Cheapest 1998 Lexus LS 400 Insurance Rates in 2023
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UPDATED: Aug 23, 2022
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Looking for lower car insurance rates for your Lexus LS 400? Feel like you’re a prisoner to high-priced car insurance? Trust us when we tell you you are not the only one feeling buyer’s remorse.
Online insurance companies like Allstate and Progressive persitently shower you with ad campaigns and it can be hard to not get sucked in by the cute commercials and do the work needed to find the best deal.
Discounts mean cheaper 1998 Lexus LS 400 insurance rates
Insuring your fleet can be pricey, but there could be available discounts that you may not even be aware of. Certain discounts will be applied at the time of purchase, but lesser-known reductions have to be specially asked for before they will apply.
- Pay Upfront and Save – If paying your policy premium upfront instead of paying each month you could save up to 5%.
- Claim Free – Good drivers with no accidents can save substantially when compared to frequent claim filers.
- Life Insurance – Larger companies have better rates if you take out auto and life insurance together.
- Auto/Home Discount – When you have multiple policies with the same company you will save at least 10% off all policies.
- Driver’s Ed – Have your child complete a driver education course if offered at their school.
- New Car Discount – Buying coverage on a new vehicle can be considerably cheaper because new vehicles have to meet stringent safety requirements.
- Passive Restraints – Cars that have air bags or motorized seat belts can receive discounts of more than 20%.
- Accident Forgiveness – Certain companies permit an accident before your rates go up so long as you haven’t had any claims for a set time period.
- Anti-lock Brakes – Vehicles with anti-lock braking systems can avoid accidents and qualify for as much as a 10% discount.
- Paperless Signup – A handful of insurance companies give back up to $50 just for signing your application digitally online.
Drivers should understand that most discounts do not apply to your bottom line cost. Most only cut the price of certain insurance coverages like medical payments or collision. Just because you may think you would end up receiving a 100% discount, you won’t be that lucky. Any amount of discount will help reduce the amount you have to pay.
Companies that may offer these benefits include:
Check with each insurance company which discounts you may be entitled to. All car insurance discounts might not be offered everywhere.
Lexus LS 400 insurance rates have many determining factors
An important part of buying insurance is that you know some of the elements that go into determining the price you pay for insurance. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that will entitle you to big savings.
Listed below are some of the items used by your company to calculate prices.
- Low deductibles can be expensive – Physical damage insurance, also known as collision and other-than-collision, protects your Lexus from damage. Some examples of claims that would be covered could be colliding with a building, damage from fire, and rolling your vehicle. The deductibles are the amount of money you are willing to pay out-of-pocket before a claim is paid by your company. The more money the insured has to pay upfront, the lower your rates will be for LS 400 insurance.
- How credit affects insurance rates – Having a bad credit score is a big factor in determining what you pay for insurance. Drivers with high credit scores tend to file fewer claims and have better driving records than drivers with lower credit scores. If your credit rating is low, you could pay less to insure your 1998 Lexus LS 400 by spending a little time repairing your credit.
- Your insurance rates can be influenced by your job – Occupations such as lawyers, social workers and financial analysts are shown to have higher average rates attributed to high stress levels and lengthy work days. Conversely, jobs such as pilots, engineers and retirees pay the least for LS 400 insurance.
- Theft deterrents lower rates – Driving a car with anti-theft technology or alarm system can help bring down rates. Theft prevention features such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder auto theft.
- Pleasure use saves money – Driving more miles in a year’s time the higher your rates will be. The majority of insurers price each vehicle’s coverage determined by how the vehicle is used. Autos that are left in the garage qualify for better rates than those used for commuting. Improper usage on your LS 400 may be costing you. Verify your insurance coverage properly reflects the proper vehicle usage.
- Marriage brings a discount – Having a spouse helps lower the price on your insurance policy. Marriage is viewed as being more mature and responsible and statistics show married couples file fewer claims.
- Bundling policies can get discounts – The majority of insurance companies will award you with lower prices to people who have multiple policies with them in the form of a multi-policy discount. If you currently are using one company, it’s in your best interest to comparison shop to ensure the best deal. Consumers may find a better deal by buying insurance from a different company.
Tailor your coverage to you
When choosing coverage for your vehicles, there really is not a single plan that fits everyone. Everyone’s situation is unique and your policy should reflect that. These are some specific questions can aid in determining if your situation would benefit from an agent’s advice.
- Are all vehicle passengers covered by medical payments coverage?
- I have good health insurance, so how much medical payments coverage do I need?
- Is my camper covered by my car insurance policy?
- How much liability do I need to cover my assets?
- Can I make deliveries for my home business?
- Should I rate my 1998 Lexus LS 400 as pleasure use or commute?
- What if I don’t agree with a claim settlement offer?
- If my pet gets injured in an accident are they covered?
If you’re not sure about those questions, you might consider talking to a licensed agent. To find an agent in your area, complete this form or you can also visit this page to select a carrier
Specific coverage details
Learning about specific coverages of your car insurance policy helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. These are the usual coverages offered by car insurance companies.
Medical expense insurance – Medical payments and Personal Injury Protection insurance provide coverage for expenses like ambulance fees, doctor visits and EMT expenses. They are used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. They cover both the driver and occupants in addition to any family member struck as a pedestrian. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage
Collision – Collision insurance covers damage to your LS 400 caused by collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims such as scraping a guard rail, damaging your car on a curb and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. It’s also possible to choose a higher deductible to bring the cost down.
Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.
Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally the UM/UIM limits are identical to your policy’s liability coverage.
Comprehensive (Other than Collision) – This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.
Comprehensive insurance covers claims like a broken windshield, hitting a bird and damage from getting keyed. The maximum amount a car insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.
Liability coverage – Liability insurance can cover damage or injury you incur to a person or their property that is your fault. It protects you from claims by other people. Liability doesn’t cover 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 which means a limit of $100,000 per injured person, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Alternatively, you may have a combined limit that pays claims from the same limit rather than limiting it on a per person basis.
Liability insurance covers claims like repair bills for other people’s vehicles, emergency aid, attorney fees, medical services and structural damage. The amount of liability coverage you purchase is your choice, but consider buying as large an amount as possible.
And the best car insurance company is…
Affordable 1998 Lexus LS 400 insurance is definitely available on the web and also from your neighborhood agents, so you should be comparing quotes from both in order to have the best price selection to choose from. Some insurance companies may not provide you the ability to get quotes online and usually these small insurance companies provide coverage only through local independent agents.
As you shop your coverage around, do not skimp on critical coverages to save a buck or two. There are many occasions where an insured cut comprehensive coverage or liability limits and discovered at claim time they didn’t have enough coverage. The aim is to get the best coverage possible at a price you can afford, not the least amount of coverage.
In this article, we covered many ways to get a better price on insurance. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. Consumers may even find the most savings is with an unexpected company. Some small companies may have significantly lower rates on certain market segments than their larger competitors like State Farm, GEICO and Nationwide.
Additional insurance information is available at the links below
- What are my Rights when Filing a Claim? (Insurance Information Insitute)
- Crash Avoidance Technologies FAQ (iihs.org)
- Comprehensive Coverage (Liberty Mutual)
- Distracted Driving Extends Beyond Texting (State Farm)
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