Best Insurance for a Lexus LS 460 in Lubbock

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Insurance for Lexus LS 460The best way we recommend to find affordable Lexus LS 460 insurance is to do a yearly price comparison from companies who can sell car insurance in Lubbock.

Step 1: Try to learn about how auto insurance works and the things you can change to prevent expensive coverage. Many things that cause high rates like traffic citations and an unacceptable credit score can be controlled by making small lifestyle or driving habit changes.

Step 2: Request price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from one company like Progressive or State Farm, while agents who are independent can give you price quotes for a wide range of insurance providers. Select a company

Step 3: Compare the quotes to your existing policy to see if switching to a new carrier will save money. If you find a better price and buy the policy, ensure there is no coverage lapse between policies.

Step 4: Provide adequate notice to your current company of your intention to cancel your current car insurance policy and submit a signed application and payment to the new insurer. Be sure to place your new proof of insurance paperwork with the vehicle registration.

One important bit of advice is that you use the same coverage limits and deductibles on every quote and and to get rate quotes from as many companies as you can. Doing this helps ensure a fair rate comparison and the best rate selection.

Sad but true, most auto insurance customers kept buying from the same company for a minimum of four years, and practically 40% of auto insurance customers have never shopped around. With the average premium in Texas being $2,680, drivers could save $1,766 every year just by getting comparison quotes, but most undervalue the amount of money they would save if they just switched companies.

Compare quotes for Lubbock Lexus LS 460 insurance

Finding a lower price on Lexus LS 460 insurance is actually quite simple. Just spend a few minutes getting comparison quotes from online providers.

It's so easy to compare rates online that it makes it obsolete to waste gas driving to insurance agencies in your area. Comparing online rate quotes has made agencies unnecessary unless you prefer the advice and guidance that only a licensed agent can provide. Although you can price shop your coverage online but have your policy serviced through an agent.

The providers in the list below have been selected to offer free quotes in Texas. To get the cheapest auto insurance in TX, it's a good idea that you get prices from several of them to get the best price comparison.

Insurance coverage analysis

The coverage table displayed below outlines different insurance policy prices for Lexus LS 460 models. Understanding more about how insurance rates are formulated is important for you to make informed decisions when comparing rate quotes.

Lexus LS 460 Insurance Rates in Lubbock, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
LS 460 4-Dr Sedan $428 $960 $422 $24 $126 $1,960 $163
LS 460 4-Dr Sedan $428 $960 $422 $24 $126 $1,960 $163
LS 460 AWD 4-Dr $428 $960 $422 $24 $126 $1,960 $163
LS 460 L 4-Dr Sedan $428 $960 $422 $24 $126 $1,960 $163
LS 460 L AWD 4-Dr $428 $960 $422 $24 $126 $1,960 $163
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Rate quotes do not factor in Lubbock location which can change coverage rates considerably.

How high should deductibles be?

When comparing car insurance rates, the most common question is which deductible level should you buy. The following insurance rates may help to conceptualize the differences in price between high and low insurance deductibles. The first table uses a $250 physical damage deductible and the second price chart uses a $1,000 deductible.

Lexus LS 460 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
LS 460 4-Dr Sedan $446 $850 $324 $20 $96 $1,761 $147
LS 460 4-Dr Sedan $446 $850 $324 $20 $96 $1,761 $147
LS 460 AWD 4-Dr $446 $850 $324 $20 $96 $1,761 $147
LS 460 L 4-Dr Sedan $446 $850 $324 $20 $96 $1,761 $147
LS 460 L AWD 4-Dr $446 $850 $324 $20 $96 $1,761 $147
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Lexus LS 460 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
LS 460 4-Dr Sedan $276 $534 $324 $20 $96 $1,250 $104
LS 460 4-Dr Sedan $276 $534 $324 $20 $96 $1,250 $104
LS 460 AWD 4-Dr $276 $534 $324 $20 $96 $1,250 $104
LS 460 L 4-Dr Sedan $276 $534 $324 $20 $96 $1,250 $104
LS 460 L AWD 4-Dr $276 $534 $324 $20 $96 $1,250 $104
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Rates do not factor in zip code location which can lower or raise insurance rates noticeably.

Using the data above, we can ascertain that using a $250 deductible costs approximately $43 more each month or $516 a year than buying the higher $1,000 deductible. Since 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 17 months between claims, you would save more money if you choose a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $250 deductibles: $147
Average monthly premium for $1,000 deductibles (subtract): - $104
Monthly savings from raising deductible: $43
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $43
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One important issue to know is that increasing deductibles to lower your rates means you will have to pay more of your own money if you have a claim. It will be required that you have some money saved in the event you need to pay the higher deductible in order to repair your vehicle.

The example below illustrates how your deductible choice and can impact Lexus LS 460 insurance premiums for different age categories. The costs are based on a single male driver, comprehensive and collision coverage, and no discounts are applied to the premium.

Full coverage or liability only

The chart below illustrates the difference between Lexus LS 460 yearly insurance costs with and without full coverage. The premiums assume no accidents or driving violations, $250 deductibles, drivers are single, and no discounts are taken into consideration.

When to buy liability coverage only

There isn't a written rule for excluding physical damage insurance, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of the settlement you would receive from your company, then it's probably a good time to buy liability coverage only.

For example, let's assume your Lexus LS 460 claim settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $5,000 after paying the physical damage deductible. If you are paying in excess of $500 a year for physical damage coverage, then you might consider buying liability only.

There are some scenarios where removing full coverage is not a good idea. If you haven't satisfied your loan, you must maintain physical damage coverage to protect the lienholder's interest. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

Informed Consumers Save More

Lots of things are used when you get a price on insurance. Some factors are common sense such as your driving history, although others are more obscure such as whether you are married or your financial responsibility. Consumers need to have an understanding of some of the things that go into determining your premiums. If you know what impacts premium levels, this allows you to make educated decisions that can earn you lower car insurance prices.

  • Liability limits should be high - Your car insurance policy's liability coverage is the coverage that protects you when you are responsible for causing personal injury or damage in an accident. Your policy's liability insurance provides for a legal defense which can cost a lot. Liability insurance is pretty cheap compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.
  • Filing insurance claims can increase rates - Companies in Texas give lower rates to drivers who do not rely on their insurance for small claims. If you are a frequent claim filer, you can expect much higher rates or policy non-renewal. Your car insurance is intended to be relied upon for the bigger claims that can't be paid out-of-pocket.
  • Combine home and auto and save - Many insurance companies provide a discount to insureds who consolidate policies with them in the form of a multi-policy discount. Discounts can add up to ten or even fifteen percent. Even with this discount, you still need to check prices from other companies to guarantee you are still saving the most.
  • Lower rates by increasing comp and collision deductibles - Comp and collision deductibles are the amount of money you are willing to pay if a covered claim is submitted. Insurance for physical damage, termed comprehensive and collision coverage on your policy, protects your car from damage. Examples of covered claims would be colliding with a stationary object, animal collisions, or theft of your vehicle. The larger the amount the insured has to pay upfront, the less your car insurance will be.
  • Insurance loss statistics a Lexus LS 460 - Auto insurance companies take into consideration insurance loss statistics for every vehicle in order to profitably underwrite each model. Models that historically have higher prevalence or dollar amount of losses will cost more for coverage.

    The table below demonstrates the compiled insurance loss statistics for Lexus LS 460 vehicles. For each policy coverage type, the statistical loss for all vehicles, as an average, is considered to be 100. Percentages below 100 represent a good loss history, while values that are above 100 indicate more frequent losses or a tendency for losses to be larger than average.

    Lexus LS 460 Insurance Claim Statistics
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Lexus LS 460 4dr 2WD 155 76 203 52
    Lexus LS 460 4dr 4WD 207 102 239 62
    Lexus LS 460 L 4dr 2WD 199
    Lexus LS 460 L 4dr 4WD 251 324
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Why you need insurance for your Lexus vehicle

Despite the high cost, insurance serves a purpose in several ways.

  • Almost all states have mandatory insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability protection if you drive a vehicle. 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 Lexus with a loan, almost all lenders will make it a condition of the loan that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank will be required to insure your Lexus at an extremely high rate and require you to fork over for the much more expensive policy.
  • Insurance safeguards not only your car but also your financial assets. It will also provide coverage for medical expenses for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you are sued as the result of your driving. If you have damage to your Lexus as the result of the weather or an accident, collision and comprehensive coverages will pay to have it repaired.

The benefits of carrying adequate insurance greatly outweigh the cost, especially if you ever need it. But the average American driver overpays as much as $750 every year so you should quote your policy with other companies each time the policy renews to ensure rates are competitive.

Auto insurance company ratings

Choosing a good quality insurance provider can be difficult considering how many choices there are in Texas. The ranking information listed below can help you analyze which auto insurance companies to look at putting your business with.

Best Auto Insurance Companies in Texas
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
Mercury Insurance 97 96 88 89% A+ 93.4
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
Esurance 86 90 94 90% A+ 89.5
The General 86 93 89 84% A- 88.2
GEICO 79 89 95 87% A++ 87.8
Titan Insurance 86 82 92 86% A+ 86.5
21st Century 86 82 90 84% A 86.4
Liberty Mutual 79 87 95 78% A 85.3
Farmers Insurance 77 80 80 84% A 80.3
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Data Source: Insure.com Best Car Insurance Companies