What Insurance is Cheapest for Real Estate Agents in Kansas City?

You have probably seen the captivating commercials from insurers like State Farm and GEICO claiming big savings, so drivers should just choose the one with the flashiest ad, right?

It’s not that simple, unfortunately, as there are a whole bunch of unknown elements like the area where you live, when you were born, if full coverage is needed, and what liability limits you need, that all have an effect on the price. We know insurance is not everyone’s favorite topic, but in this article we will cover the different ways to avoid overpaying and will give you a good start in finding the cheapest insurance in Missouri.

For realtors, one of the largest factors that aid in calculating the cost of insurance is where you keep your vehicle in Kansas City. Regions with more people or even just more weather-related claims will most likely pay more, whereas areas that tend to be more rural benefit from having to pay less for coverage.

The illustration below sorts the most expensive places in Missouri for real estate agents to purchase auto insurance in. Kansas City shows up at #5 costing $1,257 for the average policy, which is approximately $105 monthly.

How much is auto insurance in Kansas City, MO?
Rank City Annual Premium
1 Saint Louis $1,474
2 Florissant $1,459
3 University City $1,352
4 Raytown $1,303
5 Kansas City $1,257
6 Independence $1,251
7 Wildwood $1,238
8 Mehlville $1,235
9 Kirkwood $1,235
10 Ballwin $1,232
11 Chesterfield $1,220
12 Liberty $1,189
13 Blue Springs $1,172
14 Lee’s Summit $1,170
15 Saint Charles $1,140
16 Wentzville $1,134
17 Saint Joseph $1,134
18 Joplin $1,126
19 O’Fallon $1,123
20 Cape Girardeau $1,105
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Prices are approximated as zip code location can decrease or increase premiums significantly.

Locating cost effective car insurance is not the easiest thing to do, and finding out which company quotes the most affordable car insurance rates for real estate agents involves even more work. Each insurer uses different criteria to determine premium rates, so we’ll take a look at the car insurance companies that tend to have lower prices in Kansas City.

It’s important to know that Missouri car insurance rates are impacted by many factors which can substantially decrease or increase the policy premium. That is why consumers need to shop around when trying to get the cheapest auto insurance rates for real estate agents. Rates can be determined by many risk factors and can decrease or increase without notice, so the most affordable company two years ago may now be quite expensive.

Best Insurance Companies for Realtors

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USAA quotes some of the lowest car insurance rates in Kansas City at around $642 each year. The Hartford, Electric, Allied, and MO Farm Bureau would also make the list of some of the more affordable Kansas City, MO insurance companies.

As the rates illustrate above, if you currently buy coverage from Allied and switched to USAA, you might see an annual savings of around $233. Missouri drivers with MO Farm Bureau could save as much as $379 a year, and Auto-Owners customers might cut rates by $395 a year.

Be aware that those policy prices are averages across all drivers and vehicles and do not factor in a vehicle location for real estate agents. So the company that has the cheapest rates for you may not even be in the top 23 companies in the list above. That underscores the importance of why you need to compare rates from multiple companies using your own individual information.

The chart below illustrates how your deductible choice can raise or lower insurance costs when trying to find cheap insurance for real estate agents. The premiums are based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.

As shown above, a 40-year-old driver could save $182 a year by increasing from a $100 deductible up to a $500 deductible, or save $276 by changing to a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, could drop their prices $454 annually just by choosing higher deductibles when buying full coverage. If you do decide to increase your deductibles, it is essential to have plenty of money set aside to allow you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Which car insurance company is best in Missouri?

Insuring your vehicle with the best insurer can be difficult considering how many choices you have in Missouri. The company rank data in the lists below may help you decide which insurers to look at putting your business with.

The rankings below are for major nationwide insurance companies, so companies without a large exposure are not included in these rankings. If you’d like to compare prices from these companies and more, follow this link.

Top 10 Major Auto Insurance Companies in Kansas City Ranked by Customer Service

  1. State Farm
  2. Nationwide
  3. Safeco Insurance
  4. American Family
  5. Travelers
  6. Liberty Mutual
  7. GEICO
  8. Allstate
  9. The Hartford
  10. Farmers Insurance

Cost difference between full coverage and liability

Lowering the price of car insurance is important to most vehicle owners, and one of the best ways to pay less for insurance for real estate agents is to buy only liability coverage. The example below shows the comparison of auto insurance rates when comparing full coverage to liability only. The data is based on no claims or driving citations, $250 deductibles, drivers are single, and no discounts are applied.

On average, comp and collision coverage costs $1,876 per year more than just insuring for liability. That touches on the question when is the right time to remove full coverage. There is no clear-cut rule for phasing out comp and collision coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than 10% of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s pretend your vehicle’s settlement value is $4,500 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $3,500 after paying the physical damage deductible. If you are paying in excess of $350 a year for full coverage, then you might want to consider buying only liability coverage.