Cheapest 2002 Lexus LX 470 Insurance Rates in 2023
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UPDATED: Jan 16, 2020
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Are you tired of not being able to afford to insure your Lexus every month? You are no different than many other drivers. Popular companies such as State Farm and GEICO all claim big savings, bombarding you with ad campaigns and consumers find it hard to ignore the propoganda and do the work needed to find the best deal.
If you have insurance now or are looking for a new policy, you can use this information to shop for the lowest rates while maintaining coverages. Finding the best rates is not rocket science. Drivers only need an understanding of the proper methods to compare price quotes on the web.
Lexus LX 470 insurance rates consist of many parts
Smart consumers have a good feel for the different types of things that help determine the price you pay for car insurance. Understanding what influences your rates enables informed choices that may reward you with lower car insurance prices.
- Drive a safer car and pay less – Cars with high safety ratings tend to have better insurance rates. Safer cars have better occupant injury protection and any reduction in injury severity translates into savings for insurance companies passed on to you as lower rates. If your Lexus LX 470 has ratings of a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you are probably receiving a discount.
- Car features impact rates – Choosing a vehicle with an alarm system can help bring down rates. Theft prevention devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart your car from being stolen.
- Men pay higher rates – Statistics have proven women are more cautious behind the wheel. Now that doesn’t mean men are worse drivers. They both have accidents in similar percentages, but the male of the species tend to have more serious accidents. Men also tend to get more serious tickets like DUI and reckless driving.
- Your occupation can affect rates – Occupations like lawyers, executives and financial analysts tend to pay higher average rates due to stressful work requirements and long work days. Conversely, occupations such as farmers, engineers and the unemployed have the lowest average rates for LX 470 insurance.
- Drive less and save money – The more you drive in a year’s time the more you will pay for car insurance. Most insurance companies price each vehicle’s coverage based upon how you use the vehicle. Cars and trucks not used for work or commuting can get a lower rate than those used for commuting. If your policy improperly rates your LX 470 can result in significantly higher rates. Ask your agent if your car insurance policy properly reflects the correct driver usage, because it can save money.
- Never let your coverage lapse – Driving your car without having proper coverage can get your license suspended and car insurance companies will penalize you for letting your insurance lapse. Not only will you pay more, but being ticketed for driving with no insurance can result in a license revocation or jail time.
Low Cost Auto Insurance
Effectively comparing auto insurance prices can be a lot of work if you don’t utilize the most efficient way to do it. You could spend your day talking to insurance agencies in your area, or you could save time and use online quoting to get prices fast.
Most of the larger companies are enrolled in a marketplace that allows shoppers to submit their information once, and each participating company then returns a price quote. This eliminates the need for quotation requests to each company. To find out how much you’re overpaying now click to open in new window.
The single downside to comparing rates this way is you are unable to specify which carriers to get quotes from. So if you prefer to choose individual companies to compare rates, we have a page of auto insurance companies in your area. Click here to view list.
It’s your choice how you get your quotes, but ensure you’re using identical coverages and limits for each comparison quote. If you enter higher or lower deductibles you will not be able to determine the lowest rate for your Lexus LX 470.
Buyer beware of insurance coverage advertising tricks
Consumers can’t get away from ads for the lowest price auto insurance from companies such as Progressive, GEICO, Allstate and State Farm. All the companies make an identical promise that you’ll save big if you move your policy.
How can each company claim to save you money? This is how they do it.
Insurance companies have a preferred profile for the type of driver that makes them money. A good example of a desirable insured might be profiled as between the ages of 30 and 50, has no driving citations, and drives less than 10,000 miles a year. A propective insured that hits that “sweet spot” will get the preferred rates and as a result will probably pay quite a bit less when switching companies.
Potential insureds who don’t qualify for the “perfect” profile will have to pay a more expensive rate and ends up with the driver buying from a lower-cost company. Company advertisements say “customers who switch” but not “drivers who get quotes” save that much. That’s why insurance companies can make the claims of big savings.
Because of the profiling, it’s extremely important to get as many comparisons as possible. Because you never know which insurance companies will have the lowest Lexus LX 470 insurance rates.
Discounts are great for lower rates
Car insurance can cost a lot, but companies offer discounts that you may not know about. Certain discounts will be applied at quote time, but a few must be specifically requested before you get the savings. If you don’t get every credit available, you are throwing money away.
- Air Bag Discount – Factory air bags can receive discounts of up to 25% or more.
- Employee of Federal Government – Simply working for the federal government may qualify you for a discount for LX 470 insurance depending on your company.
- More Vehicles More Savings – Insuring multiple cars or trucks on the same insurance coverage policy qualifies for this discount.
- New Car Discount – Buying coverage on a new vehicle is cheaper because new vehicles have to meet stringent safety requirements.
- Payment Discounts – By paying your policy upfront instead of monthly or quarterly installments you could save 5% or more.
- Discount for Life Insurance – Larger companies have lower rates if you buy life insurance.
- Seat Belts Save more than Lives – Requiring all passengers to wear their seat belts can save up to 15% off your PIP or medical payments premium.
- Driver Safety – Taking a course teaching defensive driving skills could cut 5% off your bill depending on where you live.
Keep in mind that some credits don’t apply the whole policy. A few only apply to the price of certain insurance coverages like liability and collision coverage. So even though they make it sound like having all the discounts means you get insurance for free, you’re out of luck. But all discounts will bring down the cost of coverage.
For a list of providers who offer insurance coverage discounts, click here.
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You may need specialized coverage
When it comes to buying coverage for your vehicles, there is no one size fits all plan. Your needs are not the same as everyone else’s so your insurance needs to address that. These are some specific questions can aid in determining if your situation will benefit from professional help.
- Am I covered if I crash into my own garage door?
- Is my state a no-fault state?
- Are rental cars covered under my policy?
- Is my Lexus LX 470 covered if I use it for business?
- Does my 2002 Lexus LX 470 qualify for pleasure use?
- Should I put collision coverage on all my vehicles?
- Do I need to file an SR-22 for a DUI in my state?
- Do I need rental car coverage?
- Is extra glass coverage worth it?
If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.
Car insurance coverages for a Lexus LX 470
Knowing the specifics of your policy can help you determine which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording. These are typical coverages offered by auto insurance companies.
Protection from uninsured/underinsured drivers
Your UM/UIM coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.
Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.
Comprehensive (Other than Collision)
This coverage pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for things such as falling objects, a broken windshield, hitting a bird, fire damage and damage from flooding. The highest amount you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Liability coverage protects you from damage that occurs to other people or property. This insurance protects YOU from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 50/100/50 which stand for a limit of $50,000 per injured person, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Another option is one limit called combined single limit (CSL) which provides one coverage limit without having the split limit caps.
Liability insurance covers things like loss of income, pain and suffering, repair bills for other people’s vehicles, emergency aid and medical expenses. How much coverage you buy is up to you, but buy as large an amount as possible.
Medical expense insurance
Coverage for medical payments and/or PIP pay for bills for prosthetic devices, X-ray expenses and rehabilitation expenses. The coverages can be used in conjunction with a health insurance plan or if there is no health insurance coverage. Coverage applies to you and your occupants in addition to getting struck while a pedestrian. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage
Auto collision coverage
Collision coverage pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for claims such as colliding with another moving vehicle, crashing into a ditch and backing into a parked car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. Another option is to bump up the deductible in order to get cheaper collision rates.
Don’t break the bank
As you shop your coverage around, make sure you don’t sacrifice coverage to reduce premiums. There have been many situations where an accident victim reduced comprehensive coverage or liability limits and found out when filing a claim that the few dollars in savings costed them thousands. Your focus should be to buy a smart amount of coverage at a price you can afford.
You just learned a lot of tips how to reduce 2002 Lexus LX 470 insurance prices online. The key thing to remember is the more quotes you get, the higher your chance of finding lower rates. You may even find the lowest priced insurance comes from the smaller companies. Some small companies may often insure only within specific states and give getter rates compared to the large companies like Progressive and GEICO.
Cost effective insurance is definitely available both online as well as from independent agents, and you need to price shop both in order to have the best price selection to choose from. Some companies don’t offer you the ability to get quotes online and many times these regional insurance providers only sell through independent insurance agents.
For more information, take a look at these articles:
- Collision Coverage (Liberty Mutual)
- Distracted Driving (Insurance Information Insitute)
- Auto Insurance FAQ (Farmers Insurance)
- Auto Insurance Basics (Insurance Information Insitute)
- State Car Insurance Guides (GEICO)
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