If you want to save money, the best way to find lower priced Lexus IS 350 insurance is to start doing a yearly price comparison from insurance carriers who provide car insurance in Minneapolis. You can compare rates by following these steps.
First, read about policy coverages and the steps you can take to prevent expensive coverage. Many factors that result in higher rates like speeding tickets, accidents and an imperfect credit history can be amended by making minor changes in your lifestyle. Continue reading for more ideas to help prevent high rates and find missing discounts.
Second, quote rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only provide price estimates from a single company like Progressive or Farmers Insurance, while independent agents can provide prices from multiple sources. View prices
Third, compare the new rate quotes to your existing policy to determine if switching companies saves money. If you find a lower rate quote, make sure coverage is continuous and does not lapse.
Fourth, notify your current company to cancel your current car insurance policy. Submit the signed application along with the required initial payment for the new policy. Immediately place the new proof of insurance paperwork in an easily accessible location in your vehicle.
An essential thing to point out is to make sure you’re comparing the same deductibles and limits on every quote request and to quote with as many car insurance companies as possible. This helps ensure the most accurate price comparison and a complete rate analysis.
It’s hard to fathom, but nearly 70% of customers kept their coverage with the same car insurance company for over three years, and just short of a majority have never even compared rates from other companies. Many consumers in Minneapolis could save approximately 50% each year by just shopping around, but they don’t know the rate savings if they switched to a cheaper policy.
Finding the cheapest car insurance coverage in Minneapolis is not rocket science. Essentially everyone who needs more affordable car insurance will find a better price. Nevertheless, Minnesota consumers do need to know how big insurance companies sell online because it varies considerably.
The majority of larger companies allow consumers to get coverage prices directly from their websites. This process is easy for anyone as you just enter your required coverages on the page. When the form is submitted, their system automatically retrieves your driving and credit reports and gives you a price quote. Being able to quote online for Lexus IS 350 insurance in Minneapolis helps simplify price comparisons, and it is important to perform this step in order to get a better rate.
To compare rates using this form now, check out the auto insurance providers below. To compare your current rates, we recommend you replicate coverages and limits as close as possible to your current policy. This makes sure you’re receiving an apples-to-apples comparison based on similar coverages.
The providers in the list below are our best choices to provide free rate quotes in Minnesota. If you wish to find the best auto insurance in Minneapolis, it’s a good idea that you visit two to three different companies in order to find the lowest rates.
Choosing the best Lexus vehicle insurance in Minnesota is an important decision
Even though it can be expensive, paying for insurance serves an important purpose.
- Just about all states have compulsory liability insurance requirements which means you are required to buy a minimum amount of liability coverage in order to drive the car. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your Lexus, most lenders will force you to buy insurance to guarantee loan repayment. If you do not pay your insurance premiums, the lender may insure your Lexus at an extremely high rate and force you to pay for it.
- Insurance safeguards your Lexus IS 350 and your assets. It will also provide coverage for hospital and medical expenses that are the result of an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If damage is caused by hail or an accident, comprehensive and collision coverage will pay to repair the damage.
The benefits of carrying enough insurance more than cancel out the cost, particularly when you have a large claim. In a recent study of 1,000 drivers, the average customer is wasting up to $850 per year so compare rates each time the policy renews to make sure the price is not too high.
Lexus IS 350 insurance rate analysis
The coverage table displayed next outlines different prices for Lexus IS 350 models. Learning how insurance policy premiums are established can help customers make smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $278 | $556 | $428 | $26 | $128 | $1,416 | $118 |
| IS 350 C 2-Dr Convertible | $278 | $556 | $428 | $26 | $128 | $1,416 | $118 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Information does not factor in zip code location which can impact auto insurance rates considerably.
Policy deductibles
One frequently asked question is how high should your deductibles be. The comparison tables below highlight the rate differences when you buy lower versus higher insurance deductibles. The first rate comparisons uses a $100 physical damage deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $344 | $668 | $318 | $18 | $94 | $1,467 | $122 |
| IS 350 C 2-Dr Convertible | $344 | $668 | $318 | $18 | $94 | $1,467 | $122 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $250 | $452 | $318 | $18 | $94 | $1,132 | $94 |
| IS 350 C 2-Dr Convertible | $250 | $452 | $318 | $18 | $94 | $1,132 | $94 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Rate quotes do not factor in zip code location which can raise or lower insurance rates noticeably.
Using the data above, we can ascertain that using a $100 deductible will cost you roughly $28 more each month or $336 each year averaged for all IS 350 models than buying the higher $500 deductible. Since the policyholder would be required to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you tend to have at least 14 months between claim filings, you would save money if you choose a higher deductible.
The chart below illustrates how your deductible choice and can affect Lexus IS 350 insurance premiums for each age group. The premium estimates are based on a married female driver, full physical damage coverage, and no other discounts are factored in.
Rate difference between full and liability-only coverage
The illustration below shows the comparison of Lexus IS 350 car insurance rates when comparing full coverage to liability only. The rates are based on no claims or driving citations, $250 deductibles, drivers are not married, and no discounts are applied.
When to drop comprehensive and collision
There is no exact formula of when to phase out physical damage coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
For example, let’s say your Lexus IS 350 claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,000 after the policy deductible has been paid. If you are paying over $600 annually to have full coverage, then it could be time to drop full coverage.
There are some scenarios where removing full coverage is not a good idea. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not opt for liability only.
Discounts can help lower rates on Lexus IS 350 insurance in Minneapolis
Car insurance companies don’t always publicize the entire discount list in a way that’s easy to find, so we break down a few of the more well known in addition to some of the lesser obvious credits available to lower your premiums when you buy Minneapolis car insurance online.
- Minneapolis Homeowners Pay Less – Just being a homeowner can help you save on insurance because it shows financial diligence.
- Defensive Driving Course – Taking time to complete a course in safe driver could earn you a small percentage discount if you qualify.
- Seat Belt Discounts – Drivers who always wear seat belts and also require passengers to wear their seat belts can save up to 15% off the medical payments premium.
- Discount for Low Mileage – Driving fewer miles could be rewarded with better insurance rates on cars that stay parked.
- Government Employees – Active or retired federal employment could cut as much as 10% off with certain companies.
- Service Members Pay Less – Having a deployed family member could qualify you for better premium rates.
It’s important to note that some credits don’t apply to the overall cost of the policy. Most only apply to the cost of specific coverages such as physical damage coverage or medical payments. Just because it seems like all the discounts add up to a free policy, companies don’t profit that way.
The illustration below shows the difference between Lexus IS 350 auto insurance rates with and without discounts applied to the policy rates. The rate quotes are based on a female driver, no driving violations, no at-fault accidents, Minnesota state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, multi-car, claim-free, multi-policy, and safe-driver discounts applied.
Larger insurance companies and some of the discounts are detailed below.
- Progressive policyholders can earn discounts including online quote discount, good student, online signing, homeowner, and multi-vehicle.
- AAA offers discounts for AAA membership discount, multi-policy, good student, good driver, pay-in-full, and multi-car.
- Farmers Insurance has savings for early shopping, good student, electronic funds transfer, youthful driver, homeowner, and bundle discounts.
- GEICO may include discounts for five-year accident-free, anti-theft, daytime running lights, membership and employees, good student, multi-vehicle, and federal employee.
- Esurance discounts include Switch & Save, emergency road assistance, DriveSense, good driver, claim free, and paid-in-full.
- SAFECO may have discounts that include drive less, anti-lock brakes, homeowner, accident prevention training, and bundle discounts.
- State Farm offers discounts including good driver, anti-theft, Steer Clear safe driver discount, passive restraint, and multiple policy.
If you are trying to find affordable Minneapolis car insurance quotes, ask every company how you can save money. A few discounts may not apply in Minneapolis. If you would like to choose from a list of insurance companies with significant discounts in Minneapolis, click here.
Neighborhood agents and car insurance
Many drivers would rather get advice from a local agent and there is nothing wrong with that. An additional benefit of comparing rates online is you may find better rates but still work with a licensed agent.
For easy comparison, once you complete this short form, your information is transmitted to local insurance agents in Minneapolis that give free quotes to get your business. You don’t have to search for an agent since rate quotes are delivered immediately to your email address. You’ll get the best rates AND an agent nearby. If for some reason you want to quote rates for a specific company, don’t hesitate to find their quoting web page and fill out their quote form.
Choosing a insurance company requires you to look at more than just the price. These are valid questions to ask:
- Do the companies they represent have a solid financial rating?
- What insurance companies do they work with in Minneapolis?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- Does the agency provide any after hours assistance?
- Can you choose the body shop in case repairs are needed?
- Are you getting all the discounts the company offers?
- How would your car be valued if totaled?
- Do the coverages you’re quoting properly cover your vehicle?
Affordable rates are available
As you quote Minneapolis car insurance, don’t be tempted to skimp on critical coverages to save a buck or two. There are too many instances where drivers have reduced uninsured motorist or liability limits only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to purchase plenty of coverage at the best price.
In this article, we presented many ideas to reduce Lexus IS 350 insurance premium rates online in Minneapolis. The key concept to understand is the more quotes you get, the better likelihood of getting inexpensive Minneapolis car insurance quotes. Consumers could even find that the most savings is with an unexpected company. They may often insure only within specific states and give better rates as compared to the big name companies such as State Farm, GEICO and Nationwide.
Additional information can be read at the links below
- Understanding Your Insurance Deductible (Insurance Information Institute)
- How Much is Minneapolis Car Insurance for a Nissan Sentra? (FAQ)
- How Much is Car Insurance for High Risk Drivers in Minneapolis? (FAQ)
- Who Has the Cheapest Minneapolis Auto Insurance Quotes for Business Use? (FAQ)
- Who Has Affordable Car Insurance Quotes for Low Income Drivers in Minneapolis? (FAQ)
- How Much Auto Coverage do I Need? (Insurance Information Institute)
- Prepare your Teens for Safe Driving (InsureUonline.org)