2002 Lexus IS 300 Insurance Cost

Trying to find the cheapest auto insurance rates for your Lexus IS 300? Price shopping your auto insurance can seem to be challenging for beginners to comparison shopping online. With so many insurance agents and companies, it can quickly become a big hassle to find the lowest price.

You should take the time to shop coverage around occasionally because auto insurance prices change regularly. If you had the lowest price on IS 300 coverage at your last renewal the chances are good that you can find a lower rate quote today. Ignore everything you know about auto insurance because you’re about to find out the things you must know in order to reduce your cost while improving coverage.

If you have car insurance now, you stand a good chance to be able to reduce your rates substantially using these techniques. The purpose of this article is to introduce you to how car insurance quotes work and some tips to save money. But vehicle owners should learn the way insurance companies market insurance on the web.

Where can I get low cost auto insurance?

When comparison shopping, there are several ways to get quotes from different companies. One of the best ways to find the lowest Lexus IS 300 rates is to use the internet to compare rates. This can be done in a couple minutes as outlined below.

  • The single most time-saving way to get quotes is a comparison rater form click to view form in new window. This method eliminates the need for separate quotes for each price estimate. One quote request gets prices estimates from multiple companies. Just one form and you’re done.
  • A harder way to compare prices requires you to visit the website for every company you want to comare and complete a new quote form. For instance, we’ll pretend you need rates from Allstate, Esurance and Geico. In order to get each rate, you would have to spend time going to each site individually to enter your coverage information, and that explains why we recommend the first method.

    For a list of companies in your area, click here.

Whichever method you choose, make sure you are using equivalent quote information for every quote you compare. If each company quotes different data it will be very difficult to find the best deal for your Lexus IS 300. Even a minor difference in coverage limits could skew the results. And when quoting auto insurance, remember that getting more free quotes helps you find better pricing.

Drivers save money with these discounts

The price of auto insurance can be rather high, but you might be missing out on some discounts to help bring down the price. A few discounts will be applied at the time of quoting, but some may not be applied and must be inquired about before being credited.

  • More Vehicles More Savings – Purchasing coverage when you have multiple cars or trucks on one policy can get a discount on all vehicles.
  • First Accident Forgiveness – This isn’t a discount exactly, but companies like Liberty Mutual, Allstate and State Farm will allow you to have one accident before hitting you with a surcharge if you have no claims prior to being involved in the accident.
  • Mature Driver Discount – Mature drivers may be able to get a small decrease in premiums on IS 300 coverage.
  • Anti-theft Discount – Vehicles optioned with advanced anti-theft systems are stolen with less frequency and earn discounts up to 10% off your insurance quote.
  • College Student Discount – Any of your kids who live away from home at college without a vehicle on campus may be insured at a cheaper rate.
  • Discount for Home Ownership – Owning your own home or condo may earn you a small savings because maintaining a house means you have a higher level of financial diligence.
  • Professional Memberships – Joining a civic or occupational organization may earn a discount on your next renewal.
  • Discount for Swiching Early – A few companies give discounts for renewing your policy before your current policy expires. It could save around 10% when you buy insurance online.
  • Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle up can save up to 15% off the personal injury premium cost.
  • Defensive Driver Discounts – Successfully completing a safe driver course could cut 5% off your bill if you qualify.

A quick disclaimer, most credits do not apply to the overall cost of the policy. Most only cut specific coverage prices like physical damage coverage or medical payments. So when the math indicates adding up those discounts means a free policy, it just doesn’t work that way. But all discounts will definitely reduce your policy premiums.

A few of the larger companies and some of their more popular discounts are included below.

  • Progressive offers discounts including good student, homeowner, online signing, multi-vehicle, and multi-policy.
  • The Hartford policyholders can earn discounts including vehicle fuel type, good student, air bag, defensive driver, and bundle.
  • Mercury Insurance has discounts for age of vehicle, location of vehicle, good student, type of vehicle, and multi-policy.
  • Geico may offer discounts for air bags, driver training, multi-vehicle, federal employee, and daytime running lights.
  • AAA may have discounts that include good student, anti-theft, AAA membership discount, education and occupation, good driver, pay-in-full, and multi-car.
  • State Farm discounts include defensive driving training, driver’s education, Steer Clear safe driver discount, good student, and anti-theft.

When quoting, ask each company which discounts you qualify for. A few discounts might not be offered in your area.

How car insurance companies calculate Lexus IS 300 insurance prices

Lots of things are used in the calculation when quoting car insurance. Some of the criteria are obvious like an MVR report, although some other factors are more transparent like your continuous coverage and annual miles driven.Smart consumers have a good feel for some of the elements that play a part in calculating insurance rates. If you understand what influences your rates, this empowers consumers to make smart changes that can earn you better insurance rates.

Shown below are a few of the things used by your company to calculate your rate level.

  • Credit history impacts premium rates – Having a bad credit score can be a huge factor in calculating your insurance rates. Insureds that have high credit ratings tend to be less risk to insure than drivers who have lower credit scores. If your credit could use some work, you could pay less to insure your 2002 Lexus IS 300 if you clean up your credit.
  • Does insurance coverage cost less for women? – Over the last 30 years, statistics show females are less aggressive when driving. The data does not necessarily mean that females are better drivers. They both have accidents in similar numbers, but guys cause more damage and cost insurance companies more money. Not only are claims higher, but men have more aggressive citations like DUI and reckless driving.
  • Lower rates by increasing deductibles – Comp and collision deductibles define the amount you are willing to pay out-of-pocket before a claim is paid by your company. Insurance for physical damage, also called ‘full coverage’, insures against damage to your car. Some coverage claims are collision with another vehicle, damage caused by hail, and damage from wind. The more expense you pay before a claim is paid (deductible), the less money you will pay for insurance on IS 300 coverage.
  • Remove unneeded add-on coverages – Insurance policies have a lot of add-on coverages that can add up on your IS 300 policy. Coverages for coverage for rental cars, death and dismemberment, and extra equipment coverage may be costing you every month. They may seem good when buying your policy, but if you’ve never needed them in the past eliminate them to save money.
  • Reduce premiums by driving vehicles with better crash test results – Cars with five star safety ratings get lower rates. Vehicles engineered for safety reduce the chance of injuries and any reduction in injury severity translates directly to fewer claims passed on to you as lower rates. If your Lexus IS 300 is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it may cost less to insure.
  • Vehicle features impact premiums – Selecting a car model with advanced anti-theft systems can earn a premium discount. Anti-theft devices like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help prevent car theft and help bring rates down.
  • Never let your insurance policy lapse – Driving any period of time without insurance is not a good idea and you may have a hard time finding new coverage because you let your coverage lapse. And not only will insurance be more expensive, getting caught without coverage might get you a revoked license or a big fine. You may then have to file a SR-22 with your state motor vehicle department.

Special considerations

When it comes to choosing the best insurance coverage, there really is no single plan that fits everyone. Everyone’s situation is a little different.

For instance, these questions can help discover whether your personal situation might need professional guidance.

  • Are rental cars covered under my policy?
  • Should I have a commercial auto policy?
  • What is the difference between comprehensive and collision coverage?
  • Does coverage extend to my business vehicle?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • Are rock chip repairs covered?
  • Can my babysitter drive my car?
  • Can I drive in Mexico and have coverage?

If you’re not sure about those questions but one or more may apply to you, you may need to chat with a licensed agent. If you don’t have a local agent, take a second and complete this form.

The coverage is in the details

Having a good grasp of your auto insurance policy can help you determine the right coverages at the best deductibles and correct limits. Auto insurance terms can be difficult to understand and coverage can change by endorsement.

Comprehensive insurance

This will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as a tree branch falling on your vehicle, fire damage, damage from flooding and theft. The highest amount you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full 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. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Liability insurance

Liability insurance provides protection from injuries or damage you cause to a person or their property. It protects you against other people’s claims, and doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have values of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged propery.

Liability insurance covers things like medical services, attorney fees, legal defense fees and pain and suffering. How much liability should you purchase? That is up to you, but it’s cheap coverage so purchase as large an amount as possible.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP reimburse you for short-term medical expenses like dental work, EMT expenses, rehabilitation expenses and surgery. They can be utilized in addition to your health insurance policy or if you lack health insurance entirely. They cover you and your occupants and also covers being hit by a car walking across the street. PIP is not universally available but can be used in place of medical payments coverage

Collision insurance

This pays to fix your vehicle from damage caused by collision with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for things such as crashing into a ditch, damaging your car on a curb, rolling your car and colliding with a tree. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are 8 years or older. You can also raise the deductible to get cheaper collision coverage.

And the best car insurance company is…

Budget-conscious 2002 Lexus IS 300 insurance can be found from both online companies and with local insurance agents, so you need to shop insurance with both to have the best rate selection. Some insurance companies may not provide online price quotes and usually these regional insurance providers provide coverage only through independent agents.

Consumers leave their current company for a number of reasons such as denial of a claim, lack of trust in their agent, poor customer service and high prices. It doesn’t matter why you want to switch finding a new insurance coverage company is actually quite simple.

As you quote insurance, do not skimp on coverage in order to save money. In many instances, an accident victim reduced comprehensive coverage or liability limits only to find out they didn’t purchase enough coverage. Your goal is to purchase a proper amount of coverage at the best cost.

Additional information is available on the following sites:

Comments About 2002 Lexus IS 300 Insurance

  1. Kandra Merrill

    I’m in Norfolk, Virginia. Quoted quotes with 21st Century, Amica, Eastwood, and The General for my Lexus and am saving around $90 a year. I don’t put full coverage on it.

  2. Deadra Riddle

    I live just outside Kailua, HI. Got car insurance quotes with 21st Century, Eastwood, and Hartford for my IS 300 and I think I am saving around $20 each month. Thankfully I’m not a high risk driver. Liability only on my Lexus.

  3. Luanne Clemons

    Cheap is not always the best policy. Lifelong resident of Fargo, ND. Received rates from Progressive, Auto-Owners, Erie, and Hanover for my 2002 Lexus IS 300 and I think I am saving around $30 each month. I have several vehicles insured with them.

  4. Monnie Guthrie

    2002 Lexus IS 300 + Progressive = CHEAP! At least inIowa anyway.

  5. Lannie Hurley

    Does Connecticut have minimum liability laws?

  6. Katelyn Vincent

    I compared a lot of rate quotes for a 2002 Lexus IS 300 in Salt Lake City, UT. Ended up at right around $100 every six months with American Family. Left Safeco to switch. I have a couple other vehicles on the policy. Book value doesn’t justify full coverage anymore.

  7. Ona Donovan

    I found cheap 2002 Lexus IS 300 insurance in Tulsa, Oklahoma with Progressive.