View 2003 Lexus IS 300 Insurance Cost

Scraping up a payment for overpriced Lexus IS 300 insurance can overdraw your savings account and put the squeeze on your family’s finances. Comparison shopping is a smart way to lower your monthly bill.

Drivers have so many insurance companies to insure vehicles with, and though it is a good thing to have a choice, it can be more challenging to compare rates and cut insurance costs.

You need to take a look at other company’s rates every six months since rates are usually higher with each renewal. Despite the fact that you may have had the best rates on IS 300 coverage two years ago there may be better deals available now. So forget all the misinformation about auto insurance because you’re about to learn the right way to save on auto insurance.

The quickest method we recommend to compare rates utilizes the fact all the major auto insurance companies provide online access to give rate comparisons. The only thing you need to do is spend a couple of minutes providing details such as whether you drive to work or school, deductibles desired, if your license is active, and marital status. Your insurance information is instantly submitted to multiple different insurance companies and they respond with quotes very quickly.

The fine print in insurance ads

Insurance companies such as Allstate and Progressive constantly bombard you with ads on TV and radio. They all seem to make the same claim that you’ll save big if you switch your policy. How does each company make the same claim? It’s all in the numbers.

All the different companies can use profiling for the type of customer that is profitable for them. A good example of a preferred risk might be over the age of 50, has no prior claims, and has great credit. A customer who meets those qualifications will get very good rates and most likely will save a lot of money.

Potential customers who do not match the “perfect” profile will be charged a more expensive rate which leads to business going elsewhere. The ad wording is “drivers who switch” not “people who quote” save that kind of money. This is how insurance companies can confidently advertise the way they do. That is why it’s extremely important to compare as many rates as you can. It’s just too difficult to predict the company that will provide you with the cheapest Lexus IS 300 insurance rates.

Complexity of Lexus IS 300 insurance rates

Smart consumers have a good feel for the rating factors that come into play when calculating your car insurance rates. Understanding what determines base rates helps enable you to make changes that can help you get better car insurance rates.

The list below includes some of the items that factor into your rates.

  • Pay less after the wedding – Getting married helps lower the price on car insurance. It means you’re more mature and responsible and it’s proven that being married results in fewer claims.
  • Adjust deductibles and save – Coverage for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your Lexus. Some instances where coverage would apply could be running into the backend of another car, damage from fire, and burglary. Your deductibles are how much you are required to spend out-of-pocket if you file a covered claim. The more you are required to pay out-of-pocket, the less your company will charge you for insurance on IS 300 coverage.
  • Poor credit can mean higher rates – Your credit rating is a large factor in your rate calculation. Drivers with high credit ratings tend to file fewer claims and have better driving records than those with poor credit. Therefore, if your credit history can use some improvement, you could pay less to insure your 2003 Lexus IS 300 by repairing your credit.
  • Pleasure use saves money – Driving more miles each year the more you will pay for car insurance. Most insurance companies charge to insure your cars based on their usage. Cars and trucks left parked in the garage receive lower rates than vehicles that are driven to work every day. If your policy improperly rates your IS 300 can result in significantly higher rates. Make sure your car insurance coverage is rated on the proper vehicle usage, because improper ratings can cost you money.
  • Traffic citations inflate rates – Even a single speeding ticket may increase your cost by twenty percent. Drivers with clean records receive lower rates than bad drivers. Drivers who get serious violations such as hit and run, DWI or reckless driving convictions may be required to submit a SR-22 form with their state DMV in order to continue driving.

Verify you’re getting all your discounts

Companies offering auto insurance don’t always advertise every available discount in a way that’s easy to find, so we break down both well-publicized and also the lesser-known ways to save on insurance coverage.

  • Multi-policy Discount – If you insure your home and vehicles with the same company you may save approximately 10% to 15%.
  • Drivers Ed for Students – Require your teen driver to enroll in driver’s education if it’s offered in school.
  • Accident Waiver – Some insurance companies will allow you to have one accident without raising rates as long as you don’t have any claims for a set time period.
  • No Accidents – Drivers who don’t have accidents can save substantially as compared to drivers who are more careless.
  • Save with a New Car – Putting insurance coverage on a new car can cost up to 25% less because new vehicles have to meet stringent safety requirements.
  • Life Insurance – Select insurance companies reward you with better rates if you take out life insurance.

As a disclaimer on discounts, most credits do not apply to the overall cost of the policy. Most only reduce the price of certain insurance coverages like medical payments or collision. Even though it may seem like all those discounts means the company will pay you, you’re out of luck.

Companies that may offer these discounts are:

Check with each company how you can save money. All car insurance discounts may not apply everywhere.

When should I talk to an agent?

When it comes to buying adequate coverage, there really is no “perfect” insurance plan. Every insured’s situation is different and a cookie cutter policy won’t apply. For instance, these questions may help you determine if your situation may require specific advice.

  • Is my 2003 Lexus IS 300 covered for smoke damage?
  • What vehicles should carry emergency assistance coverage?
  • Does coverage extend to my business vehicle?
  • What should my uninsured motorist coverage limits be in my state?
  • Can I still get insurance after a DUI?
  • Can my teen driver be rated on a liability-only vehicle?
  • Is my teen driver covered when they drive my company car?
  • Can I afford to buy a different vehicle if my 2003 Lexus IS 300 is totaled?

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to an insurance agent. If you want to speak to an agent in your area, complete this form or go to this page to view a list of companies.

Car insurance specifics

Learning about specific coverages of your car insurance policy helps when choosing the best coverages for your vehicles. Car insurance terms can be confusing and reading a policy is terribly boring. Below you’ll find the usual coverages found on the average car insurance policy.

Collision coverage

Collision insurance covers damage to your IS 300 resulting from colliding with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things such as colliding with another moving vehicle, backing into a parked car and colliding with a tree. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Comprehensive protection

This coverage covers damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like hitting a bird, theft and hail damage. The highest amount your car insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Uninsured or underinsured coverage

Your UM/UIM coverage gives you protection when other motorists either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your Lexus IS 300.

Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is important protection for you and your family.

Liability car insurance

This provides protection from damages or injuries you inflict on a person or their property by causing an accident. It protects YOU against other people’s claims, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers things such as medical expenses, repair costs for stationary objects, legal defense fees, structural damage and pain and suffering. How much liability coverage do you need? That is your choice, but buy higher limits if possible.

Medical expense coverage

Med pay and PIP coverage provide coverage for bills for hospital visits, pain medications and rehabilitation expenses. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage

Keep this in mind

You just learned a lot of information how to reduce 2003 Lexus IS 300 insurance prices online. The most important thing to understand is the more times you quote, the more likely it is that you will get a better rate. Drivers may discover the lowest priced car insurance comes from some of the smallest insurance companies. Some small companies can often provide lower rates in certain areas than their larger competitors like State Farm or Progressive.

Budget-conscious insurance is attainable from both online companies and with local insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates. Some car insurance companies do not offer you the ability to get quotes online and these small insurance companies work with independent agents.

Additional car insurance information can be read at the links below