Compare 2002 Lexus IS 300 Insurance Rates

Trying to find cheaper car insurance rates for your Lexus IS 300? No one likes paying for car insurance, especially knowing they are paying too much.

With consumers having so many choices, it can be diffult for consumers to find the most cost effective insurance company.

Smart consumers take time to do rate comparisons before your policy renews because insurance rates tend to go up over time. Even if you think you had the best deal for IS 300 coverage two years ago a different company probably has better rates today. There is a lot of bad advice regarding car insurance online but I’m going to show you the best ways to stop overpaying for insurance.

Your Lexus IS 300 insurance rate is a complex equation

It’s important that you understand the factors that go into determining your car insurance rates. When you know what positively or negatively controls the rates you pay enables informed choices that may reward you with much lower annual insurance costs.

Listed below are a few of the “ingredients” car insurance companies consider when setting rates.

  • Your credit rating is important – A driver’s credit rating is a huge factor in determining what you pay for car insurance. Drivers who have high credit ratings tend to be better drivers and file fewer claims than drivers with lower credit ratings. So if your credit history can use some improvement, you could potentially save money when insuring your 2002 Lexus IS 300 by spending a little time repairing your credit.
  • Lower deductibles cost more – Coverage for physical damage, otherwise known as comp (or other than collision) and collision, protects your Lexus from damage. Some examples of claims that would be covered would be collision with another vehicle, damage caused by hail, and rolling your vehicle. The deductibles are the amount of money you are willing to pay out-of-pocket if you file a covered claim. The more expense the insured has to pay upfront, the less your car insurance will be for IS 300 coverage.
  • Do you qualify for a multi-policy discount? – Some companies provide better rates to policyholders who buy several policies from them such as combining an auto and homeowners policy. Discounts can be anywhere from five to ten percent in most cases. Even with this discount, you still need to compare rates to confirm you are receiving the best rates possible. Drivers may still find better rates by splitting coverages up.
  • High numbers of claims are not good – Auto insurance companies give better rates to drivers who do not rely on their insurance for small claims. If you frequently file small claims, you can pretty much guarantee either a policy non-renewal or much higher rates. Auto insurance is designed for the bigger claims that can’t be paid out-of-pocket.

How to Buy Insurance Online

The are a couple different ways to get quotes from different insurance companies. The recommended way to find the lowest 2002 Lexus IS 300 rates is to get quotes online. It is quite easy and can be accomplished in just a few minutes using one of these methods.

  1. One of the simplest ways consumers can make multiple comparisons would be an industry-wide quote request form click here to open form in new window. This type of form keeps you from doing repetitive form entry to each individual insurance company. One quote request will get you price quotes from several companies.
  2. A more time consuming way to find lower rates requires you to visit each company website and request a quote. For examples sake, we’ll pretend you want comparison quotes from Farmers, Progressive and Geico. To get rate quotes you would need to visit each site and enter your policy data, which is why most consumers use the first method.

    For a handy list of car insurance company links in your area, click here.

  3. The least efficient method to compare rates is to drive around to insurance agents’ offices. Buying insurance online has reduced the need for local agents unless you have a need for the personal advice only provided by licensed agents. However, consumers can comparison shop online but buy from a local insurance agent. We’ll cover that shortly.

It’s your choice how you get your quotes, but double check that you are using apples-to-apples coverage information for each price quote. If you have differing limits it will be impossible to make an equal comparison. Slightly different insurance coverages may cause a big price difference. And when comparison shopping, quoting more will enable you to find the best offered rates.

Discounts on Lexus IS 300 insurance

Car insurance companies don’t always publicize all their discounts in an easy-to-find place, so the following is a list of both well-publicized as well as the least known ways to save on insurance.

  • Federal Government Employee – Active or retired federal employment can earn a discount up to 10% for IS 300 coverage with select insurance companies.
  • Save with a New Car – Buying coverage on a new vehicle is cheaper because new vehicles have to meet stringent safety requirements.
  • Seat Belts Save more than Lives – Requiring all passengers to use a seat belt could cut 10% or more on the medical payments or PIP coverage costs.
  • 55 and Retired – If you qualify as a senior citizen, you can possibly qualify for a discount up to 10% for IS 300 coverage.
  • Military Rewards – Having a deployed family member could mean lower rates.
  • No Claims – Drivers with accident-free driving histories can save substantially compared to frequent claim filers.
  • Payment Method – If you pay your bill all at once instead of monthly or quarterly installments you could save up to 5%.

It’s important to understand that most discounts do not apply the the whole policy. Some only reduce specific coverage prices like physical damage coverage or medical payments. Just because it seems like all those discounts means the company will pay you, insurance companies aren’t that generous.

To see a list of insurers who offer insurance discounts, click this link.

Tailor your coverage to you

When choosing the right insurance coverage for your vehicles, there isn’t really a “best” method to buy coverage. Each situation is unique so this has to be addressed. These are some specific questions might point out if your situation might need an agent’s assistance.

  • Does my insurance cover a custom paint job?
  • Does having multiple vehicles earn me a discount?
  • Am I covered when driving a rental car?
  • Can my babysitter drive my car?
  • Do I have any recourse if my insurance company denies a claim?
  • Where can I find high-risk insurance?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • Is upholstery damage covered by car insurance?
  • What are the best liability limits?
  • What should my uninsured motorist coverage limits be in my state?

If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to an agent. If you don’t have a local agent, simply complete this short form or click here for a list of insurance companies in your area.

What auto insurance coverages do you need?

Learning about specific coverages of your auto insurance policy helps when choosing the right coverages and the correct deductibles and limits. Policy terminology can be ambiguous and coverage can change by endorsement. Listed below are the usual coverages offered by auto insurance companies.

Uninsured/Underinsured Motorist coverage

This coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants and also any damage incurred to your Lexus IS 300.

Since many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses for things like rehabilitation expenses, chiropractic care, dental work, doctor visits and ambulance fees. They are often used to fill the gap from your health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and will also cover being hit by a car walking across the street. PIP is not available in all states and gives slightly broader coverage than med pay

Auto liability insurance

This coverage can cover injuries or damage you cause to other people or property that is your fault. This insurance protects YOU against claims from other people, and doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged propery.

Liability insurance covers claims such as repair costs for stationary objects, funeral expenses, medical services, structural damage and court costs. How much coverage you buy is your choice, but you should buy as high a limit as you can afford.

Comprehensive coverage

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things like fire damage, hitting a deer and a tree branch falling on your vehicle. The most you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Collision coverage protection

Collision coverage covers damage to your IS 300 caused by collision with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for things like colliding with a tree, sustaining damage from a pot hole and sideswiping another vehicle. Collision is rather expensive coverage, so consider removing coverage from vehicles that are 8 years or older. Another option is to raise the deductible to save money on collision insurance.

In the end, you save

Budget-conscious 2002 Lexus IS 300 insurance is definitely available from both online companies as well as from independent agents, and you should be comparing both to have the best chance of lowering rates. There are still a few companies who don’t offer online quoting and most of the time these small insurance companies sell through independent agents.

While you’re price shopping online, never buy poor coverage just to save money. There are a lot of situations where consumers will sacrifice physical damage coverage only to find out that a couple dollars of savings turned into a financial nightmare. The proper strategy is to get the best coverage possible at the best price while still protecting your assets.

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