Compare 2021 Lexus LS 500 Car Insurance Quotes in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Apr 25, 2024

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Want cheaper car insurance rates? Drivers have many options when trying to find the lowest priced Lexus LS 500 insurance. They can either spend hours calling around to compare prices or utilize the internet to make rate comparisons. There are more efficient ways to shop for car insurance and you need to know the proper way to quote coverages for a new or used Lexus and obtain the lowest price from both online companies and local agents.

It’s a good idea to get comparison quotes yearly due to the fact that insurance prices are constantly changing. Despite the fact that you may have had the lowest price on LS 500 insurance last year you will most likely find a better rate quote today. Forget all the misinformation about car insurance because you’re about to learn the easiest way to lower your annual insurance bill.

Car Insurance Discounts

Companies that sell car insurance don’t necessarily list their entire list of discounts very clearly, so the list below contains both the well known and also the lesser-known credits available to you. If you do not check that you are getting every discount you qualify for, you could be saving more on your car insurance.

  • Auto/Life Discount – Larger insurance carriers have a break if you buy auto and life insurance together.
  • Use Seat Belts – Forcing all vehicle occupants to use their safety belts could save 15% on medical payment and PIP coverage.
  • Discounts for Responsible Drivers – Safe drivers could pay up to 40% less on LS 500 insurance than drivers with accidents.
  • Anti-theft System – Vehicles that have factory alarm systems and tracking devices can help prevent theft and will save you 10% or more.
  • Accident Forgiveness Coverage – Not necessarily a discount, but companies like Progressive, State Farm and GEICO will let one accident slide without the usual rate increase if your claims history is clear for a set time period.
  • Online Discount – A few larger online companies give back up to $50 just for signing your application online.
  • Driver Education Discount – Have your child enroll in driver’s education as it can save substantially.
  • Active Military Service – Having a deployed family member may lower your prices slightly.

As a footnote on discounts, most credits do not apply to all coverage premiums. Most only cut individual premiums such as liability and collision coverage. Just because you may think you could get a free car insurance policy, companies don’t profit that way. Any amount of discount will help lower the cost of your policy.

To view insurers who offer online car insurance quotes, enter your zip code here.

Buy insurance coverage online

There are several ways to compare insurance coverage prices but there is one way that is less labor-intensive and much quicker. You can waste hours discussing policy coverages with local insurance agents in your area, or you can utilize online quotes to quickly compare rates.

Most of the larger companies participate in a marketplace that enables customers to enter their coverage request one time, and at least one company returns a competitive quote based on that data. This system prevents you from having to do quotation requests for each company you want a rate for.

To use this form to compare rates enter your zip code here.

The one disadvantage to using this type of form is that you can’t choose the companies to receive prices from. So if you want to choose specific insurance companies to request quotes from, we put together a list of low cost insurance coverage companies in your area. Click to enter zip code for insurance companies.

You can choose any of those ways to find more affordable coverage, but try to use the exact same quote data for every company. If you compare different deductibles it will be impossible to decipher which rate is best.

Learn how to quote auto insurance cheaper

A large part of saving on auto insurance is knowing the rating factors that are used to determine your policy premiums. If you have some idea of what influences your rates, this empowers consumers to make smart changes that could help you find big savings. Lots of things are part of the calculation when you get your auto insurance bill. Most are fairly basic like a motor vehicle report, but some are not as apparent like your vehicle usage or how financially stable you are.

The list below includes a few of the “ingredients” used by companies to determine premiums.

  • Lower rates with a multi-policy discount – Lots of auto insurance companies will give discounts to clients that have more than one policy in the form of a multi-policy discount. Even if you already get this discount, it’s in your best interest to compare other company rates to guarantee you are still saving the most. Drivers may still find a better deal by insuring with multiple companies.
  • Do safer cars cost less to insure? – Vehicles with high crash test scores get lower rates. Safer cars have better occupant injury protection and fewer injuries means less claims paid and more competitive rates for policyholders. If your Lexus LS 500 is rated at least four stars on Safercar.gov you may pay a lower rate.
  • Insurance companies don’t like frequent insurance claims – Auto insurance companies generally give most affordable rates to people who do not rely on their insurance for small claims. If you are the type of insured that files lots of claims you can look forward to higher premiums or even policy non-renewal. Your car insurance is intended to be relied upon for the bigger claims that can’t be paid out-of-pocket.
  • Liability is important – Your policy’s liability coverage is the coverage that protects you if ever you are found to be at fault for an accident. This coverage provides for a legal defense which can cost thousands of dollars. Liability insurance is pretty cheap as compared to coverage for physical damage, so drivers should carry high limits.
  • Marriage pays dividends – Having a significant other may save some money on your policy. It may mean you are more mature it has been statistically shown that married drivers tend to file fewer claims.
  • Rate your vehicle for proper use – The higher the mileage driven in a year’s time the higher the price you pay to insure it. Many insurance companies calculate prices based on how the vehicle is used. Autos that sit idle most of the time cost less to insure compared to those used for work or business. An incorrectly rated LS 500 can result in significantly higher rates. Ask your agent if your auto insurance policy reflects how each vehicle is driven.

Tailor your car insurance coverage to you

When buying adequate coverage for your vehicles, there really is not a perfect coverage plan. Your needs are not the same as everyone else’s.

These are some specific questions might point out if your situation would benefit from professional advice.

  • Is my babysitter covered when using my vehicle?
  • Do all my vehicles need collision coverage?
  • Is my ex-spouse still covered by my policy?
  • Why am I required to buy high-risk coverage?
  • Does my policy cover me when driving someone else’s vehicle?
  • Can I rent a car in Mexico?
  • Is other people’s property covered if stolen from my vehicle?
  • Why is insurance for a teen driver so high?

If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, fill out your zip code. It’s fast, doesn’t cost anything and can provide invaluable advice.

Detailed coverages of your insurance policy

Understanding the coverages of a insurance policy can help you determine the right coverages and proper limits and deductibles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy.

Collision coverage protection

This coverage pays to fix your vehicle from damage resulting from a collision with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims like sustaining damage from a pot hole, hitting a parking meter, sideswiping another vehicle and backing into a parked car. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible in order to get cheaper collision rates.

Liability

This coverage protects you from damages or injuries you inflict on a person or their property in an accident. It protects YOU against other people’s claims, and doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 25/50/25 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property.

Liability can pay for claims like bail bonds, structural damage and legal defense fees. How much coverage you buy is up to you, but buy as large an amount as possible.

Comprehensive auto coverage

Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things like falling objects, fire damage and hitting a deer. The most you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance kick in for expenses for funeral costs, doctor visits, nursing services and surgery. They can be utilized in addition to your health insurance policy or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your 2021 Lexus LS 500.

Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

More comparisons equals lower rates

While you’re price shopping online, you should never reduce coverage to reduce premium. There have been many cases where someone dropped liability coverage limits only to regret they didn’t have enough coverage. Your strategy should be to buy the best coverage you can find at the lowest possible cost, but don’t skip important coverages to save money.

Insureds who switch companies do it for a number of reasons such as not issuing a premium refund, lack of trust in their agent, high rates after DUI convictions and even policy cancellation. No matter why you want to switch, choosing a new insurance company is not as difficult as it may seem.

You just read many ways to lower your 2021 Lexus LS 500 insurance car insurance rates. It’s most important to understand that the more you quote insurance coverage, the higher your chance of finding cheap insurance coverage. You may be surprised to find that the lowest car insurance rates are with an unexpected company.

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