Cheapest 2003 Lexus IS 300 Insurance Rates in 2024

Have you had enough of being strong-armed to insure your Lexus every month you drive? You’re in the same situation as the majority of other car owners. Online insurance companies like GEICO, Progressive, and Allstate continually bombard you with catchy ads and consumers find it hard to see through the deception and do the work needed to find the best deal. It’s up to you to keep your Lexus IS 300 insurance cost low.

If you are insured now or need a new policy, you can learn to get lower rates and possibly find even better coverage. Choosing the best insurance company for you is quite easy. Drivers only need to know the tricks to shop their coverage around online so they can be covered to drive and not pay an arm and a leg.

What discounts can help you save money on your insurance policy?

Insuring your fleet can be pricey, but there could be available discounts that many people don’t even know exist. Most are applied at the time of purchase, but less common discounts must be specifically requested before you will receive the discount. If you’re not getting every credit you deserve, you’re paying more than you need to to be covered to drive.

• 55 and Retired – Mature drivers may be able to get reduced rates on IS 300 coverage.
• Discounts for Safe Drivers – Safe drivers can get discounts for up to 45% lower rates on IS 300 coverage than drivers with accident claims.
• Claim Free – Claim-free drivers pay less when compared to bad drivers.
• Theft Prevention Discount – Cars that have factory anti-theft systems help deter theft and therefore earn up to a 10% discount.
• Paperless Signup – A few companies will give a small break for buying your policy online.
• Defensive Driving Course – Taking part in a driver safety course could possibly earn you a 5% discount depending on where you live.
• Early Switch Discount – Some companies give discounts for signing up before your current expiration date. It’s a savings of about 10%.
• Student Driver Training – Cut your cost by having your teen driver successfully complete driver’s ed class in school.

It’s important to note that most of the big markdowns will not be given to the entire policy premium. Most only apply to specific coverage prices like medical payments or collision. So when the math indicates having all the discounts means you get insurance for free, it doesn’t quite work that way. Any amount of discount will help reduce your overall premium, however.

Some things like the number of miles you commute or the style of vehicle will impact your insurance monthly payments, but other features like your highway fuel efficiency or rear wheels can be nice but aren’t likely to impact your rates. It also depends on how old the vehicle is, as 1st owners and 2nd owners will likely pay more than 3rd owners or 4th owners, as the vehicle typically costs less to insure as it gets older. One exception would be if the vehicle is a classic car, but classic car insurance is a whole other ballgame.

Insurance companies that possibly offer these money-saving discounts may include but are not limited to:

• State Farm
• Progressive
• Travelers
• American Family
• Liberty Mutual

Double-check with each insurance company which discounts they offer. Savings may not apply in your area.

How can you find the lowest Lexus IS 300 insurance cost?

Finding cheaper 2003 Lexus IS 300 insurance coverage prices is a fairly straight forward process. You just have to take the time comparing rate quotes provided by online insurance companies. It is quite easy and can be accomplished in just a few minutes using one of these methods.

The best way to get quotes for comparison would be an industry-wide quote request form. This method  prevents you from having to do repetitive form submissions to each individual insurance coverage company. Taking the time to complete one form compares rates from insurance coverage companies with the best prices.

A less efficient way to obtain and compare quotes online requires a trip to the website for each individual company and fill out their own quote form.

It doesn’t matter which method you choose, just make sure you use exactly the same deductibles and coverage limits with every price quote. If you have unequal deductibles or liability limits it will be impossible to make an equal comparison.

When should I use an insurance agent?

When choosing the best insurance coverage coverage, there really is no cookie-cutter policy. Every insured’s situation is different so your insurance should reflect that For instance, these questions can help discover whether your personal situation will benefit from professional help.

• Am I covered if hit by an uninsured driver?
• Can I pay claims out-of-pocket if I buy high deductibles?
• If my 2003 Lexus IS 300 is totaled, can I afford another vehicle?
• Does having multiple vehicles earn me a discount?
• Where can I get insurance after a DUI in my state?
• Is my custom paint covered by insurance?
• Is my business laptop covered if it gets stolen from my vehicle?
• What is PIP insurance?

What types of coverages are available?

Learning about specific coverages of your insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. Insurance terms can be confusing and reading a policy is terribly boring. Below you’ll find the usual coverages found on the average insurance policy.

Uninsured and Underinsured Coverage

This coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.

Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Collision Coverage

Collision coverage pays for damage to your IS 300 resulting from a collision with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage pays for claims like crashing into a building, damaging your car on a curb, crashing into a ditch, colliding with a tree and rolling your car. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. Another option is to raise the deductible to save money on collision insurance.

Medical Payment Coverage

Med pay and PIP coverage reimburse you for immediate expenses for things like nursing services, dental work and ambulance fees. They are used in conjunction with a health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover all vehicle occupants and also covers if you are hit while walking down the street. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage.

Liability Car Insurance

This coverage provides protection from injuries or damage you cause to a person or their property by causing an accident. This coverage protects you from legal claims by others. Liability doesn’t 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. You commonly see values of 100/300/100 that translate to a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged property. Occasionally you may see a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.

Liability can pay for claims such as repair costs for stationary objects, attorney fees, repair bills for other people’s vehicles and medical services. How much liability should you purchase? That is up to you, but consider buying as large an amount as possible.

Comprehensive Coverage

This coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage can pay for things such as vandalism, hail damage, damage from getting keyed and hitting a deer. The most an insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Keeping Your Lexus IS 300 Insurance Cost Low: Summary

You just learned many tips how you can save on 2003 Lexus IS 300 insurance. The key thing to remember is the more providers you compare, the higher your chance of finding lower rates. You may be surprised to find that the lowest rates come from a lesser-known regional company. Some small companies may have significantly lower rates on certain market segments than their larger competitors like Allstate, GEICO and Progressive.

Budget-conscious insurance is available online as well as from independent agents, and you need to comparison shop both in order to have the best price selection to choose from. Some insurance providers don’t offer online price quotes and usually, these regional insurance providers provide coverage only through local independent agents.

To learn more, feel free to visit the articles below:

• Safety Belts FAQ (iihs.org)
• Auto Crash Statistics (Insurance Information Institute)