How long has it been since you compared cheaper Lexus IS 350 insurance in Austin? Nobody that owns a car anticipates paying for auto insurance, in particular when their premiums are too high.
Shockingly, most drivers have stayed with the same insurance company for well over three years, and 38% of customers have never compared rates with other companies. With the average premium in Texas being $2,679, drivers can cut their rates by almost $1,766 a year by just comparing quotes, but they just don’t want to do a rate comparison. Companies like GEICO, Farmers Insurance and State Farm continually hit you with TV and radio ads and it can be hard to see through the cute green geckos and mayhem and find the best price available.
If you are insured now or just want a better rate, you will benefit by learning to save money and still have adequate protection. Locating the best rates in Austin is much easier if you have a good place to start. Smart shoppers only need an understanding of the fastest way to get comparison quotes from many companies at once.
The method we recommend to compare car insurance rates for Lexus IS 350 insurance in Austin takes advantage of the fact all the major auto insurance companies participate in a system to give you rate quotes. The one thing you need to do is spend a couple of minutes providing details like your general credit rating, the type of vehicles you drive, if you require a SR-22, and how much you drive. Your information is sent automatically to multiple top-rated companies and you should receive rate quotes very quickly.
To compare affordable Lexus IS 350 insurance rates now, click here then complete the form.
The providers in the list below are our best choices to provide price quotes in Texas. If multiple providers are shown, we suggest you visit as many as you can in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 350 4-Dr Sedan||$228||$424||$382||$22||$114||$1,170||$98|
|IS 350 C 2-Dr Convertible||$274||$500||$392||$24||$118||$1,308||$109|
|Get Your Own Custom Quote Go|
Table data represents married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Estimates do not factor in zip code location which can alter prices greatly.
Impact of age and gender on auto insurance rates
The illustration below illustrates the difference between Lexus IS 350 insurance premiums for male and female drivers. The prices are based on a clean driving record, no at-fault accidents, comp and collision included, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
How high should deductibles be?
The chart below highlights how deductible selection and can impact Lexus IS 350 insurance rates for different categories of driver ages. The premiums are based on a single female driver, full coverage, and no discounts are factored in.
Do you need full coverage?
The diagram below illustrates the difference between Lexus IS 350 car insurance rates with full physical damage coverage and with liability coverage only. The costs are based on no tickets, no at-fault accidents, $250 deductibles, married male driver, and no discounts are taken into consideration.
Guidelines for eliminating full coverage
There is no exact rule of when to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let’s assume your Lexus IS 350 claim settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $2,000 after the deductible is paid. If you are paying over $200 annually for physical damage coverage, then you might want to consider buying only liability coverage.
There are a few cases where buying only liability insurance is not advised. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Verify you’re earning every discount
Insurance is not inexpensive, but there could be significant discounts to help offset the cost. Certain discounts will be applied at the time you complete a quote, but some discounts are required to be inquired about in order for you to get them.
- Payment Method – By paying your entire bill at once instead of monthly or quarterly installments you could save up to 5%.
- Own a Home and Save – Just being a homeowner may trigger a policy discount on insurance due to the fact that maintaining a home is proof of financial responsibility.
- Multi-line Discount – Larger companies have a discount if you purchase a life insurance policy as well.
- Discounts for New Vehicles – Buying a new car instead of a used IS 350 is cheaper since new vehicles are generally safer.
- Government Employee Discount – Employees or retirees of the government can earn a discount up to 10% with some insurance companies.
- Policy Bundle Discount – If you can combine your auto and homeowners policy with one company you will save approximately 10% to 15%.
- Seat Belts Save more than Lives – Drivers who require all occupants to buckle up could save 15% on the medical payments or PIP coverage costs.
One last thing about discounts, some credits don’t apply to the entire cost. Most only reduce specific coverage prices like liability, collision or medical payments. Despite the appearance that you could get a free insurance policy, you aren’t that lucky.
Insurance companies that may offer policyholders these benefits possibly include:
Before purchasing a policy, check with all the companies which discounts can lower your rates. A few discounts might not be offered in your area. To locate insurance companies with discount rates in Texas, click here.
Components of Your Lexus IS 350 Insurance Costs
One of the most helpful ways to save on auto insurance is to to have a grasp of some of the factors that play a part in calculating the rates you pay for auto insurance. If you have some idea of what determines premiums, this empowers consumers to make smart changes that may reward you with big savings. Many factors are considered when quoting car insurance. Some are pretty understandable such as your driving history, but other factors are not as apparent such as your credit history or your financial responsibility.
Buy a safe car and pay less – Vehicles that have high safety ratings tend to be cheaper to insure. Vehicles engineered for safety reduce injuries and fewer injuries translates directly to fewer claims and more competitive rates for policyholders. If the Lexus IS 350 has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.
Alarm systems save money – Purchasing a vehicle that has an advanced theft prevention system can save you some money. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack can thwart auto theft.
Mileage impacts costs – Driving more miles annually the more you’ll pay to insure it. Almost all companies rate vehicles based on their usage. Cars that are left in the garage can be on a lower rate level than vehicles that have high annual mileage. It’s a smart idea to ensure your auto insurance policy states the right rating data, because it can save money. Having an incorrect usage rating on your IS 350 may be costing you higher rates.
High comp and collision deductibles save money – Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, is used to repair damage to your vehicle. Some coverage claims are a broken side mirror, damage caused by hail, and burglary. Deductibles for physical damage state the amount of money you are required to spend in the event of a claim. The more of the claim you pay before a claim is paid (deductible), the less your auto insurance will be.
Lexus IS 350 insurance claim data – Insurance companies use claims history when setting premium rates. Vehicles that are shown to have higher claim frequency or loss amount will cost more for specific coverages. The table below outlines the insurance loss data used by companies for Lexus IS 350 vehicles.
For each coverage category, the claim probability for all vehicles, regardless of make, model or trim level, is a value of 100. Numbers below 100 represent a good loss history, while values that are 100 or greater indicate more frequent claims or an increased probability of a larger loss.
Auto Insurance Loss Data for Lexus IS 350 Models
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus IS 350 4dr 2WD||165||88||186||101|
|Lexus IS 350 4dr 4WD||200||72||206|
|Lexus IS 350 Convertible||98|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Independent and exclusive car insurance agents
A small number of people prefer to get professional advice from a licensed agent and that is just fine! Most agents can make sure you are properly covered and will help you if you have claims. The best thing about comparing auto insurance online is you can get cheap rate quotes and still have an agent to talk to.
To find an agent, once you fill out this form (opens in new window), your insurance coverage information is instantly submitted to participating agents in Austin who will give competitive quotes to get your business. You don’t have to contact an agency because quoted prices will be sent immediately to your email address. If you have a need to get a price quote for a specific company, you can always jump over to their website and give them your coverage information.
Choosing the best provider should depend on more than just the premium amount. You should also get answers to these questions.
- How experienced are they in personal risk management?
- Do they offer rental car reimbursement?
- Is the coverage adequate for your vehicle?
- Do they offer claims assistance after hours?
- Will one accident increase rates?
Types of auto insurance agents in Austin
If you want to use a local insurance agency, you need to know there are two types of insurance agents and how they are distinctly different. Auto insurance policy providers are categorized either exclusive or independent (non-exclusive). Either one can handle auto insurance, but it’s good to learn the differences because it can factor into buying decisions.
Exclusive Insurance Agencies
Exclusive insurance agents can only place business with one company like AAA, State Farm, Farmers Insurance, and Allstate. Exclusive agents cannot provide prices from multiple companies so always compare other rates. These agents are very knowledgeable on their company’s products which can be an advantage.
Shown below are Austin exclusive insurance agents that can give you price quotes.
Independent agencies do not work for one specific company and that allows them to write policies with many different companies enabling the ability to shop coverage around. If you are not satisfied with one company, your policy is moved internally without you having to go to a different agency.
When comparison shopping, we highly recommend that you get insurance quotes from several independent agencies to have the best price comparison.
Listed below is a short list of independent agents in Austin that can give you comparison quotes.
Once you have received satisfactory answers to all your questions as well as an affordable premium quote, chances are good that you have found an insurance agent that is professional and can insure your vehicles. Just remember it’s your coverage and you can cancel coverage any time you want so don’t assume that you are permanently stuck with any specific company for the full policy term.
Smaller companies may have the best rates
Consumers can’t ignore all the ads that promise big savings for switching by Progressive, GEICO, Allstate and State Farm. All the ads make the same claim about how much you will save if you get a free Austin car insurance quote and switch your auto insurance coverage to their company.
How do they all charge less that you’re paying now? Here is how they do it.
Insurance companies have underwriting criteria for the type of driver that will most likely be profitable. For instance, this type of driver may need to be between 25 and 40, has no prior claims, and the vehicle is rated for pleasure use. Anybody that hits that “sweet spot” will qualify for the lowest car insurance rates in Austin and have a good chance to save if they switch.
Insureds who may not quite match those standards will be charged a more expensive rate which translates to business going elsewhere. The ads state “people who switch” but not “everyone who gets a quote” can save as much as they claim. That is how companies can truthfully advertise the savings. Because each company has a different risk profile, drivers must get a wide range of price quotes. Because you cannot predict with any certainty which company will provide you with the cheapest Lexus IS 350 insurance in Austin.
Don’t give up on cheap coverage
When trying to cut insurance costs, make sure you don’t buy poor coverage just to save money. In many cases, someone dropped full coverage and learned later that it was a big error on their part. The aim is to buy enough coverage at an affordable rate and still be able to protect your assets.
You just learned a lot of techniques to reduce Lexus IS 350 insurance car insurance rates online in Austin. The key thing to remember is the more providers you compare, the higher the chance of saving money. You may even find the lowest priced auto insurance comes from a lesser-known regional company. These companies can often provide lower premium rates in certain areas compared to the large companies like Progressive and GEICO.
Much more information about auto insurance in Texas can be found at these links:
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- What Auto Insurance is Cheapest for Seniors in Austin? (FAQ)
- Who Has the Cheapest Austin Auto Insurance Quotes for High Mileage Drivers? (FAQ)
- Who Has Affordable Car Insurance Rates for a Nissan Altima in Austin? (FAQ)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- State Car Insurance Guides (GEICO)
- Get the Right Protection (InsureUonline.org)