2003 Lexus LX 470 Insurance Cost – 6 Policy Discounts

Trying to find the cheapest auto insurance rates for your Lexus LX 470? Price shopping your auto insurance may be very difficult for drivers who are beginners to quoting and comparing prices online. With a ridiculous number of companies in the marketplace, it can turn into more work than you anticipated to find the best rates.

You need to check auto insurance prices occasionally since insurance prices change regularly. Even if you think you had the lowest quotes for LX 470 coverage a year ago the chances are good that you can find a lower rate today. Ignore everything you know about auto insurance because I’m going to let you in on the secrets to one of the best ways to find great coverage at a great price.

This article will help educate you on how car insurance quotes work and some tricks to saving. If you currently have a car insurance policy, you will most likely be able to cut costs considerably using this strategy. But consumers need to learn the methods companies use to determine prices and take advantage of how the system works.

Get lower-cost insurance coverage rates with discounts

Insurance coverage is easily one of your largest bills, but you may find discounts that could help you make your next renewal payment. Larger premium reductions will be automatically applied when you purchase, but less common discounts must be asked for prior to receiving the credit.

  • Full Payment Discount – If you pay your entire premium ahead of time rather than spreading payments over time you could save 5% or more.
  • Homeowners Discount – Just owning your own home can earn you a little savings because of the fact that having a home is proof of financial responsibility.
  • No Claims – Insureds who avoid accidents and claims pay less compared to accident-prone drivers.
  • Braking Control Discount – Cars with ABS braking systems or traction control can stop better under adverse conditions so companies give up to a 10% discount.
  • Discount for Life Insurance – Some insurance companies give better rates if you take out life insurance.
  • Discounts for Multiple Vehicles – Purchasing coverage when you have all your vehicles on one policy may reduce the rate for each vehicle.

One last thing about discounts, some of the credits will not apply to the overall cost of the policy. Most only apply to the cost of specific coverages such as collision or personal injury protection. So even though you would think all those discounts means the company will pay you, insurance companies wouldn’t stay in business.

Popular insurance coverage companies and some of the discounts are included below.

  • GEICO may include discounts for driver training, daytime running lights, air bags, military active duty, federal employee, multi-vehicle, and multi-policy.
  • Travelers offers discounts for new car, continuous insurance, good student, hybrid/electric vehicle, IntelliDrive, home ownership, and multi-policy.
  • Farm Bureau has discounts for 55 and retired, youthful driver, safe driver, multi-vehicle, and multi-policy.
  • Liberty Mutual may have discounts that include multi-policy, newly retired, preferred payment discount, newly married, hybrid vehicle, new vehicle discount, and good student.
  • American Family includes discounts for accident-free, bundled insurance, good student, mySafetyValet, and defensive driver.
  • Progressive has savings for continuous coverage, online quote discount, multi-policy, homeowner, and good student.

When getting a coverage quote, ask each insurance company to give you their best rates. Savings might not be offered on policies in every state. If you would like to see a list of providers with discount insurance coverage rates, click here.

Tailor your auto insurance coverage to you

When it comes to buying coverage for your vehicles, there isn’t really a cookie cutter policy. Everyone’s needs are different.

These are some specific questions may help highlight if your situation might need an agent’s assistance.

  • Does my 2003 Lexus LX 470 need full coverage?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Am I covered if I drive in a foreign country?
  • Should I carry comprehensive and collision coverage?
  • Do I need an umbrella policy?
  • Can my teen drive my company car?

If you don’t know the answers to these questions, you may need to chat with an agent. If you don’t have a local agent, simply complete this short form.

Auto insurance coverages explained

Having a good grasp of a auto insurance policy aids in choosing which coverages you need for your vehicles. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording.

Collision – This covers damage to your LX 470 resulting from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage protects against things such as crashing into a ditch, scraping a guard rail, colliding with another moving vehicle, colliding with a tree and crashing into a building. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. You can also bump up the deductible to save money on collision insurance.

Comprehensive insurance – This pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims like a broken windshield, rock chips in glass, a tree branch falling on your vehicle and damage from flooding. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Uninsured/Underinsured Motorist (UM/UIM) – Uninsured or Underinsured Motorist coverage provides protection when other motorists do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and also any damage incurred to your Lexus LX 470.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Normally the UM/UIM limits are identical to your policy’s liability coverage.

Med pay and Personal Injury Protection (PIP) – Med pay and PIP coverage kick in for bills for prosthetic devices, funeral costs, dental work and rehabilitation expenses. They are used in conjunction with a health insurance program or if you do not have health coverage. Medical payments and PIP cover you and your occupants as well as if you are hit as a while walking down the street. PIP is not universally available but can be used in place of medical payments coverage

Liability insurance – Liability insurance will cover damages or injuries you inflict on people or other property. This insurance protects YOU against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 50/100/50 which stand for a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery. Occasionally you may see one number which is a combined single limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like loss of income, attorney fees, legal defense fees, emergency aid and bail bonds. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

One last thing

While you’re price shopping online, don’t be tempted to reduce needed coverages to save money. There have been many cases where someone dropped liability coverage limits to discover at claim time that it was a big mistake. The ultimate goal is to buy enough coverage for the lowest price, but don’t skip important coverages to save money.

In this article, we covered a lot of information how to compare 2003 Lexus LX 470 insurance premium rates online. It’s most important to understand that the more rate comparisons you have, the higher the chance of saving money. You may even find the best premium rates are with a company that doesn’t do a lot of advertising.

Some insurance providers may not provide rate quotes online and most of the time these regional carriers work with local independent agents. Affordable 2003 Lexus LX 470 insurance can be bought both online and with local insurance agents, and you should compare price quotes from both in order to have the best chance of saving money.

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