Cheap 2020 Lexus IS 300 Insurance Cost in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 9, 2024

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Looking for better insurance coverage rates for your Lexus IS 300? Expensive Lexus IS 300 insurance can draw down your monthly budget and put a big crunch on your finances. Comparing price quotes is a fast and free way to lower your bills every month.

Popular companies such as State Farm, GEICO and Farmers Insurance increase brand awareness with ad campaigns and it is challenging if not impossible to separate fact from fiction and do the work needed to find the best deal.

It’s important to check insurance coverage prices occasionally because rates trend upward over time. Just because you had the best premium rates on IS 300 coverage two years ago you can probably find a better price now. Ignore everything you know about insurance coverage because I’m going to teach you one of the best ways to remove unneeded coverages and save money.

If you have car insurance now, you stand a good chance to be able to lower your premiums substantially using these techniques. Finding affordable coverage is easy if you know what you’re doing. But drivers can benefit by having an understanding of how big insurance companies compete online and apply this information to your search.

The cheapest car insurance quotes online

The are a couple different ways of comparing rate quotes from lots of car insurance companies. The easiest way to comparison shop is simply to get online rate quotes. This can be done in a couple minutes as outlined below.

  1. Hands down the most simple method to compare a lot of rates at once is a comparison rater form. This method eliminates the need for separate quotation requests for every prospective company. One form submission gets you coverage quotes from car insurance companies with the best prices.
  2. A more difficult way to find better pricing requires a visit to the website for every company you want to compare and fill out a new quote form. For sake of this example, let’s say you want to compare Progressive, Esurance and State Farm. To get each rate you have to spend time on each company’s site and repeatedly type in your coverage information, which explains why we recommend starting with the first method.

Compare rates however you want, just do your best to use the exact same information for each quote you get. If the quotes have different data it will be nearly impossible to make an equal comparison. Even a minor difference in insurance coverages or limits may result in large price differences. And when price shopping your coverage, comparing more quotes helps improve the odds of finding a better price. Not every company allows you to get online quotes, so it’s recommended that you also compare quotes on coverage from those companies, too.

Insurance companies offer lots of discounts

Car insurance can cost a lot, but there could be available discounts to help bring down the price. Certain discounts will be triggered automatically at the time of purchase, but a few must be inquired about prior to getting the savings. If you are not receiving all the discounts possible, you could be paying more than you need to.

  • Pay Upfront and Save – If you can afford to pay the entire bill rather than paying monthly you could save up to 5%.
  • Discounts for Responsible Drivers – Accident-free drivers could pay up to 40% less on IS 300 coverage than less cautious drivers.
  • Accident-Free Discounts – Drivers who stay claim-free have much lower rates as opposed to policyholders that have many claims.
  • Include Life Insurance and Save – Not all companies offer life insurance, but some may give you a discount if you purchase a life insurance policy as well.
  • Telematics Discount – People who choose to allow driving data submission to scrutinize when and where they use their vehicle remotely such as Progressive’s Snapshot could see a rate decrease if they exhibit good driving behavior.
  • Safety Restraint Discount – Using a seat belt and requiring all passengers to use a seat belt can save a little on the medical payments or PIP coverage costs.
  • Air Bags and Passive Restraints – Factory options such as air bags or motorized seat belts may qualify for discounts of 25 to 30%.
  • Memberships – Belonging to a professional or civic organization may earn a discount on your bill.

Discounts save money, but please remember that most of the big mark downs will not be given to your bottom line cost. Some only apply to specific coverage prices like liability and collision coverage. So even though you would think you would end up receiving a 100% discount, that’s just not realistic.

The best insurance companies and some of their more popular discounts can be read below.

  • State Farm has discounts for good student, accident-free, multiple policy, driver’s education, and safe vehicle.
  • GEICO includes discounts for emergency military deployment, anti-lock brakes, defensive driver, membership and employees, driver training, military active duty, and federal employee.
  • Allstate offers discounts for good student, farm vehicle, eSmart discount, premier discount, and good payer.
  • SAFECO offers discounts including teen safe driver, homeowner, bundle discounts, multi-car, and teen safety rewards.
  • Farm Bureau policyholders can earn discounts including youthful driver, multi-vehicle, good student, safe driver, and driver training.
  • Progressive may have discounts that include online signing, continuous coverage, good student, multi-vehicle, online quote discount, multi-policy, and homeowner.
  • AAA discounts include anti-theft, good driver, multi-policy, good student, pay-in-full, education and occupation, and multi-car.

If you need cheap insurance quotes, ask every prospective company which discounts can lower your rates. Discounts may not be available in your state.

Why you might pay increased rates

Smart consumers have a good feel for some of the things that aid in calculating your policy premiums. When you understand what controls the rates you pay, this enables you to make decisions that can help you get cheaper rates. Lots of factors are part of the calculation when you get a price on insurance. Some are pretty understandable like your driving record, but some are less obvious such as your marital status or how safe your car is.

  • Deter car thieves – Selecting a car model with an alarm system can save you some money. Anti-theft features like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems can help prevent your car from being stolen.
  • Combine policies and save – Most auto insurance companies allow discounts to insureds that buy multiple policies. It’s known as a multi-policy discount. This can amount to as much as ten percent or more Even if you already get this discount, it’s in your best interest to get quotes from other companies to guarantee you are still saving the most.
  • Extra coverages that may not be needed – There are quite a few additional coverages that can add up when buying auto insurance. Coverages for rental car reimbursement, towing coverage, and extra equipment coverage may be wasting your money. You may think they are a good idea when buying your policy, but if they’re wasting money think about removing them and cutting costs.
  • Put fewer miles on your vehicle – The more you drive your Lexus each year the more it will cost to insure it. A lot of companies apply a rate based upon how the vehicle is primarily used. Cars and trucks that have low annual miles qualify for better rates than vehicles that are driven to work every day. It’s always a good idea to double check that your auto insurance coverage is showing the correct usage, because it can save money. An incorrectly rated IS 300 may be costing you.
  • Certain vocations pay higher rates – Occupations like lawyers, architects and accountants usually pay the highest average rates because of job stress and long work days. Conversely, occupations such as actors, athletes and the unemployed receive lower rates on IS 300 coverage.

Do I just need basic coverages?

When choosing the right insurance coverage for your vehicles, there isn’t really a single plan that fits everyone. Everyone’s needs are different so your insurance needs to address that. These are some specific questions may help you determine whether you would benefit from an agent’s advice.

  • Are my friends covered when driving my 2020 Lexus IS 300?
  • Do I need higher collision deductibles?
  • When would I need additional glass coverage?
  • Are there companies who specialize in insuring high-risk drivers?
  • Do I need special endorsements for business use of my vehicle?
  • When do I need to add a new car to my policy?
  • Should I file a claim if it’s only slightly more than my deductible?
  • How do I insure my teen driver?
  • Who is covered by my policy?
  • Does my car insurance cover rental cars?

If you can’t answer these questions, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, simply complete your zip code.

Insurance coverage options for a Lexus IS 300

Knowing the specifics of insurance can be of help when determining appropriate coverage and proper limits and deductibles. Policy terminology can be ambiguous and even agents have difficulty translating policy wording. Below you’ll find the usual coverages found on most insurance policies.

Collision coverage

This pays for damage to your IS 300 resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against things like backing into a parked car, colliding with a tree, crashing into a ditch, crashing into a building and hitting a parking meter. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP reimburse you for immediate expenses like rehabilitation expenses, prosthetic devices and nursing services. They can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants and will also cover if you are hit as a while walking down the street. PIP is not universally available and may carry a deductible

Liability car insurance

This coverage protects you from damage or injury you incur to other’s property or people that is your fault. It protects you from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

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 liability limits of 50/100/50 that translate to $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.

Liability coverage protects against things such as bail bonds, attorney fees, repair bills for other people’s vehicles and emergency aid. How much coverage you buy is your choice, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive insurance

This will pay to fix 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, theft, a tree branch falling on your vehicle, rock chips in glass and falling objects. The most a 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 removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries as well as damage to your Lexus IS 300.

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 should not be overlooked.

In the end, you save

More affordable auto insurance is possible both online as well as from independent agents, so you should compare both to have the best selection. Some companies may not provide the ability to get quotes online and many times these small, regional companies work with independent agencies.

When trying to cut insurance costs, it’s very important that you do not skimp on coverage in order to save money. There have been many situations where someone sacrificed physical damage coverage to discover at claim time that the few dollars in savings costed them thousands. The goal is to buy enough coverage for the lowest cost, not the least amount of coverage.

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