Finding the cheapest insurance for a Lexus LC 500 in Illinois can be an all-consuming task, but you can learn our car insurance buying tips to find lower rates.
There are more efficient ways to find car insurance online and we’ll show you the quickest way to price shop coverage for your Lexus and get the lowest price from both online companies and Chicago agents.
It’s smart to get comparison quotes on a regular basis because insurance prices tend to go up over time. Even if you got the best deal on Lexus LC 500 insurance in Chicago a couple years back you may be paying too much now. Forget anything you know (or think you know) about car insurance because you’re about to learn the proper way to reduce your cost while improving coverage.
If you already have coverage or just want cheaper rates, use these tips to find the best rates without having to cut coverage. Buying more affordable insurance coverage in Chicago can be fairly easy. Comparison shoppers only have to learn the most efficient way to compare price quotes from many different companies.
Informed Drivers Know How to Find Insurance for Less
Multiple criteria are considered when you quote your car insurance policy. Some are pretty understandable such as traffic violations, but some are less apparent like your vehicle usage or your vehicle rating. An important part of buying insurance is that you know some of the elements that help calculate your policy premiums. When you understand what positively or negatively impacts your premiums, this helps enable you to make changes that can help you get much lower annual insurance costs.
Being married can lower premiums – Your spouse may earn you lower rates when buying insurance. It is viewed as being more stable financially and insurance companies reward insureds because married couples file fewer claims.
Save miles and save money – Driving more miles each year the higher the price you pay to insure it. The majority of insurers calculate prices based on how the vehicle is used. Vehicles that have low annual miles get more affordable rates than vehicles that have high annual mileage. An incorrectly rated LC 500 can cost quite a bit. Ask your agent if your policy properly reflects the correct driver usage.
Vehicle options can affect premiums – Selecting a car model with advanced anti-theft systems can get you a discount on your insurance. Advanced theft deterrents such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help prevent auto theft and help lower rates.
Males tend to take more risk – Statistics demonstrate that men are more aggressive behind the wheel. However, this does not mean women are better drivers. Women and men get in at-fault accidents at a similar rate, but males tend to have more serious accidents. They also have more aggressive citations like driving under the influence (DUI).
The following companies provide free rate quotes in Illinois. If multiple providers are shown, we recommend you visit several of them to get a more complete price comparison.
Insurance protects more than just your car
Despite the high cost, maintaining insurance serves a purpose in several ways.
- Almost all states have minimum liability requirements which means it is punishable by state law to not carry a specific minimum amount of liability coverage 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 you took out a loan on your vehicle, almost every bank will have a requirement that you carry insurance to ensure they get paid if you total the vehicle. If coverage lapses or is canceled, the bank will be required to insure your Lexus at a significantly higher premium and force you to pay a much higher amount than you were paying before.
- Insurance preserves both your car and your assets. It will also provide coverage for medical expenses for both you and anyone you injure as the result of an accident. Liability coverage will also pay to defend you if someone files suit against you as the result of an accident. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of having insurance more than offset the price you pay, particularly when you have a large claim. But the average driver in Illinois is overpaying over $700 annually so it’s recommended you shop around each time the policy renews to help ensure money is not being wasted.
Get cheaper Lexus LC 500 insurance rates in Chicago
Companies that sell car insurance do not advertise all their discounts very well, so we took the time to find some of the best known and also the lesser-known discounts that may be available.
- Buy New and Save – Insuring a vehicle that is new can save you some money due to better safety requirements for new vehicles.
- Discounts for Government Workers – Active or retired federal employment can save as much as 8% depending on your auto insurance provider.
- Discounts for Multiple Vehicles – Purchasing coverage when you have multiple cars or trucks with one company can get a discount for every vehicle.
- Multiple Policy Discount – If you combine your auto and home policies with one insurance company you could get a discount of over 10 percent off each policy depending on the company.
- Active Military Service – Having a deployed family member may lower your premium rates slightly.
- Early Renewal Discounts – Some insurance companies give discounts for buying a policy before your current coverage expires. You can save around 10% with this discount.
- Accident-Free Discounts – Chicago drivers who stay claim-free have much lower rates as compared to drivers with a long claim history.
- Membership in Organizations – Belonging to qualifying employment or professional organizations could qualify you for a break on your next auto insurance statement.
- Discount for Home Ownership – Owning a home in Chicago may earn you a small savings because of the fact that having a home shows financial diligence.
- Driver Safety – Taking part in a defensive driving course could possibly earn you a 5% discount and easily recoup the cost of the course.
Discounts save money, but please remember that some of the credits will not apply to your bottom line cost. Some only reduce the cost of specific coverages such as liability, collision or medical payments. So when the math indicates you would end up receiving a 100% discount, nobody gets a free ride.
Popular auto insurance companies and a summarized list of policyholder discounts are included below.
- American Family discounts include defensive driver, early bird, good student, accident-free, air bags, multi-vehicle, and mySafetyValet.
- Nationwide may include discounts for Farm Bureau membership, multi-policy, family plan, defensive driving, easy pay, business or organization, and accident-free.
- MetLife offers discounts including good driver, multi-policy, defensive driver, good student, accident-free, claim-free
- 21st Century may have discounts that include teen driver, anti-lock brakes, automatic seat belts, 55 and older, good student, and early bird.
- Farmers Insurance has discounts for teen driver, distant student, pay in full, business and professional, and good student.
- Allstate may offer discounts for early signing, anti-theft, FullPay discount, farm vehicle, and economy car.
Before purchasing a policy, check with each company to apply every possible discount. All car insurance discounts may not be offered in your state. To choose companies who offer auto insurance discounts in Chicago, click here to view.
Don’t I need to contact a local insurance agent?
Certain consumers still prefer to buy from a licensed agent and there is nothing wrong with that. Agents are very good at helping people manage risk and help file insurance claims. A nice benefit of comparing rates online is the fact that you can find better rates and still choose a local agent. Buying from and supporting local insurance agents is important especially in Chicago.
To find an agent, once you fill out this form (opens in new window), the quote information gets sent to local insurance agents who will give competitive quotes for your auto insurance coverage. You don’t have to drive around because prices are sent directly to you. In the event you want to get a rate quote from a specific insurance company, just navigate to their website and give them your coverage information.
Different types of Chicago auto insurance agents
When looking for a reputable agency, it’s important to understand the types of insurance agents that you can select. Chicago agents can be classified as either independent or exclusive depending on the company they work for. Both types can sell and service auto insurance coverage, but it’s worth learning why they differ since it may influence your agent selection.
Agents that elect to be independent often have many company appointments and that enables them to quote your coverage with many different companies and possibly get better coverage at lower prices. If your premiums go up, they simply move your policy to a different company and you can keep the same agent.
When comparison shopping, we recommend you include a couple of independent agencies to have the best price comparison. Many can place coverage with lesser-known insurance companies that many times have cheaper rates.
Below is a partial list of independent insurance agencies in Chicago that may be able to give you free rate quotes.
- Edwards Insurance Agency, Inc.
11113 S Kedzie Ave – Chicago, IL 60655 – (773) 396-5526 – View Map
- Thomas Ward Insurance Group
707 W Willow St – Chicago, IL 60614 – (312) 254-1500 – View Map
- Serpe Insurance Agency
2538 N Lincoln Ave – Chicago, IL 60614 – (773) 871-0808 – View Map
Exclusive Auto Insurance Agencies
Exclusive agencies can only write with one company such as Allstate, State Farm and Farm Bureau. Exclusive agents are unable to provide rate quotes from other companies so they have to upsell other benefits. They are usually quite knowledgeable on the products they sell and that enables them to sell even at higher rates. Some people will only buy from the same agent for years mainly due to high brand loyalty and solid financial strength.
Below are exclusive insurance agencies in Chicago that can give you price quote information.
- Gus Andrade – State Farm Insurance Agent
4355 W 26th St – Chicago, IL 60623 – (773) 521-0216 – View Map
- Liane Williams – State Farm Insurance Agent
3143 W 71st St – Chicago, IL 60629 – (773) 436-7500 – View Map
- GEICO Insurance Agent
8549 S Cicero Ave – Chicago, IL 60652 – (773) 582-2886 – View Map
Finding the right car insurance agent should include more criteria than just the price. Before buying a policy in Chicago, get answers to these questions.
- Will they make sure you get an adequate claim settlement?
- Who is covered by the car insurance policy?
- How are they compensated?
- Did they already check your driving record and credit reports?
- How much training do they have in personal risk management?
If you receive acceptable answers for all questions you ask and locked in a price quote, you may have just found an insurance agency that will service your policy. But remember, consumers can cancel your coverage for any reason so never assume you are locked into your new company for the entire policy term.
How much insurance do I need?
When it comes to buying the right insurance coverage for your vehicles, there isn’t really a best way to insure your cars. Your financial needs are unique and your insurance should unique, too.
For instance, these questions could help you determine if you would benefit from an agent’s advice.
- Am I covered if I drive in a foreign country?
- What is high-risk coverage and where do I buy it?
- Am I covered if hit by an uninsured driver?
- Why is insurance for a teen driver so high in Chicago?
- Am I better off with higher deductibles on my Lexus LC 500?
- Should I rate my Lexus LC 500 as pleasure use or commute?
If you can’t answer these questions, you may need to chat with a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and may give you better protection.
Don’t give up on affordable rates
When shopping online for car insurance, don’t be tempted to buy poor coverage just to save money. There are a lot of situations where an accident victim reduced liability coverage limits only to regret that saving that couple of dollars actually costed them tens of thousands. Your goal is to get the best coverage possible at the best cost while not skimping on critical coverages.
The cheapest Lexus LC 500 insurance in Chicago can be bought both online and from local agencies, and you should compare rates from both to have the best selection. Some car insurance companies may not provide rate quotes online and these smaller companies sell through local independent agents.
For more information, take a look at the following helpful articles:
- Get the Right Protection (InsureUonline.org)
- Who Has Affordable Car Insurance for a Kia Optima in Chicago? (FAQ)
- Who Has Cheap Chicago Car Insurance Quotes for Low Mileage Drivers? (FAQ)
- Collision Insurance Coverage (Nationwide)
- Smart Auto Insurance Tips (Insurance Information Institute)
- State Car Insurance Guides (GEICO)
- Teen Driver Licensing Information (iihs.org)