A study showed that the vast majority of auto insurance customers renewed their policy with the same company for four years or more, and 38% of drivers have never compared rates to find affordable insurance. With the average auto insurance premium being $2,130, Kentucky drivers could save an average of almost $600 each year by just shopping around, but they don’t believe the large savings they would see if they swap their current policy for a cheaper one.
The easiest way to find cheaper prices for Lexus RX 350 insurance in Louisville is to regularly compare quotes from insurers in Kentucky.
Step 1: Spend a few minutes and learn about how insurance companies determine prices and the measures you can control to keep rates down. Many risk factors that result in higher rates such as at-fault accidents, speeding tickets, and an unacceptable credit rating can be amended by making small lifestyle or driving habit changes. This article provides more information to help reduce prices and get additional discounts that may have been overlooked.
Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO or State Farm, while independent agents can provide prices from multiple companies.
Step 3: Compare the quotes to your existing coverage to determine if you can save on RX 350 insurance in Louisville. If you find a better price and make a switch, make sure coverage does not lapse between policies.
One key aspect when comparing rates is to make sure you’re comparing similar coverage information on every price quote and and to analyze all possible companies. Doing this guarantees a fair price comparison and the most accurate and complete price analysis.
Quoting and comparing rates for affordable coverage in Louisville is simple if you know the tricks. If you’re already insured or just want cheaper coverage, follow these tips to lower your rates and still get good coverage. Drivers just need to know the most time-saving way to shop for car insurance online.
Many insurance companies like Allstate and Progressive allow you to get insurance quotes from their websites. Doing online quotes for Lexus RX 350 insurance in Louisville doesn’t take much effort as you just type in your coverage information into the quote form. Once you submit the form, the system automatically orders your credit score and driving record and provides a quote based on the data you entered. This makes comparing rates easy, and it’s absolutely necessary to have as many quotes as possible in order to get cheap rates.
To compare rates using this form now, compare quotes from the companies shown below. If you have your current policy handy, we recommend you input deductibles and limits exactly as shown on your declarations page. Doing this guarantees you will get a price comparison using the same coverage and limits.
The companies shown below can provide price comparisons in Kentucky. If multiple companies are listed, it’s highly recommended you click on several of them in order to get a fair rate comparison.
Analysis of coverages
The rate information below outlines a range of coverage costs for Lexus RX 350 models. Having knowledge of how rate quotes are calculated can aid in making smart policy decisions.
|RX 350 2WD
|RX 350 4WD
|Get Your Own Custom Quote Go
Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Information does not factor in garaging location in Louisville which can impact insurance rates considerably.
Comparison of policy deductibles
One frequently asked question is where to set your physical damage deductibles. The following tables may help you to understand the cost difference between high and low insurance deductibles. The first data table uses a $250 deductible for comprehensive and collision coverage and the second price table uses a $500 deductible.
|RX 350 2WD
|RX 350 4WD
|Get Your Own Custom Quote Go
|RX 350 2WD
|RX 350 4WD
|Get Your Own Custom Quote Go
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Price information does not factor in zip code location which can change auto insurance rates considerably.
Based on this data, we can arrive at the conclusion that using a $250 deductible costs approximately $16 more each month or $192 a year across all Lexus RX 350 models than opting for the higher $500 deductible. Because you would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you normally average more than 16 months between claims, you would most likely save money if you decide on a higher deductible.
How to calculate deductible break even point
|Average monthly premium for $250 deductibles:
|Average monthly premium for $500 deductibles (subtract):
|Monthly savings from raising deductible:
|Difference between deductibles ($500 – $250):
|Divide difference by monthly savings:
|$250 / $16
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible
The information below demonstrates how choosing different deductibles and can influence Lexus RX 350 insurance costs for different age groups of insureds. The prices are based on a single female driver, comp and collision included, and no discounts are factored in.
Cost difference between full coverage and liability
The chart below illustrates the comparison of Lexus RX 350 insurance costs when comparing full coverage to state minimum liability only. The price estimates are based on no claims or driving citations, $500 deductibles, marital status is single, and no other discounts are factored in.
When to drop comp and collision
There is no set rule that is best for determining when to drop physical damage coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is more than 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s assume your Lexus RX 350 replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after the policy deductible has been paid. If premiums are more than $500 a year for full coverage, then it may be the right time to buy liability only.
There are a few cases where dropping full coverage is not advised. If you haven’t paid off your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
How You Can Control Lexus RX 350 Insurance Premiums
Consumers need to have an understanding of some of the elements that are used to determine the price you pay for car insurance. If you understand what impacts premium levels, this allows you to make educated decisions that could help you find lower premium levels.
Remove unneeded extra coverages – There are quite a few add-on coverages that you can buy if you aren’t diligent. Coverage for things like vanishing deductibles, towing coverage, and extra life insurance coverage may not be needed and are just wasting money. The coverages may be enticing at first, but if they’re wasting money eliminate them to save money.
More traffic equals higher premiums – Living in less populated areas has definite advantages when it comes to car insurance. Fewer people corresponds to lower accident rates in addition to lower liability claims. Drivers in populated Kentucky areas regularly have more traffic problems and higher rates of accident claims. Higher commute times means higher likelihood of an accident.
Filing claims can increase rates – If you’re an insured who likes to file claims you shouldn’t be surprised to get much higher rates or policy non-renewal. Auto insurance companies in Kentucky award the lowest premiums to drivers that do not abuse their auto insurance. Auto insurance is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
Influences performance influences auto insurance premiums – The make and model of the car you are trying to find cheaper insurance for makes a substantial difference in how high your rates are. The lowest premiums are usually for small economy passenger models, but the cost you end up paying is determined by many additional factors.
The data below assumes a single male driver age 20, full coverage with $250 deductibles, and no discounts or violations. It shows Lexus RX 350 insurance rates compared to other models that have different performances.
Loss statistics for a Lexus RX 350 – Insurers include the past claim trends for vehicles to help determine the price you pay. Models that historically have higher loss trends will have higher rates.
The table below demonstrates the historical insurance loss data for Lexus RX 350 vehicles. For each coverage type, the loss probability for all vehicles averaged together is considered to be 100. Numbers below 100 imply a favorable loss record, while values that are 100 or greater indicate a higher chance of having a claim or statistically larger claims.
|Make and Model
|Lexus RX 350 4dr 2WD
|Lexus RX 350 4dr 4WD
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why do I need car insurance?
Despite the potentially high cost of Lexus RX 350 insurance, insuring your vehicle is most likely required but also gives you several important benefits.
- The majority of states have compulsory liability insurance requirements which means you are required to carry specific minimum amounts of liability insurance coverage if you drive a vehicle. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your RX 350, most lenders will force you to buy full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the bank will be required to insure your Lexus for a much higher rate and force you to pay the higher price.
- Insurance safeguards both your vehicle and your personal assets. It will also provide coverage for all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance, one of your policy coverages, will also pay for a defense attorney if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.
The benefits of having auto insurance outweigh the cost, particularly for liability claims. According to a 2015 survey, the average American driver is overpaying over $865 each year so compare rate quotes at every policy renewal to save money.
Best car insurance in Louisville
Ending up with the best insurance provider can be a challenge considering how many companies there are to choose from in Louisville. The rank data below could help you choose which companies to look at comparing prices from.
Top 10 Louisville Car Insurance Companies Ranked by Customer Service
- Mercury Insurance
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General
Top 10 Louisville Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+