Best Rates for Lexus RX 450h Insurance in Tampa

Insurance rates Lexus RX 450h in TampaOverpriced Lexus RX 450h insurance in Tampa can take a big chunk out of your budget and force you to make tough financial choices. Price shopping at each renewal can save money and help to make sure you’re not throwing money away.

Everyone knows that auto insurance companies don’t want you quoting rates from other companies. Drivers who shop around for better prices will most likely buy a different policy because they have good chances of finding a lower-cost company. A study discovered that consumers who regularly compared rates saved over $70 a month compared to people who never shopped for cheaper rates.

If saving the most money on Lexus RX 450h insurance is the reason you’re here, then having some knowledge of how to shop for insurance rates can save time and money.

Companies like Progressive, GEICO and Farmers Insurance persitently shower you with TV and radio ads and it is difficult to ignore the promise of big savings and take the time to shop coverage around.

Consumers should take time to check car insurance prices as often as possible because car insurance rates are constantly changing. Despite the fact that you may have had the lowest premium rates on Lexus RX 450h insurance in Tampa six months ago you can probably find a lower rate today. Block out anything you think you know about car insurance because I’m going to let you in on the secrets to one of the quickest ways to find the best coverage while lowering your premiums.

Just keep in mind that comparing more rates from different companies increases the chance that you will find more affordable insurance. Some companies don’t provide online rate quotes, so it’s necessary to compare price quotes from the smaller companies as well.

The auto insurance companies shown below provide price comparisons in Tampa, FL. If you want cheaper car insurance in Tampa, it’s highly recommended you get price quotes from several of them to find the cheapest auto insurance rates.

Cheaper rates with discounts

Some providers don’t necessarily list all discounts in an easy-to-find place, so below is a list a few of the more well known as well as some of the hidden credits available to bring down your rates.Save money with discounts

It’s important to note that most of the big mark downs will not be given to the whole policy. Some only apply to specific coverage prices like liability, collision or medical payments. If you do the math and it seems like all those discounts means the company will pay you, you won’t be that lucky. Any qualifying discounts will positively reduce your policy premium.

The illustration below visualizes the comparison of Lexus RX 450h insurance costs with and without discounts applied to the rates. The rates are based on a female driver, no claims or driving citations, Florida state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, claim-free, multi-car, marriage, and safe-driver discounts applied.

Companies and the discounts they provide are outlined below.

Double check with every prospective company to apply every possible discount. Some credits might not be available to policyholders everywhere. To choose insurers that provide some of the discounts listed above in Tampa, follow this link.

Coverage analysis

The rate table displayed next outlines detailed analysis of insurance premium costs for Lexus RX 450h models. Being able to understand how auto insurance premiums are formulated is important for drivers to make informed decisions when shopping around for a new policy.

Lexus RX 450h Insurance Rates in Tampa, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 450H Hybrid 2WD 4-Dr $388 $862 $494 $30 $148 $1,922 $160
RX 450H Hybrid 4WD 4-Dr $388 $862 $494 $30 $148 $1,922 $160
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Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Estimates do not factor in specific location information which can change premiums significantly.

Choosing deductibles

The hardest decision when buying coverage is the level to set your comp and collision deductibles. The following insurance rates determine the differences in price of buying low and high insurance deductibles. The first rate comparisons uses a $250 deductible for comp and collision and the second data table uses a $1,000 deductible.

Lexus RX 450h insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 450H Hybrid 2WD 4-Dr $406 $736 $472 $28 $142 $1,809 $151
RX 450H Hybrid 4WD 4-Dr $406 $736 $472 $28 $142 $1,809 $151
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Lexus RX 450h insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 450H Hybrid 2WD 4-Dr $250 $464 $472 $28 $142 $1,356 $113
RX 450H Hybrid 4WD 4-Dr $250 $464 $472 $28 $142 $1,356 $113
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Rates do not factor in the specific area where the vehicle is garaged which can decrease or increase premiums significantly.

Based on these figures, using a $250 deductible costs approximately $38 more each month or $456 each year than quoting the higher $1,000 deductible. Since you would have to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have more than 20 months between claims, you would come out ahead if you decide on a higher deductible. Here’s a better example of how you can make this decision for your own policy.

Average monthly premium for $250 deductibles: $151
Average monthly premium for $1,000 deductibles (subtract): – $113
Monthly savings from raising deductible: $38
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $38
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 20 months

An important sidenote is that raising deductibles to save money results in more money out-of-pocket when you do file a claim. You need to make sure you have enough money put aside in the event you have to pay the higher deductible.

The diagram below illustrates how your choice of deductibles and can raise or lower Lexus RX 450h insurance costs for each age group. The price estimates are based on a married female driver, full physical damage coverage, and no additional discounts are factored in.

Rate difference between full and liability-only coverage

The diagram below visualizes the comparison of Lexus RX 450h auto insurance costs with full physical damage coverage compared to only buying liability only. The information is based on no accidents or driving violations, $250 deductibles, marital status is single, and no discounts are factored in.

Should you buy full coverage or liability only?

There isn’t a written rule for dropping physical damage coverage, but there is a guideline you can use. If the yearly cost of full coverage is more than around 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s say your Lexus RX 450h replacement cost is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $2,000 after you pay the deductible. If premium cost is more than $200 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.

There are some conditions where eliminating full coverage is not a good idea. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.

What is the best auto insurance company in Florida?

Insuring your vehicle with the highest-rated company can be a challenge considering how many different insurance companies sell coverage in Tampa. The ranking information shown next could help you select which companies you want to consider shopping prices with.

Top 10 Tampa Car Insurance Companies by A.M. Best Rank

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Top 10 Tampa Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

Lexus RX 450h Insurance Rates Can Be Reduced

Multiple criteria are taken into consideration when premium rates are determined. Most are fairly basic such as your driving record, although some other factors are more transparent like your continuous coverage and annual miles driven.

Big city or small town – Choosing to live in areas with lower population is a good thing when trying to find low car insurance rates. Less people means reduced accidents in addition to fewer liability claims. Drivers who live in large Florida cities have more auto accidents and much longer commute distances. Higher commute times means more chances of being involved in an auto accident.

What are good liability protection limits? – Liability insurance will afford coverage if ever you are found to be at fault for damages from an accident. This coverage provides you with a defense in court to attempt to prove you were not liable. Carrying liability coverage is mandatory and cheap compared to comp and collision, so drivers should carry high limits.

See if your company offers a multi-policy discount – Many insurance companies will give discounts to people who carry more than one policy such as combining an auto and homeowners policy. If you currently are using one company, it’s always a smart idea to compare other company rates to verify if the discount is saving money.

Pay less with a high NHTSA crash test rating – Vehicles that have high safety ratings are cheaper to insure. Safer cars result in less severe injuries and better occupant protection means your insurance company pays less and lower rates for you. If your Lexus RX 450h has at least four stars on or an “acceptable” rating on it may cost less to insure.

Men pay higher rates – Over the last 30 years, statistics show that men are more aggressive behind the wheel. Now that doesn’t mean females are better drivers. Both genders are in auto accidents at a similar rate, but the men have accidents that have higher claims. Men also get more serious tickets such as DWI and reckless driving.

The diagram below visualizes the comparison of Lexus RX 450h yearly insurance costs for male and female drivers. The rate quotes are based on no violations or accidents, full coverage, $500 deductibles, marital status is single, and no discounts are applied to the premium.

No policy lapses saves money – Driving without insurance is a big no-no and you may have a hard time finding new coverage because you let your insurance coverage expire. Not only will you pay higher rates, not being able to provide proof of insurance can result in fines and jail time. You may then be required to submit proof of financial responsibility or a SR-22 with the Florida DMV.

Good drivers pay the best costs – Having just one driving citation may cause rates to rise by as much as thirty percent. Good drivers get better prices compared to bad drivers. People who have careless citations such as reckless driving, hit and run or driving under the influence may be required to complete a SR-22 to the state department of motor vehicles in order to prevent their license from being revoked.

The example below highlights how traffic violations and at-fault collisions drive up Lexus RX 450h car insurance costs for each different age category. The rate quotes are based on a single male driver, full coverage, $250 deductibles, and no discounts are applied.

Lexus RX 450h insurance loss probability – Companies take into consideration insurance loss statistics for every vehicle as a tool for profitable underwriting. Models that the data determines to have higher claim amounts or frequency will have higher premium rates. The table below demonstrates the loss history for Lexus RX 450h vehicles.

For each policy coverage, the loss probability for all vehicles, regardless of make, model or trim level, is a value of 100. Values below 100 imply a favorable loss record, while numbers that are greater than 100 indicate more frequent claims or tendency to have larger claims.

Auto Insurance Loss Data for Lexus RX 450h Models
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus RX 450h Hybrid 4dr 2WD 125 119 110 60
Lexus RX 450h Hybrid 4dr 4WD 144 112 136 79 57 84

Empty fields indicate not enough data collected
Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years