How Much Does 1998 Lexus GS 300 Insurance Cost?

Want better insurance rates for your Lexus GS 300? Having to pay for overpriced insurance can take a big chunk out of your bank account and put a big crunch on your finances. Shopping your coverage around is free and is an excellent way to lower your monthly bill. Since consumers have many insurance companies to choose from, it can be hard to pick the right insurance company.

It’s a good habit to price shop coverage yearly since rates tend to go up over time. Even if you got the lowest price for GS 300 coverage last year other companies may now be cheaper. Starting now, block out anything you think you know about insurance because you’re going to get a crash course in how to use online quotes to find lower rates on insurance.

Finding the best rates is quite easy. If you are paying for car insurance now, you will most likely be able to reduce your rates substantially using these techniques. Drivers only need to know the tricks to buy car insurance on the web.

Lesser-known factors impacting Lexus GS 300 insurance rates

It’s important that you understand the different types of things that come into play when calculating your auto insurance rates. When you know what positively or negatively impacts premium levels helps enable you to make changes that could result in much lower annual insurance costs.

The list below includes some of the items that factor into premiums.

  • Pleasure use saves money – Driving more miles in a year’s time the higher your rates will be. The majority of insurers price each vehicle’s coverage determined by how the vehicle is used. Cars and trucks left parked in the garage qualify for better rates than vehicles that are driven to work every day. If your policy improperly rates your GS 300 may be costing you. Make sure your auto insurance coverage is showing the proper vehicle usage.
  • Poor credit can mean higher rates – Having a bad credit rating is a huge factor in your rate calculation. Consumers who have high credit ratings tend to be less risk to insure as compared to drivers with lower ratings. If your credit history can use some improvement, you could pay less to insure your 1998 Lexus GS 300 by improving your rating.
  • Liability coverage is peace of mind – Liability insurance is the coverage that protects you if ever a jury decides you are liable for personal injury or accident damage. It will provide for a legal defense which can cost thousands of dollars. This coverage is very inexpensive compared to physical damage coverage, so buy as much as you can afford.
  • Your auto insurance rates can be influenced by your job – Did you know that where you work can have an impact on rates? Careers like judges, executives and stock brokers tend to pay the highest rates attributed to high stress and lots of time spent at work. On the other hand, jobs such as scientists, students and performers have the lowest average rates for GS 300 coverage.
  • Pay less after the wedding – Getting married can actually save you money on your auto insurance policy. Having a spouse translates into being more mature than a single person and it’s statistically proven that drivers who are married are more cautious.

Save on Lexus GS 300 insurance

Auto insurance companies don’t necessarily list all their discounts very clearly, so the following is a list of both well-publicized and the more hidden savings tricks you should be using. If you’re not getting every credit you qualify for, you are throwing money away.

  • Good Students Pay Less – This discount can get you a discount of up to 25%. Earning this discount can benefit you well after school through age 25.
  • Theft Prevention System – Anti-theft and alarm systems are stolen less frequently and qualify for as much as a 10% discount.
  • Accident Forgiveness – A few companies permit an accident before hitting you with a surcharge if your claims history is clear prior to the accident.
  • Government Employees – Being employed by or retired from a federal job could cut as much as 10% off for GS 300 coverage with certain companies.
  • Homeowners Savings – Owning a home may trigger a insurance policy discount because owning a home demonstrates responsibility.
  • Accident Free – Claim-free drivers can earn big discounts when compared with bad drivers.
  • Military Discounts – Being deployed with a military unit may qualify for rate reductions.
  • Seat Belts Save – Requiring all passengers to buckle their seat belts can save up to 15% off your PIP or medical payments premium.

Keep in mind that many deductions do not apply to the entire cost. Most only reduce the price of certain insurance coverages like medical payments or collision. So even though they make it sound like having all the discounts means you get insurance for free, you’re out of luck.

Insurance companies that possibly offer some of the above discounts may include but are not limited to:

Double check with each insurance company how you can save money. Some discounts may not apply in your area.

Do drivers who switch really save?

Consumers constantly see and hear ads for cheaper car insurance from the likes of Allstate, Geico and Progressive. They all seem to make the same claim that you can save if you change your coverage to them.

But how can every company make almost identical claims?

Different companies are able to cherry pick for the type of customer that makes them money. For example, a preferred risk could be over the age of 40, has no driving citations, and has a short commute. A propective insured who matches those parameters will get the preferred rates and is almost guaranteed to cut their rates substantially.

Potential insureds who do not match this ideal profile must pay higher prices and ends up with business going elsewhere. The ad wording is “people who switch” not “everyone that quotes” save that kind of money. That’s why companies can truthfully make those claims. This illustrates why you should get a wide range of price quotes. You cannot predict the company that will fit your personal profile best.

Tailor your coverage to you

When buying proper insurance coverage, there really is not a one size fits all plan. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that can help discover if your insurance needs may require specific advice.

  • Can I afford low physical damage deductibles?
  • What exactly is covered by my policy?
  • What can I do if my company won’t pay a claim?
  • Is there coverage for injuries to my pets?
  • Does liability extend to a camper or trailer?
  • Do I benefit by insuring my home with the same company?
  • Do I really need UM/UIM coverage?
  • When would I need additional glass coverage?
  • How much liability do I need to cover my assets?

If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies. It’s fast, free and can help protect your family.

Detailed coverages of your insurance policy

Understanding the coverages of your policy aids in choosing appropriate coverage and proper limits and deductibles. The terms used in a policy can be confusing and nobody wants to actually read their policy. Shown next are the normal coverages available from insurance companies.

Medical expense insurance

Med pay and PIP coverage pay for short-term medical expenses such as EMT expenses, prosthetic devices, X-ray expenses and doctor visits. They are often used to fill the gap from your health insurance program or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

Coverage for liability

This coverage provides protection from damage or injury you incur to other’s property or people in an accident. This coverage protects you against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 100/300/100 which stand for $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery.

Liability can pay for claims like medical expenses, repair bills for other people’s vehicles, emergency aid, loss of income and repair costs for stationary objects. How much liability should you purchase? That is up to you, but consider buying as much as you can afford.

Protection from uninsured/underinsured drivers

This provides protection from other drivers when they either have no liability insurance or not enough. Covered losses include injuries to you and your family and also any damage incurred to your Lexus GS 300.

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 is important protection for you and your family.

Collision coverage protection

This pays for damage to your GS 300 resulting from a collision with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for things like colliding with another moving vehicle, crashing into a ditch, damaging your car on a curb, hitting a mailbox and crashing into a building. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to get cheaper collision coverage.

Comprehensive (Other than Collision)

Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for things like theft, fire damage, rock chips in glass and damage from flooding. The maximum amount your insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Take this to the bank

Throughout this article, we presented quite a bit of information on how to compare 1998 Lexus GS 300 insurance prices online. The key thing to remember is the more rate quotes you have, the more likely it is that you will get a better rate. Drivers may discover the lowest premiums are with a smaller regional carrier. Smaller companies may often insure only within specific states and give getter rates than their larger competitors like State Farm or Progressive.

As you prepare to switch companies, you should never skimp on coverage in order to save money. There are a lot of situations where consumers will sacrifice uninsured motorist or liability limits only to regret that the savings was not a smart move. The ultimate goal is to purchase a proper amount of coverage at an affordable rate while still protecting your assets.

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