Save Money on Lexus IS 350 Insurance in Tampa

The best way we recommend to get discount Lexus IS 350 insurance is to begin comparing prices regularly from different companies who provide auto insurance in Tampa.

1. Get a basic knowledge of individual coverages and the things you can change to keep rates low. Many policy risk factors that cause high rates like accidents, traffic tickets, and a not-so-good credit history can be eliminated by being financially responsible and driving safely.
2. Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give rate quotes from a single company like Progressive or Farmers Insurance, while independent agents can provide rate quotes for a wide range of companies.
3. Compare the quotes to the premium of your current policy to see if you can save by switching companies. If you can save money and make a switch, make sure coverage is continuous and does not lapse.
4. Provide written notification to your current company of your decision to cancel your current auto insurance policy. Submit the signed application along with the required initial payment to the new company. Don’t forget to store the certificate verifying proof of insurance with your registration paperwork.

One important bit of advice is that you use the same deductibles and limits on each quote request and and to get rate quotes from as many car insurance companies as possible. Doing this provides an accurate price comparison and a thorough selection of prices.

Sadly, most drivers kept their coverage with the same auto insurance company for at least the last four years, and about 40% of consumers have never compared rates to find cheaper insurance. Tampa drivers can cut their rates by up to $1,130 a year just by comparing rates, but they just don’t understand the big savings they would realize if they changed companies.

Learn How to Quote Auto Insurance More Affordably

Many different elements are considered when pricing auto insurance. Some are obvious like an MVR report, but other criteria are more transparent like your continuous coverage or your commute time. When buying auto insurance it’s important to understand some of the things that are used to determine your auto insurance rates. If you understand what impacts premium levels, this helps enable you to make changes that could result in cheaper rates.

The itemized list below are some of the most rate-impacting factors used by your company to calculate rates.

• Avoid coverage lapses – Not maintaining insurance is illegal and as a result your rates will increase for letting your insurance expire. In addition to paying higher premiums, the inability to provide proof of insurance will get you fines and jail time.

• Rates increase with driving citations – Being a careful driver has a lot to do with how much you pay for insurance. Drivers with clean records have lower premiums than their less careful counterparts. Only having one citation can boost insurance rates by as much as twenty percent. People who have license-revoking tickets like DUI, reckless driving or excessive speeding may find that they have to to file a proof of financial responsibility form (SR-22) with their state in order to continue driving.

  The example below illustrates how violations and fender-benders drive up Lexus IS 350 auto insurance rates for different age categories. The costs are based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied to the premium.

• Cheaper rates with high deductibles – Comprehensive and collision coverage deductibles define how much you are willing to pay out-of-pocket if a covered claim is submitted. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. Some instances where coverage would apply would be a windshield broken by a bird, fire damage, or theft of your vehicle. The more damage repair cost you pay before a claim is paid (deductible), the less money you will pay for auto insurance.
• Prevent theft and save – Buying a car with a theft deterrent system can get you a discount on your auto insurance. Anti-theft features like OnStar, LoJack tracking, and tamper alarms can thwart your vehicle from being stolen.

• Lexus IS 350 claim data – Companies factor in historical loss data to calculate a price that will offset any claims. Vehicles that historically have higher frequency or amount of claims will cost more to insure. The table below illustrates the historical insurance loss data for Lexus IS 350 vehicles.

  For each type of coverage, the statistical loss for all vehicles, regardless of make or model, is set at 100. Values below 100 indicate better than average losses, while numbers shown that are more than 100 point to more claims or an increased probability of a larger loss.

  
  

  Insurance Loss Ratings for Lexus IS 350 Vehicles

  Vehicle Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Lexus IS 350 4dr 2WD	165	88	186	101
  Lexus IS 350 4dr 4WD	200	72	206
  Lexus IS 350 Convertible	98

  BETTER

  AVERAGE

  WORSE

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

Facts and figures for Lexus IS 350 insurance

The data table displayed below covers estimates of policy rates for Lexus IS 350 models. Having a better understanding of how car insurance prices are established can assist in making smart buying decisions.

Table data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Premium costs do not factor in specific location which can revise coverage prices significantly.

Policy deductible comparison

When comparing car insurance rates, the most common question is how high should the physical damage deductibles be. The rates shown below illustrate the premium difference between high and low policy deductibles. The first data table uses a $100 physical damage coverage deductible and the second pricing table uses a $500 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Rate information does not factor in specific zip code location which can raise or lower auto insurance rates greatly.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you approximately $36 more each month or $432 every year than opting for the higher $500 deductible. Since you would have to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you have at least 11 months between claim filings, you would probably be better off by going with a higher deductible.

Lexus IS 350 insurance rates by age and gender

The illustration below shows the comparison of Lexus IS 350 insurance costs for male and female drivers. The prices are based on a clean driving record, no at-fault accidents, comprehensive and collision coverage, $100 deductibles, single marital status, and no discounts are applied.

Should you buy full coverage?

The example below shows the comparison of Lexus IS 350 car insurance costs with and without physical damage coverage. The information is based on no claims or driving violations, $500 deductibles, marital status is single, and no discounts are applied to the premium.

When to drop comprehensive and collision coverage

There isn’t a written rule for phasing out physical damage coverage, but there is a general guideline you can use. If the yearly cost of full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.

For example, let’s pretend your Lexus IS 350 settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $4,000 after the policy deductible has been paid. If you are paying more than $400 annually to have full coverage, then it might be time to buy liability only.

There are some cases where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not opt for liability only.

Affordable Lexus IS 350 insurance rates in Tampa

Some insurance providers don’t list all discounts very clearly, so the list below details some of the more common and the harder-to-find ways to save on insurance.

• Distant Student – Children who live away from home to go to college and won’t have access to an insured vehicle can receive lower rates.
• Anti-theft System – Vehicles equipped with tracking devices and advanced anti-theft systems can help prevent theft and that can save you a little bit as well.
• Safety Restraint Discount – Drivers who require all vehicle occupants to use a seat belt may be able to save a few bucks on medical payment and PIP coverage.
• Discounts for Safe Drivers – Insureds without accidents can save up to 40% or more on their Tampa car insurance quote compared to accident prone drivers.
• Tampa Homeowners Pay Less – Owning a home in Tampa can earn you a little savings since home ownership means you have a higher level of financial diligence.
• Multiple Policy Discount – When you have multiple policies and place coverage with the same company you could get a discount of 10% to 20% off each policy.

It’s important to note that some credits don’t apply to the entire cost. The majority will only reduce the price of certain insurance coverages like liability, collision or medical payments. So when it seems like all the discounts add up to a free policy, company stockholders wouldn’t be very happy.

The illustration below illustrates the difference between Lexus IS 350 insurance rates with and without some available policy discounts. The prices are based on a male driver, no tickets, no at-fault accidents, Florida state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, marriage, multi-car, claim-free, and safe-driver discounts applied.

Some of the larger companies that possibly offer many of the previously listed discounts are:

• GEICO
• Mercury Insurance
• Farmers Insurance
• Auto-Owners Insurance
• Liberty Mutual
• SAFECO
• Progressive
• USAA

It’s a good idea to ask each company which discounts you may be entitled to. All car insurance discounts may not apply in your state. For a list of insurance companies who offer insurance discounts in Tampa, click this link.

Car insurance savings summarized

Lower-priced car insurance in Tampa can be purchased from both online companies in addition to many Tampa insurance agents, and you should compare price quotes from both so you have a total pricing picture. There are still a few companies who may not offer internet price quotes and these small insurance companies sell through local independent agencies.

You just learned a lot of tips how to save on Lexus IS 350 insurance in Tampa. The most important thing to understand is the more price quotes you have, the better your comparison will be. Drivers may even discover the best price on car insurance is with a company that doesn’t do a lot of advertising. Smaller companies may only write in your state and offer lower prices than the large multi-state companies such as Allstate and Progressive.

When you buy Tampa car insurance online, make sure you don’t buy less coverage just to save a little money. Too many times, an insured dropped liability coverage limits to discover at claim time that their decision to reduce coverage ended up costing them more. Your objective should be to purchase plenty of coverage at the best cost while not skimping on critical coverages.

To read more, take a look at these articles:

• If I File a Claim will My Insurance Go Up? (Insurance Information Institute)
• Who Has the Cheapest Tampa Auto Insurance for a Toyota Camry? (FAQ)
• How Much are Tampa Auto Insurance Rates for a GMC Sierra? (FAQ)
• Can I Drive Legally without Insurance? (Insurance Information Institute)
• Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
• New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
• Older Drivers FAQ (iihs.org)