Save on Lexus IS 350 Insurance in Chicago

Have you had enough of wondering where the money will come from each month for car insurance? You are no different than most other vehicle owners in Illinois.

Shocking but true, the vast majority of consumers have purchased from the same company for over three years, and almost half have never compared quotes from other companies. Most drivers in Illinois can save $590 each year, but they underestimate the rate savings if they switch to a new company. Due to the increasing number of different company options, it can be diffult for drivers to locate the most affordable insurance company.

It’s a good habit to price shop coverage once or twice a year because insurance prices are usually higher with each renewal. Even if you think you had the lowest rates on Lexus IS 350 insurance in Chicago on your last policy a different company probably has better premium rates today. Forget all the misinformation about car insurance because it’s time to teach you how to quote online to save on car insurance.

Buying the cheapest insurance in Chicago is quite easy if you know the best way to do it. If you currently have a car insurance policy, you will most likely be able to buy cheaper insurance using these techniques. Comparison shoppers only need to know the tricks to compare prices from many different companies.

How do Insurers Determine Lexus IS 350 Insurance Rates?

Many things are considered when you get a price on insurance. Some factors are common sense such as traffic violations, but other criteria are less apparent such as whether you are married or your financial responsibility. A large part of saving on insurance is knowing some of the factors that play a part in calculating the price you pay for insurance. If you have some idea of what controls the rates you pay, this allows you to make good choices that can help you get lower rates.

Listed below are just a few of the factors used by your company to calculate prices.

• Tickets and citations cost more than a fine – Just one moving violation could increase your next policy renewal by as much as twenty percent. Drivers with clean records get better prices than their less careful counterparts. Drivers who have careless tickets such as DUI, reckless driving or excessive speeding might be required by their state to submit a SR-22 form with the DMV in their state in order to legally drive a vehicle.
• Getting married brings a discount – Having a significant other may save some money on your insurance policy. Having a significant other is viewed as being more financially stable and statistics show drivers who are married file infrequent claims.
• Optional features that lower insurance rates – Selecting a car model that has a built-in theft deterrent system can get you a discount on your insurance. Advanced theft deterrents like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent car theft and help bring rates down.
• Save mileage and save money – The more you drive your Lexus in a year the higher the price you pay to insure it. Almost all companies calculate rates partially by how you use the vehicle. Autos used primarily for pleasure use can be on a lower rate level than those that get driven frequently. Having the wrong rating on your IS 350 is just wasting money. It’s a good idea to make sure your insurance policy properly reflects how each vehicle is driven, because it can save money.
• Driver age impacts prices – Teenage drivers in Illinois are proven to be easily distracted when driving therefore insurance rates are much higher. Older drivers have been proven to be more responsible, cost insurance companies less in claims, and are safer drivers.
• Cheaper premiums with safer cars – Cars with five star safety ratings cost less to insure. These vehicles reduce injuries and fewer injuries translates into fewer and smaller insurance claims which can mean better rates for you.
• Car plus home equals more savings – Most companies allow a discount to clients who carry more than one policy, otherwise known as a multi-policy discount. Even if you qualify for this discount already, consumers should still get quotes from other companies to help ensure you have the lowest rates.
• Insurance losses for a Lexus IS 350 – Insurance companies take into consideration historical loss data for every vehicle when they set coverage costs for each model. Models that the data determines to have higher loss trends will be charged more to insure.

  The next table illustrates the insurance loss data used by companies for Lexus IS 350 vehicles. For each coverage type, the claim amount for all vehicles, regardless of manufacturer or model, is equal to 100. Values that are 100 or less mean the vehicle has better than average losses, while values over 100 indicate frequent claims or statistically larger claims.

  Lexus IS 350 Insurance Claim Statistics

  Specific Lexus Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Lexus IS 350 4dr 2WD	165	88	186	101
  Lexus IS 350 4dr 4WD	200	72	206
  Lexus IS 350 Convertible	98

  BETTER

  AVERAGE

  WORSE

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

The companies shown below have been selected to offer comparison quotes in Chicago, IL. If the list has multiple companies, it’s a good idea that you visit as many as you can in order to get a fair rate comparison.

Price data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Prices do not factor in vehicle location which can revise premiums considerably.

Do you need full coverage?

The chart below visualizes the comparison of Lexus IS 350 annual premium costs with and without physical damage coverage. The data is based on no driving violations, no at-fault accidents, $1,000 deductibles, single male driver, and no other discounts are factored in.

Should you buy full coverage or liability only?

There isn’t a written rule for eliminating physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than about 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 350 book value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $7,000 after the policy deductible has been paid. If you are paying over $700 a year for full coverage, the it may be a good time to stop paying for full coverage.

There are some conditions where removing full coverage is not a good idea. If you still owe money on your vehicle, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.

Where to set your deductibles

One frequently asked question is what deductibles to buy. The premium rates below highlight how much more rates are when you choose different physical damage coverage deductibles. The first set of rates uses a $250 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Illinois minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rates do not factor in specific location information which can change coverage rates greatly.

Using the premium rates above, we can conclude that using a $250 deductible costs roughly $24 more each month or $288 for a full year than selecting the higher $1,000 deductible. Because you 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 have at least 31 months between claims, you would come out ahead by selecting a higher deductible.

It may be expensive, but it’s not optional

Despite the fact that car insurance is not cheap in Chicago, insuring your vehicle may be mandatory for several reasons.

• Almost all states have minimum mandated liability insurance limits which means the state requires specific limits of liability insurance in order to license the vehicle. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If your vehicle has a loan, it’s guaranteed your bank will require you to have insurance to guarantee loan repayment. If you do not pay your insurance premiums, the bank will be required to insure your Lexus at a much higher premium rate and force you to reimburse them the higher premium.
• Car insurance protects your Lexus and your assets. It will also provide coverage for medical expenses incurred in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.

The benefits of insuring your car are without a doubt worth the cost, especially with large liability claims. According to a survey of 1,000 drivers, the average driver is currently overpaying as much as $855 a year so smart consumers compare quotes at least once a year to make sure the price is not too high.

Determine discounts on Chicago insurance

Insurance is expensive, but you might already qualify for some discounts that can help lower your rates. Certain discounts will be triggered automatically at quote time, but occasionally some discounts must be manually applied in order for you to get them.

• Chicago Homeowners Discount – Being a homeowner can get you a discount because maintaining a house requires a higher level of personal finance.
• Discounts for Safe Drivers – Drivers without accidents can get discounts for up to 45% lower rates compared to rates paid by drivers with frequent claims.
• Accident Free – Drivers with accident-free driving histories can save substantially in comparison to insureds who have frequent claims or accidents.
• Life Insurance – Insurance carriers who offer life insurance give a small discount if you purchase some life insurance too.
• Telematics Data Discounts – Drivers that enable their insurance company to spy on their driving habits by installing a telematics device like Allstate’s Drivewise could possibly reduce rates if they are good drivers.
• Seat Belts Save – Forcing all vehicle occupants to buckle their seat belts could cut 10% or more off the PIP or medical payment premium.
• College Student – Children who live away from home at college and do not have access to a covered vehicle can receive lower rates.

Don’t be shocked that some credits don’t apply to your bottom line cost. Most only apply to the price of certain insurance coverages like comprehensive or collision. Even though the math looks like you can get free auto insurance, it doesn’t quite work that way.

Some companies that may have most of the discounts above include:

• Farmers Insurance
• State Farm
• Liberty Mutual
• MetLife
• Progressive

It’s a good idea to ask each company which discounts you may be entitled to. Savings may not apply in every state. To view insurance companies that offer many of these discounts in Chicago, click this link.

Car insurance quotes from local Chicago insurance agents

Certain consumers would rather sit down with an agent and doing that can be a smart decision Most agents are trained risk managers and help file insurance claims. The biggest benefit of getting free rate quotes online is that drivers can save money and get better rates and still have an agent to talk to.

For easy comparison, once you complete this simple form, the coverage information is immediately sent to agents in your area who will give you bids and help you find cheaper coverage. There is no need to visit any agencies due to the fact that quote results will go directly to you. If you wish to get a rate quote for a specific company, feel free to navigate to their website to submit a rate quote request.

Finding a good provider requires you to look at more than just a cheap quote. Any agent in Chicago should be willing to answer these questions.

• If your car is in the repair shop, do you have coverage for a rental car?
• Is their price quote a firm figure or are their hidden costs?
• Will one accident increase rates?
• Can you choose the body shop in case repairs are needed?
• Are they able to influence company decisions when a claim is filed?

Listed below is a short list of car insurance companies in Chicago willing to provide comparison quotes for Lexus IS 350 insurance in Chicago.

View more Chicago agents

Shop around and save

You just learned a lot of techniques to lower your Lexus IS 350 insurance rates in Chicago. It’s most important to understand that the more providers you compare, the more likely it is that you will get a better rate. You may even be surprised to find that the lowest rates are with a small mutual company. Smaller companies often have lower auto insurance rates on specific markets than their larger competitors like Allstate, GEICO and Progressive.

Some insurance companies do not provide rate quotes online and these smaller providers prefer to sell through local independent agencies. Cheap Lexus IS 350 insurance in Chicago is definitely available online and with local Chicago insurance agents, so you should be comparing quotes from both to get a complete price analysis.

Additional car insurance information is available on the following sites:

• Bodily Injury Coverage (Liberty Mutual)
• What Auto Insurance is Cheapest for Infrequent Drivers in Chicago? (FAQ)
• Who Has Cheap Auto Insurance for a Company Car in Chicago? (FAQ)
• Who Has the Cheapest Car Insurance Rates for a Nissan Sentra in Chicago? (FAQ)
• Auto Insurance 101 (About.com)
• Choosing an Insurance Company (Insurance Information Institute)