2021 Lexus IS 300 Insurance Rates 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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Drivers have many options when trying to find the lowest priced Lexus IS 300 insurance. They can either waste time driving around trying to get quotes or utilize the internet to find the lowest rates. There is a right way and a wrong way to find car insurance online and you need to know the absolute fastest way to get price quotes for your Lexus and obtain the best price possible.

It’s important to price shop coverage once or twice a year because car insurance rates change regularly. Just because you found the lowest premium rates on IS 300 coverage on your last policy you may be paying too much now. You can find a lot of information about car insurance out there, but by reading this article, you’re going to learn some proven techniques to save money.

Buying car insurance is quite easy. If you currently have car insurance, you will be able to lower your premiums substantially using these tips. Consumers just need to understand the most effective way to shop their coverage around over the internet.

How car insurance companies determine Lexus IS 300 insurance prices

Lots of factors are part of the calculation when quoting car insurance. Some are obvious like an MVR report, but some are more transparent such as whether you are married or your financial responsibility.

  • Tickets will cost you – Attentive drivers get better prices compared to bad drivers. Getting just one driving citation may cause rates to rise substantially. People who have severe citations like reckless driving, hit and run or driving under the influence might be required by their state to submit a SR-22 form with their state DMV in order to prevent a license revocation.
  • Premiums drop with age – Teenage drivers are statistically shown to get distracted easily with other occupants in the car therefore car insurance rates are much higher. If you’ve ever had to add a beginning driver onto a policy can increase premiums substantially. Older insureds are more responsible, file fewer claims and receive fewer citations.
  • Cheaper to insure women? – Over time, data shows females are less aggressive when driving. However, don’t assume that men are WORSE drivers than women. Both sexes cause at-fault accidents in similar numbers, but the males have accidents that have higher claims. Not only are claims higher, but men receive more major tickets such as driving while intoxicated (DWI) or driving recklessly. Youthful male drivers are several times more likely to be in an accident so it costs more to insure them.
  • Safeguard your assets with liability protection – The liability section of your policy will afford coverage if ever you are responsible for personal injury or accident damage. Liability insurance provides you with a defense in court to attempt to prove you were not liable. Liability insurance is pretty cheap compared to other policy coverages, so drivers should buy more than the minimum limits required by law.
  • Pleasure use saves money – The higher the miles on your Lexus in a year the higher your rate. Most insurance companies charge rates based upon how the vehicle is primarily used. Cars and trucks used primarily for pleasure use receive lower rates compared to those used for work or business. Improper usage on your IS 300 may be costing you higher rates. It’s a good idea to make sure your declarations sheet correctly shows the right rating data.
  • Higher comp and collision deductibles cost less – Comp and collision deductibles represent how much money you are required to spend out-of-pocket if you file a covered claim. Protection for physical damage, also known as collision and other-than-collision, insures against damage to your car. Some instances where coverage would apply are collision with another vehicle, vandalism, and having a roll-over accident. The more damage repair cost you’re willing to pay, the lower your rates will be on IS 300 coverage.
  • Cheaper rates after marriage – Your spouse may save some money on your car insurance policy. Having a spouse is viewed as being more stable financially and insurance companies reward insureds because married drivers tend to have fewer serious accidents.
  • Frequent insurance claims will cost you – Car insurance companies award the lowest premiums to insureds who file claims infrequently. If you tend to file frequent claims, you can pretty much guarantee higher premiums or even policy non-renewal. Your insurance policy is designed for claims that you cannot pay yourself.

Verify you’re getting every discount

Some insurers do not list all possible discounts in an easy-to-find place, so the next list breaks down some of the best known as well as the least known discounts that may be available. If you don’t get every credit you qualify for, you are throwing money away.

  • Low Miles Discount – Low mileage vehicles could qualify for substantially lower rates.
  • Include Life Insurance and Save – Not all insurance companies offer life insurance, but some may give you lower prices if you buy some life insurance too.
  • Driver Training Discounts – Successfully completing a driver safety course could cut 5% off your bill and easily recoup the cost of the course.
  • Student Discount for Driver Training – Cut your cost by having your teen driver participate in a local driver’s education class if it’s offered in school.
  • Full Payment Discount – By paying your policy upfront rather than paying in monthly installments you could save 5% or more.
  • Early Renewal Discounts – A few insurance companies allow discounts for signing up early. You could save around 10% when you buy insurance online.
  • Cautious Driver Discount – Drivers without accidents can save as much as half off their rates on IS 300 coverage compared to accident prone drivers.
  • Anti-theft Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and can earn a small discount on your policy.
  • Multi-policy Discount – If you combine your homeowners and auto policies with the same company they may give you a discount of at least 10% off all policies.
  • ABS Braking Discount – Cars with ABS braking systems or traction control can reduce accidents so companies give up to a 10% discount.

As a sidenote, most discount credits are not given to the whole policy. Most only cut specific coverage prices like comprehensive or collision. Despite the appearance that having all the discounts means you get insurance for free, insurance companies aren’t that generous.

Companies and some of the premium reductions they offer are included below.

  • GEICO may include discounts for anti-lock brakes, military active duty, air bags, multi-policy, five-year accident-free, multi-vehicle, and anti-theft.
  • USAA discounts include multi-vehicle, vehicle storage, multi-policy, safe driver, and loyalty savings.
  • Progressive includes discounts for multi-policy, continuous coverage, online quote discount, good student, multi-vehicle, and homeowner.
  • American Family may offer discounts for good driver, accident-free, early bird, TimeAway discount, good student, Steer into Savings, and defensive driver.
  • Esurance may have discounts that include online quote, DriveSense, good student, paid-in-full, Switch & Save, and defensive driver.
  • Farmers Insurance policyholders can earn discounts including multi-car, homeowner, mature driver, good student, and pay in full.
  • State Farm offers discounts including driver’s education, multiple autos, Steer Clear safe driver discount, good driver, and safe vehicle.

If you need cheap insurance quotes, ask each insurance company to apply every possible discount. All car insurance discounts might not be available to policyholders in your area. If you would like to see a list of companies with the best insurance discounts, enter your zip code here.

When should I discuss my situation with an agent?

When choosing adequate coverage for your vehicles, there really is not a “best” method to buy coverage. Coverage needs to be tailored to your specific needs.

These are some specific questions can aid in determining whether your personal situation may require specific advice.

  • Am I covered if my car is in a flood?
  • When would I need additional glass coverage?
  • Should I buy only the required minimum liability coverage?
  • Do I have coverage when pulling a U-Haul trailer?
  • Is there coverage for injuries to my pets?
  • Are rental cars covered under my policy?

If you’re not sure about those questions, you may need to chat with an agent. If you don’t have a local agent, complete your zip code. It is quick, free and can help protect your family.

Car insurance coverages and their meanings

Having a good grasp of your policy can be of help when determining the right coverages for your vehicles. Policy terminology can be confusing and reading a policy is terribly boring.

Comprehensive coverages

Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims such as theft, hitting a bird, a broken windshield, damage from getting keyed and damage from flooding. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Coverage for liability

This protects you from damage or injury you incur to people or other property by causing an accident. It protects YOU from claims by other people, and does not provide coverage for damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability can pay for claims such as pain and suffering, court costs and loss of income. How much liability coverage do you need? That is a personal decision, but buy as high a limit as you can afford.

Collision coverage

This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.

Collision insurance covers things such as sustaining damage from a pot hole, hitting a mailbox, colliding with a tree and crashing into a building. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. Drivers also have the option to bump up the deductible to save money on collision insurance.

Coverage for medical payments

Med pay and PIP coverage reimburse you for short-term medical expenses like nursing services, dental work, ambulance fees and pain medications. They can be utilized in addition to your health insurance program or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Uninsured and underinsured coverage

This gives you protection from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea.

In conclusion

Drivers who switch companies do it for any number of reasons including not issuing a premium refund, policy cancellation, poor customer service or being labeled a high risk driver. Regardless of your reason for switching companies, choosing a new company is not as hard as you think.

When getting insurance quotes online, it’s very important that you do not reduce coverage to reduce premium. There are a lot of situations where an insured dropped comprehensive coverage or liability limits only to regret at claim time they didn’t have enough coverage. The ultimate goal is to find the BEST coverage for the lowest cost, but do not skimp to save money.

We just presented many ideas to get a better price on 2021 Lexus IS 300 insurance. The key thing to remember is the more rate quotes you have, the better likelihood of getting inexpensive insurance. Drivers may discover the lowest prices come from a lesser-known regional company.

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