Cheap Lexus IS 350 Insurance in Cleveland

It goes without saying that insurance companies don’t want policyholders to shop around. People who compare rates annually are likely to switch car insurance companies because there is a great chance of finding a lower-priced company. A recent study showed that people who did price comparisons regularly saved on average $70 a month compared to policyholders who don’t regularly compare prices.

If finding the cheapest rates on auto insurance in Cleveland is your objective, then knowing how to get price quotes and compare insurance premiums can help make the process easier.

If saving money is your primary concern, then the best way to get discount auto insurance rates in Cleveland is to compare prices regularly from companies who provide car insurance in Ohio.

First, spend some time learning about how insurance companies determine prices and the things you can control to drop your rates. Many things that cause rate increases such as traffic citations, accidents, and poor credit can be improved by being financially responsible and driving safely. Read the full article for more ideas to get better rates and find overlooked discounts.

Second, compare rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like GEICO or Allstate, while agents who are independent can provide prices from many different companies.

Third, compare the new quotes to the price on your current policy to see if you can save by switching companies. If you find better rates and make a switch, make sure coverage is continuous and does not lapse.

Fourth, provide adequate notice to your current company to cancel your current policy. Submit a down payment along with a signed application to the new insurer. Once received, keep the new proof of insurance paperwork along with your vehicle registration.

One thing to remember is to try to use the same liability limits and deductibles on each quote request and and to compare as many carriers as you can. This ensures an apples-to-apples comparison and a thorough selection of prices.

Lexus IS 350 insurance coverage information

The coverage table shown next covers different policy rates for Lexus IS 350 models. Learning a little about how insurance rates are calculated can help customers make smart choices when choosing a car insurance company.

Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Rates do not factor in specific garaging location which can influence premiums greatly.

Comparison of policy deductibles

One common question asked by Cleveland drivers is where should you set your physical damage deductibles. The figures shown below can help you visualize the rate fluctuation of buying low and high physical damage deductibles. The first rate comparisons uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Information does not factor in specific Cleveland garaging location which can affect premium rates noticeably.

Based on the figures above, using a $250 deductible costs approximately $21 more each month or $252 a year averaged for all IS 350 models than selecting the higher $1,000 deductible. Because you would pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you have more than 36 months between claims, you would probably save some money if you choose the higher deductible.

Bad driving habits will cost you more

The chart below shows how violations and at-fault collisions raise Lexus IS 350 annual premium costs for different ages of insureds. The information is based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.

Lexus IS 350 annual premiums for males versus females

The diagram below illustrates the difference between Lexus IS 350 insurance prices for male and female drivers. The data is based on no accidents, no driving violations, full physical damage coverage, $250 deductibles, drivers are single, and no policy discounts are applied.

Lexus IS 350 liability rates compared to full coverage

The information below compares Lexus IS 350 car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no driving violations, no at-fault accidents, $500 deductibles, drivers are single, and no discounts are taken into consideration.

Guidelines for dropping full coverage

There is no definitive guideline to drop physical damage insurance, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s pretend your Lexus IS 350 replacement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $7,000 after the deductible is paid. If you are paying more than $700 annually for full coverage, then you may need to consider dropping full coverage.

There are a few situations where dropping full coverage is not recommended. If you still owe money on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not remove full coverage.

Determine discounts on Cleveland car insurance

Some companies don’t always publicize every discount available in an easy-to-find place, so the list below details both the well known and the harder-to-find credits that you can use to lower your rates.

• Fewer Miles Equal More Savings – Fewer annual miles on your Lexus could earn better prices on cars that stay parked.
• Senior Citizen Discount – Drivers that qualify as senior citizens may qualify for reduced rates.
• No Claims – Drivers who don’t have accidents pay less in comparison to policyholders that have many claims.
• Military Rewards – Having a family member in the military could be rewarded with lower premium rates.
• Discount for Home Ownership – Owning a home in Cleveland can help you save on car insurance since home ownership requires a higher level of personal finance.
• Use Seat Belts – Using a seat belt and requiring all passengers to use their safety belts could cut 10% or more on medical payment and PIP coverage.
• Early Payment Discounts – By paying your entire bill at once as opposed to paying monthly you could save up to 5%.
• Membership in Organizations – Being in qualifying clubs or civic groups can get you a small discount when shopping for car insurance.
• Anti-lock Brake Discount – Cars that have anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.
• New Vehicle Savings – Insuring a vehicle that is new can save you some money since newer vehicles are generally safer.

As a disclaimer on discounts, most discounts do not apply to the entire cost. Some only apply to the price of certain insurance coverages like comp or med pay. Even though it appears you could get a free car insurance policy, you won’t be that lucky.

The illustration below compares Lexus IS 350 insurance rates with and without discounts applied. The information is based on a female driver, a clean driving record, no claims, Ohio state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, marriage, safe-driver, homeowner, claim-free, and multi-car discounts applied.

Companies who might offer some of the discounts shown above may include but are not limited to:

• State Farm
• Progressive
• Progressive
• MetLife
• Farm Bureau
• GEICO
• SAFECO

If you need lower rates, check with each company or agent to apply every possible discount. Some discounts listed above may not be offered in your area.

Detailed coverages of your auto insurance policy

Understanding the coverages of a auto insurance policy helps when choosing the best coverages at the best deductibles and correct limits. Auto insurance terms can be difficult to understand and coverage can change by endorsement.

Comprehensive (Other than Collision)

This coverage pays for damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive can pay for things like damage from a tornado or hurricane, rock chips in glass, vandalism, hitting a deer and damage from flooding. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Medical expense insurance

Coverage for medical payments and/or PIP pay for expenses such as prosthetic devices, rehabilitation expenses and EMT expenses. They are often used to fill the gap from your health insurance program or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Protection from uninsured/underinsured drivers

Uninsured or Underinsured Motorist coverage provides protection from other motorists when they are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your Lexus IS 350.

Due to the fact that many Ohio drivers only purchase the least amount of liability that is required (Ohio limits are 25/50/25), it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is important protection for you and your family.

Auto liability

This provides protection from damage or injury you incur to people or other property. It protects you against other people’s claims. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 25/50/25 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property.

Liability coverage protects against claims such as medical services, pain and suffering and loss of income. The amount of liability coverage you purchase is a personal decision, but it’s cheap coverage so purchase as high a limit as you can afford. Ohio state law requires minimum liability limits of 25/50/25 but you should think about purchasing more liability than the minimum.

The illustration below shows why minimum state limits may not be enough.

Coverage for collisions

This coverage pays for damage to your IS 350 resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for things such as colliding with another moving vehicle, hitting a mailbox and backing into a parked car. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Another option is to bump up the deductible on your IS 350 in order to get cheaper collision rates.

Quote. Compare. Save.

People change insurance companies for a variety of reasons including high prices, an unsatisfactory settlement offer, extreme rates for teen drivers or not issuing a premium refund. Regardless of your reason for switching companies, switching insurance companies is pretty simple and you could end up saving a buck or two.

As you prepare to switch companies, you should never skimp on coverage in order to save money. In many cases, an accident victim reduced comprehensive coverage or liability limits and discovered at claim time that the few dollars in savings costed them thousands. Your goal should be to purchase a proper amount of coverage for the lowest cost while still protecting your assets.

We just covered a lot of techniques to find affordable Lexus IS 350 insurance in Cleveland. It’s most important to understand that the more you quote Cleveland auto insurance, the higher the chance of saving money. You may even discover the best premium rates are with a company that doesn’t do a lot of advertising.

More tips and info about insurance is located in these articles:

• Vehicle Safety Ratings (iihs.org)
• Who Has the Cheapest Car Insurance Quotes for Low Mileage Drivers in Cleveland? (FAQ)
• How Much are Car Insurance Quotes for Immigrants in Cleveland? (FAQ)
• Who Has Cheap Car Insurance Quotes for a Honda Civic in Cleveland? (FAQ)
• Who Has the Cheapest Auto Insurance for a Honda CR-V in Cleveland? (FAQ)
• How Can I Save Money on Auto Insurance? (Insurance Information Institute)
• Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
• What to do at the Scene of an Accident (Insurance Information Institute)
• Teen Driving Statistics (GEICO)