Lower Your 2003 Lexus IS 300 Insurance Cost

Consumers have lots of choices when looking for low-cost Lexus IS 300 insurance. You can either spend your time contacting agents getting price quotes or save time using the internet to get rate quotes. There are both good and bad ways to find insurance coverage online so you’re going to learn the quickest way to price shop coverage for a Lexus and locate the lowest possible price either online or from local insurance agents.

Finding affordable coverage is easy if you know what you’re doing. If you currently have car insurance, you stand a good chance to be able to reduce your rates substantially using this information. Drivers just need to learn how to buy auto insurance on the web.

How to compare free insurance rate quotes

Getting more affordable 2003 Lexus IS 300 insurance pricing isn’t really that difficult. You just need to spend a few minutes on the computer comparing rates to find. Shoppers can get rates in a couple of different ways.

The most efficient way to compare a lot of rates at once would be an industry-wide quote request form (click to open form in new window). This quick form keeps you from doing separate quotes to each individual insurance company. One quote request will return price quotes direct from many companies. It’s definitely the quickest method.

A more difficult way to analyze rates requires visiting the website of each company to complete a price quote. For example, let’s say you want to get rates from State Farm, Liberty Mutual and Allstate. You would be required to visit each site and punch in your information repeatedly, and that’s why the first method is more popular.

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

If you have time to kill, the last way to get comparison rates is calling or driving to insurance agencies in your area. Doing it all online can eliminate the need for a local agent unless you require the guidance that you can only get from talking to an agent. It is possible with some companies compare the best prices online and get advice from an agent in your area.

The approach you take is up to you, just do your best to use identical coverages and limits on every quote you get. If you are comparing different data then you won’t be able to determine the lowest rate for your Lexus IS 300.

The largest companies are not always cheapest

Consumers can’t ignore all the ads that claim the cheapest auto insurance rates by State Farm and Allstate. They all seem to make the point that drivers will save a bundle if you change to their company.

How does each company make the same claim? Here is how they do it.

Most companies can use profiling for the type of driver that earns them the most money. For instance, a profitable insured should be between the ages of 30 and 50, has no driving citations, and drives less than 5,000 miles a year. Any customer who meets those qualifications will probably get cheap prices and will most likely save if they switch.

Potential insureds who fall short of these stringent criteria will probably have to pay higher rates and this results in business not being written. If you listen to the ad wording, they say “people that switch” not “everyone who quotes” save the amount stated. That is how companies can truthfully make claims that they all have the best premium rates. Because each company has a different risk profile, drivers must compare quotes as often as possible. It is impossible to predict which car insurance company will have the lowest rate quotes.

Are you earning every discount?

Insuring your fleet can be pricey, but you might be missing out on some discounts that could help you make your next renewal payment. Certain reductions will be credited at the time of purchase, but a few need to be asked for before you will receive the discount. If you do not double check each discount possible, you are not getting the best rate possible.

• Accident Forgiveness – but certain companies will let one accident slide before your rates go up with the catch being you have to be claim-free before the accident.
• Paperless Signup – Many insurance companies will discount your bill up to fifty bucks for signing up on the web.
• Claim-Free Discount – Insureds who avoid accidents and claims pay less as compared to insureds who have frequent claims or accidents.
• Driver’s Ed – Require your teen driver to participate in a local driver’s education class as it can save substantially.
• Own a Home and Save – Owning a house may earn you a small savings because owning a home means you have a higher level of financial diligence.

Don’t be surprised that most discount credits are not given to your bottom line cost. Most only apply to specific coverage prices like comprehensive or collision. Even though it appears you can get free auto insurance, it’s just not the way it works.

A few popular companies and their offered discounts are shown below.

• Geico may have discounts that include multi-policy, federal employee, anti-theft, military active duty, membership and employees, daytime running lights, and five-year accident-free.
• Travelers offers discounts including good student, new car, home ownership, payment discounts, early quote, and continuous insurance.
• Farm Bureau has savings for multi-policy, multi-vehicle, 55 and retired, renewal discount, and youthful driver.
• Liberty Mutual has discounts for new vehicle discount, hybrid vehicle, good student, multi-car, and multi-policy.
• American Family offers premium reductions for early bird, defensive driver, Steer into Savings, good student, accident-free, and mySafetyValet.
• Progressive offers discounts for online signing, online quote discount, homeowner, multi-vehicle, multi-policy, and continuous coverage.

Check with each insurance company how you can save money. Some discounts may not be available in every state. To see a list of providers with the best discounts, follow this link.

When in doubt talk to an agent

When it comes to choosing adequate coverage for your personal vehicles, there isn’t really a single plan that fits everyone. Coverage needs to be tailored to your specific needs.

For example, these questions could help you determine whether you might need an agent’s assistance.

• Are my friends covered when driving my 2003 Lexus IS 300?
• Are all vehicle passengers covered by medical payments coverage?
• Is business equipment covered while in my vehicle?
• Should I have combined single limit or split liability limits?
• Should I buy only the required minimum liability coverage?
• Does my insurance cover damage caused when ticketed for reckless driving?
• Is pleasure use cheaper than using my 2003 Lexus IS 300 to commute?
• Do I really need UM/UIM coverage?
• Does my liability insurance cover pulling a trailer or camper?
• Should I waive the damage coverage when renting a car?

If you don’t know the answers to these questions, you might consider talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form. It’s fast, free and you can get the answers you need.

Car insurance coverage options for a 2003 Lexus IS 300

Learning about specific coverages of a car insurance policy can be of help when determining appropriate coverage and the correct deductibles and limits. The terms used in a policy can be impossible to understand and reading a policy is terribly boring.

Coverage for liability

Liability coverage provides protection from damages or injuries you inflict on other people or property that is your fault. This coverage protects you from claims by other people, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see policy limits of 25/50/25 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery.

Liability coverage protects against things such as repair costs for stationary objects, repair bills for other people’s vehicles and structural damage. How much coverage you buy is a personal decision, but you should buy higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your 2003 Lexus IS 300.

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Collision insurance

This pays to fix your vehicle from damage resulting from colliding with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against things like hitting a mailbox, hitting a parking meter and sustaining damage from a pot hole. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. Another option is to bump up the deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage kick in for short-term medical expenses for prosthetic devices, nursing services, funeral costs, X-ray expenses and ambulance fees. They can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. They cover you and your occupants and will also cover getting struck while a pedestrian. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Comprehensive insurance

Comprehensive insurance coverage will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims such as hitting a deer, hail damage, theft and a broken windshield. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Coverage on a shoestring budget

People change insurance companies for a variety of reasons including questionable increases in premium, unfair underwriting practices, denial of a claim and extreme rates for teen drivers. Whatever your reason, finding a new company is easier than you think.

You just learned quite a bit of information on how to get a better price on 2003 Lexus IS 300 insurance. It’s most important to understand that the more times you quote, the better your comparison will be. You may be surprised to find that the most savings is with some of the lesser-known companies.

More affordable insurance coverage can be found both online and from local agencies, so you should be comparing quotes from both to get a complete price analysis. Some companies do not offer internet price quotes and most of the time these regional insurance providers sell through independent agents.

Additional detailed information can be read in these articles:

• Five Tips to Save on Auto Insurance (Insurance Information Insitute)
• Understanding Your Insurance Deductible (Insurance Information Insitute)
• Parking Tips to Reduce Door Dings (State Farm)
• Teen Driving and Texting (State Farm)
• What is Covered by an Auto Insurance Policy? (Insurance Information Insitute)
• What is a Telematics Device? (Allstate)