Everyone knows that auto insurance companies don’t want their policyholders to compare prices. Insureds who shop for lower prices are very likely to move their business because there is a good chance of finding good coverage at a lower price. A recent study showed that drivers who did price comparisons regularly saved an average of $865 annually compared to those who never shopped around for cheaper prices.
If finding the best rates on car insurance is your ultimate goal, then knowing how to quote prices and compare insurance can save time and make the process easier.
Truthfully, the best way to find better pricing on Lexus IS 350 insurance is to compare prices once a year from insurance carriers who provide car insurance in Raleigh. Drivers can shop around by following these steps.
- Read about auto insurance and the steps you can take to prevent expensive coverage. Many rating criteria that are responsible for high rates such as accidents, traffic tickets, and a less-than-favorable credit score can be amended by paying attention to minor details.
- Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only provide price estimates from one company like Progressive or Farmers Insurance, while independent agencies can provide price quotes from many different companies.
- Compare the new rate quotes to your current policy to see if switching to a new carrier will save money. If you find better rates, make sure there is no lapse between the expiration of your current policy and the new one.
An important part of this process is to use similar coverage information on each quote request and and to get rates from as many auto insurance providers as possible. Doing this guarantees a fair rate comparison and the best rate selection.
Buying affordable auto insurance in Raleigh seems hard but is not really that difficult. If you currently have a car insurance policy, you stand a good chance to be able to cut your premiums using the ideas you’re about to read. Drivers only need to know the most efficient way to compare rate quotes from multiple carriers.
Lexus IS 350 insurance rate analysis
The price information below showcases detailed analysis of coverage prices for Lexus IS 350 models. Understanding more about how insurance premiums are formulated can be of help when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $270 | $524 | $250 | $14 | $74 | $1,132 | $94 |
| IS 350 C 2-Dr Convertible | $270 | $524 | $250 | $14 | $74 | $1,132 | $94 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in specific location information which can lower or raise insurance rates noticeably.
Car insurance deductibles
The hardest decision when buying coverage is where should you set your physical damage deductibles. The following insurance rates approximate the premium difference when you choose different deductibles. The first table uses a $250 deductible for comp and collision and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $242 | $440 | $250 | $14 | $74 | $1,045 | $87 |
| IS 350 C 2-Dr Convertible | $242 | $440 | $250 | $14 | $74 | $1,045 | $87 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $196 | $354 | $250 | $14 | $74 | $888 | $74 |
| IS 350 C 2-Dr Convertible | $196 | $354 | $250 | $14 | $74 | $888 | $74 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Information does not factor in garaging location in Raleigh which can modify coverage rates considerably.
We can derive from the above data that using a $250 deductible would cost the average driver about $13 more each month or $156 for a full year averaged for all IS 350 models than buying the higher $500 deductible. Because you would be required to pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you tend to go at a minimum 19 months between claims, you would most likely save money if you decide on a higher deductible. The table below illustrates an example of how you can do this calculation yourself.
| Average monthly premium for $250 deductibles: | $87 |
| Average monthly premium for $500 deductibles (subtract): | – $74 |
| Monthly savings from raising deductible: | $13 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $13 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 19 months |
One big caveat is that a higher deductible means you pay more out-of-pocket when you have a comprehensive or collision claim. That will require enough extra savings in the event you have to pay the deductible to have repairs made.
Impact of careless driving on car insurance rates
The information below highlights how traffic violations and fender-benders drive up Lexus IS 350 insurance costs for different age categories. Data assumes a single female driver, full coverage, $500 deductibles, and no discounts are applied to the premium.
Lexus IS 350 Insurance Rate Factors
Lots of things are part of the equation when you quote your car insurance policy. Some are obvious like your driving record, but some are less obvious such as your marital status or your vehicle rating.
- Big cities mean more claims – Residing in less populated areas has it’s advantages when shopping for auto insurance. Fewer drivers on the road translates into fewer accident claims. Residents of big cities have to deal with traffic congestion and longer commute times. More time on the road means more chances of being involved in an auto accident.
- An active car insurance claims history can cost you – If you frequently file small claims, you shouldn’t be surprised to get increased rates or even have your policy non-renewed. Companies in North Carolina award most affordable rates to drivers that do not abuse their auto insurance. Your car insurance is meant to be used in the event of the large, substantial claims.
- High credit rating translates to low rates – Having a bad credit score is a large factor in calculating your car insurance rates. Insureds that have high credit ratings tend to be less risk to insure than drivers with lower credit ratings. So if your credit rating is lower than you’d like, you could be paying less to insure your Lexus IS 350 by improving your credit score.
- Single vs. married – Being married actually saves money on car insurance. Having a spouse is viewed as being more financially stable it has been statistically shown that married drivers tend to file fewer claims.
- Do you work long hours in a high stress vocation? – Occupations such as fire fighters, architects, and medical professionals have the highest average rates because of job stress and long work hours. Conversely, professions such as scientists, historians and the unemployed pay the least.
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Insurance losses for a Lexus IS 350 – Companies take into consideration historical loss data for every vehicle to help calculate a profitable premium rate. Models that tend to have higher loss trends will have a higher cost to insure. The table below illustrates the insurance loss data used by companies for Lexus IS 350 vehicles.
For each policy coverage, the loss probability for all vehicles, as a total average, is a value of 100. Values that are 100 or less indicate better than average losses, while numbers that are greater than 100 indicate a higher chance of having a claim or statistically larger claims.
Car Insurance Loss Data for Lexus IS 350 Models Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus IS 350 4dr 2WD 165 88 186 101 Lexus IS 350 4dr 4WD 200 72 206 Lexus IS 350 Convertible 98 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Compare auto insurance rates regularly to save
When buying insurance coverage, never sacrifice coverage to reduce premiums. Too many times, someone sacrificed liability coverage limits to discover at claim time they didn’t have enough coverage. The ultimate goal is to buy a smart amount of coverage at the best cost, not the least amount of coverage.
We’ve covered a lot of tips how to shop for Lexus IS 350 insurance online. It’s most important to understand that the more price quotes you have, the better your chances of lowering your premium rates. Drivers may even discover the best car insurance rates are with a lesser-known regional company. Smaller companies may have significantly lower premium rates on certain market segments than the large multi-state companies such as Allstate or State Farm.
Additional information is available at these links:
- Learn About Car Insurance (GEICO)
- Who Has the Cheapest Car Insurance for College Graduates in Raleigh? (FAQ)
- Who Has Cheap Car Insurance for Immigrants in Raleigh? (FAQ)
- What Insurance is Cheapest for a Hyundai Elantra in Raleigh? (FAQ)
- How Much are Raleigh Car Insurance Rates for Young Drivers? (FAQ)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- Where can I buy Insurance? (Insurance Information Institute)
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)