Best Insurance for a Kia Soul in Memphis

If saving the most money is your goal, then the best way to get cheaper Kia Soul insurance is to regularly compare prices from insurance carriers that sell auto insurance in Memphis.

1. It will benefit you to learn about the coverage provided by your policy and the modifications you can make to prevent expensive coverage. Many factors that drive up the price such as traffic tickets, fender benders, and an imperfect credit score can be amended by making small lifestyle or driving habit changes. Keep reading for additional ideas to get lower rates and find overlooked discounts.
2. Request rate estimates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give rate quotes from one company like GEICO and Allstate, while independent agencies can give you price quotes from multiple sources. Find a Memphis insurance agent
3. Compare the new rate quotes to the price on your current policy and determine if there is any savings. If you can save money and buy the policy, make sure there is no coverage gap between policies.
4. Tell your current agent or company to cancel your current policy and submit the completed application along with a down payment to the new company. When you receive it, keep the new proof of insurance paperwork above your visor, in the console, or in the glove compartment.

A valuable tip to remember is to make sure you enter similar deductibles and liability limits on every price quote and and to get rate quotes from as many companies as possible. This helps ensure an accurate price comparison and and a good selection of different prices.

Unimaginable but true, about 70% of customers kept buying from the same company for well over three years, and roughly 40% of drivers have never compared rate quotes at all. Tennessee drivers can save hundreds of dollars each year just by shopping around, but they just don’t understand the rate savings if they swap their current policy for a cheaper one.

Cheaper Memphis car insurance quotes with discounts

Car insurance is not inexpensive, but discounts can save money and there are some available that many consumers don’t even know exist. A few discounts will automatically apply when you quote, but some may not be applied and must be inquired about before they will apply.

• Data Collection Discounts – Insureds who allow companies to track driving manner by using a telematics device such as State Farm’s In-Drive might see lower rates as long as they are good drivers.
• Drivers Education – Teen drivers should enroll in driver’s education in school.
• Claim Free – Good drivers with no accidents pay less when compared to insureds who have frequent claims or accidents.
• Renewal Discounts – A few companies offer discounts for renewing your policy prior to your current Soul insurance policy expiration. You could save around 10% when you buy Memphis car insurance online.
• Memphis Homeowners Discount – Being a homeowner may earn you a small savings because it is proof of financial responsibility.
• Bundled Policy Discount – If you can combine your home and auto policy and insure them with the same company you could save up to 20% off your total Soul insurance premium.

One thing to note about discounts is that most discounts do not apply to the whole policy. Most only apply to individual premiums such as medical payments or collision. If you do the math and it seems like you would end up receiving a 100% discount, that’s just not realistic.

The example below visualizes the comparison of Kia Soul insurance costs with and without discounts being applied to the rates. The prices are based on a male driver, no claims, a clean driving record, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, safe-driver, multi-car, marriage, and claim-free discounts applied.

A partial list of companies who might offer these money-saving discounts include:

• AAA
• Progressive
• State Farm
• Esurance
• Nationwide

If you are trying to find cheaper Memphis car insurance quotes, ask each insurance company which discounts you qualify for. Some discounts listed above may not apply to policyholders in your area. For a list of companies that offer many of these discounts in Tennessee, click here.

Finding Kia Soul insurance in Memphis, Tennessee

The are a couple different ways to get quotes from many car insurance companies in Tennessee. The quickest method to find the lowest Kia Soul rates is to get quotes online.

It’s so fast and easy to compare price quotes online that it makes it a waste of time to waste gas driving to and from local Memphis insurance agencies. Quoting Kia Soul insurance online makes this unnecessary unless you have a need for the extra assistance only provided by licensed Memphis agents. Some companies do allow you to get the lowest quotes online but have a local agent actually write the policy. When comparing car insurance rates, know that comparing a large number of companies increases the chance that you will find the best offered rates.

The companies shown below have been selected to offer free rate quotes in Memphis, TN. To buy the best cheap car insurance in Memphis, it’s highly recommended you click on several of them to find the cheapest car insurance rates.

Data for Kia Soul insurance

The table displayed next highlights estimates of rate quotes for Kia Soul models. Having knowledge of how insurance policy premiums are determined can benefit drivers when making smart choices when buying a car insurance policy.

Cost estimates assume married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Prices do not factor in vehicle garaging location which can modify coverage prices significantly.

Should you raise deductibles?

One common question asked by Memphis drivers is the level to set your comp and collision deductibles. The rates shown below outline the difference in cost when you choose different physical damage coverage deductibles. The first price estimate table uses a $100 deductible for physical damage and the second data table uses a $1,000 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Rates do not factor in specific location which can increase or decrease insurance rates significantly.

Based on this data, using a $100 deductible would cost the average driver about $29 more each month or $348 for a full year than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 31 months between claim filings, you would save money if you opt for a higher deductible.

The example below illustrates how choosing a deductible and can affect Kia Soul premium costs for different ages of insureds. The data is based on a single male driver, full coverage, and no other discounts are factored in.

Cost comparison with and without full coverage

The example below illustrates the difference between Kia Soul premium costs with full physical damage coverage and with liability coverage only. The costs are based on no claims, a clean driving record, $250 deductibles, single status, and no discounts are applied.

When to eliminate full coverage

There is no set guideline that works best for making the decision to drop comp and collision coverage, but there is a general convention. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

For example, let’s assume your Kia Soul claim settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after the deductible is paid. If you are currently paying more than $300 a year for your policy with full coverage, then it might be time to consider dropping full coverage.

There are some scenarios where buying only liability insurance is not financially feasible. If you haven’t satisfied your loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.

What Determines Kia Soul Insurance Costs?

Smart consumers have a good feel for the rating factors that go into determining the price you pay for auto insurance. If you understand what positively or negatively impacts your premiums, this enables you to make decisions that can earn you cheaper rates. Many factors are part of the calculation when you quote your car insurance policy. Some of the criteria are obvious like your driving record, although some other factors are less obvious such as your marital status or your financial responsibility.

Don’t skimp on liability insurance – The liability section of your policy is the coverage that protects you if ever you are found liable for causing damage or personal injury in an accident. Liability provides for a legal defense which can be incredibly expensive. Liability insurance is pretty cheap compared to other policy coverages, so drivers should make sure they buy enough to cover all assets.

Cars with good safety ratings are cheaper to insure – Safe vehicles tend to have better insurance rates. Vehicles engineered for safety protect occupants better and lower injury rates means your insurance company pays less which can result in lower premiums.

Consider raising coverage deductibles – Coverage for physical damage, also called comprehensive and collision insurance, helps pay for damage to your vehicle. Some coverage claims are collision with another vehicle, flood damage, and windstorm damage. The deductibles you choose represent how much money the insured will be required to pay if a covered claim is submitted. The more the insured is willing to pay, the less money you will pay for auto insurance.

Men pay more for car insurance – Statistics demonstrate women are more cautious behind the wheel. Now that doesn’t mean females are better drivers. Both sexes tend to get into at-fault accidents in similar percentages, but guys have accidents that have higher claims. Not only that, but men also get higher numbers of serious violations like driving under the influence (DUI). Young males are the most expensive to insure and therefore pay the highest rates.

The chart below compares Kia Soul car insurance costs for male and female drivers. The rate quotes are based on a clean driving record, no at-fault accidents, full coverage, $1,000 deductibles, drivers are single, and no additional discounts are factored in.

Allowing your auto insurance policy to lapse raises rates – Not maintaining insurance can get you a ticket and as a result your rates will increase for letting your insurance expire. In addition to paying higher premiums, not being able to provide proof of insurance might get you a revoked license or a big fine. You will then be forced to submit proof of financial responsibility or a SR-22 with the Tennessee motor vehicle department to get your license reinstated.

Deter car thieves – Owning a car that has a built-in theft deterrent system can help bring down rates. Advanced theft deterrents like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent car theft and help bring rates down.

Insurance loss statistics a Kia Soul – Companies use historical loss data when determining insurance rates. Models that tend to have increased losses will have higher premium rates.

The table below demonstrates the actual insurance loss data for Kia Soul vehicles. For each coverage type, the loss probability for all vehicles combined as an average is set at 100. Percentage values below 100 imply a favorable loss record, while numbers above 100 point to more claims or a tendency for losses to be larger than average.

Car insurance quotes from local Memphis insurance agents

Many people would rather talk to an insurance agent and that is not a bad decision An additional benefit of comparing car insurance online is the fact that drivers can get lower rates and still buy from a local agent.

To find an agent, once you fill out this form (opens in new window), the quote information is sent to participating agents in Memphis that provide free Memphis car insurance quotes to get your business. It’s much easier because you don’t need to search for an agent since rate quotes are delivered directly to you. You can find better rates AND a local agent. If you have a need to get a rate quote from a specific company, you can always find their quoting web page and fill out their quote form.

Choosing the best insurance company requires more thought than just the bottom line cost. Ask your prospective agent these questions:

• What discounts might you be missing?
• Is insurance their full-time profession?
• Does the agency provide any after hours assistance?
• If your car is in the repair shop, do you have coverage for a rental car?
• Does the agency support the community they serve?
• Is auto insurance their primary focus in Memphis?
• Are there any discounts for paying up front?
• Which members of your family are coverage by the policy?

Different types of auto insurance agents in Memphis

If you want to use local Memphis agents, it’s important to understand the different types of agencies and how they function. Car insurance agents in Memphis are considered either exclusive or independent.

Exclusive Agencies

Exclusive agents normally can only provide a single company’s rates such as Allstate and State Farm. These agents are unable to compare other company’s rates so they are skilled at selling on more than just price. They are usually well trained on their company’s products and that allows them to sell at a higher price point.

The following are exclusive insurance agencies in Memphis that can give you rate quotes.

View more Memphis agents

Independent Agencies or Brokers

Independent agencies are not locked into one company so they have the ability to put coverage through lots of different companies and get the cheapest rates. If they quote lower rates, they simply move the coverage in-house without you having to go to a different agency. When shopping rates, you should always contact a couple of independent agencies so that you can do a thorough price comparison.

The following is a list of independent insurance agencies in Memphis willing to provide price quote information.

View more Memphis agents

Protect your Kia vehicle and other assets

Despite the potentially high cost of Kia Soul insurance, maintaining insurance is a good idea for several reasons.

• The majority of states have mandatory insurance requirements which means you are required to buy a specific minimum amount of liability in order to drive the car. In Tennessee 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 lien on your vehicle, it’s guaranteed your bank will require you to carry insurance to guarantee payment of the loan. If you let the policy lapse, the bank or lender will purchase a policy for your Kia at an extremely high rate and make you pay the higher price.
• Car insurance protects both your vehicle and your personal assets. Insurance will also pay for medical bills for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, will also pay to defend you if anyone sues you for causing an accident. If damage is caused by hail or an accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.

The benefits of insuring your car are definitely more than the cost, particularly when you have a large claim. According to a 2015 survey, the average American driver is overpaying more than $830 a year so you should quote and compare rates at least once a year to make sure the price is not too high.

Shop around and save

Discount Kia Soul insurance in Memphis is available from both online companies and with local Memphis insurance agents, so you should compare both to have the best rate selection. Some auto insurance companies do not provide price quotes online and most of the time these small insurance companies sell through independent insurance agents.

We just showed you some good ideas how you can compare Kia Soul insurance premium rates in Memphis. The key concept to understand is the more quotes you get, the higher the chance of saving money. Consumers could even find that the biggest savings come from a small mutual company. These smaller insurers can often insure niche markets at a lower cost than the large multi-state companies such as State Farm, GEICO and Nationwide.

When trying to cut insurance costs, it’s very important that you do not reduce coverage to reduce premium. There have been many situations where someone dropped comprehensive coverage or liability limits and found out when filing a claim they didn’t have enough coverage. Your aim should be to buy a smart amount of coverage for the lowest price, but do not sacrifice coverage to save money.

Even more information can be found at these sites:

• Top Signs Your Brakes are Giving Out (State Farm)
• Who Has Cheap Auto Insurance Rates for Unemployed Drivers in Memphis? (FAQ)
• Who Has Cheap Car Insurance Quotes for Low Mileage Drivers in Memphis? (FAQ)
• Who Has the Cheapest Memphis Auto Insurance Quotes for 4×4 Vehicles? (FAQ)
• Who Has the Cheapest Auto Insurance Quotes for a Subaru Outback in Memphis? (FAQ)
• Keeping Children Safe in Crashes Video (iihs.org)
• Distracted Driving Extends Beyond Texting (State Farm)
• What are my Rights when Filing a Claim? (Insurance Information Institute)
• Driving in Bad Weather (Insurance Information Institute)