How Much Does 2023 Lexus LC 500 Car Insurance Cost 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 28, 2024

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Looking for better auto insurance rates? Shoppers have lots of choices when shopping for low-cost Lexus LC 500 insurance. They can either spend hours calling around to get rate comparisons or save time using the internet to make rate comparisons.

There are more efficient ways to find auto insurance online and we’ll show you the proper way to get price quotes for a new or used Lexus and locate the lowest price from both online companies and local agents.

Consumers should take time to check auto insurance prices every six months because auto insurance prices trend upward over time. If you had the lowest price for LC 500 coverage a year ago there is a good chance you can find better rate quotes now. Forget anything you know (or think you know) about auto insurance because we’re going to demonstrate the easiest way to reduce your cost while improving coverage.

Drivers save money with with these discounts

Some insurance providers don’t necessarily list every discount very well, so the next list breaks down both well-publicized and also the more inconspicuous credits available to lower your premiums when you buy insurance coverage online.

  • Discount for Switching Early – A few insurance companies give discounts for switching policies prior to your current policy expiration. It can save you around 10%.
  • Life Insurance Discount – Insurance carriers who offer life insurance give a lower premium rate if you buy some life insurance too.
  • Full Payment Discount – By paying your entire bill at once instead of making monthly payments you may have a lower total premium amount.
  • Professional Memberships – Affiliation with a civic or occupational organization is a good way to get lower rates on your policy.
  • Discounts for Multiple Vehicles – Buying insurance for more than one vehicle on one policy qualifies for this discount.
  • Accident Waiver – This isn’t a discount exactly, but some insurance companies will let one accident slide without raising rates so long as you are claim-free before the accident.
  • Active Service Discounts – Being deployed in the military can result in better rates.
  • Good Student Discount – Being a good student could provide a savings of up to 20% or more. This discount can apply well after school through age 25.
  • Driver Education Discount – Have your child successfully complete driver’s ed class in school or through a local driver safety program.
  • Passive Restraint Discount – Vehicles equipped with air bags or motorized seat belts may get savings of 20% or more.

One last thing about discounts, many deductions do not apply to the entire cost. Some only reduce individual premiums such as liability, collision or medical payments. Just because it seems like you can get free auto insurance, car insurance companies aren’t that generous.

A list of companies and some of the premium reductions they offer include:

  • Esurance may offer discounts for Pac-12 alumni, renters, online quote, DriveSense, and multi-car.
  • The Hartford offers premium reductions for good student, anti-theft, air bag, bundle, defensive driver, and driver training.
  • AAA has savings for anti-theft, multi-policy, AAA membership discount, pay-in-full, multi-car, and good student.
  • GEICO may have discounts that include five-year accident-free, air bags, good student, anti-theft, and seat belt use.
  • State Farm policyholders can earn discounts including student away at school, driver’s education, Drive Safe & Save, accident-free, and multiple autos.

When quoting, ask each insurance company which credits you are entitled to. Some discounts listed above might not be offered in your state. If you would like to see a list of companies with the best discounts, enter your zip code here.

How do car insurance companies determine Lexus LC 500 insurance costs?

Part of the auto insurance buying process is learning the factors that go into determining the price you pay for auto insurance. If you know what determines premiums, this allows you to make good choices that could help you find cheaper rates.

  • Single drivers may pay more – Having a spouse can actually save you money on your auto insurance bill. Marriage means you’re more mature and responsible and insurance companies like that being married results in fewer claims.
  • Raise your physical damage deductibles for better costs – Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, is used to repair damage to your vehicle. Some examples of covered claims are collision with another vehicle, hail damage, and having your car stolen. Comp and collision deductibles represent how much money you are willing to pay if the claim is covered. The more expense you pay before a claim is paid (deductible), the less your company will charge you for insurance for LC 500 coverage.
  • Better prices for no policy lapses – Driving with no insurance is illegal and auto insurance companies will penalize you for letting your insurance coverage expire. Not only will rates go up, failure to provide proof of insurance will get you fines and jail time.
  • Poor credit rating equals high prices – Your credit rating will be a significant factor in determining what you pay for auto insurance. People that have high credit scores tend to be less risk to insure as compared to drivers with lower ratings. Therefore, if your credit leaves room for improvement, you may save money insuring your 2023 Lexus LC 500 by taking the time to improve your credit score.
  • Safer cars cost less to insure – Vehicles with high crash test scores can get you lower premiums. The safest vehicles protect occupants better and reduced instances of injuries translates into savings for insurance companies passed on to you as lower rates. If your Lexus LC 500 scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.

Your situation helps dictate your coverage

When buying adequate coverage for your personal vehicles, there really is not a “best” method to buy coverage. Everyone’s needs are different.

For example, these questions may help you determine if you would benefit from professional advice.

  • Does insurance cover damages from a DUI accident?
  • Is my teenager covered with friends in the car?
  • Are all vehicle passengers covered by medical payments coverage?
  • What is UM/UIM insurance?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Can my babysitter drive my car?

If you can’t answer these questions, you may need to chat with an agent. If you want to speak to an agent in your area, complete your zip code. It’s fast, doesn’t cost anything and can help protect your family.

Insurance advertising tricks

Consumers can’t avoid all the ads that claim the cheapest premium rates from the likes of State Farm, Allstate and GEICO. All the companies seem to make the promise that you can save just by moving your coverage to them.

How can each company charge you less for car insurance? You have to listen carefully.

Many companies provide the lowest rates for the type of driver that is profitable for them. An example of this type of risk profile may be between the ages of 30 and 50, has few claims, and the vehicle is rated for pleasure use. Anybody who matches that profile will probably get the lowest prices and will save when switching.

People who don’t qualify for the ideal profile will probably be forced to pay a higher premium with the end result being the driver buying from a lower-cost company. If you listen to the ad wording, they say “people that switch” not “everybody who quotes” save the amount stated. That is how insurance companies can confidently make claims like that.

Because of the profiling, drivers must compare many company’s premium rates. It is impossible to guess which auto insurance company will have the best car insurance rates.

The coverage is in the details

Learning about specific coverages of your auto insurance policy helps when choosing the right coverages for your vehicles. Policy terminology can be impossible to understand and reading a policy is terribly boring.

Medical payments coverage and PIP – Med pay and PIP coverage pay for bills for things like pain medications, surgery, rehabilitation expenses, ambulance fees and funeral costs. They can be utilized in addition to your health insurance plan or if you are not covered by health insurance. It covers all vehicle occupants as well as any family member struck as a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage

Comprehensive coverage – Comprehensive insurance pays for damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims like fire damage, a tree branch falling on your vehicle, damage from flooding, damage from getting keyed and hitting a bird. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Uninsured/Underinsured Motorist coverage – This coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your 2023 Lexus LC 500.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is important protection for you and your family. Normally these coverages are similar to your liability insurance amounts.

Collision – Collision insurance pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like hitting a mailbox, backing into a parked car and scraping a guard rail. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. It’s also possible to increase the deductible to get cheaper collision coverage.

Liability coverage – This coverage will cover damages or injuries you inflict on a person or their property in an accident. It protects you against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show policy limits of 25/50/25 that means you have a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like structural damage, emergency aid and medical expenses. How much liability should you purchase? That is a personal decision, but consider buying as high a limit as you can afford.

Affordable insurance is out there

Cheap 2023 Lexus LC 500 insurance is attainable from both online companies and with local insurance agents, and you should be comparing both so you have a total pricing picture. A few companies do not offer price quotes online and these regional insurance providers sell through independent agencies.

As you restructure your insurance plan, do not reduce coverage to reduce premium. There are many occasions where someone dropped uninsured motorist or liability limits and found out when filing a claim they didn’t have enough coverage. Your focus should be to buy a smart amount of coverage for the lowest cost, not the least amount of coverage.

Drivers switch companies for a variety of reasons including delays in responding to claim requests, policy non-renewal, denial of a claim or policy cancellation. No matter why you want to switch, finding a new company can be less work than you think.

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