Are you doing reasearch to find cheaper Lexus IS 350 insurance in New Orleans? Feeling guilty for buying overpriced Lexus IS 350 insurance in New Orleans? Trust us, there are a lot of people in New Orleans just like you who feel imprisoned by their auto insurance policy.
It’s an obvious assumption that insurance companies don’t want you to look for cheaper rates. People who shop rates annually will probably switch to a new company because there is a high probability of finding a policy with more affordable rates. A recent auto insurance study revealed that people who regularly shopped around saved as much as $865 annually compared to policyholders who don’t regularly compare prices.
If finding the lowest rates on Lexus IS 350 insurance is your intention, then understanding how to quote and compare coverages can save money and time. There is such a variety of car insurance companies to buy insurance from, and although it’s nice to be able to choose, so many choices can make it hard to find the best rates for Lexus IS 350 insurance in New Orleans.
Informed Consumers Can Lower Insurance Rates
When buying insurance it’s important to understand the rating factors that aid in calculating the level of your policy premiums. When consumers understand what determines premiums, this helps enable you to make changes that could help you find lower premium levels. Lots of things are used when you quote your car insurance policy. Some factors are common sense such as your driving record, although others are not as apparent such as whether you are married or your financial responsibility.
Fast cars cost more to insure – The type of vehicle you are insuring makes a substantial difference in your auto insurance rates. The cheapest insurance rates are usually for lower performance four cylinder passenger models, but the cost you end up paying is determined by many additional factors.
The data below assumes a single male driver age 50, full coverage with $100 deductibles, and no discounts or violations. It compares Lexus IS 350 policy rates compared to other vehicles that have different performances.
Teenagers are high risk – Older, more experienced drivers tend to be more responsible, tend to cause fewer accidents, and get fewer tickets. Teenage drivers are statistically proven to be less responsible with other occupants in the car and because of this, their insurance rates are much higher.
The next chart uses these variables: single driver, full coverage with $1000 deductibles, and no discounts or violations.
- Too many insurance claims and you’ll pay more – If you’re an insured who likes to file claims you can pretty much guarantee higher rates. Car insurance companies in Louisiana generally give lower rates to people who are claim-free. Your insurance policy is designed for the bigger claims that can’t be paid out-of-pocket.
- Your liability coverage limits – A critical coverage on your policy, liability insurance will provide protection if ever a court rules you are at fault for damages caused by your negligence. It will provide legal defense coverage to attempt to prove you were not liable. It is affordable coverage compared to other policy coverages, so buy as much as you can afford.
- Combine policies and save – Lots of insurance companies will award a discount to clients who consolidate policies with them. It’s known as a multi-policy discount. Even with this discount applied, you may still want to shop around to ensure the best deal.
Accidents can increase prices – Your driving citation history impacts premiums far more than you think. Even one speeding ticket or other violation can increase the cost of insurance by as much as thirty percent. Drivers with clean records receive lower rates than bad drivers. Drivers who get flagrant tickets such as hit and run, DWI or reckless driving convictions may find they need to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to legally drive a vehicle.
The information below shows how violations and fender-benders raise Lexus IS 350 car insurance costs for each age group. The data is based on a married female driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.
Insurance loss statistics a Lexus IS 350 – Companies use claims history to help calculate premium rates. Vehicles that historically have increased claim numbers or amounts will cost more to insure.
The table below shows the historical loss data for Lexus IS 350 vehicles. For each policy coverage type, the claim amount for all vehicles averaged together is considered to be 100. Values below 100 represent a good loss history, while numbers above 100 point to more losses or tendency to have higher losses.
Lexus IS 350 Insurance Claim Statistics Specific Lexus 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 98BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Finding a better price on insurance can be surprisingly simple. The only requirement is to invest a few minutes to get quotes online with multiple companies.
It’s so easy to compare rate quotes online that it makes it obsolete to drive to all the different New Orleans insurance agencies. The fact that you can get quotes online has reduced the need for local agents unless you prefer the extra assistance that you can only get from talking to an agent. Although, it is possible compare the best prices online but buy from a local insurance agent.
The auto insurance companies shown below have been selected to offer free quotes in Louisiana. If multiple companies are listed, we recommend you visit several of them to get the best price comparison.
Rates and detailed analysis
The premium information shown next covers different insurance policy prices for Lexus IS 350 models. Learning a little about how rate quotes are calculated can help drivers make smart choices when comparing insurance quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 350 4-Dr Sedan||$388||$804||$488||$28||$146||$1,854||$155|
|IS 350 C 2-Dr Convertible||$388||$804||$488||$28||$146||$1,854||$155|
|Get Your Own Custom Quote Go|
Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Louisiana minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Prices do not factor in vehicle garaging location which can impact auto insurance rates greatly.
The illustration below demonstrates how deductibles and can affect Lexus IS 350 annual premium costs for different age groups of insureds. The rate quotes are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.
Insurance rates by age and gender
The diagram below visualizes the comparison of Lexus IS 350 premium costs for male and female drivers. The costs are based on no claims, a clean driving record, comprehensive and collision coverage, $100 deductibles, single marital status, and no discounts are taken into consideration.
Full coverage or liability only
The chart below compares Lexus IS 350 auto insurance costs when comparing full coverage to liability only. The premiums are based on no claims or driving violations, $500 deductibles, marital status is single, and no discounts are factored in.
Guidelines for dropping full coverage
There is no exact formula of when to drop physical damage coverage, but there is a guideline you can use. If the annual cost of coverage is more than 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s assume your Lexus IS 350 claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after paying your policy deductible. If premiums are more than $800 annually for full coverage, then it might be time to buy liability only.
There are a few situations where dropping full coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.
Auto insurance is not optional
Despite the high cost of buying insurance for a Lexus IS 350 in New Orleans, maintaining insurance may be required for several reasons.
First, the majority of states have minimum mandated liability insurance limits which means you are required to carry specific minimum amounts of liability insurance in order to drive the car. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you bought your vehicle with a loan, almost every bank will make it mandatory that you have insurance to guarantee loan repayment. If you let the policy lapse, the lender will be forced to insure your Lexus at a much higher rate and require you to reimburse them much more than you were paying before.
Third, insurance protects your Lexus and your assets. Insurance will pay for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.
The benefits of buying auto insurance more than cancel out the cost, particularly when you have a large claim. The average driver in America overpays more than $865 each year so compare rates at every renewal to make sure the price is not too high.
Affordable New Orleans car insurance quotes with discounts
Companies that sell car insurance do not list every available discount in a way that’s easy to find, so we took the time to find a few of the more common and the more hidden discounts that may be available.
- Accident Forgiveness – This one is not really a discount per se, but certain companies will turn a blind eye to one accident before raising your premiums so long as you are claim-free for a particular time prior to the accident.
- Smart Student Discounts – Being a good student may save you up to 25%. Most companies allow this discount well after school through age 25.
- Driver Education Discount – It’s a good idea to have your young drivers enroll and complete driver’s education as it will make them better drivers and lower rates.
- Seat Belts Save – Buckling up and requiring all passengers to use a seat belt could save 15% off the personal injury premium cost.
- Multi-car Discount – Buying coverage for more than one vehicle on one policy can reduce the rates for all insured vehicles.
Drivers should understand that most credits do not apply to the entire policy premium. Most only cut specific coverage prices like liability, collision or medical payments. Even though the math looks like all those discounts means the company will pay you, insurance companies wouldn’t stay in business.
The information below compares Lexus IS 350 car insurance costs with and without discounts applied to the premium. The premiums assume a female driver, no claims, a clean driving record, Louisiana state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, multi-policy, marriage, safe-driver, and homeowner discounts applied.
For a list of providers with the best discounts in Louisiana, click here to view.
Compare rates but still have a local neighborhood New Orleans car insurance agent
A small number of people still like to talk to a local agent and that can be a smart move Most agents can answer important questions and help in the event of a claim. The biggest benefit of comparing insurance online is you can get lower rates but also keep your business local. Buying from and supporting local agencies is important particularly in New Orleans.
By using this quick form, your insurance data is instantly submitted to agents in your area who want to provide quotes for your insurance coverage. It’s much easier because you don’t need to contact any agents because quoted prices will be sent immediately to your email address. In the event you want to get a price quote from one company in particular, just visit that company’s website to submit a rate quote request.
Choosing the best provider is decision based upon more than just a cheap price. These are valid questions to ask:
- How many years of experience in personal auto insurance do they have?
- What is the agency’s Better Business Bureau rating?
- Do they regularly work with personal auto policies in New Orleans?
- Is the agent CPCU or CIC certified?
- Are there any hidden costs in their price quote and does it include driving and credit history?
How much can you save?
You just learned a lot of tips how to get a better price on Lexus IS 350 insurance in New Orleans. It’s most important to understand that the more price quotes you have, the higher your chance of finding affordable Lexus IS 350 insurance quotes. You may even discover the lowest premium rates come from a small local company. These companies may cover specific market segments cheaper than their larger competitors like Progressive and GEICO.
When you buy New Orleans car insurance online, make sure you don’t reduce coverage to reduce premium. There have been many situations where consumers will sacrifice liability coverage limits only to find out that their decision to reduce coverage ended up costing them more. The goal is to purchase a proper amount of coverage for the lowest price but still have enough coverage for asset protection.
How to save money on Lexus IS 350 insurance in New Orleans
If you want to find the absolute lowest rates, then the best way to find low-cost auto insurance rates is to compare quotes annually from companies who can sell car insurance in New Orleans.
- Try to learn a little about coverages and the steps you can take to prevent expensive coverage. Many rating factors that cause high rates like speeding and poor credit can be remedied by making minor driving habit or lifestyle changes.
- Compare rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give prices from one company like Progressive or Allstate, while independent agencies can give you price quotes from multiple insurance companies.
- Compare the price quotes to the premium of your current policy to see if you can save by switching companies. If you find better rates and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Notify your agent or company of your intent to cancel your current policy and submit the required down payment along with the signed application to your new company or agent. Once received, put the new certificate verifying proof of insurance in your glove compartment.
One bit of advice is to use the same coverage limits and deductibles on every quote request and and to compare as many auto insurance providers as possible. Doing this ensures a level playing field and plenty of rates choose from.
More information can be found below:
- Preventing Carjacking and Theft (Insurance Information Institute)
- What Insurance is Cheapest for Good Drivers in New Orleans? (FAQ)
- How Much is Auto Insurance for Infrequent Drivers in New Orleans? (FAQ)
- Who Has Affordable New Orleans Car Insurance for College Graduates? (FAQ)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)
- Teen Driver Licensing Information (iihs.org)