Paying more affordable rates for Lexus ES 350 insurance in New Orleans can seem to be frustrating for drivers who are new to comparing prices online. People have so many companies to choose from that it can quickly become a ton of work to find better prices on Lexus ES 350 insurance.
Unbelievably, 70% of consumers kept buying from the same company for well over three years, and nearly 40% of drivers have never compared rates from other carriers. Most drivers in New Orleans can save hundreds of dollars each year, but they just don’t understand the large savings they would see if they just switched companies.
Choices You Make Can Impact Your Insurance Premiums
Many things are considered when you quote your car insurance policy. Some are pretty understandable such as your driving record, but others are more transparent like your continuous coverage or your vehicle rating. An important part of buying insurance is that you know some of the elements that go into determining your insurance rates. When you know what positively or negatively determines base rates, this helps enable you to make changes that can help you get lower rates.
Battle of the sexes – Over the last 30 years, statistics show women tend to be less risk to insure than men. However, this does not mean women are BETTER drivers than men. Females and males have auto accidents in similar numbers, but the male of the species cause more damage. Not only are claims higher, but men get higher numbers of serious violations such as reckless driving. Males from age 16 to 21 are several times more likely to be in an accident and thus pay the highest rates.
The example below shows the comparison of Lexus ES 350 insurance premiums for male and female drivers. The data assumes no accidents or driving violations, comp and collision included, $100 deductibles, single marital status, and no other discounts are factored in.
- Safer cars cost less to insure – Vehicles that have high safety ratings tend to have lower insurance rates. Safer cars protect occupants better and fewer injuries means less money paid by your insurance company passed on to you as lower rates. If the Lexus ES 350 is rated at a minimum four stars on Safercar.gov it may cost less to insure.
Expect high rates for teens – Beginning drivers in Louisiana are known to be inattentive behind the wheel so insurance rates are higher. Parents adding a beginning driver to your policy can really hurt. More experienced drivers are viewed as being more responsible, file fewer claims, and usually have better credit.
The chart below assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
- A car insurance policy lapse is a bad thing – Not having insurance is not a good idea and you will pay a penalty because you let your insurance coverage expire. And not only will your rates increase, failure to provide proof of insurance may earn you fines and jail time. You may need to file a SR-22 with the Louisiana motor vehicle department.
- Do you work long hours in a tough job? – Do you work in a high-stress field? Careers such as judges, business owners, and financial analysts generally have higher rates than the rest of us in part from job stress and lengthy work days. On the flip side, careers like farmers, historians and the unemployed pay lower than average rates.
Lexus ES 350 claim data – Car insurance companies use historical loss data to calculate a price that will offset any claims. Models that tend to have increased claim numbers or amounts will cost more for coverage. The information below illustrates the actual insurance loss data for Lexus ES 350 vehicles.
For each policy coverage type, the loss probability for all vehicles, regardless of make, model or trim level, is set at 100. Numbers that are below 100 suggest a better than average loss history, while numbers that are greater than 100 show a trend for more claims or a tendency for losses to be larger than average.
Car Insurance Loss Data for Lexus ES 350 Models Specific Lexus Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus ES 350 4dr 126 79 160 91 100 78BETTERAVERAGEWORSE
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Rates and data analysis
The price information shown next showcases estimates of insurance costs for Lexus ES 350 models. Learning more about how auto insurance policy rates are determined is important for you to make smart choices when buying a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Louisiana minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Premium costs do not factor in specific location which can affect prices greatly.
Rate comparison of full coverage and liability-only
The example below shows the comparison of Lexus ES 350 insurance premiums with full physical damage coverage and with liability coverage only. The prices are based on no claims or driving violations, $1,000 deductibles, single status, and no discounts are applied to the premium.
When to drop comprehensive and collision
There is no definitive guideline of when to phase out physical damage insurance, but there is a general guideline. If the yearly cost of full coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s say your Lexus ES 350 replacement cost is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $3,000 after paying the physical damage deductible. If it’s costing you more than $300 a year for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.
There are some conditions where dropping full coverage is not a good idea. If you still owe money on your vehicle, you have to carry full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage.
Lower rate quotes by taking advantage of discounts
Insuring your fleet can be pricey, but there may be some discounts that many people don’t even know exist. A few discounts will automatically apply at the time of quoting, but a few must be requested specifically before being credited.
- Military Rewards – Having an actively deployed family member could be rewarded with lower premium rates.
- Pay Now and Pay Less – By paying your entire bill at once rather than spreading payments over time you could save 5% or more.
- New Orleans Homeowners Pay Less – Owning your own home or condo can save a few bucks because it requires a higher level of personal finance.
- Discounts for Government Workers – Employees or retirees of the government may qualify for a discount when you quote New Orleans car insurance with select insurance companies.
- E-sign Discounts – Certain insurance companies give back up to $50 for buying your policy on your computer.
- Mature Driver Discount – Seniors may qualify for a small decrease in premiums.
- Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle their seat belts could save 15% on the premium charged for medical payments and/or PIP.
- Driver Training Discounts – Participating in a class that teaches defensive driving techniques may get you a small discount and make you a better driver.
- Student Discount for Driver Training – Have your child participate in a local driver’s education class in school or through a local driver safety program.
Discounts lower rates, but some credits don’t apply to the overall cost of the policy. Most only cut the price of certain insurance coverages like liability, collision or medical payments. If you do the math and it seems like you would end up receiving a 100% discount, it’s just not the way it works.
The chart below compares Lexus ES 350 insurance costs with and without discounts applied to the policy premium. The premiums are based on a female driver, no claims or driving citations, Louisiana 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, claim-free, homeowner, multi-car, marriage, and safe-driver discounts applied.
Auto insurance companies that possibly offer these money-saving discounts may include but are not limited to:
When quoting, ask each insurance company which discounts can lower your rates. Savings may not apply in your area. To locate insurers who offer cheap Lexus ES 350 insurance quotes in Louisiana, follow this link.
A conclusion for your auto insurance search
Cheap Lexus ES 350 insurance in New Orleans can be sourced on the web in addition to many New Orleans insurance agents, and you need to price shop both to have the best rate selection. Some companies do not offer rates over the internet and usually these regional carriers only sell through independent agents.
As you go through the steps to switch your coverage, never buy less coverage just to save a little money. There have been many cases where an insured dropped full coverage only to find out that it was a big mistake. The ultimate goal is to buy the best coverage you can find at the lowest possible cost while still protecting your assets.
Consumers switch companies for a number of reasons such as poor customer service, delays in responding to claim requests, lack of trust in their agent and even an unsatisfactory settlement offer. Regardless of your reason, switching companies can be easy and end up saving you some money.
Steps to finding cheaper quotes for Lexus ES 350 insurance in New Orleans
It takes a few minutes, but the best way to find affordable auto insurance rates in New Orleans is to start comparing prices regularly from companies that insure vehicles in Louisiana. Rate comparisons can be done by following these steps.
- Try to comprehend auto insurance and the steps you can take to lower rates. Many things that are responsible for high rates such as accidents, careless driving, and a substandard credit score can be amended by making minor driving habit or lifestyle changes.
- Request price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only provide price estimates from a single company like GEICO and State Farm, while independent agencies can quote prices from multiple companies.
- Compare the new rates to your existing rates to see if a cheaper rate is available. If you find a lower rate quote and decide to switch, verify that coverage does not lapse between policies.
- Tell your current agent or company of your intent to cancel your current coverage. Submit payment along with a signed and completed policy application to your new insurance company. As soon as you receive it, put the new certificate of insurance with the vehicle registration.
A key point to remember is to use the same amount of coverage on each quote and to quote with as many different insurance providers as possible. Doing this provides the most accurate price comparison and a complete selection of prices.
To learn more, take a look at the resources below:
- Auto Theft Statistics (Insurance Information Institute)
- What Car Insurance is Cheapest for Drivers with a Bad Driving Record in New Orleans? (FAQ)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- Speed and Speed Limit FAQ (iihs.org)