Find Cheaper Lexus ES 350 Insurance in Plano

Insurance rates Lexus ES 350 in PlanoIt takes a few minutes, but the best way to find affordable Lexus ES 350 insurance is to annually compare prices from different companies who provide auto insurance in Plano. You can shop around by completing these steps.

A good tip to remember is that you use the same coverage limits and deductibles on every price quote and and to get rates from every insurance company. Doing this helps ensure a level playing field and and a good selection of different prices.

Astonishing but true according to a recent study, a large majority of drivers have been with the same company for more than four years, and virtually 40% of consumers have never quoted insurance rates at all. The average driver in America can cut their rates by almost $859 a year, but they don’t want to take the time to find cheaper insurance by shopping around.

If you have coverage now, you will definitely be able to save money using these tips. Choosing the best rates in Plano is not that difficult. Although Texas drivers do need to understand how insurance companies determine what you pay and use this information to your advantage.

Detailed insurance information

The information below showcases detailed analysis of insurance rates for Lexus ES 350 models. Being more informed about how car insurance prices are formulated is important for making decisions on the best policy coverages.

Lexus ES 350 Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
ES 350 $234 $462 $310 $18 $94 $1,118 $93
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Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Premium costs do not factor in zip code location which can influence coverage prices noticeably.

Deductible comparison

The hardest decision when buying coverage is how high should your deductibles be. The figures shown below highlight the premium difference when you buy lower versus higher comp and collision deductibles. The first set of prices uses a $100 deductible for comp and collision and the second price table uses a $1,000 deductible.

Lexus ES 350 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
ES 350 $412 $804 $324 $20 $96 $1,681 $140
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Lexus ES 350 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
ES 350 $228 $424 $324 $20 $96 $1,092 $91
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Premium costs do not factor in Plano location which can alter price quotes noticeably.

Using the premium rates above, we can conclude that using a $100 deductible could cost the average driver approximately $49 more each month or $588 every year than quoting the higher $1,000 deductible. Since you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at a minimum 18 months between claim filings, you would save money if you opt for a higher deductible.

How to calculate when to raise deductibles

Average monthly premium for $100 deductibles: $140
Average monthly premium for $1,000 deductibles (subtract): – $91
Monthly savings from raising deductible: $49
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $49
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

The information below illustrates how your choice of deductibles and can change Lexus ES 350 premium costs for different age groups. The price estimates are based on a married male driver, comp and collision included, and no policy discounts are applied.

Full coverage versus liability-only in Plano

The illustration below shows the comparison of Lexus ES 350 insurance costs with full physical damage coverage compared to only buying liability only. The price estimates are based on no violations or claims, $250 deductibles, single marital status, and no policy discounts are applied.

Are you wasting money paying for full coverage?

There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.

For example, let’s say your Lexus ES 350 replacement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $8,000 after paying the physical damage deductible. If you are paying in excess of $800 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are some situations where dropping full coverage is not a good idea. If you haven’t paid off your loan, you have to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.

How do Insurance Companies Determine Lexus ES 350 Insurance Costs?

Many factors are part of the calculation when quoting car insurance. Most are fairly basic like a motor vehicle report, but other factors are less obvious such as your credit history or how financially stable you are. When buying auto insurance it’s important to understand the rating factors that come into play when calculating your premiums. If you understand what determines premiums, this allows you to make educated decisions that could result in better auto insurance rates.

Drive lots and pay more – The more you drive in a year the higher your rates will be. The majority of insurers apply a rate based upon how much you drive. Autos that do not get driven very much get more affordable rates compared to those used for work or business. Incorrect rating for your ES 350 is just wasting money. Make sure your declarations sheet correctly shows the correct usage for each vehicle.

Insurance prices and driver gender – Statistics demonstrate that men are more aggressive behind the wheel. This data doesn’t prove that women are better drivers. Women and men tend to get into at-fault accidents in similar numbers, but the males tend to have more serious accidents. Men also tend to get ticketed for serious violations such as reckless driving. Teenage male drivers are several times more likely to be in an accident and therefore are the most expensive to insure.

The chart below visualizes the comparison of Lexus ES 350 insurance rates for male and female drivers. The premium estimates are based on no violations or accidents, full coverage, $100 deductibles, single marital status, and no discounts are applied.

Extra policy coverages can add up – There are a ton of add-on coverages that you can get tricked into buying but may not be useful. Coverages for coverage for rental cars, towing, and motor club memberships are probably not needed. They may seem like a good idea at first, but if you don’t need them remove them from your policy.

Get a ticket, pay higher costs – How you drive has a big impact on rates. Just one citation can increase rates by as much as twenty percent. Attentive drivers get better rates compared to bad drivers. Drivers with severe violations such as DUI, reckless driving or excessive speeding might be required by their state to file a SR-22 with their state DMV in order to keep their license.

The example below highlights how speeding tickets and at-fault accidents drive up Lexus ES 350 insurance premiums for different age categories. The premiums are based on a single male driver, full coverage, $250 deductibles, and no discounts are factored in.

With age comes responsibility – Older, more experienced drivers are viewed as being more responsible, cause fewer claims and accidents, and are safer drivers. Inexperience drivers tend to be less responsible when driving with friends so auto insurance rates are higher.

The following chart is based on a single driver, full coverage with $250 deductibles, and no discounts or violations.

Bundle and save – Many insurance companies apply better rates to customers that purchase more than one policy. It’s known as a multi-policy discount. Discounts can be anywhere from five to ten percent in most cases. Even with this discount, drivers will still want to get quotes from other companies to guarantee you are still saving the most.There is a good possibility that you can find a better deal by buying insurance from more than one company.

Alarms and GPS tracking lower premiums – Choosing to buy a car with a theft deterrent system can save you a little every year. Anti-theft devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart auto theft and help lower rates.

Frequent claims will cost you – Car insurance companies in Texas provide the best rates to drivers that do not abuse their auto insurance. If you are the type of insured that files lots of claims you can definitely plan on either policy cancellation or increased premiums. Your insurance policy is intended to be relied upon for claims that you cannot pay yourself.

Insurance loss probability for a Lexus ES 350 – Car insurance companies take into consideration historical loss data for every vehicle to calculate a rate that will offset losses. Models that have increased claim numbers or amounts will cost more for specific coverages.

The table shown below demonstrates the historical loss data for Lexus ES 350 vehicles. For each coverage type, the claim probability for all vehicles averaged together is equal to 100. Values that are 100 or less indicate a favorable loss history, while values that are above 100 point to more frequent losses or a tendency for losses to be larger than average.

Lexus ES 350 Insurance Claim Statistics
Specific Lexus Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus ES 350 4dr 126 79 160 91 100 78

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Persistence will pay off

In this article, we covered a lot of techniques to compare Lexus ES 350 insurance premium rates in Plano. The most important thing to understand is the more you quote Plano auto insurance, the better likelihood of getting low cost Plano auto insurance quotes. You may even discover the best price on auto insurance is with a lesser-known regional company.

Cost effective Lexus ES 350 insurance is attainable both online as well as from insurance agents, so get free Plano auto insurance quotes from both of them so you have a total pricing picture. A few companies may not provide rate quotes online and usually these smaller companies prefer to sell through independent insurance agents.

Consumers switch companies for a variety of reasons including delays in paying claims, policy cancellation, lack of trust in their agent or unfair underwriting practices. It doesn’t matter why you want to switch finding a new auto insurance company can be less work than you think.

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