1998 Lexus LX 470 Insurance Rates – 7 Ways to Save

Did you make the mistake of buying an overpriced auto insurance policy? Don’t sweat it because you are not the only one feeling buyer’s remorse. Online insurance companies like State Farm, Farmers Insurance, Geico and Allstate increase brand awareness with advertising and it can be hard to separate fact from fiction and take the time to shop coverage around.

If you have a policy now or are looking for a new policy, you can use this information to find better prices and possibly find even better coverage. Choosing the best insurance company for you is not that difficult. Drivers just need to learn the best way to get comparison rates over the internet.

Get lower-cost car insurance quotes with discounts

Companies do not list every possible discount in a way that’s easy to find, so the following list contains a few of the more common and also the more inconspicuous discounts that you may qualify for.

• Anti-theft System – Anti-theft and alarm system equipped vehicles help deter theft and therefore earn up to a 10% discount.
• No Claim Discounts – Insureds with no claims or accidents pay less in comparison to insureds who have frequent claims or accidents.
• Low Mileage – Fewer annual miles on your Lexus can qualify you for better car insurancerates on cars that stay parked.
• Early Renewal Discounts – A few companies allow discounts for switching to them before your current coverage expires. You can save around 10% with this discount.
• Multiple Cars – Buying a policy with multiple cars on one policy qualifies for this discount.
• Government Employee Discount – Federal government employees can save as much as 8% for LX 470 coverage with certain companies.
• Seat Belts Save – Requiring all passengers to fasten their seat belts can save a little off PIP or medical payments premium.

As a footnote on discounts, most credits do not apply to the overall cost of the policy. The majority will only reduce specific coverage prices like liability, collision or medical payments. Despite the fact that it seems like you can get free auto insurance, nobody gets a free ride.

Auto insurance companies that possibly offer some of the above discounts are:

• State Farm
• Progressive
• Progressive
• MetLife
• Farm Bureau
• Geico
• SAFECO

Double check with each company or agent which discounts you qualify for. A few discounts may not be offered in your area. To see a list of companies that offer the discounts shown above, follow this link.

The largest companies are not always cheapest

Consumers can’t get away from all the ads that promise big savings from companies such as Geico, State Farm and Progressive. They all seem to state the claim that you can save if you get a free insurance quote and switch your coverage to them.

That’s great but how can every company cost less than your current company? You have to listen carefully.

All companies are able to cherry pick for the type of customer that will add to their bottom line. For example, this type of insured could possibly be married and over the age of 30, has a clean driving record, and chooses high deductibles. A customer that fits those parameters will qualify for the lowest auto insurance rates and will also save a lot if they switch.

Potential customers who don’t measure up to those criteria must pay a higher rate and this can result in the customer not purchasing. If you listen to the ad wording, they say “people that switch” not “all people who quote” can get the lowest rates when switching. This is how companies can advertise the way they do.

This really emphasizes why you should get insurance quotes from several different companies. Because you never know with any certainty which company will have the best rates.

Tailor your car insurance coverage to you

When buying adequate coverage for your personal vehicles, there really is not a perfect coverage plan. Everyone’s situation is a little different so your insurance needs to address that. For example, these questions may help you determine if your insurance needs would benefit from professional advice.

• Why is insurance for a teen driver so high?
• Will my vehicle be repaired with OEM or aftermarket parts?
• How much liability insurance is required?
• What is high-risk coverage and where do I buy it?
• Can my teen drive my company car?
• Should I buy full coverage?

If it’s difficult to answer those questions then you might want to talk to an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies. It is quick, free and can help protect your family.

Insurance coverages and their meanings

Having a good grasp of your policy can be of help when determining the best coverages for your vehicles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. These are typical coverages found on most insurance policies.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family as well as your vehicle’s damage.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Most of the time these limits are identical to your policy’s liability coverage.

Collision coverage – This covers damage to your LX 470 resulting from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers claims such as scraping a guard rail, sideswiping another vehicle and crashing into a ditch. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. Drivers also have the option to increase the deductible to bring the cost down.

Comprehensive or Other Than Collision – This pays for damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like a broken windshield, a tree branch falling on your vehicle and fire damage. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Liability car insurance – This coverage will cover damage that occurs to other’s property or people. It protects you from claims by other people, and does not provide coverage for 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. You commonly see limits of 100/300/100 that means you have a $100,000 limit per person for injuries, $300,000 for the entire accident, and $100,000 of coverage for damaged propery. Another option is a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage protects against things like medical services, funeral expenses, pain and suffering and structural damage. How much coverage you buy is your choice, but you should buy as large an amount as possible.

Medical costs insurance – Medical payments and Personal Injury Protection insurance provide coverage for expenses for things like hospital visits, EMT expenses, funeral costs, ambulance fees and nursing services. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

At the end of the day…

Cost effective 1998 Lexus LX 470 insurance is attainable both online in addition to local insurance agencies, and you need to comparison shop both to have the best rate selection. Some insurance companies do not provide internet price quotes and usually these smaller companies work with local independent agents.

When getting insurance quotes online, it’s not a good idea to reduce coverage to reduce premium. In many instances, an accident victim reduced liability limits or collision coverage to discover at claim time they didn’t purchase enough coverage. The goal is to get the best coverage possible at the lowest possible cost, but don’t skip important coverages to save money.

To read more, feel free to browse the articles below:

• What Does No-Fault Insurance Cover? (Allstate)
• What to do at the Scene of an Accident (Insurance Information Insitute)
• Learn About Car Insurance (Geico)
• Drunk Driving Statistics (Insurance Information Insitute)