Affordable New Orleans Lexus RX 350 Insurance

Discount Lexus RX 350 insuranceIf you want to save the most money, the best way to get cheaper auto insurance rates in New Orleans is to do an annual price comparison from insurers that insure vehicles in Louisiana. You can compare rates by following these steps.

Step 1: Take a little time to learn about how auto insurance works and the changes you can make to keep rates low. Many risk factors that result in higher rates like distracted driving and an imperfect credit rating can be remedied by improving your driving habits or financial responsibility.

Step 2: Obtain price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from one company like Progressive or Allstate, while agents who are independent can quote prices from multiple insurance companies.

Step 3: Compare the new rate quotes to your existing coverage to see if you can save by switching companies. If you find a lower rate, ensure coverage does not lapse between policies.

A good tip to remember is to use similar coverage information on every price quote and and to get rate quotes from as many companies as possible. This provides a fair price comparison and the best rate selection.

Anyone knows that car insurance companies want to keep you from comparing rates. Consumers who shop for lower prices will, in all likelihood, move their business because the odds are good of finding a policy with more affordable rates. A recent survey revealed that drivers who compared price quotes annually saved about $3,400 over four years compared to people who never shopped around for better prices.

If finding discount rates on Lexus RX 350 insurance is the reason for your visit, then having a good understanding how to get rate quotes and compare insurance can save time and make the process easier.

Lexus RX 350 insurance rates and statistics

The coverage table shown below showcases detailed analysis of coverage prices for Lexus RX 350 models. Understanding more about how insurance rates are established helps drivers make smart choices when selecting a coverage provider.

Lexus RX 350 Insurance Rates in New Orleans, LA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $388 $804 $594 $36 $178 $2,000 $167
RX 350 4WD $388 $804 $594 $36 $178 $2,000 $167
Get Your Own Custom Quote Go

Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Louisiana minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Rate information does not factor in specific zip code location which can increase or decrease insurance rates substantially.

Should you raise deductibles?

When shopping for insurance, a common question is where to set your physical damage deductibles. The figures shown below may help you to understand the difference in cost when you choose different coverage deductibles. The first rate quote example uses a $100 deductible for comp and collision and the second rate chart uses a $1,000 deductible.

Lexus RX 350 insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $502 $980 $524 $32 $158 $2,221 $185
RX 350 4WD $502 $980 $524 $32 $158 $2,221 $185
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Lexus RX 350 insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $278 $516 $524 $32 $158 $1,508 $126
RX 350 4WD $278 $516 $524 $32 $158 $1,508 $126
Get Your Own Custom Quote Go

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Louisiana minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Rate information does not factor in vehicle location which can increase or decrease insurance rates noticeably.

Based on the data above, we can derive that using a $100 deductible costs roughly $59 more each month or $708 each year averaged for all RX 350 models than quoting the higher $1,000 deductible. Because you would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you average at a minimum 15 months between claims, you would save money by selecting a higher deductible.

The example below demonstrates how deductible levels and can increase or decrease Lexus RX 350 insurance costs for different age groups. The rates are based on a single female driver, full coverage, and no other discounts are factored in.

Insurance premiums for males and females

The chart below illustrates the difference between Lexus RX 350 insurance costs for male and female drivers. The prices are based on no tickets, no at-fault accidents, full physical damage coverage, $100 deductibles, marital status is single, and no other discounts are factored in.

Rate difference between full and liability-only coverage

The example below illustrates the difference between Lexus RX 350 insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no accidents or driving violations, $1,000 deductibles, drivers are single, and no additional discounts are factored in.

When to drop comp and collision

There is no specific rule of when to phase out physical damage coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

For example, let’s say your Lexus RX 350 settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $3,000 after paying the physical damage deductible. If it’s costing you more than $300 annually for physical damage coverage, then it might be time to buy liability only.

There are a few situations where dropping physical damage coverage is not financially feasible. If you haven’t satisfied your loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

Informed Drivers Can Cut Insurance Costs

A large part of saving on insurance is knowing some of the factors that play a part in calculating the price you pay for insurance. If you have some idea of what determines base rates, this helps enable you to make changes that could help you find lower premium levels. Multiple criteria are used in the calculation when you get your auto insurance bill. Some of the criteria are obvious such as your driving history, but other factors are more transparent such as whether you are married or your vehicle rating.

The itemized list below are just a few of the factors used by companies to determine your rates.

Urban areas may pay more – Having an address in areas with lower population has it’s advantages when it comes to insurance. Less people living in that area translates into fewer accidents and lower theft and vandalism rates. Drivers who live in large Louisiana cities have to deal with more auto accidents and a longer drive to work. More time on the road means higher likelihood of an accident.

Your liability insurance limits – A critical coverage on your policy, liability insurance will protect you if ever a jury decides you are liable for personal injury or accident damage. This coverage provides for a legal defense to attempt to prove you were not liable. This coverage is relatively inexpensive when compared to the cost of physical damage coverage, so do not skimp.

Drive fewer miles and save – The more miles you rack up on your Lexus each year the higher the price you pay to insure it. A lot of insurance companies price each vehicle’s coverage determined by how the vehicle is used. Cars not used for work or commuting receive lower rates than those used for commuting. Having an incorrect usage rating on your RX 350 may be costing you higher rates. Make sure your insurance policy states the proper vehicle usage, because it can save money.

Allowing your policy to lapse raises insurance rates – Having a gap between insurance policy dates is a guaranteed way to increase your renewal premiums. In addition to paying higher rates, getting caught without coverage could earn you a steep fine or even jail time. You may then be required to file a SR-22 with the Louisiana DMV.

Get a ticket, pay higher rates – Just one moving violation could increase your next policy renewal forty percent or more. Drivers with clean records get better prices than their less careful counterparts. Drivers with multiple tickets such as hit and run, DWI or reckless driving convictions may find that they have to to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to keep their license.

The example below illustrates how traffic citations and accidents influence Lexus RX 350 car insurance rates for each age group. The information is based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.

Safer vehicles lower premiums – Vehicles with good safety scores tend to be cheaper to insure. These vehicles help reduce the chance of injuries in an accident and any reduction in injury severity translates into fewer and smaller insurance claims and lower rates for you.

Increase physical damage deductibles and save – Physical damage coverage, termed comprehensive and collision coverage on your policy, is used to repair damage to your vehicle. Some examples of covered claims are a broken side mirror, damage from fire, and damage caused by flying debris. Comp and collision deductibles are how much you are willing to pay if the claim is covered. The more you are required to pay out-of-pocket, the lower your rates will be.

Lexus RX 350 statistical loss data – Insurers use historical loss data in order to profitably underwrite each model. Vehicles that statistically have higher number or severity of losses will have higher rates for specific coverages. The next table shows the historical loss data for Lexus RX 350 vehicles.

For each type of coverage, the claim probability for all vehicles, without regard to make or model, equals 100. Numbers under 100 imply a favorable loss record, while percentages above 100 indicate a higher chance of having a claim or larger claims.

Insurance Loss Ratings for Lexus RX 350 Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus RX 350 4dr 2WD 111 96 91 72 97 88
Lexus RX 350 4dr 4WD 122 99 112 83 75 78

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

Louisiana auto insurance companies

Picking a good quality insurance provider is hard considering how many companies are available to choose from in New Orleans. The ranking data displayed below can help you pick which car insurance companies you want to consider comparing rates from.

Top 10 New Orleans Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Allstate
  7. State Farm
  8. The Hartford
  9. Safeco Insurance
  10. Progressive

Top 10 New Orleans Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

Don’t give up on cheap premiums

Lower-priced auto insurance in New Orleans is definitely available online and also from your neighborhood New Orleans agents, so get free New Orleans auto insurance quotes from both of them to have the best chance of lowering rates. There are still a few companies who do not offer online quoting and these smaller companies provide coverage only through independent agents.

We’ve covered quite a bit of information on how to find lower-cost Lexus RX 350 insurance in New Orleans. It’s most important to understand that the more quotes you get, the better likelihood of getting cheaper New Orleans auto insurance quotes. Drivers may even discover the lowest car insurance rates come from some of the lesser-known companies.

As you prepare to switch companies, you should never reduce needed coverages to save money. In many instances, someone sacrificed full coverage and found out when filing a claim that it was a big error on their part. Your aim should be to find the BEST coverage at the best price, but don’t skip important coverages to save money.

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