If you want to save the most money, the best way to find better pricing on Lexus GS 350 insurance in Louisville is to begin comparing prices regularly from providers who sell auto insurance in Kentucky. Price quotes can be compared by following these steps.
- Get an understanding of what coverages are included in your policy and the things you can control to drop your rates. Many rating criteria that cause rate increases such as your driving record and poor credit rating can be improved by making lifestyle changes or driving safer. Continue reading for tips to prevent expensive rate increases and find discounts that you may qualify for.
- Get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only provide price estimates from one company like GEICO or Allstate, while independent agents can quote prices for many different companies.
- Compare the new rate quotes to your current policy to see if a cheaper price is available in Louisville. If you can save money, make sure the effective date of the new policy is the same as the expiration date of the old one.
An important note is that you’ll want to compare identical coverage information on each price quote and and to get prices from as many different companies as possible. This enables an accurate price comparison and plenty of rates choose from.
Everyone knows that car insurance companies want to keep your business as long as possible. Insureds who shop around are inclined to buy a new policy because there is a high probability of finding a cheaper policy. A study showed that people who compared rates annually saved over $865 annually compared to policyholders who don’t regularly compare prices.
If finding the best price on Lexus GS 350 insurance is your ultimate objective, then having some knowledge of how to compare insurance rates can save time and make the process easier.
If you have car insurance now, you stand a good chance to be able to save money using the tips covered below. Finding affordable car insurance coverage in Louisville seems hard but is not really that difficult. Nevertheless, Kentucky consumers need to have an understanding of how companies charge you for coverage because rates fluctuate considerably.
Smart Consumers Can Save Money
Many different elements are part of the equation when you get your auto insurance bill. Some factors are common sense such as your driving record, but other criteria are more obscure such as your credit history or your financial responsibility. When buying auto insurance it’s important to understand some of the things that come into play when calculating the rates you pay for auto insurance. If you have some idea of what determines premiums, this enables you to make decisions that could help you find much lower annual insurance costs.
Pay more by driving carelessly – Having a clean driving record has a huge affect on how much you pay. Having a single speeding ticket can increase the cost of insurance forty percent or more. Good drivers get better rates compared to bad drivers. Drivers who have gotten serious tickets such as reckless driving, hit and run or driving under the influence may face state-mandated requirements to submit a SR-22 form to the state department of motor vehicles in order to drive a vehicle legally.
The diagram below illustrates how traffic citations and accident claims can drive up Lexus GS 350 insurance premiums for each age group. The data is based on a married female driver, full physical damage coverage, $250 deductibles, and no discounts are applied.
- Mileage impacts costs – The more miles you rack up on your Lexus in a year’s time the higher the price you pay to insure it. Almost all companies charge to insure your cars based upon how you use the vehicle. Cars that sit idle most of the time get more affordable rates than cars that get driven a lot. Improper usage on your GS 350 may be wasting your money. Double check that your auto insurance coverage correctly shows the right rating data, because improper ratings can cost you money.
- High deductibles equal low rates – Deductibles for physical damage are the amount of money the insured will be required to pay if a claim is determined to be covered. Protection for physical damage, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. A few examples of covered claims are colliding with a stationary object, collision with a deer, or theft of your vehicle. The more expense you choose to pay out-of-pocket, the less your auto insurance will be.
- Don’t cut corners with liability coverage – The liability coverage on your policy will protect you when you are responsible for damages from an accident. It provides for a legal defense to attempt to prove you were not liable. Liability insurance is pretty cheap compared to physical damage coverage, so drivers should make sure they buy enough to cover all assets.
- Can a thief steal your car? – Purchasing a vehicle with anti-theft technology or alarm system can help lower your premiums. Anti-theft devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all aid in stopping your car from being stolen.
- Cars with good safety ratings cost less to insure – Safe vehicles tend to have lower insurance rates. The safest vehicles reduce the chance of injuries and lower injury rates translates directly to fewer claims and lower rates for you. If your Lexus is rated at least four stars on Safercar.gov it may be receiving lower rates.
Lexus GS 350 statistical loss data – Insurance companies use claims history as a way to help calculate a profitable premium price. Vehicles that the statistics show to have higher loss trends will have increased rates. The information below illustrates the historical loss data for Lexus GS 350 vehicles.
For each coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, equals 100. Percentages below 100 mean the vehicle has better than average losses, while numbers above 100 indicate a higher chance of having a claim or statistically larger claims.
Lexus GS 350 Insurance Loss Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus GS 350 4dr 2WD 160 78 190 81 107 79 Lexus GS 350 4dr 4WD 169 90 217 91 85 68BETTERAVERAGEWORSE
Statistics from IIHS.org for 2013-2015 Model Years
Coverage statistics and figures
The table displayed next showcases detailed analysis of insurance coverage prices for Lexus GS 350 models. Having a better understanding of how insurance prices are formulated is important for you to make informed decisions when comparing rate quotes.
|GS 350 AWD
|Get Your Own Custom Quote Go
Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Price estimates do not factor in specific zip code location which can revise coverage prices considerably.
Analysis of deductible levels
A question often asked by Louisville drivers is which deductible level should you buy. The figures shown below illustrate the differences in price when you buy lower versus higher physical damage deductibles. The first price estimate table uses a $100 deductible for comp and collision and the second rate table uses a $1,000 deductible.
|GS 350 AWD
|Get Your Own Custom Quote Go
|GS 350 AWD
|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 homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Premium costs do not factor in vehicle location which can increase or decrease rates substantially.
We can estimate from the data above that using a $100 deductible costs roughly $45 more each month or $540 a year than buying the higher $1,000 deductible. Because you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average at least 20 months between claim filings, you would save more money by selecting a higher deductible.
How to determine when to raise deductibles
|Average monthly premium for $100 deductibles:
|Average monthly premium for $1,000 deductibles (subtract):
|Monthly savings from raising deductible:
|Difference between deductibles ($1,000 – $100):
|Divide difference by monthly savings:
|$900 / $45
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible
The illustration below shows how different deductible levels and can raise or lower Lexus GS 350 insurance costs for different age categories. The premium estimates are based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
Cost difference between full coverage and liability
The illustration below illustrates the comparison of Lexus GS 350 insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Kentucky. The price estimates are based on no claims or driving citations, $100 deductibles, marital status is single, and no discounts are factored in.
When to drop full coverage
There is no written rule that works best for making the decision to drop full coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s assume your Lexus GS 350 claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $7,000 after the deductible is paid. If you are paying more than $700 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some scenarios where eliminating full coverage is not advised. If you still owe a portion of the original loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Discount Louisville insurance rates
Companies don’t always publicize every discount available in an easy-to-find place, so the following is a list of a few of the more common as well as some of the hidden discounts that you can inquire about if you buy Louisville auto insurance online.
- Anti-theft System – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems are stolen with less frequency and that can save you a little bit as well.
- Discounts for Good Drivers – Drivers who avoid accidents can save as much as half off their rates than drivers with accidents.
- Air Bags and Passive Restraints – Vehicles with factory air bags and/or automatic seat belt systems may qualify for discounts of up to 25% or more.
- Louisville Homeowners Pay Less – Being a homeowner may earn you a small savings because maintaining a house shows financial diligence.
- Multiple Vehicles – Drivers who insure multiple cars on one policy can get a discount on all vehicles.
- Anti-lock Brakes – Cars, trucks, and SUVs with ABS braking systems or traction control are much safer to drive so companies give up to a 10% discount.
- First Accident Forgiveness – Not really a discount, but some companies like Allstate and Progressive allow you one accident without getting socked with a rate hike if you are claim-free before the accident.
Policy discounts save money, but most of the big mark downs will not be given to your bottom line cost. Most only apply to the cost of specific coverages such as medical payments or collision. So when the math indicates having all the discounts means you get insurance for free, it just doesn’t work that way.
The diagram below illustrates the comparison of Lexus GS 350 insurance costs with and without discounts applied to the policy premium. The data is based on a female driver, no tickets, no at-fault accidents, Kentucky state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, multi-policy, claim-free, multi-car, and homeowner discounts applied.
A partial list of companies that possibly offer many of the previously listed discounts possibly include:
Check with every insurance company to give you their best rates. Savings might not apply in Louisville. To see a list of companies who offer cheap Lexus GS 350 insurance quotes in Kentucky, click here to view.
Kentucky car insurance companies ranked
Ending up with a high-quality car insurance company can be difficult considering how many companies there are to choose from in Kentucky. The ranking data shown next could help you pick which insurers you want to consider comparing rate quotes with.
Top 10 Louisville Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
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+
Quote more to save more
Cheap Lexus GS 350 insurance in Louisville is definitely available both online and with local Louisville insurance agents, so you need to shop Louisville auto insurance with both in order to have the best price selection to choose from. Some insurance companies may not offer rate quotes online and usually these small, regional companies only sell through independent agents.
In this article, we presented some good ideas how you can save on Lexus GS 350 insurance in Louisville. The most important thing to understand is the more you quote Louisville auto insurance, the better your comparison will be. Consumers could even find that the lowest car insurance rates come from a lesser-known regional company. These companies may often insure only within specific states and give better rates than the large multi-state companies such as Allstate, GEICO and Progressive.
More tips and info about insurance can be found in the articles below:
- Driving in Bad Weather (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Rates for Infrequent Drivers in Louisville? (FAQ)
- What Car Insurance is Cheapest for a Toyota Corolla in Louisville? (FAQ)
- How Much is Louisville Car Insurance for Good Students? (FAQ)
- How Much are Louisville Car Insurance Rates for State Employees? (FAQ)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Safety Tips for Teen Drivers (Insurance Information Institute)