2003 Lexus LX 470 Insurance Rates

Searching for the cheapest insurance for your Lexus LX 470 can normally be an all-consuming task, but you can use our insurance buying tips to save time.

There is a better way to compare insurance rates so we’re going to tell you the quickest way to price shop coverage for your Lexus and find the cheapest rates from local insurance agents and online providers.

Smart consumers take time to compare prices quite often since insurance prices change frequently. Even if you think you had the best rates for LX 470 insurance last year a different company probably has better premium rates today. You can find a lot of misleading information regarding insurance online, but I’m going to show you some proven techniques to find affordable insurance.

Six factors that affect insurance rates

One of the most helpful ways to save on insurance coverage is to to have a grasp of the rating factors that go into determining the price you pay for insurance coverage. If you have a feel for what impacts premium levels, this helps enable you to make changes that could help you find big savings. Multiple criteria are part of the calculation when you get a price on insurance. Some are pretty understandable such as traffic violations, but some are less obvious like your vehicle usage or your commute time.

• Gender and car insurance costs – Over the last 50 years, statistics have shown that females take fewer risks when driving. The data does not necessarily mean that females are better at driving than males. Men and women have accidents in similar percentages, but the men have costlier accidents. Men also tend to get more serious tickets like DUI and reckless driving.
• Your address can impact costs – Choosing to live in small towns and rural areas is a good thing when shopping for auto insurance. City drivers have to deal with more auto accidents and a longer drive to work. Fewer drivers means a lower chance of having an accident and lower theft and vandalism rates.
• Frequent insurance coverage claims increase premiums – If you file a lot of claims you can pretty much guarantee either policy cancellation or increased premiums. Companies generally give discounts to people who are claim-free. Auto insurance is intended for major claims that would cause financial hardship.
• Raise comp and collision deductibles and save – Protection for physical damage, aka comp and collision, helps pay for damage to your vehicle. Some examples of covered claims would be a windshield shattered by a rock, hail damage, and having your car stolen. The deductibles you choose tell how much you are willing to pay before a claim is paid by your company. The more money you choose to pay out-of-pocket, the less money you will pay for insurance coverage for LX 470 insurance.
• Deter car thieves – Owning a car that has a built-in theft deterrent system can save you a little every year. Theft prevention devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all hinder auto theft.
• Drive lots and pay more – The higher the miles on your Lexus in a year’s time the more you’ll pay to insure your vehicle. A lot of insurance companies rate vehicles based upon how much you drive. Vehicles used primarily for pleasure use get more affordable rates as compared to vehicles used primarily for driving to work. Improper usage on your LX 470 can result in significantly higher rates. It’s a smart idea to ensure your declarations sheet properly reflects the correct usage.

Drivers save money with these discounts

Buying insurance is not cheap, but you can get discounts that you may not even be aware of. Larger premium reductions will be automatically applied when you complete an application, but a few need to be asked for in order for you to get them.

• Use Seat Belts – Using a seat belt and requiring all passengers to use their safety belts may be able to save a few bucks off the personal injury premium cost.
• Save with a New Car – Buying a new car instead of a used car can get you a discount because newer models are generally safer.
• Defensive Driving Course – Taking time to complete a course teaching defensive driving skills could possibly earn you a 5% discount and easily pay for the cost of the class.
• Homeowners Discount – Being a homeowner may trigger a policy discount on insurance since home ownership is proof of financial responsibility.
• Professional Memberships – Having an affiliation with certain professional organizations is a good way to get lower rates on insurance.
• Passenger Safety Discount – Factory options such as air bags or automatic seat belts may qualify for discounts of up to 25% or more.
• Auto/Home Discount – If you have multiple policies with the same insurance company you will save nearly 15% which can help you find cheap car insurance.

One last thing about discounts, some of the credits will not apply to the overall cost of the policy. Most only reduce individual premiums such as comp or med pay. So even though you would think having all the discounts means you get insurance for free, it’s just not the way it works.

Popular insurance companies and their possible discounts are outlined below.

• Geico includes discounts for anti-theft, multi-policy, five-year accident-free, defensive driver, and military active duty.
• MetLife policyholders can earn discounts including accident-free, good driver, claim-free, multi-policy, good student, defensive driver
• Progressive discounts include homeowner, online quote discount, multi-policy, online signing, and multi-vehicle.
• Travelers has discounts for good student, save driver, student away at school, payment discounts, IntelliDrive, and continuous insurance.
• SAFECO offers premium reductions for multi-car, anti-theft, teen safety rewards, anti-lock brakes, and bundle discounts.
• AAA may have discounts that include good driver, multi-car, education and occupation, good student, multi-policy, and anti-theft.

If you need the cheapest car insurance quotes, ask all companies you are considering which discounts can lower your rates. Discounts may not apply to policies in your area. To locate insurance companies who offer discounts, follow this link.

Special considerations

When it comes to choosing coverage, there really is no “perfect” insurance plan. Coverage needs to be tailored to your specific needs.

Here are some questions about coverages that might help in determining if your insurance needs may require specific advice.

• Should I get collision insurance on every vehicle?
• Is borrowed equipment or tools covered if stolen or damaged?
• Will I be non-renewed for getting a DUI or other conviction?
• Am I better off with higher deductibles on my 2003 Lexus LX 470?
• What is the difference between comprehensive and collision coverage?
• Do I need special endorsements for business use of my vehicle?
• Should I bundle my homeowners policy with my auto?

If it’s difficult to answer those questions then you might want to talk to a licensed agent. To find lower rates from a local agent, complete this form. It only takes a few minutes and you can get the answers you need.

Coverages available on your policy

Understanding the coverages of your policy can be of help when determining which coverages you need for your vehicles. Auto insurance terms can be impossible to understand and even agents have difficulty translating policy wording.

Comprehensive or Other Than Collision

This pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like falling objects, a tree branch falling on your vehicle, rock chips in glass, hitting a bird and damage from getting keyed. The most you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

UM/UIM Coverage

This coverage protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea. Normally these limits are identical to your policy’s liability coverage.

Collision coverage protection

This will pay to fix damage to your LX 470 resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for claims like scraping a guard rail, hitting a mailbox, driving through your garage door and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so you might think about dropping it from older vehicles. Another option is to bump up the deductible to bring the cost down.

Coverage for liability

Liability insurance provides protection from injuries or damage you cause to a person or their property. This coverage protects you from claims by other people. Liability 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 might see liability limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined limit which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage protects against things like attorney fees, emergency aid and legal defense fees. How much liability coverage do you need? That is your choice, but consider buying as large an amount as possible.

Medical costs insurance

Med pay and PIP coverage reimburse you for short-term medical expenses for ambulance fees, dental work, surgery and rehabilitation expenses. The coverages can be used to fill the gap from your health insurance program or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

One last thing about your coverage

There are still a few companies who may not have online price quotes regional carriers sell through independent insurance agents. Cheaper auto insurance can be purchased both online and from local insurance agents, so you should compare both to have the best chance of lowering rates.

We just showed you some good ideas how you can shop for 2003 Lexus LX 470 insurance online. The key concept to understand is the more you quote car insurance, the higher the chance of saving money. You may even discover the biggest savings come from the smaller companies.

When you buy car insurance online, make sure you don’t buy less coverage just to save a little money. In too many instances, an accident victim reduced physical damage coverage only to find out that their decision to reduce coverage ended up costing them more. Your strategy should be to purchase a proper amount of coverage at the best price while not skimping on critical coverages.

More learning opportunities

• Safety Belts FAQ (iihs.org)
• Auto Insurance Learning Center (State Farm)
• Determing Auto Insurance Rates (Geico)
• Rental Car Insurance Tips (Insurance Information Insitute)
• Steps to Take After an Auto Accident (Insurance Information Insitute)
• No-Fault Auto Insurance Statistics (Insurance Information Insitute)