- Kia K5 insurance costs an average of $1,702 per year or around $142 per month, depending on the age of the rated driver.
- Out of 11 other midsize cars for the 2023 model year, the K5 ranks third for insurance affordability.
- Kia K5 car insurance rates range from $1,632 to $1,772 annually on average, depending on trim level.
- The K5 was known as the Kia Optima prior to the 2021 model year.
How much does Kia K5 insurance cost?
Ranked third out of 11 vehicles in the midsize car class, Kia K5 insurance rates average $1,702 annually for full coverage, or $142 each month. With the average midsize car costing $1,800 a year to insure, the Kia K5 could save around $98 or more every 12 months.
The next price chart illustrates how 2023 Kia K5 insurance cost changes based on the age of the rated driver and the deductibles for comprehensive and collision coverage. The yearly policy cost range from $1,294 per year for a 60-year-old driver with high physical damage deductibles to a high of $3,912 per year for a 20-year-old driver with low physical damage deductibles.
|Driver Age||Deductible||Annual Cost||Monthly Cost|
The next table shows the estimated annual and semi-annual policy costs, plus a monthly budget figure, for each Kia K5 model package and trim level.
|Kia K5 Trim Level||Annual Policy||6-month Policy||Per Month|
Supplementary rates and insights
Additional key data observations relative to Kia K5 insurance cost include:
- Good credit scores mean better rates. Having a high credit rating of over 800 may save $267 per year versus a lower credit score of 670-739. Conversely, a less-than-good credit score could cost around $310 more per year.
- Prepare for sticker shock for high risk insurance. For a 30-year-old driver, having to buy a high-risk insurance policy could inflate rates by $2,074 or more per year.
- Increasing deductibles lowers insurance cost. Jacking up your deductibles from $500 to $1,000 could save around $258 per year for a 40-year-old driver and $500 per year for a 20-year-old driver.
- Low physical damage deductibles may be wasting money. Cutting your deductibles from $500 to $250 could cost an additional $268 per year for a 40-year-old driver and $530 per year for a 20-year-old driver.
- Your occupation could reduce your rates. Most car insurance providers offer discounts for having a job in professions like dentists, engineers, lawyers, firefighters, scientists, accountants, and others. Having this discount applied to your policy could save between $51 and $178 on your yearly K5 insurance premium, depending on the level of coverage purchased.
- Young male drivers pay the highest rates. For a 2023 Kia K5, a 20-year-old man will pay an estimated rate of $3,382 per year, while a 20-year-old woman will get a rate of $2,512, a difference of $870 per year in the women’s favor by a large margin. But by age 50, the rate for males is $1,550 and female driver rates are $1,518, a difference of only $32.
- As you age, car insurance rates tend to get cheaper. The difference in 2023 K5 insurance cost between a 60-year-old driver ($1,522 per year) and a 20-year-old driver ($3,382 per year) is $1,860, or a savings of 55%.
- Qualify for discounts to lower insurance cost. Discounts may be available if the policyholders are senior citizens, belong to certain professional organizations, work in certain occupations, are loyal customers, sign their policy early, or many other discounts which could save the average driver as much as $288 per yearon the cost of insuring a K5.
How does Kia K5 insurance cost compare?
When average rates are compared to the best-selling models in the midsize car category, car insurance rates for a Kia K5 cost $24 more per year than the Toyota Camry, $80 less than the Honda Accord, and $180 less than the Nissan Altima.
The Kia K5 ranks third out of 11 comparison vehicles in the midsize car segment for most affordable car insurance rates. The K5 costs an estimated $1,702 per year to insure and the class average insurance cost is $1,800 per year, a difference of $98 per year.
The chart displayed below shows how Kia K5 insurance cost compares to the top 10 selling midsize cars like the Tesla Model 3, Chevrolet Malibu, and the Hyundai Sonata. A larger data table is included after the chart that breaks down car insurance rates for all 11 models in the midsize car category.
|7||Tesla Model 3||$1,804||$102|
Another way we can compare car insurance cost for the K5 to other cars in it’s class is to factor in the MSRP for each model. This is useful when you’re shopping for a vehicle within a specific price range and you want to keep the insurance cost as low as possible.
A 2023 Kia K5 has an average purchase price of $28,050, ranging from $25,090 to $31,490, depending on the trim level being purchased.
The vehicles in the midsize car segment that have the most similar cost to the Kia K5 for the 2023 model year are the Chevrolet Malibu, Nissan Altima, Subaru Legacy, and Toyota Camry.
The list below shows how those models compare to a 2023 K5 both by average MSRP and the average cost to insure.
- Compared to the Chevrolet Malibu – With an average price of $28,745 ($26,095 to $32,595), the 2023 Chevrolet Malibu costs $695 more than the average MSRP for the Kia K5. The cost to insure a Kia K5 compared to the Chevrolet Malibu is $14 less every 12 months on average.
- Compared to the Nissan Altima – The 2023 Nissan Altima sells for an average of $29,490 ($26,095 to $34,990), which is $1,440 more expensive than the Kia K5. Drivers can expect to pay an average of $180 more per year to insure the Nissan Altima compared to a K5.
- Compared to the Subaru Legacy – The Subaru Legacy has an average MSRP of $30,825 ($24,395 to $37,695), which is $2,775 more expensive than the average MSRP for the Kia K5. Buying car insurance for the Subaru Legacy costs an average of $76 less annually than the Kia K5.
- Compared to the Toyota Camry – Having an average price of $30,845 ($25,945 to $36,870), the 2023 Toyota Camry costs $2,795 more than the average cost for the Kia K5. Insurance on the Toyota Camry costs an average of $24 less per year than the Kia K5.
Was the 2021 Kia Optima discontinued?
For the 2021 model year, Kia changed the name of the Optima to the K5. This matches the name used for the vehicle in Korea, where Kia is headquartered.