Cheap Insurance for a Lexus IS 250 in Lubbock

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Insurance quote for Lexus IS 250 in LubbockIf your goal is the lowest price, then the best way to get discount Lexus IS 250 insurance in Lubbock is to do an annual price comparison from insurance carriers that sell auto insurance in Texas. This can be done by following these steps.

First, spend a few minutes and learn about car insurance and the measures you can take to prevent high rates. Many factors that cause high rates such as getting speeding tickets and a not-so-good credit rating can be amended by making minor driving habit or lifestyle changes.

Second, obtain price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from one company like GEICO and Allstate, while independent agencies can quote prices for many different companies. View a list of agents

Third, compare the new quotes to your existing rates to determine if switching companies saves money. If you find better rates, make sure coverage is continuous and does not lapse.

One tip to remember is to use the same liability limits and deductibles on every quote request and and to get rate quotes from as many different insurance providers as possible. This enables an apples-to-apples comparison and a good representation of prices.

A recent survey discovered that most drivers have bought auto insurance from the same company for a minimum of four years, and just under half have never compared rates from other carriers. Drivers in Texas can cut their rates by up to 70% a year, but they feel it's too difficult to save money by comparing rate quotes.

If you currently have auto insurance, you stand a good chance to be able to lower your rates using the concepts covered in this article. Our objective is to let you in on how car insurance quotes work and how to save the most money. Although Texas consumers must understand how companies calculate their prices because it varies considerably.

Keep in mind that comparing more prices provides better odds of finding the best rates. Not every company does rate quotes online, so it's important to also get quotes from the smaller companies as well.

The companies in the list below are ready to provide free rate quotes in Texas. If you wish to find cheap auto insurance in Texas, we recommend you visit two to three different companies to get a more complete price comparison.

It may be expensive, but it's not optional

Despite the potentially high cost of Lexus IS 250 insurance, paying for insurance is most likely required but also gives you several important benefits.

  • Most states have minimum mandated liability insurance limits which means the state requires a specific minimum amount of liability protection in order to get the vehicle licensed. 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 have a lien on your vehicle, most lenders will have a requirement that you carry insurance to guarantee payment of the loan. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your Lexus at a much higher premium rate and force you to reimburse them the higher premium.
  • Insurance preserves not only your vehicle but also your assets. It will also pay for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage also covers legal expenses if someone files suit against you as the result of an accident. If you have damage to your Lexus as the result of the weather or an accident, comprehensive and collision coverage will pay to repair the damage.

The benefits of having insurance are definitely more than the cost, especially for larger claims. According to a recent study, the average American driver is currently overpaying as much as $830 a year so you should quote your policy with other companies every year to ensure rates are competitive.

Analysis of coverages

The premium table displayed next highlights a range of rate quotes for Lexus IS 250 models. Having a good grasp of how policy premiums are established can help drivers make decisions when shopping your coverage around.

Lexus IS 250 Insurance Rates in Lubbock, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $198 $478 $422 $24 $126 $1,248 $104
IS 250 AWD 4-Dr $220 $478 $422 $24 $126 $1,270 $106
IS 250 C 2-Dr Convertible $220 $478 $496 $30 $148 $1,372 $114
Get Your Own Custom Quote Go

Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Prices do not factor in specific zip code location which can lower or raise prices greatly.

Choosing deductibles

When comparing insurance rates, the most common question is where should you set your physical damage deductibles. The comparisons below help summarize the differences in premium rates when you select higher and lower deductibles. The first data set uses a $250 physical damage deductible and the second set of rates uses a $500 deductible.

Lexus IS 250 insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $332 $672 $324 $20 $96 $1,469 $122
IS 250 AWD 4-Dr $370 $672 $324 $20 $96 $1,507 $126
IS 250 C 2-Dr Convertible $370 $672 $382 $22 $114 $1,585 $132
Get Your Own Custom Quote Go
Lexus IS 250 insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $270 $542 $324 $20 $96 $1,252 $104
IS 250 AWD 4-Dr $300 $542 $324 $20 $96 $1,282 $107
IS 250 C 2-Dr Convertible $300 $542 $382 $22 $114 $1,360 $113
Get Your Own Custom Quote Go

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Rate quotes do not factor in vehicle location which can change prices noticeably.

Based on these figures, using a $250 deductible will cost in the ballpark of $19 more each month or $228 every year across all Lexus IS 250 models than opting for the higher $500 deductible. Since the policyholder would be required to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you average more than 13 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: $127
Average monthly premium for $500 deductibles (subtract): - $108
Monthly savings from raising deductible: $19
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $19
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

One important caveat is that raising deductibles to save money means you will have to cover more of the damage yourself when you do file a claim. You will want to have some money saved in order to pay more to get your vehicle repaired.

The example below shows how different deductible levels and can raise or lower Lexus IS 250 insurance prices for each age group. The costs are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.

Full coverage versus liability-only

The example below illustrates the difference between Lexus IS 250 auto insurance rates with full physical damage coverage and with liability coverage only. The prices are based on no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no discounts are taken into consideration.

Guidelines for dropping full coverage

There is no exact formula of when to stop paying for physical damage coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.

For example, let's say your Lexus IS 250 replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after paying your policy deductible. If it's costing you more than $300 a year for full coverage, then it might be time to consider dropping full coverage.

There are a few cases where only buying liability is not financially feasible. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.

Verify you're receiving every discount

Companies that sell car insurance do not advertise the entire discount list in a way that's easy to find, so we break down some of the best known and the more hidden credits that may apply to you.Cheaper car insurance with discounts

  • Anti-theft System - Cars optioned with advanced anti-theft systems are less likely to be stolen and can earn a small discount on your policy.
  • First Accident Forgiveness - Not really a discount, but a handful of insurance companies will forgive one accident without getting socked with a rate hike with the catch being you have to be claim-free for a specific time period.
  • Claim Free - Insureds who avoid accidents and claims can earn big discounts in comparison with frequent claim filers.
  • Auto/Life Discount - If the company offers life insurance, you could get a small discount if you purchase life insurance.
  • Lubbock Homeowners Discount - Owning a house in Lubbock can help you save on car insurance since owning and maintaining a home is proof of financial responsibility.

A quick disclaimer, some credits don't apply to your bottom line cost. Most only apply to individual premiums such as comprehensive or collision. Even though the math looks like you would end up receiving a 100% discount, you won't be that lucky.

The information below compares Lexus IS 250 insurance costs with and without discounts applied. The rate quotes are based on a female driver, no claims or driving violations, 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 homeowner, marriage, claim-free, safe-driver, multi-policy, and multi-car discounts applied.

The best car insurance companies and their offered discounts are shown below.

  • State Farm may offer discounts for safe vehicle, Steer Clear safe driver discount, multiple policy, driver's education, anti-theft, multiple autos, and accident-free.
  • Progressive includes discounts for multi-policy, homeowner, continuous coverage, online signing, multi-vehicle, and online quote discount.
  • Progressive discounts include online quote discount, homeowner, continuous coverage, good student, multi-policy, and online signing.
  • MetLife has discounts for defensive driver, good student, multi-policy, accident-free, and claim-free.
  • Farm Bureau offers discounts including multi-policy, renewal discount, driver training, safe driver, good student, and 55 and retired.
  • GEICO may include discounts for multi-policy, emergency military deployment, seat belt use, daytime running lights, anti-theft, and military active duty.
  • SAFECO offers discounts for teen safe driver, bundle discounts, safe driver, drive less, teen safety rewards, and multi-car.

Double check with every insurance company which discounts they offer. Some of the earlier mentioned discounts might not be offered on policies in Lubbock.