Having to pay for pricey insurance in Honolulu can take a big chunk out of your savings account and possibly require postponing other expenditures. Price shopping at each renewal is a great way to tighten up your finances.
Shocking but true, a large majority of drivers have bought insurance from the same company for a minimum of four years, and nearly half have never compared quotes from other companies. With the average insurance premium being $962, Hawaii drivers could save an average of as much as $356 each year by just shopping around, but they just don't want to save money by comparing rate quotes. Many car insurance companies vie to insure your vehicles, so it can be very hard to choose a provider to get the best rates possible on Kia Optima insurance in Honolulu.
Companies offering Kia Optima insurance in Hawaii
The companies in the list below offer comparison quotes in Hawaii. If multiple companies are listed, we suggest you click on several of them 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|
Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Estimates do not factor in zip code location which can influence premium rates greatly.
Should you buy full coverage?
The chart below illustrates the comparison of Kia Optima insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Hawaii. The premium estimates are based on a clean driving record, no claims, $100 deductibles, married female driver, and no discounts are factored in.
When to stop paying for full coverage
There is no clear-cut rule to drop comp and collision coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let's say your Kia Optima claim settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after the policy deductible has been paid. If premiums are more than $300 a year for physical damage coverage, then you might want to consider buying only liability coverage.
There are some conditions where only buying liability is not financially feasible. If you haven't paid off your loan, you must maintain physical damage coverage in order to keep the loan. Also, if you don't have enough money to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Males versus Females
The information below illustrates the difference between Kia Optima car insurance rates for male and female drivers. The costs are based on no violations or claims, comprehensive and collision coverage, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
Companies offer many types of discounts on Kia Optima insurance in Honolulu
Companies don't always advertise all available discounts in a way that's easy to find, so the next list breaks down both the well known and the harder-to-find discounts you could be receiving when you buy Honolulu auto insurance online.
- ABS and Traction Control Discounts - Vehicles with ABS and/or traction control can avoid accidents so companies give up to a 10% discount.
- Discounts for Safe Drivers - Accident-free drivers can save up to 40% or more on their Honolulu auto insurance quote compared to rates paid by drivers with frequent claims.
- Multi-car Discount - Having multiple vehicles on a single policy can get a discount for every vehicle.
- Early Signing - A few companies give discounts for signing up prior to your current Optima insurance policy expiration. This discount can save up to 10%.
- Discount for Life Insurance - If the company offers life insurance, you could get a lower price if you buy a life insurance policy as well.
Drivers should understand that some of the credits will not apply to the entire policy premium. A few only apply to the cost of specific coverages such as comp or med pay. Just because it seems like having all the discounts means you get insurance for free, insurance companies wouldn't stay in business.
A list of companies and some of the discounts are shown below.
- Farm Bureau has discounts for renewal discount, safe driver, multi-vehicle, driver training, good student, and 55 and retired.
- State Farm discounts include Steer Clear safe driver discount, multiple autos, good student, student away at school, driver's education, multiple policy, and passive restraint.
- Progressive may include discounts for online signing, multi-policy, continuous coverage, homeowner, and multi-vehicle.
- Allstate policyholders can earn discounts including senior citizen, anti-lock brakes, 55 and retired, resident student, and safe driver.
- Nationwide offers discounts for Farm Bureau membership, easy pay, business or organization, multi-policy, family plan, and anti-theft.
- MetLife may offer discounts for accident-free, claim-free, defensive driver, multi-policy, and good student.
Double check with each company or agent how many discounts you can get. Some discounts listed above may not be offered in your state.
Lower Your Honolulu Insurance Premiums
Lots of things are used when you get a price on insurance. Some of the criteria are obvious such as traffic violations, although some other factors are less apparent such as whether you are married or your vehicle rating. Consumers need to have an understanding of the factors that are used to determine the price you pay for insurance. If you have some idea of what influences your rates, this helps enable you to make changes that can help you get lower rates.
The items below are just a few of the factors insurance companies consider when setting your rates.
- Improve your credit score and save - An insured's credit score will be a significant factor in determining your rates. Insureds with high credit ratings tend to be more responsible than drivers with bad credit. If your credit score can use some improvement, you could potentially save money when insuring your Kia Optima by spending a little time repairing your credit.
- Fast cars cost more to insure - The performance of the car you drive makes a huge difference in your rates. The cheapest rates will normally be found when insuring lower performance four cylinder passenger vehicles, but that's not the only thing that factors into the final price. Since the Kia Optima is a passenger car, insurance will be similar in price or lower as compared to the average rate in Honolulu.
- Use one insurance company and save - Most larger insurance companies will award lower prices to clients that purchase more than one policy. It's known as a multi-policy discount. Discounts can amount to ten or even fifteen percent. Even if you already get this discount, you may still want to get quotes from other companies to help guarantee you have the best rates.
- How's your driving record? - Attentive drivers pay lower auto insurance prices than bad drivers. Having just one chargable violation could increase your next policy renewal by as much as twenty percent. Drivers who get multiple tickets like DWI, reckless driving or hit and run convictions may face state-mandated requirements to submit a SR-22 or proof of financial responsibility with their state's department of motor vehicles in order to drive a vehicle legally.
- Incidental coverages may not be needed - There are many additional coverages that can add up if you aren't diligent. Insurance for things like replacement cost coverage, better glass coverage, and additional equipment coverage may be wasting your money. They may seem good when buying your policy, but your money might be better spent on other coverage so remove them from your policy.
- Insurance losses for a Kia Optima - Insurers analyze claim trends for every vehicle to help determine the rate you pay. Vehicles that the data shows to have a trend towards higher claims will cost more to insure.
The table shown below demonstrates the historical insurance loss data for Kia Optima vehicles. For each policy coverage, the loss probablilty for all vehicles averaged together is represented as 100. Percentage values below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 indicate higher probability of having a loss or a tendancy for claims to be larger.
Kia Optima Insurance Loss Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Kia Optima 115 101 107 133 142 120 Kia Optima Hybrid 143 115 116 139 158 151
Statistics from IIHS.org for 2013-2015 Model Years
Shop online but buy locally
Many drivers still prefer to get professional advice from a licensed agent. Experienced insurance agents can help you choose the best coverages and give you someone to call. One of the benefits of getting online price quotes is you can get cheap car insurance quotes and still choose a local agent.
After filling out this form (opens in new window), your insurance data is sent to agents in your area who want to provide quotes for your business. You don't have to contact any insurance agencies because quoted prices will be sent directly to you. In the event you want to get a comparison quote from a specific insurance company, you would need to find their quoting web page and fill out the quote form the provide.
Deciding on an insurance company should depend on more than just a cheap price quote. Some important questions to ask are:
- Where are claims handled?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Are there any discounts for paying up front?
- Can they give you a list of client referrals?
- Do they offer claims assistance after hours?
When researching a reputable insurance agent or broker, it's important to understand the types of insurance agents that you can select. Car insurance policy providers are categorized either independent agents or exclusive agents depending on their employer. Both types of agents can provide car insurance policies, but it is important to understand the difference in the companies they write for because it can factor into your agent selection.
Exclusive Car Insurance Agencies
Agents that elect to be exclusive can only place business with one company and some examples include Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agents cannot provide rate quotes from other companies so keep that in mind. Exclusive agents are very knowledgeable in insurance sales which can be an advantage.
Shown below is a short list of exclusive insurance agents in Honolulu willing to provide price quotes.
Allstate Insurance: Valerie Nagaji
4211 Waialae Ave #8080 - Honolulu, HI 96816 - (808) 735-2841 - View Map
Independent Agents (or Brokers)
These type of agents do not have single company limitations so they have the ability to put coverage with many different companies and find the cheapest car insurance rates. If premiums increase, they simply move your policy to a different company which is easy for the insured. If you need lower rates, it's a good idea to contact independent agents to get the best comparison.
Shown below are Honolulu independent agents willing to provide price quotes.
Be persistent and save
When shopping online for car insurance, don't be tempted to buy poor coverage just to save money. In many cases, someone dropped comprehensive coverage or liability limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your goal should be to buy the best coverage you can find for the lowest cost, not the least amount of coverage.
Some companies may not offer online quoting and these smaller providers prefer to sell through local independent agents. Lower-priced Kia Optima insurance in Honolulu can be found both online as well as from insurance agents, and you need to price shop both so you have a total pricing picture.
Much more information about car insurance in Hawaii can be read at these links: