Trying to find better auto insurance rates for your Lexus LS 400? Having to pay for overpriced auto insurance can consume your checking account and possibly require you to analyze your spending habits. Doing a rate comparison is a smart way to tighten up your finances.
There are many car insurance companies to insure vehicles with, and although it’s a good thing to have a selection, it can be more difficult to locate the cheapest rates.
Finding affordable coverage is not rocket science. Basically, every driver who shops for insurance coverage will be able to reduce their rates. But car owners do need to understand how companies determine prices.
Comparing insurance rates can be a lot of work if you don’t understand the most efficient way. You can spend countless hours discussing policy coverages with local insurance agents in your area, or you can stay home and use the web to get rates in a matter of minutes.
Most car insurance companies enroll in a system where prospective buyers submit one quote, and at least one company returns a rated price for coverage. This saves time by eliminating quote requests for each company you want a rate for.
To find out what other companies charge click here (opens in new window).
The one disadvantage to using this type of form is you can’t choose which providers to receive prices from. So if you want to select from a list of companies for rate comparison, we have a listing of low cost insurance companies in your area. Click here for list of insurance companies.
It’s up to you which method you use, but make sure you are using equivalent coverages and limits with each company. If you have higher or lower deductibles you can’t possibly make a fair comparison for your Lexus LS 400. Even a minor difference in insurance coverages or limits can mean a large discrepancy in price. Just keep in mind that getting more free quotes will increase your chances of finding a lower rate. Some companies don’t provide quotes online, so you should also compare rates on coverage from those companies, too.
Insurance coverage is not an enjoyable expense, but you may qualify for discounts to help bring down the price. Many of these discounts will be applied automatically when you get a quote, but a few must be specially asked for in order for you to get them.
It’s important to note that most of the big mark downs will not be given to the entire cost. Some only reduce the price of certain insurance coverages like collision or personal injury protection. Even though it appears having all the discounts means you get insurance for free, company stockholders wouldn’t be very happy.
A partial list of companies that may offer policyholders many of the previously listed discounts are:
Double check with every insurance company which discounts you qualify for. Some of the earlier mentioned discounts might not apply in your area. To locate insurance companies that offer discounts, click here.
An important part of buying insurance is that you know a few of the rating criteria that come into play when calculating the price you pay for insurance. If you know what influences your rates, this enables you to make decisions that could result in big savings.
The following are a few of the things that factor into premiums.
When choosing adequate coverage for your personal vehicles, there isn’t really a single plan that fits everyone. Every insured’s situation is different so this has to be addressed. For example, these questions may help you determine whether your personal situation would benefit from professional advice.
If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to a licensed agent. If you don’t have a local agent, complete this form or you can also visit this page to select a carrier
Learning about specific coverages of your policy can be of help when determining the best coverages and the correct deductibles and limits. Car insurance terms can be difficult to understand and nobody wants to actually read their policy. Shown next are typical coverages found on most car insurance policies.
Comprehensive insurance – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive insurance covers things like falling objects, a broken windshield and fire damage. The most a car insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Collision coverage – This coverage pays for damage to your LS 400 caused by collision with an object or car. A deductible applies and then insurance will cover the remainder.
Collision can pay for claims like sustaining damage from a pot hole, rolling your car, backing into a parked car, crashing into a building and scraping a guard rail. This coverage can be expensive, so consider removing coverage from older vehicles. You can also raise the deductible to get cheaper collision coverage.
Liability auto insurance – This can cover damage that occurs to other people or property in an accident. It protects you from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 100/300/100 that translate to a $100,000 limit per person for injuries, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property.
Liability can pay for claims such as bail bonds, repair costs for stationary objects and court costs. How much liability coverage do you need? That is a personal decision, but buy as high a limit as you can afford.
Med pay and Personal Injury Protection (PIP) – Med pay and PIP coverage reimburse you for immediate expenses for surgery, nursing services and dental work. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants as well as any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage
Uninsured/Underinsured Motorist (UM/UIM) – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. It can pay for medical payments for you and your occupants as well as damage to your Lexus LS 400.
Because many people only carry the minimum required liability limits, their limits can quickly be used up. So UM/UIM coverage is very important.
As you restructure your insurance plan, it’s very important that you do not sacrifice coverage to reduce premiums. There have been many cases where an insured cut full coverage and discovered at claim time that they should have had better coverage. The proper strategy is to find the BEST coverage at an affordable rate.
Lower-priced car insurance can be found from both online companies and from local insurance agents, so you need to shop insurance with both to have the best chance of lowering rates. Some insurance providers don’t offer the ability to get quotes online and many times these smaller providers sell through local independent agents.
More detailed car insurance information is located at these sites: