size fits all
Always keep in mind that when comparing adequate coverage for your vehicles, there isn't really a best way to insure your cars. Your needs are unique to you.
These are some specific questions could help you determine if your insurance needs will benefit from professional help.
- Does coverage extend to a rental car in a foreign country?
- Am I covered if my car is in a flood?
- What is roadside assistance coverage?
- I have good health insurance, so how much medical payments coverage do I need?
- Should I pay a claim out-of-pocket?
- How much liability insurance is required?
- Do I need special coverage while pulling a rented trailer?
- Is extra glass coverage worth it?
- Is there coverage for my trailer?
- Can I cancel at any time?
If you don't know the answers to these questions but you know they apply to you, you might consider talking to a licensed agent. If you don't have a local agent, fill out this quick form. It only takes a few minutes and may give you better protection.
Find cheaper auto insurance rates by comparing often
When shopping online for auto insurance, it's a bad idea to skimp on critical coverages to save a buck or two. In many instances, consumers will sacrifice comprehensive coverage or liability limits and found out when filing a claim that the small savings ended up costing them much more. Your aim should be to find the BEST coverage for the lowest price but still have enough coverage for asset protection.
Budget-conscious Kia Soul insurance can be purchased on the web and from local agencies, so you should be comparing quotes from both to have the best chance of lowering rates. A few companies do not provide price quotes online and usually these regional insurance providers prefer to sell through independent insurance agencies.
People leave their current company for many reasons like policy non-renewal, denial of a claim, unfair underwriting practices or being labeled a high risk driver. Regardless of your reason, finding a new company is not as hard as you think.
- Teen Driving Statistics (GEICO)
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- Who Has Affordable Auto Insurance Quotes for a Jeep Wrangler in Colorado? (FAQ)
- How Much is Auto Insurance for a Toyota Corolla in Colorado? (FAQ)
- What Auto Insurance is Cheapest in Security-Widefield, Colorado? (FAQ)
- Insurance Losses by Make and Model (iihs.org)
- Car Insurance FAQ (Trusted Choice)
- Determining Your Vehicle's Value and Repair Cost (Insurance Information Institute)