Compare Lexus GX 460 Insurance Rates in Lubbock

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Discount Lexus GX 460 insuranceIt's easy to assume that auto insurance companies want to keep your business as long as possible. Drivers who compare other prices will, in all likelihood, buy a new policy because there is a good chance of finding lower rate quotes. A study showed that people who faithfully checked for cheaper rates saved over $3,500 over four years compared to policyholders who never shopped around for better prices.

If finding the cheapest rates on Lexus GX 460 insurance in Lubbock is the reason you're here, then understanding how to get free comparison quotes and analyze insurance premiums can help make the process easier.

To save the most money, the best way to get cheaper Lexus GX 460 insurance is to make a habit of regularly comparing prices from insurance carriers who sell insurance in Lubbock. Prices can be compared by completing these steps.

  1. Try to understand how insurance works and the measures you can take to prevent expensive coverage. Many risk factors that cause rate increases like at-fault accidents, speeding tickets, and a poor credit rating can be remedied by making minor changes in your lifestyle. This article gives additional tips to help prevent high rates and find available discounts that you may qualify for.
  2. Compare price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from one company like Progressive or Allstate, while agents who are independent can give you price quotes from multiple insurance companies.
  3. Compare the new rate quotes to the price on your current policy to see if a cheaper rate is available in Lubbock. If you find a lower rate, make sure coverage does not lapse between policies.
  4. Provide written notification to your current company of your intention to cancel your current auto insurance policy and submit a down payment and signed policy application to your new carrier. Once received, keep your new certificate of insurance in your vehicle.

One tip to remember is to make sure you're comparing identical coverages on every quote request and and to analyze as many companies as feasibly possible. Doing this provides a fair rate comparison and the best price quote selection.

Cheap Lexus GX 460 insurance in Lubbock

Car insurance companies don't always advertise every policy discount in a way that's easy to find, so below is a list some of the more common and also the more inconspicuous discounts that may be available.

  • New Vehicle Savings - Putting insurance on a new GX 460 may earn a small discount due to better safety requirements for newer vehicles.
  • 55 and Retired - Drivers over the age of 55 may receive a slight reduction on a Lubbock auto insurance quote.
  • Early Switch Discount - A few insurance companies offer discounts for switching to them early. The savings is around 10%.
  • Safe Drivers - Drivers who avoid accidents can save as much as half off their rates than drivers with accident claims.
  • ABS Brakes - Cars and trucks that have anti-lock braking systems have fewer accidents so you can save 10 percent or more.
  • Multi-policy Discount - If you can combine your home and auto policy with one company they may give you a discount of 10% to 20% off each policy.
  • Good Student - Being a good student can be rewarded with saving of up to 25%. The good student discount can last up until you turn 25.

It's important to note that most discount credits are not given to the whole policy. Most only cut the price of certain insurance coverages like liability and collision coverage. If you do the math and it seems like all those discounts means the company will pay you, auto insurance companies aren't that generous.

The chart below compares Lexus GX 460 insurance costs with and without discounts. The price estimates are based on a male driver, no tickets, no at-fault accidents, Texas state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, multi-car, multi-policy, marriage, and claim-free discounts applied.

If you would like to view insurers that offer many of these discounts in Texas, click here.

When comparison shopping, there are several ways to get quotes from lots of Texas insurance companies. The quickest method to find the cheapest Lexus GX 460 insurance rates is to perform an online rate comparison.

When price shopping your coverage, quoting more will increase your chances of finding a better price. Some companies don't provide Lubbock GX 460 insurance quotes online, so it's necessary to compare quotes from those companies as well.

The companies shown below provide price quotes in Lubbock, TX. If multiple companies are listed, we recommend you visit several of them in order to get a fair rate comparison.

Rates and data analysis

The coverage information shown next covers a range of coverage costs for Lexus GX 460 models. Understanding more about how premiums are formulated is important for you to make smart policy decisions.

Lexus GX 460 Insurance Rates in Lubbock, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GX 460 4WD 4-Dr $224 $486 $462 $28 $138 $1,338 $112
GX 460 Premium 4WD 4-Dr $248 $486 $462 $28 $138 $1,362 $114
Get Your Own Custom Quote Go

Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Table data does not factor in your specific Lubbock location which can change premium rates greatly.

Policy deductible comparison

The hardest decision when buying coverage is what deductibles to buy. The comparison tables below approximate the differences in premium rates of buying low and high insurance deductibles. The first set of prices uses a $250 physical damage coverage deductible and the second set of rates uses a $1,000 deductible.

Lexus GX 460 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GX 460 4WD 4-Dr $370 $672 $382 $22 $114 $1,585 $132
GX 460 Premium 4WD 4-Dr $408 $672 $382 $22 $114 $1,623 $135
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Lexus GX 460 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GX 460 4WD 4-Dr $228 $424 $382 $22 $114 $1,170 $98
GX 460 Premium 4WD 4-Dr $252 $424 $382 $22 $114 $1,194 $100
Get Your Own Custom Quote Go

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Premium amounts do not factor in vehicle garaging location which can revise coverage rates considerably.

Using the data above, we can ascertain that using a $250 deductible costs roughly $35 more each month or $420 every year than requesting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 21 months between claim filings, you would save more money if you opt for a higher deductible.

Calculation for determining deductible levels

Average monthly premium for $250 deductibles: $134
Average monthly premium for $1,000 deductibles (subtract): - $99
Monthly savings from raising deductible: $35
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $35
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 21 months

One big caveat is that a higher deductible means you will have to cover more of the damage yourself at claim time. That will force you to have enough extra money in the event you need to pay more to get your vehicle repaired.

The diagram below highlights how deductible selection and can impact Lexus GX 460 insurance rates for different age groups of insureds. Data assumes a single female driver, full coverage, and no discounts are applied to the premium.

Difference between full coverage and liability only rates

The information below visualizes the comparison of Lexus GX 460 car insurance rates with full coverage compared to only the Texas minimum liability coverage. The premiums are based on no accidents or driving violations, $1,000 deductibles, marital status is single, and no other discounts are factored in.

When to drop comprehensive and collision

There is no clear-cut formula of when to eliminate comp and collision coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of the vehicle's replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

For example, let's say your Lexus GX 460 claim settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company will settle for is $7,000 after paying the physical damage deductible. If it's costing in excess of $700 annually to have full coverage, the it may be a good time to stop paying for full coverage.

There are some conditions where dropping physical damage coverage is not recommended. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should not remove full coverage.

Lexus GX 460 Insurance Costs Can Be Reduced

Lots of factors are used when you get your auto insurance bill. A few of the factors are predictable such as your driving history, but some are less obvious like where you live or how financially stable you are.

The itemized list below are most of the major factors used by your company to calculate rates.

Lower rates by increasing physical damage deductibles - Physical damage protection, also called comprehensive and collision insurance, covers damage that occurs to your Lexus. Some coverage claims would be running into the backend of another car, damage caused by hail, and having your car stolen. Physical damage deductibles define the amount you are required to spend in the event of a claim. The higher the amount you choose to pay out-of-pocket, the less your company will charge you for insurance.

Low mileage costs less - The higher the miles on your Lexus annually the more it will cost to insure it. A lot of insurance companies apply a rate based on their usage. Cars and trucks left parked in the garage can be on a lower rate level than cars that get driven a lot. Verify your auto insurance declarations sheet correctly shows annual mileage. An incorrectly rated GX 460 may be wasting your money.

Only buy extra policy coverages you need - There are a lot of extra coverages you can purchase if you aren't careful. Coverage for things like roadside assistance, towing, and membership fees could be just wasting money. These may sound like a good investment when talking to your agent, but if you have no use for them remove them from your policy.

Discounts for married drivers - Walking down the aisle helps lower the price when shopping for auto insurance. Having a spouse may mean you are less irresponsible and it's statistically proven that married drivers get in fewer accidents.

Cheaper rates with safer cars - Safer cars are cheaper to insure. Safer cars have better occupant injury protection and lower rates of occupant injuries translates directly to fewer claims which can mean better rates for you.

Premiums are affected by your credit rating - Having a good credit history will be a significant factor in calculating your auto insurance rates. Therefore, if your credit score can use some improvement, you could pay less to insure your Lexus GX 460 by repairing your credit. Consumers who have good credit tend to be better risks to insure as compared to drivers with lower credit ratings.

Alarm systems save money - Selecting a car model with a theft deterrent system can save you some money. Advanced theft deterrents such as LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system help track and prevent vehicle theft.

Traffic violations increase prices - Having a clean driving record has a big impact on rates. Only having one speeding ticket could increase your next policy renewal twenty percent or more. Drivers with clean records pay lower auto insurance prices than bad drivers. Drivers unfortunate enough to have flagrant violations like DWI, reckless driving or hit and run convictions may be required to submit a SR-22 form with the DMV in their state in order to legally drive.

The information below demonstrates how citations and accidents can influence Lexus GX 460 insurance costs for different age categories. The costs are based on a married male driver, comp and collision included, $100 deductibles, and no discounts are applied.

Insurance loss data for a Lexus GX 460 - Insurance companies study historical loss data as a tool for profitable underwriting. Models that the data shows to have a higher amount or frequency of claims will have higher premium rates.

The table below shows the compiled insurance loss statistics for Lexus GX 460 vehicles. For each coverage type, the claim probability for all vehicles averaged together is represented as 100. Values that are below 100 imply a favorable loss record, while values that are 100 or greater point to more losses or tendency to have higher losses.

Lexus GX 460 Insurance Loss Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus GX 460 4dr 4WD 97 100 125 63 52 63
BETTER
AVERAGE
WORSE

Statistics from IIHS.org for 2013-2015 Model Years

Do I need special coverages?

When it comes to coverage, there is no "best" method to buy coverage. Each situation is unique so your insurance should reflect that Here are some questions about coverages that might help in determining if your insurance needs could use an agent's help.

  • Can I make deliveries for my home business?
  • Is water damage covered by my policy?
  • Am I covered if I break a side mirror?
  • What should my uninsured motorist coverage limits be in Texas?
  • Should I buy full coverage?
  • Will I be non-renewed for getting a DUI or other conviction?
  • What is the premium to book value ratio for dropping full coverage?
  • Where can I find high-risk insurance?
  • How much can I save by bundling my policies?
  • What companies insure drivers after a DUI or DWI?

If you can't answer these questions but you think they might apply to your situation then you might want to talk to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.

Local agents and insurance

A small number of people just want to visit with an insurance agent and we recommend doing that The biggest benefit of comparing insurance prices online is that you can find lower car insurance rates but also keep your business local.

Insurance agents in LubbockUpon completion of this short form, your insurance data is immediately sent to companies in Lubbock who will give you quotes for your coverage. There is no reason to contact an agency due to the fact that quote results will go straight to your inbox. You'll get the best rates and a licensed agent to talk to. In the event you want to compare prices from a particular provider, you can always search and find their rate quote page and complete a quote there.

Finding a good company should depend on more than just the price. Here are some questions you should ask.

  • Does the company have a solid financial rating?
  • What company holds the largest book of business for them?
  • Is the agent and/or agency licensed to do business in Texas?
  • When do they do policy reviews?
  • Do they have any clout with companies to ensure a fair claim settlement?
  • What are their preferred companies if they are an independent agency?
  • Does the agency support the community they serve?
  • How much training do they have in personal risk management?

If you're trying to find a reputable agency, there are a couple of different agency structures to choose from. Insurance agencies are categorized either exclusive agents or independent agents.

Exclusive Insurance Agencies

Agents of this type can only write with one company like Farmers Insurance or State Farm. They usually cannot compare rates from other companies so they have to upsell other benefits. Exclusive agencies are well trained on their company's products which aids in selling service over price. Many people choose to use a exclusive agent mostly because of the prominent brand name and the convenience of having a single billing for all their coverages.

Listed below is a short list of exclusive agents in Lubbock that can give you price quotes.

More Lubbock agents

Independent Insurance Agents

These type of agents are not limited to a single company so as a result can place your coverage with an assortment of companies and find the cheapest insurance rates. To move your coverage to a new company, they simply move the coverage in-house and you don't have to do anything.

If you are comparing rate quotes, it's a good idea to get rate quotes from several independent insurance agents to have the best price comparison. Many independent agencies also insure through smaller companies which may have better rates.

Shown below is a short list of independent agents in Lubbock who can help you get price quotes.

More Lubbock agents

Insurance is not optional but you don't have to overpay

Even though it can be expensive, insurance is required in Texas but also provides important benefits.

  • Most states have mandatory liability insurance requirements which means you are required to buy specific minimum amounts of liability insurance in order to drive the car legally. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If you bought your GX 460 with a loan, almost all lenders will require that you have full coverage to guarantee payment of the loan. If you do not pay your insurance premiums, the bank or lender will purchase a policy for your Lexus at a much higher premium rate and force you to pay the higher premium.
  • Insurance protects not only your Lexus GX 460 but also your financial assets. It will also pay for most medical and hospital costs incurred in an accident. One policy coverage, liability insurance, will also pay to defend you if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, your insurance policy will pay to have it repaired.

The benefits of insuring your GX 460 greatly outweigh the cost, especially when you need to use it. On average, a vehicle owner in Lubbock is overpaying more than $865 each year so it's recommended you shop around every year to save money.

Quote often and quote early

When searching for affordable Lubbock auto insurance quotes, you should never sacrifice coverage to reduce premiums. In many instances, an insured cut collision coverage to discover at claim time they didn't purchase enough coverage. Your objective should be to buy the best coverage you can find at the best possible price, but do not sacrifice coverage to save money.

In this article, we presented a lot of ways to save on Lexus GX 460 insurance in Lubbock. The key thing to remember is the more price quotes you have, the more likely it is that you will get a better rate. You may even discover the biggest savings come from the smaller companies. Some small companies may only write in your state and offer lower rates than the large multi-state companies such as State Farm, GEICO and Nationwide.

Discount Lexus GX 460 insurance in Lubbock can be bought from both online companies and from local insurance agents, and you should compare price quotes from both to have the best chance of lowering rates. Some companies do not provide rate quotes online and many times these small insurance companies provide coverage only through independent insurance agents.

More detailed auto insurance information can be read in the articles below: