How Much Does 2018 Lexus LS 500 Car Insurance Cost?

Trying to find better car insurance rates for your Lexus LS 500? Getting discount car insurance may at first seem to be overwhelming for drivers new to buying their car insurance on the internet. With so many options of companies competing online, how are we expected to efficiently compare every company to locate the best available price?

Where can I get affordable insurance?

There are several ways to shop for insurance, but some are easier and takes less work. You could waste a few hours discussing policy coverages with insurance agencies in your area, or you can stay home and use the internet to get prices fast.

Most major companies take part in a program that enables customers to only type in their quote data once, and each participating company provides a quote based on that data. This saves time by eliminating quote forms for each company you want a rate for.

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The single downside to pricing coverage this way is you are unable to specify which carriers to get quotes from. If you wish to select individual companies for rate comparison, we have a page of the cheapest insurance companies in your area. Click here to view list.

Whichever method you choose, make absolute certain that you use exactly the same quote data for every quote you compare. If you compare different data you will not be able to determine the best price for your Lexus LS 500. Even a minor difference in insurance coverages or limits could throw off the whole comparison. And when quoting insurance, remember that getting more free quotes will enable you to find a lower rate than you’re paying now. Not every company allows you to get price estimates online, so you need to compare rates from them, too.

These discounts can slash auto insurance rates

Companies offering auto insurance don’t necessarily list all their discounts very well, so we break down a few of the more well known and the more hidden discounts that may be available.

  • Good Drivers – Safe drivers may receive a discount up to 45% on LS 500 coverage compared to accident prone drivers.
  • Savings for New Vehicles – Putting auto insurance coverage on a new car can save up to 30% because new vehicles are generally safer.
  • Full Payment Discount – By making one initial payment rather than paying monthly you could save 5% or more.
  • Save over 55 – Seniors are able to get a discount up to 10% on LS 500 coverage.
  • Telematics Data – Insureds that choose to allow their company to track their driving habits by using a telematic data system such as In-Drive from State Farm or Allstate’s Drivewise system might get better premium rates if they exhibit good driving behavior.
  • Discounts for Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle their seat belts can save 10% or more off the personal injury premium cost.
  • Discount for Swiching Early – Some companies reward drivers for buying a policy prior to your current policy expiring. This discount can save up to 10%.

A little disclaimer on discounts, most discounts do not apply to all coverage premiums. Most cut the cost of specific coverages such as liability, collision or medical payments. Even though it may seem like adding up those discounts means a free policy, company stockholders wouldn’t be very happy. Any qualifying discounts will cut your policy premium.

Large auto insurance companies and some of the premium reductions they offer can be found below.

  • Farmers Insurance policyholders can earn discounts including distant student, bundle discounts, electronic funds transfer, switch companies, good student, early shopping, and multi-car.
  • Esurance discounts include anti-lock brakes, paid-in-full, homeowner, safety device, claim free, anti-theft, and Pac-12 alumni.
  • State Farm offers premium reductions for multiple autos, Drive Safe & Save, passive restraint, good student, Steer Clear safe driver discount, and defensive driving training.
  • Geico includes discounts for anti-theft, anti-lock brakes, five-year accident-free, defensive driver, driver training, federal employee, and daytime running lights.
  • Allstate offers discounts for utility vehicle, farm vehicle, early signing, good student, and teenSMART discount.

Before purchasing a policy, check with every prospective company to give you their best rates. Some of the earlier mentioned discounts may not apply in your area. If you would like to see a list of insurers that provide some of the discounts listed above, follow this link.

The Lexus LS 500 insurance price equation

Many factors are part of the calculation when you get a price on insurance. Some of the criteria are obvious such as your driving record, although some other factors are not quite as obvious like your vehicle usage or your commute time.One of the most helpful ways to save on auto insurance is to to have a grasp of some of the factors that aid in calculating the level of your policy premiums. When you understand what determines premiums, this allows you to make good choices that can earn you much lower annual insurance costs.

Listed below are some of the items utilized by car insurance companies to help set premiums.

  • Add-on coverages can add up – Insurance policies have a lot of add-on coverages that you can buy on your auto insurance policy. Coverages like rental car coverage, accidental death, and membership fees may be costing you every month. They may sound like good ideas when discussing your needs, but if you’ve never needed them in the past eliminate the coverages to reduce your premium.
  • Discounts for alarms and GPS tracking – Selecting a car model with anti-theft technology or alarm system can help bring down rates. Anti-theft devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart vehicle theft.
  • Bad credit hurts insurance prices – Having a bad credit rating factor in your rate calculation. If your credit rating can be improved, you could potentially save money when insuring your 2018 Lexus LS 500 by taking the time to improve your credit score. Insureds that have very good credit scores tend to file fewer claims and have better driving records than drivers who have lower ratings.
  • The more you drive the more you pay – Driving more miles each year the higher the price you pay to insure it. A lot of companies charge to insure your cars determined by how the vehicle is used. Vehicles left parked in the garage can be on a lower rate level compared to those used for work or business. Having the wrong rating on your LS 500 may be costing you. Make sure your declarations sheet is showing the right rating data.
  • Cars with good safety ratings cost less to insure – Vehicles that have high safety ratings can get you lower premiums. Safer cars reduce occupant injuries and lower rates of occupant injuries means lower claim amounts and lower rates for you.
  • Lower rates with a multi-policy discount – Lots of companies give lower prices to clients that purchase more than one policy, otherwise known as a multi-policy discount. Even with this discount, consumers should still get quotes from other companies to help guarantee you have the best rates.

When do I need an agent’s advice?

When it comes to choosing coverage, there is no “best” method to buy coverage. Each situation is unique.

For instance, these questions might help in determining whether you could use an agent’s help.

  • Should I sign the liability waiver when renting a car?
  • Does my insurance cover a custom paint job?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Am I covered if I break a side mirror?
  • Am I covered if I crash into my own garage door?
  • What exactly is covered by my policy?
  • What vehicles should carry emergency assistance coverage?
  • Does coverage extend to my business vehicle?
  • What is the difference between comprehensive and collision coverage?
  • Do I pay less if my vehicle is kept in my garage?

If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with an agent. If you want to speak to an agent in your area, take a second and complete this form.

Don’t believe everything you hear

Well-known insurance coverage companies like State Farm, Geico and Progressive seem to constantly run ads in print and on television. They all convey the message that you’ll save big just by moving your insurance coverage coverage to their company. How does every company charge lower premium rates?

Many companies quote their cheapest rates for the type of driver that is profitable for them. For example, a profitable risk profile might be described as over the age of 45, carries full coverage, and has a high credit rating. Any new insured that meets those criteria may get the lowest prices and will save a lot if they switch.

Potential insureds who are not a match for the ideal profile will be charged higher rates which translates to the customer not buying. The wording the ads use say “people that switch” not “everybody who quotes” save the amount stated. That is how insurance companies can lure you into getting a quote.

Because of this risk profiling, you really should get a wide range of price quotes. Because without a comparison, you cannot know which company will provide the lowest premium rates.

Learn about insurance coverages for a Lexus LS 500

Learning about specific coverages of insurance helps when choosing the best coverages for your vehicles. Policy terminology can be confusing and even agents have difficulty translating policy wording.

Collision coverage

This coverage pays for damage to your LS 500 resulting from a collision with an object or car. 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 building, crashing into a ditch and hitting a parking meter. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. It’s also possible to bump up the deductible to get cheaper collision coverage.

Liability coverage

Liability insurance can cover damage or injury you incur to other’s property or people in an accident. It protects YOU against other people’s claims. It does not cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 25/50/25 which stand for $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Alternatively, you may have 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 like medical expenses, legal defense fees and repair costs for stationary objects. How much coverage you buy is up to you, but buy as much as you can afford.

Uninsured or underinsured coverage

This protects you and your vehicle’s occupants when other motorists either have no liability insurance or not enough. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time these coverages are similar to your liability insurance amounts.

Comprehensive protection

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things such as a tree branch falling on your vehicle, damage from flooding, damage from getting keyed and a broken windshield. The most you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Medical expense coverage

Coverage for medical payments and/or PIP provide coverage for bills such as rehabilitation expenses, prosthetic devices and ambulance fees. They are utilized in addition to your health insurance policy or if you do not have health coverage. Coverage applies to both the driver and occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and may carry a deductible

Smart consumers save more

As you quote insurance coverage, make sure you don’t skimp on coverage in order to save money. There are a lot of situations where consumers will sacrifice uninsured motorist or liability limits and learned later that a couple dollars of savings turned into a financial nightmare. The goal is to purchase a proper amount of coverage at the best price.

Insureds who switch companies do it for a variety of reasons including poor customer service, high rates after DUI convictions, lack of trust in their agent and even an unsatisfactory settlement offer. It doesn’t matter what your reason, finding the right insurance coverage provider is pretty simple and you could end up saving a buck or two.

Budget-friendly insurance coverage is available online and from local insurance agents, so you need to shop insurance coverage with both to get a complete price analysis. Some insurance companies may not provide online quoting and usually these regional insurance providers prefer to sell through independent agents.

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