1992 Lexus LS 400 Car Insurance Cost – 8 Discounts for Best Prices

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: May 12, 2022

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Feel like you’re a prisoner to an overpriced insurance policy? Believe me when I say you’re not alone.

Lots of auto insurance companies contend for your business, and because of this it can be hard to compare insurers to find the absolute cheapest price

If you are paying for car insurance now, you will most likely be able to cut costs considerably using these methods. Finding affordable coverage is easy if you know what you’re doing. Although car owners can benefit from knowing the methods companies use to market on the web and take advantage of how the system works.

Discounts are basically free money

Insuring your fleet can be pricey, but there are discounts available that you may not even be aware of. Certain discounts will be applied at quote time, but some must be asked for in order for you to get them.

  • More Vehicles More Savings – Buying coverage for multiple cars or trucks with the same company qualifies for this discount.
  • Early Switch Discount – A few companies offer discounts for buying a policy prior to your current policy expiration. It’s a savings of about 10%.
  • No Charge for an Accident – Some insurance companies allow you one accident before hitting you with a surcharge as long as you don’t have any claims prior to the accident.
  • No Claims – Drivers with accident-free driving histories pay much less when compared with accident-prone drivers.
  • Federal Government Employee – Simply working for the federal government may qualify you for a discount for LS 400 insurance with a few insurance companies.
  • Discount for Good Grades – Performing well in school can save 20 to 25%. This discount can apply until age 25.
  • Seat Belts Save – Drivers who require all occupants to use a seat belt can save 10% or more off your medical payments premium.
  • Anti-theft System – Vehicles equipped with anti-theft or alarm systems help deter theft and qualify for as much as a 10% discount.

A little note about advertised discounts, most of the big mark downs will not be given the whole policy. Most only cut the price of certain insurance coverages like medical payments or collision. Even though it may seem like it’s possible to get free car insurance, it just doesn’t work that way. But any discount will bring down your premiums.

For a list of insurers who offer insurance discounts, click here.

Which insurance is the “right” coverage?

When it comes to choosing coverage, there really is not a single plan that fits everyone. Your needs are not the same as everyone else’s so your insurance needs to address that. Here are some questions about coverages that might point out if your situation may require specific advice.

  • Do I benefit by insuring my home with the same company?
  • Is pleasure use cheaper than using my 1992 Lexus LS 400 to commute?
  • Does coverage extend to my business vehicle?
  • Is my trailer covered?
  • Am I getting all the discounts available?
  • Does insurance cover damages from a DUI accident?
  • Am I covered when delivering products for my home-based business?
  • What is high-risk coverage and where do I buy it?

If you can’t answer these questions but a few of them apply then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form or you can go here for a list of companies in your area.

Coverages available on your insurance policy

Knowing the specifics of your policy can help you determine the right coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and even agents have difficulty translating policy wording. Listed below are typical coverages offered by insurance companies.

Comprehensive protection – Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for things like hail damage, damage from flooding and fire damage. The maximum payout your insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Collision coverages – This will pay to fix damage to your LS 400 from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers things such as crashing into a ditch, hitting a parking meter and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. You can also choose a higher deductible in order to get cheaper collision rates.

Medical expense coverage – Medical payments and Personal Injury Protection insurance pay for short-term medical expenses for ambulance fees, nursing services, funeral costs, pain medications and chiropractic care. The coverages can be utilized in addition to your health insurance program or if you do not have health coverage. Coverage applies to you and your occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage provides protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants and damage to your 1992 Lexus LS 400.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is important protection for you and your family. Usually these limits are similar to your liability insurance amounts.

Liability coverage – This can cover damage or injury you incur to people or other property that is your fault. This coverage protects you against other people’s claims, and doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property. Occasionally you may see a combined limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability coverage pays for claims like funeral expenses, structural damage, pain and suffering and repair bills for other people’s vehicles. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

A fool and his money are soon parted

While you’re price shopping online, it’s not a good idea to sacrifice coverage to reduce premiums. Too many times, consumers will sacrifice comprehensive coverage or liability limits and learned later that saving that couple of dollars actually costed them tens of thousands. Your goal should be to buy a smart amount of coverage for the lowest price, not the least amount of coverage.

Discount 1992 Lexus LS 400 insurance can be bought from both online companies as well as from independent agents, and you need to comparison shop both to have the best chance of lowering rates. A few companies don’t offer you the ability to get quotes online and usually these small, regional companies provide coverage only through local independent agents.

To learn more, take a look at the articles below:

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