Lower Your 2023 Lexus IS 300 Insurance Rates 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: Jun 9, 2024

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Trying to find lower insurance rates for your Lexus IS 300? Are you kicking yourself for buying an overpriced insurance policy? Trust us when we tell you there are lots of residents who feel the same.

Many auto insurance companies vie for your business, so it can be very hard to choose a insurer and get the best coverage at the lowest price

If you currently have car insurance, you will be able to lower your premiums substantially using these methods. Choosing the best insurance company for you is not that difficult. But drivers benefit from understanding the way companies sell insurance online and take advantage of how the system works.

Why smart consumers pay less for Lexus IS 300 insurance

It’s important that you understand some of the things that are used to determine the rates you pay for insurance. When consumers understand what positively or negatively impacts your premiums, this enables you to make decisions that could help you find lower premium levels.

The itemized list below are most of the major factors used by companies to determine your prices.

  • Know your vehicle’s NHTSA crash test rating – Vehicles with good safety scores cost less to insure. Highly rated vehicles reduce occupant injuries and fewer serious injuries translates into fewer and smaller insurance claims passed on to you as lower rates.
  • Are you male or female? – Over the last 50 years, statistics have shown women tend to be less risk to insure than men. Now that doesn’t mean women are better drivers. Both genders have auto accidents at about the same rate, but men have costlier accidents. Not only that, but men also have more aggressive citations like driving under the influence (DUI). Young males are the most expensive to insure so it costs more to insure them.
  • Low physical damage deductibles mean high costs – The deductibles represent how much money you are willing to pay out-of-pocket if a claim is determined to be covered. Physical damage protection, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Some coverage claims are rear-ending another vehicle, animal collisions, or theft of your vehicle. The more money the insured is willing to pay, the less money you will pay for insurance on IS 300 insurance.
  • Cheaper rates after marriage – Having a wife or husband actually saves money when shopping for insurance. Having a spouse is viewed as being more mature and statistics prove married drivers tend to file fewer claims.
  • Always keep your insurance policy in place – Having a gap between insurance policy dates can be a fast way to increase your renewal premiums. In addition to paying higher rates, the inability to provide proof of insurance may result in a revoked license or a big fine.
  • Pleasure use or commuting – Driving a lot of miles each year the more it will cost to insure it. Many insurance companies charge to insure your cars based upon how the vehicle is primarily used. Autos that have low annual miles qualify for better rates than vehicles that have high annual mileage. Ask your agent if your insurance declarations sheet properly reflects the correct driver usage. A policy that improperly rates your IS 300 is throwing money out the window.
  • Discounts for auto and home policies – Some insurance companies allow discounts to customers that buy multiple policies. It’s known as a multi-policy discount. This can amount to five, ten or even twenty percent. If you currently are using one company, it’s always a smart idea to compare rates to verify if the discount is saving money. Drivers may still save even more than the discount even if you have your coverage with different companies.
  • High premiums for teenage drivers – Beginning drivers are proven to be careless and easily distracted when behind the wheel therefore insurance rates are much higher. Parents adding a teenage driver to your policy can be very expensive. More experienced drivers are more responsible, file fewer claims , and are generally more financially stable.

How to find affordable insurance

Most larger insurance companies such as Allstate and Progressive make it easy to get coverage prices from their websites. Comparing rates online is pretty easy because it’s just a matter of typing in your coverage information as detailed in the form. After you submit the form their quoting system collects information on your driving record and credit history and generates pricing information. This simplifies rate comparisons, but the process of having to visit each company’s website and repetitively complete many quote forms is monotonous and tiresome. But it’s necessary to compare as many rates as possible if you are searching for the lowest insurance rates.

Compare rates the easy way

The preferred way to locate the lowest prices makes use of a single form to obtain quotes from more than one company. It saves time, requires much less work on your part, and makes online shopping much more enjoyable. After sending your information, your coverage is rated with multiple companies and you can pick any one of the returned quotes.

If one or more price quotes are lower than your current rates, you can click and sign and purchase the new policy. The whole process takes 15 minutes at the most and you will find out if you’re overpaying now.

To compare rates now, simply enter your zip code here and enter your vehicle and coverage information. If you have a policy now, it’s recommended you type in exactly as they are listed on your policy. Doing this guarantees you are getting rate quotes using the exact same coverages.

Find hidden discounts to get affordable insurance coverage rates

Car insurance companies don’t list the complete list of policy discounts very clearly, so the list below gives a summary of a few of the more well known as well as some of the hidden discounts you could be receiving when you buy insurance coverage online.

  • No Claim Discounts – Drivers with accident-free driving histories can earn big discounts as opposed to bad drivers.
  • Discount for Passive Restraints – Cars that have air bags and/or automatic seat belt systems can receive discounts of 20% or more.
  • Multi-car Discount – Buying a policy with multiple vehicles with one company can reduce rates for all insured vehicles.
  • New Car Discount – Buying coverage on a new vehicle may earn a small discount since newer vehicles have better safety ratings.
  • Full Payment Discount – If you pay your entire premium ahead of time instead of paying each month you can avoid the installment charge.

It’s important to note that many deductions do not apply to the whole policy. Most only cut the cost of specific coverages such as collision or personal injury protection. Despite the appearance that you could get a free insurance coverage policy, insurance coverage companies aren’t that generous.

Companies and a selection of discounts are:

  • State Farm policyholders can earn discounts including driver’s education, good student, good driver, anti-theft, accident-free, multiple autos, and safe vehicle.
  • GEICO offers discounts for seat belt use, defensive driver, multi-policy, air bags, federal employee, anti-lock brakes, and military active duty.
  • SAFECO offers discounts including multi-car, safe driver, accident prevention training, drive less, bundle discounts, and anti-lock brakes.
  • Farmers Insurance may include discounts for bundle discounts, distant student, teen driver, business and professional, mature driver, and multi-car.
  • AAA discounts include good driver, anti-theft, multi-policy, pay-in-full, good student, and AAA membership discount.
  • USAA may have discounts that include good student, multi-policy, military installation, multi-vehicle, and vehicle storage.

Before buying, ask every prospective company how many discounts you can get. Some credits might not be available to policyholders in every state. To find providers that offer some of these discounts, enter your zip code here.

Tailor your car insurance coverage to you

When choosing the right insurance coverage, there really is no perfect coverage plan. Everyone’s situation is a little different and a cookie cutter policy won’t apply. For instance, these questions can aid in determining if your insurance needs would benefit from professional advice.

  • Who is covered by my policy?
  • How much underlying liability do I need for an umbrella policy?
  • How can I get my company to pay me more for my totalled car?
  • Am I covered when driving on a suspended license?
  • I have good health insurance, so how much medical payments coverage do I need?
  • What is an SR-22 filing?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Is my dog or cat covered if injured in an accident?

If you’re not sure about those questions but a few of them apply then you might want to talk to a licensed agent. To find lower rates from a local agent, fill out your zip code.

Specific coverages for a 2023 Lexus IS 300

Learning about specific coverages of auto insurance can be of help when determining appropriate coverage and proper limits and deductibles. The terms used in a policy can be difficult to understand and coverage can change by endorsement. Below you’ll find the normal coverages offered by auto insurance companies.

Uninsured/Underinsured Motorist coverage

This coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family and also any damage incurred to your Lexus IS 300.

Due to the fact that many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Frequently the UM/UIM limits are identical to your policy’s liability coverage.

Medical payments coverage and PIP

Med pay and PIP coverage pay for bills like chiropractic care, hospital visits and prosthetic devices. They are used in conjunction with a health insurance program or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and may carry a deductible

Coverage for liability

This will cover damages or injuries you inflict on a person or their property that is your fault. It protects you from claims by other people, and does not provide coverage for your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see limits of 50/100/50 which stand for a limit of $50,000 per injured person, $100,000 for the entire accident, and $50,000 of coverage for damaged property. Alternatively, you may have a combined limit that pays claims from the same limit without having the split limit caps.

Liability can pay for claims like pain and suffering, repair bills for other people’s vehicles, legal defense fees, structural damage and loss of income. How much liability coverage do you need? That is a personal decision, but consider buying as high a limit as you can afford.

Auto collision coverage

This pays for damage to your IS 300 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 protects against claims like rolling your car, driving through your garage door, crashing into a ditch and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to choose a higher deductible to bring the cost down.

Comprehensive coverage

This coverage covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage protects against claims like damage from a tornado or hurricane, damage from getting keyed and rock chips in glass. The maximum amount a auto insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Cheaper insurance is a realistic goal

We just covered a lot of information how to shop for 2023 Lexus IS 300 insurance online. The key thing to remember is the more you quote insurance coverage, the better your comparison will be. You may even discover the most savings is with the smaller companies. These companies may often insure only within specific states and give getter rates than their larger competitors like State Farm, GEICO and Nationwide.

As you shop your coverage around, it’s not a good idea to reduce coverage to reduce premium. In many instances, someone sacrificed liability coverage limits only to find out that the small savings ended up costing them much more. The proper strategy is to purchase plenty of coverage at the lowest possible cost.

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