Cheaper 2003 Lexus GX 470 Insurance Cost

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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: Mar 8, 2020

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Searching for better insurance rates? Consumers have options when looking for affordable Lexus GX 470 insurance. They can either spend hours calling around to compare prices or leverage the internet to get rate quotes.

There is a better way to shop for insurance so you’re going to learn the proper way to get price quotes for a Lexus and get the lowest price from local insurance agents and online providers.

If you are insured now or are shopping for new coverage, you will benefit by learning to get lower rates while maintaining coverages. This information will familiarize you with the best way to quote coverages. Consumers only need to know the proper methods to shop their coverage around over the internet.

What determines your Lexus GX 470 insurance premium

It’s important that you understand some of the elements that help determine the price you pay for insurance. Understanding what determines base rates empowers consumers to make smart changes that can help you get lower insurance prices.

The following are some of the factors used by your company to calculate your rates.

  • Low deductibles can be expensive – Physical damage coverage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your Lexus. Some examples of claims that would be covered would be running into the backend of another car, vandalism, and windstorm damage. The deductibles are how much you are required to spend in the event of a claim. The more expense the insured has to pay upfront, the less your insurance will be on GX 470 coverage.
  • Your stress level may be raising your rates – Careers like judges, social workers and accountants are shown to have higher rates than average in part from high stress levels and long work hours. On the flip side, occupations such as actors, athletes and the unemployed pay the least on GX 470 coverage.
  • Marriage pays dividends – Getting married helps lower the price on your insurance policy. Having a spouse translates into being more mature and it’s statistically proven that married drivers get in fewer accidents.
  • Your age impacts your rates – Older insureds are more cautious drivers, tend to file fewer claims and are safer drivers. Teenage drivers are known to be careless and easily distracted when behind the wheel therefore insurance rates are much higher.
  • Men pay higher rates – Statistics have proven women tend to be less risk to insure than men. That doesn’t necessarily mean that men are worse drivers. Women and men cause accidents at a similar rate, but the male of the species cause more damage. Men also tend to have more aggressive citations such as DWI and reckless driving. Male drivers age 16 to 19 are most likely to cause an accident and thus pay the highest rates.
  • Little extras can really add up – There are a lot of extra coverages that can waste your money if you aren’t careful. Coverages for roadside assistance, accident forgiveness and additional equipment coverage are examples of these. These coverages may sound good at first, but now you might not need them so eliminate them to save money.
  • Your credit rating is important – Your credit history is a large factor in determining your rates. If your credit score is not that good, you could save money insuring your 2003 Lexus GX 470 by improving your credit score. Consumers who have excellent credit tend to be less risk to insure than drivers with lower credit scores.

Take advantage of discounts

Insurance can be prohibitively expensive, buy you may qualify for discounts that many people don’t even know exist. Larger premium reductions will be automatically applied at the time of quoting, but a few need to be inquired about before you get the savings. If you don’t get every credit you deserve, you are paying more than you should be.

  • Theft Prevention System – Anti-theft and alarm systems prevent vehicle theft and earn discounts up to 10%.
  • Safe Drivers – Safe drivers may receive a discount up to 45% less on GX 470 coverage than their less cautious counterparts.
  • Anti-lock Brake System – Cars that have steering control and anti-lock brakes can avoid accidents and therefore earn up to a 10% discount.
  • Claim Free – Drivers with accident-free driving histories pay less when compared to frequent claim filers.
  • Student in College – Any of your kids living away from home attending college without a vehicle on campus can be insured at a reduced rate.
  • Multi-car Discount – Buying insurance for more than one vehicle with the same company can get a discount on all vehicles.
  • Early Switch Discount – A few companies offer discounts for switching to them before your current expiration date. It’s a savings of about 10%.
  • Accident Waiver – A few companies will allow you to have one accident before raising your premiums if your claims history is clear prior to the accident.

As a disclaimer on discounts, most of the big mark downs will not be given to the overall cost of the policy. Most only reduce the cost of specific coverages such as collision or personal injury protection. So despite the fact that it appears all the discounts add up to a free policy, companies wouldn’t make money that way. Any amount of discount will help reduce your premiums.

To see a list of insurers who offer insurance discounts, click this link.

How to know if you need help

When choosing proper insurance coverage for your vehicles, there really is not a single plan that fits everyone. Everyone’s situation is a little different.

These are some specific questions could help you determine if you will benefit from professional help.

  • When do I need to add a new car to my policy?
  • Who is covered when they drive my 2003 Lexus GX 470?
  • Is a fancy paint job covered?
  • Does insurance cover tools stolen from my truck?
  • I have a DUI can I still get coverage?
  • Is my nanny covered when driving my vehicle?
  • How high should deductibles be on a 2003 Lexus GX 470?
  • Do I benefit by insuring my home with the same company?

If you can’t answer these questions but a few of them apply then you might want to talk to a licensed agent. If you want to speak to an agent in your area, fill out this quick form. It’s fast, free and may give you better protection.

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Specific coverages for a 2003 Lexus GX 470

Having a good grasp of your policy can help you determine appropriate coverage and proper limits and deductibles. Insurance terms can be ambiguous and coverage can change by endorsement.

Comprehensive insurance

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as damage from a tornado or hurricane, a tree branch falling on your vehicle, fire damage, hitting a deer and a broken windshield. The most your insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage reimburse you for short-term medical expenses such as ambulance fees, X-ray expenses, prosthetic devices, funeral costs and rehabilitation expenses. They are used in conjunction with a health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage provides protection from other motorists when they either have no liability insurance or not enough. This coverage pays for injuries to you and your family and also any damage incurred to your Lexus GX 470.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time these limits do not exceed the liability coverage limits.

Coverage for collisions

Collision insurance pays for damage to your GX 470 caused by collision with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for things such as colliding with another moving vehicle, hitting a mailbox, damaging your car on a curb, scraping a guard rail and crashing into a building. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. Another option is to increase the deductible to bring the cost down.

Coverage for liability

Liability coverage can cover damage that occurs to people or other property by causing an accident. It protects YOU from claims by other people. It does not cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have policy limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Some companies may use a combined limit which provides one coverage limit rather than limiting it on a per person basis.

Liability insurance covers things like attorney fees, repair bills for other people’s vehicles and loss of income. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.

Money doesn’t grow on trees

Consumers switch companies for a variety of reasons including high rates after DUI convictions, denial of a claim, delays in responding to claim requests or even questionable increases in premium. It doesn’t matter what your reason, finding a new company is pretty easy and you might even save some money in the process.

While you’re price shopping online, don’t be tempted to buy less coverage just to save a little money. There are many occasions where an insured dropped liability coverage limits and learned later that their decision to reduce coverage ended up costing them more. Your aim should be to get the best coverage possible at an affordable rate, not the least amount of coverage.

You just learned some good ideas how you can shop for 2003 Lexus GX 470 insurance online. The key thing to remember is the more price quotes you have, the better likelihood of reducing your rate. You may be surprised to find that the lowest rates come from a small local company.

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

Use our FREE quote tool to compare rates now!

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