How to Save on Lexus IS 350 Insurance in Fort Worth

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Discount Lexus IS 350 insuranceIf you want to save money, the best way to find cheaper Lexus IS 350 insurance in Fort Worth is to start comparing prices yearly from providers in Texas. Prices can be compared by following these guidelines.

First, gain an understanding of the coverage provided by your policy and the things you can control to keep rates low. Many things that cause high rates like accidents, traffic violations, and a less-than-favorable credit rating can be rectified by improving your driving habits or financial responsibility. This article provides instructions to prevent rate hikes and earn a bigger discount.

Second, request price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only provide price estimates from a single company like GEICO and State Farm, while independent agents can provide prices from multiple insurance companies. View companies

Third, compare the quotes to your current policy premium to see if cheaper IS 350 coverage is available in Fort Worth. If you find a better price and change companies, make sure coverage does not lapse between policies.

Fourth, provide adequate notice to your current company of your intention to cancel your existing policy and submit payment along with a signed and completed policy application for the new policy. Once received, store the certificate verifying coverage in an easily accessible location in your vehicle.

A good piece of advice is that you'll want to make sure you compare identical deductibles and limits on each quote request and and to get rate quotes from as many companies as possible. Doing this provides an accurate price comparison and a complete rate analysis.

It's a known fact that insurance companies don't want you to look at other companies. Insureds who compare rates at least once a year will most likely switch to a new company because there is a high probability of finding a more affordable policy premium. A study discovered that people who faithfully checked for cheaper rates saved approximately $860 a year as compared to drivers who don't regularly compare prices.

If finding the best rates on insurance in Fort Worth is the reason you're reading this, understanding how to quote prices and compare cheaper coverage can save money and time.

Cutting your Fort Worth insurance rates is a fairly straight forward process. You just have to take a couple of minutes to get quotes to see which company has affordable Lexus IS 350 insurance quotes.

The providers in the list below provide free rate quotes in Texas. If more than one company is shown, it's highly recommended you click on several of them in order to get a fair rate comparison.

Here's why auto insurance is not optional

Despite the high cost of buying insurance for a Lexus IS 350 in Fort Worth, paying for auto insurance may not be optional for several reasons.

  • Almost all states have compulsory liability insurance requirements which means state laws require a minimum amount of liability protection if you want to drive legally. 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 took out a loan on your Lexus IS 350, most lenders will require you to have full coverage to ensure they get paid if you total the vehicle. If you let the policy lapse, the bank will be required to insure your Lexus at a much higher premium rate and require you to pay much more than you were paying before.
  • Auto insurance preserves both your vehicle and your assets. It will also pay for many types of medical costs for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, will also pay to defend you if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to repair the damage minus the deductible amount.

The benefits of buying auto insurance definitely exceed the price paid, especially when you need to use it. Despite what companies tell you, the average driver overpays as much as $855 a year so compare quotes from several companies at least once a year to make sure the price is not too high.

Car insurance statistics and figures

The rate information shown below highlights different insurance coverage prices for Lexus IS 350 models. Being aware of how auto insurance premiums are formulated is important for you to make informed decisions when comparing rates.

Lexus IS 350 Insurance Rates in Fort Worth, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $178 $360 $366 $22 $110 $1,036 $86
IS 350 C 2-Dr Convertible $178 $360 $366 $22 $110 $1,036 $86
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Table data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Information does not factor in your specific Fort Worth location which can increase or decrease coverage rates significantly.

Deductible analysis

One of the hardest decisions when shopping for car insurance is the level to set your comp and collision deductibles. The comparisons below may help you to understand the cost difference between low and high physical damage deductibles. The first table uses a $250 deductible for physical damage and the second price table uses a $1,000 deductible.

Lexus IS 350 insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $370 $672 $382 $22 $114 $1,585 $132
IS 350 C 2-Dr Convertible $370 $672 $382 $22 $114 $1,585 $132
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Lexus IS 350 insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $228 $424 $382 $22 $114 $1,170 $98
IS 350 C 2-Dr Convertible $228 $424 $382 $22 $114 $1,170 $98
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Table data does not factor in specific location which can change premium rates significantly.

Using the premium rates above, we can conclude that using a $250 deductible costs an average of $34 more each month or $408 a year averaged for all IS 350 models than selecting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you average at least 22 months between claims, you would probably come out ahead if you decide on a higher deductible.

How to calculate if a higher deductible is a good decision

Average monthly premium for $250 deductibles: $132
Average monthly premium for $1,000 deductibles (subtract): - $98
Monthly savings from raising deductible: $34
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $34
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 22 months

The diagram below shows how different deductible levels and can increase or decrease Lexus IS 350 insurance premiums for different insured age categories. The premiums assume a married male driver, full coverage, and no other discounts are factored in.

Lexus IS 350 liability rates compared to full coverage

The chart below shows the comparison of Lexus IS 350 car insurance costs when comparing full coverage to state minimum liability only. The rates are based on a clean driving record, no at-fault accidents, $500 deductibles, single marital status, and no discounts are applied.

When to eliminate full coverage

There is no set rule that is best for determining when to drop full coverage, but there is a general convention. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then it may be the right time to buy liability only.

For example, let's assume your Lexus IS 350 replacement cost is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,000 after paying the physical damage deductible. If premium cost is more than $700 a year to have full coverage, then you may need to consider dropping full coverage.

There are some circumstances where buying only liability insurance is not advised. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you don't have enough money to buy a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

Lexus IS 350 insurance discounts in Fort Worth

Car insurance can cost a lot, but companies offer discounts that many people don't even know exist. Most are applied when you quote, but a few must be requested specifically before you will receive the discount. If you don't get every credit available, you are paying more than you should be.Discount insurance

  • Auto/Life Discount - Not all insurance companies offer life insurance, but some may give you a discounted premium rate on car insurance if you buy a life policy as well.
  • Club Memberships - Joining certain professional organizations could qualify you for a break on your policy.
  • Multiple Cars - Insuring several vehicles with the same company may reduce the rate for each vehicle.
  • Driver Training Discounts - Taking time to complete a course teaching defensive driving skills can save you 5% or more and also improve your driving technique.
  • Early Payment Discounts - By paying your entire bill at once instead of monthly or quarterly installments you can actually save on your bill.
  • Employee of Federal Government - Federal government employees may reduce rates when you quote Fort Worth auto insurance depending on your insurance provider.
  • E-sign - Many companies will give you a small discount for completing your application on the internet.
  • Service Members Pay Less - Having a family member in the military may lower your premium rates slightly.

Discounts save money, but please remember that most discounts do not apply to all coverage premiums. A few only apply to the price of certain insurance coverages like collision or personal injury protection. Even though it may seem like all those discounts means the company will pay you, it doesn't quite work that way.

The chart below shows the difference between Lexus IS 350 car insurance costs with and without some available policy discounts. The premiums assume a male driver, no claims, a clean driving record, Texas state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, homeowner, multi-car, marriage, and safe-driver discounts applied.

Companies that may include these discounts include:

When getting a coverage quote, ask each company or agent which discounts they offer. Savings may not apply in your state. If you would like to see a list of insurance companies with the best Lexus IS 350 insurance discounts in Fort Worth, follow this link.