Lower Your 2024 Lexus LS 500 Insurance Quotes

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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: Apr 25, 2024

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Searching for better auto insurance rates for your Lexus LS 500? Locating better insurance prices for a new or used Lexus LS 500 can turn out to be a painful process, but you can use a few tricks to find lower rates.

There is a better way to shop for auto insurance so you’re going to learn the proper way to get price quotes for a new or used Lexus and locate the best price possible from local insurance agents and online providers.

It’s a good habit to get comparison quotes before your policy renews because auto insurance rates go up and down regularly. Just because you found the best deal on LS 500 insurance a year ago you can probably find a lower rate today. There are a lot of ways to save on auto insurance on the web, but I’m going to show you some of the best ways to stop overpaying for insurance.

Cheap car insurance quotes with discounts

Some companies don’t necessarily list all their discounts in a way that’s easy to find, so the following is a list of some of the more common and also the more inconspicuous car insurance savings.

  • Accident Forgiveness – This isn’t a discount exactly, but some companies like Progressive, State Farm and GEICO allow you one accident before they charge you more for coverage with the catch being you have to be claim-free for a particular time prior to the accident.
  • Discount for Life Insurance – If the company offers life insurance, you could get a lower price if you buy auto and life insurance together.
  • Multiple Cars – Buying insurance for multiple cars on the same car insurance policy qualifies for this discount.
  • Club Memberships – Being in specific professional or occupational memberships or organizations could earn you a nice discount on your bill.
  • ABS Braking Discount – Cars and trucks equipped with ABS or steering control are much safer to drive and the ABS can save up to 10%.
  • Drive Safe and Save – Safe drivers may save up to 50% more on LS 500 insurance than drivers with accident claims.
  • Seat Belt Usage – Forcing all vehicle occupants to buckle up before driving could save 15% off the personal injury premium cost.
  • Buy New and Save – Buying a new car instead of a used car can be considerably cheaper because new vehicles keep occupants safer.

It’s important to understand that many deductions do not apply to all coverage premiums. Some only apply to the cost of specific coverages such as liability, collision or medical payments. Even though it appears it’s possible to get free car insurance, you won’t be that lucky.

The best car insurance companies and their offered discounts are outlined below.

  • Farmers Insurance discounts include alternative fuel, early shopping, homeowner, mature driver, electronic funds transfer, and good student.
  • Esurance policyholders can earn discounts including multi-car, homeowner, online quote, defensive driver, anti-theft, paid-in-full, and emergency road assistance.
  • State Farm includes discounts for Drive Safe & Save, driver’s education, defensive driving training, multiple autos, passive restraint, multiple policy, and anti-theft.
  • GEICO offers premium reductions for membership and employees, defensive driver, anti-lock brakes, air bags, and seat belt use.
  • Allstate has savings for good payer, teenSMART discount, FullPay discount, utility vehicle, farm vehicle, anti-theft, and economy car.

When quoting, ask every company how many discounts you can get. Some of the discounts discussed earlier may not apply to policies everywhere.

How to lower your car insurance cost

Most major insurance companies like 21st Century, Allstate and State Farm make it easy to get price estimates from their websites. Doing online price comparisons is pretty painless as you simply enter the amount of coverage you want as detailed in the form. Once entered, the system pulls information on your driving record and credit history and provides a quote based on many factors.

Online quotes makes it a lot easier to compare rates but the work required to visit multiple sites and enter the same data into a form is not the best way to spend an afternoon. But it is imperative to perform this step if you want to find better prices.

Rate comparisons made easy

The smarter way to find better car insurance pricing utilizes a single form to return rates from multiple companies. This type of form saves time, eliminates repetitive work, and makes online quotes a little more enjoyable. As soon as you send your information, it gets priced and you can choose any one of the quotes returned.

If you find a better price you simply finish the application and buy the policy. This process can be completed in a matter of minutes and you’ll know if lower rates are available.

In order to compare rates now, simply enter your zip code here and submit your coverage information. If you currently have coverage, we recommend you enter the insurance coverages identical to your current policy. This guarantees you will be getting a fair comparison for the exact same coverage.

Five factors that determine insurance prices

Lots of factors are part of the equation when you get your auto insurance bill. Some of the criteria are obvious such as your driving record, but others are not quite as obvious such as your marital status or how financially stable you are. Consumers need to have an understanding of some of the things that go into determining the rates you pay for insurance coverage. If you have some idea of what positively or negatively impacts your premiums, this enables informed choices that may reward you with lower insurance coverage prices.

The itemized list below are some of the most common factors used by companies to determine your prices.

  • Drive less and save – The higher the miles on your Lexus in a year the higher your rate. Most companies rate vehicles based upon how the vehicle is primarily used. Cars and trucks that sit idle most of the time cost less to insure than those used for commuting. It’s always a good idea to double check that your insurance coverage declarations sheet reflects how each vehicle is driven, because improper ratings can cost you money. An improperly rated LS 500 can cost quite a bit.
  • Where you live can affect premiums – Having an address in a rural area may provide you with better prices when it comes to insurance coverage. City drivers tend to have traffic congestion and longer commutes to work. Fewer drivers and short commutes means less chance of accidents in addition to fewer liability claims.
  • High credit equals lower prices – Your credit score will be a significant factor in determining what you pay for insurance coverage. If your credit score can be improved, you could pay less to insure your 2024 Lexus LS 500 by spending a little time repairing your credit. People that have high credit ratings tend to be better risks to insure than drivers who have bad credit.
  • Being married is a good thing – Getting married actually saves money when buying insurance coverage. Having a spouse translates into being less irresponsible and it’s statistically proven that married drivers tend to file fewer claims.
  • Be proud to be claim-free – If you frequently file small claims, you can definitely plan on higher premiums or even policy non-renewal. Insurance companies give discounts to insureds who are claim-free. Auto insurance is intended to be relied upon for larger claims.

Tailor your insurance coverage to you

When choosing proper insurance coverage for your vehicles, there really is no single plan that fits everyone. Everyone’s situation is unique.

These are some specific questions may help you determine if your insurance needs could use an agent’s help.

  • Why am I required to buy liability insurance?
  • Is a blown tire covered by insurance?
  • Is pleasure use cheaper than using my 2024 Lexus LS 500 to commute?
  • Is extra glass coverage worth it?
  • Am I covered if I crash into my own garage door?
  • Am I covered when driving a rental car?

If it’s difficult to answer those questions but you know they apply to you, you might consider talking to a licensed agent. If you don’t have a local agent, simply complete your zip code. It only takes a few minutes and can provide invaluable advice.

Brand name doesn’t guarantee savings

Drivers can’t get away from all the ads that promise big savings by 21st Century, Allstate and State Farm. They all advertise the message that drivers can save some big amount if you just switch your auto insurance coverage to their company.

How is it possible that every company can save you money? It’s all in how they say it.

All the different companies quote the lowest rates for the type of insured they prefer to insure. For example, a desirable risk might be described as a female over age 40, has no claims, and has great credit. A customer getting a price quote that matches those criteria will get low car insurance rates and will most likely cut their rates if they switch.

Consumers who do not match these standards must pay a higher rate and this results in the customer not buying. Company advertisements say “people that switch” not “everybody who quotes” can get the lowest rates when switching. This is how insurance companies can make it sound like they have such great premium rates.

Because of the profiling, you really should compare quotes as often as possible. It’s not possible to predict which insurance companies will have the best car insurance rates.

Specifics of your auto insurance policy

Understanding the coverages of your policy helps when choosing the right coverages at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and coverage can change by endorsement.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. Covered claims include injuries sustained by your vehicle’s occupants and damage to your Lexus LS 500.

Because many people carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time these limits are similar to your liability insurance amounts.

Auto collision coverage

This pays to fix your vehicle from damage from colliding with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as crashing into a ditch, colliding with a tree, sustaining damage from a pot hole, crashing into a building and hitting a mailbox. This coverage can be expensive, so consider removing coverage from lower value vehicles. You can also bump up the deductible in order to get cheaper collision rates.

Coverage for liability

This provides protection from damage that occurs to a person or their property in an accident. This insurance protects YOU against claims from other people, and does not provide coverage for damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 25/50/25 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000. Some companies may use a combined single limit or CSL which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage pays for things such as repair costs for stationary objects, court costs, attorney fees and bail bonds. The amount of liability coverage you purchase is a personal decision, but buy higher limits if possible.

Comprehensive auto coverage

Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things such as vandalism, damage from a tornado or hurricane, rock chips in glass and a broken windshield. The highest amount your auto insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Medical payments and PIP coverage

Med pay and PIP coverage provide coverage for bills for ambulance fees, pain medications, nursing services, dental work and rehabilitation expenses. They can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants and will also cover being hit by a car walking across the street. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage

More comparisons equals lower rates

As you prepare to switch companies, never buy poor coverage just to save money. There are too many instances where consumers will sacrifice collision coverage only to find out that the savings was not a smart move. Your strategy should be to find the BEST coverage for the lowest cost but still have enough coverage for asset protection.

Some car insurance companies do not provide online quoting and these regional carriers provide coverage only through independent agencies. Lower-priced car insurance is definitely available both online and from local insurance agents, so compare prices from both to get a complete price analysis.

Consumers who switch companies do it for a variety of reasons including extreme rates for teen drivers, policy cancellation, an unsatisfactory settlement offer and even questionable increases in premium. No matter why you want to switch, finding the right car insurance provider is not as hard as you think.

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