Are you regretting the purchase of an expensive insurance policy? Say no more because many consumers are feeling buyer’s remorse and feel like there’s no way out.
Shocking but true, the vast majority of consumers have stayed with the same insurance company for four years or more, and approximately 38% of consumers have never compared quotes from other companies. Illinois drivers could cut their rates by 40% a year by just comparing quotes, but most just don’t grasp the actual amount they would save if they changed companies. Consumers have many car insurance companies to pick from, and although it’s a good thing to have a selection, more choices can make it harder to compare rates and cut insurance costs.
You should take the time to compare prices as often as possible because insurance rates go up and down regularly. Despite the fact that you may have had the best rate on Lexus RX 350 insurance in Chicago last year the chances are good that you can find a lower price today. You can search a lot of RX 350 insurance out there, but by reading this article, you’re going to learn some good information on how to put money back in your pocket.
Cheap companies for Lexus RX 350 insurance
The car insurance companies shown below provide quotes in Illinois. If multiple companies are listed, we suggest you visit several of them in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|RX 350 2WD||$272||$622||$384||$22||$114||$1,414||$118|
|RX 350 4WD||$218||$452||$334||$20||$100||$1,124||$94|
|Get Your Own Custom Quote Go|
Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Estimates do not factor in zip code location which can revise auto insurance rates greatly.
Cost comparison with and without full coverage
The illustration below shows the difference between Lexus RX 350 insurance costs with full physical damage coverage and with liability coverage only. The rates are based on a clean driving record, no at-fault accidents, $250 deductibles, single female driver, and no discounts are applied to the premium.
When to stop buying physical damage coverage
There is no definitive rule that works best for making the decision to drop comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is about 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your Lexus RX 350 replacement cost is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $3,000 after paying the physical damage deductible. If you are currently paying more than $300 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where removing full coverage is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not buy liability only.
Informed Consumers Can Reduce Insurance Rates
Consumers need to have an understanding of some of the elements that play a part in calculating the level of your policy premiums. If you have a feel for what influences your rates, this empowers consumers to make smart changes that can earn you much lower annual insurance costs.
Shown below are most of the major factors that factor into your rate level.
Comp and collision deductibles are a factor – Insurance for physical damage to your car, also called ‘full coverage’, covers your vehicle from damage. Some coverage claims are colliding with a building, hail damage, and having your car stolen. Physical damage deductibles represent how much money the insured will be required to pay if a claim is determined to be covered. The more expense you’re willing to pay, the lower your rates will be.
Drive a fast vehicle and pay more – The type of vehicle you need to insure makes a substantial difference in your auto insurance rates. Due to the fact that the Lexus RX 350 falls in the luxury SUV class, rates will be substantially more in price compared to average rates in Chicago. Lower performance four cylinder passenger models generally receive the lowest base rates, but that’s not the only thing that factors into the final price.
Frequent policy claims will cost you – If you file a lot of claims don’t be surprised to see increased rates or even have your policy non-renewed. Companies in Illinois generally give most affordable rates to drivers who only file infrequent claims. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.
Save money by having high credit – Your credit rating is a large factor in determining premium rates. Therefore, if your credit leaves room for improvement, you could potentially save money when insuring your Lexus RX 350 by improving your credit score. People with good credit tend to be less risk to insure than those with lower credit ratings.
Annual miles is a factor – Driving more miles every year the higher your rate. Many insurance companies calculate rates based upon how the vehicle is primarily used. Vehicles that have low annual miles receive lower rates compared to those used for work or business. A policy that improperly rates your RX 350 is just wasting money. It’s a smart idea to ensure your auto insurance declarations sheet reflects how each vehicle is driven.
Little extras can really add up – There are many additional coverages that can waste your money if you aren’t diligent. Coverages for personal injury protection, towing coverage, and motor club memberships may not be needed and are just wasting money. They may sound like good ideas when deciding what coverages you need, but if you’ve never needed them in the past think about removing them and cutting costs.
Experienced drivers pay less – More experienced drivers are more responsible, statistically cause fewer accidents, and are generally more financially stable.Young drivers are statistically proven to be easily distracted when behind the wheel so they pay higher auto insurance rates.
Liability protection – Your auto insurance policy’s liability coverage kicks in if ever you are determined to be liable for damages caused by your negligence. This coverage provides for a legal defense to defend your case. Liability insurance is pretty cheap compared to comp and collision, so insureds should have plenty of protection for their assets.
Claims statistics for a Lexus RX 350 – Insurers analyze the history of losses when they file their rates in each state. Models that historically have higher prevalence or dollar amount of losses will have a higher cost to insure.
The table below shows the historical loss data for Lexus RX 350 vehicles. For each type of coverage, the statistical loss for all vehicles, as a total average, is represented as 100. Numbers under 100 suggest losses that are better than average, while values over 100 point to more claims or an increased chance of larger losses than average.
Lexus RX 350 Insurance Claim Statistics
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus RX 350 4dr 2WD||111||96||91||72||97||88|
|Lexus RX 350 4dr 4WD||122||99||112||83||75||78|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Lower rates by qualifying for discounts
Some providers don’t always publicize the complete list of policy discounts very well, so the following list contains both the well known and the more hidden ways to save on auto insurance. If they aren’t giving you every credit you qualify for, you could be saving more on your auto insurance.
- Multiple Vehicles – Buying insurance for several vehicles with one company can reduce the rates for all insured vehicles.
- Student Driver Training – Have your child enroll in driver’s education if offered at their school.
- Auto/Life Discount – Select insurance companies reward you with a small discount if you purchase some life insurance too.
- Bundle and Save – If you combine your homeowners and auto policies with one insurance company you could earn a discount of nearly 15% which can help you find cheaper RX 350 insurance.
- Mature Driver Discount – Older drivers can get lower premium rates.
- Accident-Free Discounts – Insureds with no claims or accidents pay much less as opposed to insureds who have frequent claims or accidents.
- Defensive Driver Discounts – Taking part in a safe driver class could possibly earn you a 5% discount and also improve your driving technique.
- Resident Student – College-age children who live away from home at college and do not take a car to college can be insured at a reduced rate.
- Drive Less and Save – Driving fewer miles may allow you to get discounted prices on garaged vehicles.
Discounts lower rates, but most of the big mark downs will not be given to the entire policy premium. A few only apply to the price of certain insurance coverages like medical payments or collision. So even though they make it sound like you would end up receiving a 100% discount, companies wouldn’t make money that way.
Some companies that have most of the discounts above possibly include:
Before you buy a policy, ask all the companies the best way to save money. Some of the discounts discussed earlier may not apply to policies in your state. To find providers that offer many of these discounts in Chicago, click here.
What if I want to buy from local Chicago insurance agents?
A small number of people prefer to go talk to an agent and that is OK! Good insurance agents can answer important questions and will help you if you have claims. A nice benefit of comparing insurance prices online is that you can obtain cheap insurance rates and still have an agent to talk to. Buying insurance from local agents is still important in Chicago.
After completing this simple form, your insurance data is immediately sent to agents in your area who will give you quotes for your insurance coverage. You don’t have to visit any agencies due to the fact that quote results will go to you. In the event you want to get a comparison quote from a specific insurance provider, just navigate to their website and fill out the quote form the provide.
When searching for a reputable insurance agent or broker, it’s helpful to know the types of insurance agents and how they differ in how they quote coverages. Chicago agents can be categorized as either exclusive or independent. Both types can write insurance policies, but it’s important to point out how they differ because it can impact which type of agent you select.
Independent Insurance Agencies
Independent agencies are not limited to a single company and that allows them to write policies with any number of different companies and find you the best rates. If you are not satisfied with one company, the business is moved internally which is easy for the insured. When searching for an agent, you will want to compare quotes from independent agents in order to compare the most rates.
Shown below are independent agencies in Chicago that may be able to give free insurance quotes.
Exclusive agencies normally can only provide a single company’s rates and examples are State Farm, Allstate, and Farm Bureau. Exclusive agents cannot shop your coverage around so you need to shop around if the rates are high. Exclusive agents receive extensive training on sales techniques which helps them compete with independent agents.
Below is a list of exclusive insurance agencies in Chicago willing to provide rate quotes.
Choosing an car insurance agent requires you to look at more than just the quoted price. Agents should be asked these questions:
- Are they involved in claim handling?
- Which members of your family are coverage by the policy?
- Do they get extra compensation for selling add-on coverages?
- How is replacement cost determined on your vehicle?
- Is the agent properly licensed in Illinois?
Auto insurance ads are enticing
Illinois drivers constantly see and hear ads that promise big savings for switching from companies such as 21st Century, Allstate and State Farm. They all seem to advertise the message of big savings just by moving your coverage.
It sounds good, but how can they all say the same thing? It’s all in the wording.
Insurance providers quote their best rates for the type of driver that earns them the most money. For example, a profitable customer could possibly be between 30 and 50, has a clear driving record, and drives a car with an anti-theft system. Any new insured that meets those criteria will get a cheap rate quote in Chicago and is almost guaranteed to cut their Lexus RX 350 insurance rates if they switch.
People who cannot meet the ideal profile will be charged higher prices which leads to the prospect going elsewhere. The trick companies use is to say “drivers that switch” not “everyone that quotes” save that kind of money. That’s the way insurance companies can confidently make the claims of big savings.
This illustrates why drivers must quote coverage with many companies. It’s just not possible to know which insurance companies will have better car insurance rates than you’re paying now.
How do I know if I need professional advice?
When selecting your policy, there really is no “perfect” insurance plan. Every situation is different so your insurance needs to address that.
These are some specific questions might help in determining if you may require specific advice.
- Am I covered when driving a rental car?
- Is my vehicle covered by my employer’s policy when using it for work?
- When should I drop full coverage on my Lexus RX 350?
- What is UM/UIM insurance?
- Do I have coverage when using my vehicle for my home business?
- Why am I required to get a high-risk car insurance policy?
If you’re not sure about those questions but you know they apply to you then you might want to talk to an agent. If you want to speak to an agent in your area, complete this form or click here for a list of auto insurance companies in your area. It only takes a few minutes and can help protect your family.
A little work can save a LOT of money
Lower-priced Lexus RX 350 insurance in Chicago can be purchased from both online companies and from local insurance agents, so you should compare both to have the best chance of lowering rates. Some insurance companies don’t offer price quotes online and most of the time these smaller companies work with independent agencies.
We just covered many ideas to shop for Lexus RX 350 insurance online. The key concept to understand is the more rate comparisons you have, the better your chances of lowering your car insurance rates. Drivers may even discover the lowest priced insurance comes from the smaller companies. Regional companies may only write in your state and offer lower car insurance rates as compared to the big name companies such as Allstate and Progressive.
Additional detailed information can be read in these articles:
- Avoiding Deer Collisions (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Rates for Safe Drivers in Chicago? (FAQ)
- Who Has Affordable Chicago Auto Insurance Rates for a Learners Permit? (FAQ)
- Who Has Cheap Auto Insurance for Teenage Females in Chicago? (FAQ)
- Parking Tips to Reduce Door Dings (State Farm)
- Child Safety FAQ (iihs.org)