We don’t have to tell you that insurance companies don’t want you to look for cheaper rates. Drivers who get comparison quotes at least once a year are highly likely to buy a different policy because they stand a good chance of finding coverage at a more affordable price. Remarkably, a study showed that drivers who make a habit of shopping around saved an average of $70 a month compared to people who never shopped around for cheaper prices.
If finding budget-friendly Lexus ES 350 insurance is the reason you’re here, then understanding the best ways to shop for cheaper coverage can make it easier for you to save money.
The most effective way to find affordable Lexus ES 350 insurance in Madison is to annually compare prices from companies who sell insurance in Wisconsin.
- Read about policy coverages and the measures you can control to keep rates down. Many risk factors that cause high rates like getting speeding tickets and a negative credit score can be eliminated by improving your driving habits or financial responsibility.
- Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from a single company like GEICO and Allstate, while agents who are independent can provide price quotes from many different companies. View companies
- Compare the new quotes to the price on your current policy to see if you can save by switching companies. If you can save money and make a switch, make sure coverage does not lapse between policies.
One piece of advice is that you use the same coverage limits and deductibles on every quote and and to analyze as many companies as you can. This ensures the most accurate price comparison and a complete selection of prices.
If you have insurance now or are looking for a new policy, you can use these techniques to save money and possibly find even better coverage. Pricing the most affordable insurance coverage in Madison is not as hard as you think. You only have to learn the quickest method to get comparison rates online.
Insurance Premium Influencing Factors
Smart consumers have a good feel for some of the elements that play a part in calculating auto insurance rates. When you understand what determines premiums, this helps enable you to make changes that could help you find lower premium levels. Many different elements are used when you get a price on insurance. A few of the factors are predictable like your driving record, but some are more obscure such as your credit history or your commute time.
Shown below are some of the most rate-impacting factors used by insurance companies to determine premiums.
More performance means higher premiums – The performance level of the vehicle you drive makes a substantial difference in your premium level. The best insurance prices are usually found on smaller low performance passenger vehicles, but your final cost has many other factors.
The chart below uses these variables: married male driver age 20, full coverage with $500 deductibles, and no discounts or violations. It illustrates Lexus ES 350 car insurance rates compared to other models of vehicles that have a range of performance rating factors.
Get married and pay less – Your spouse may earn you lower rates on your policy. Marriage may mean you are more responsible and it’s proven that married drivers tend to file fewer claims.
Traffic violations cost more than a fine – Attentive drivers get better rates compared to bad drivers. Just one chargeable violation may increase your cost by twenty percent. Drivers with multiple citations like DUI or willful reckless driving may find that they have to to complete a SR-22 with their state in order to legally drive.
The chart below demonstrates how speeding tickets and accidents can increase Lexus ES 350 yearly insurance costs for different age groups of insureds. The premiums are based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
Vehicles with better crash test results means better premiums – Vehicles with high crash test scores tend to be cheaper to insure. These vehicles have better occupant injury protection and any reduction in injury severity translates into savings for insurance companies and lower rates for you.
Policy add-ons may be wasting money – There are a ton of extra add-on coverages that you can buy on your auto insurance policy. Things like replacement cost coverage, accidental death, and extra life insurance coverage may be wasting your money. These may sound like a good investment when you first buy your policy, but if you’ve never needed them in the past get rid of them and save.
Insurance losses for a Lexus ES 350 – Companies use data from past claims in order to profitably underwrite each model. Models that the data shows to have higher prevalence or dollar amount of losses will have higher rates.
The next table shows the compiled insurance loss statistics for Lexus ES 350 vehicles. For each insurance policy coverage type, the claim probability for all vehicles, regardless of manufacturer or model, equals 100. Numbers shown that are under 100 imply a favorable loss record, while values that are 100 or greater point to more losses or statistically larger claims.
| Specific Lexus Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus ES 350 4dr | 126 | 79 | 160 | 91 | 100 | 78 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Most larger insurance companies allow consumers to get coverage prices directly from their websites. Getting online quotes for Lexus ES 350 insurance in Madison is quite simple because it’s just a matter of typing in the coverages you want as detailed in the form. When the form is submitted, the system requests reports for credit and driving violations and provides a quote based on the data you entered.
Being able to quote online for Lexus ES 350 insurance in Madison helps simplify price comparisons, and it is imperative to have as many quotes as possible if you want to find the most affordable premium.
To use this form to compare rates, compare rates from the companies below. To compare your current rates, we recommend you copy the coverage information just like they are on your policy. Doing this guarantees you will have comparison quotes for the exact same coverage.
The providers in the list below are our best choices to provide free rate quotes in Madison, WI. If your goal is to find cheaper auto insurance in Madison, we suggest you get rates from several of them in order to get a fair rate comparison.
Insurance coverage analysis
The information shown below covers estimates of policy rates for Lexus ES 350 models. Being more informed about how auto insurance premiums are established is important to be able to make smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $276 | $596 | $264 | $16 | $78 | $1,230 | $103 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Prices do not factor in specific zip code location which can influence insurance rates significantly.
Where to set your deductibles
The hardest decision when buying coverage is which comprehensive and collision deductibles to buy. The following insurance rates highlight the cost difference of buying low and high physical damage coverage deductibles. The first rate table uses a $250 physical damage coverage deductible and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $224 | $406 | $196 | $12 | $58 | $921 | $77 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $182 | $328 | $196 | $12 | $58 | $776 | $65 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Information does not factor in specific Madison garaging location which can impact coverage prices noticeably.
We can derive from the above data that using a $250 deductible costs about $12 more each month or $144 each year averaged for all ES 350 models than quoting the higher $500 deductible. Since you would have to pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you go at least 21 months between claim filings, you would save more money if you choose the higher deductible.
How to determine if a higher deductible is a good idea
| Average monthly premium for $250 deductibles: | $77 |
| Average monthly premium for $500 deductibles (subtract): | – $65 |
| Monthly savings from raising deductible: | $12 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $12 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
Yearly insurance costs for men versus women
The example below shows the comparison of Lexus ES 350 premium costs for male and female drivers. Data assumes no driving violations, no at-fault accidents, comp and collision included, $100 deductibles, marital status is single, and no discounts are applied to the premium.
Insurance is not optional in Wisconsin
Despite the high cost, insuring your vehicle may be mandatory for several reasons.
- Most states have compulsory liability insurance requirements which means the state requires specific minimum amounts of liability coverage if you drive a vehicle. In Wisconsin these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your vehicle has a loan, most lenders will force you to carry insurance to protect their interest in the vehicle. If you do not keep the policy in force, the lender may have to buy a policy to insure your Lexus for a much higher rate and require you to pay for it.
- Insurance protects your vehicle and your assets. It also can pay for all forms of medical expenses for not only you but also any passengers injured in an accident. Liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If you have damage to your Lexus as the result of the weather or an accident, your policy will cover the repair costs.
The benefits of having insurance are without a doubt worth the cost, especially when you need to use it. Today the average American driver overpays as much as $700 annually so compare quotes from several companies at least once a year to help ensure money is not being wasted.
Get cheaper rates with discounts
Some companies do not list their entire list of discounts in an easy-to-find place, so the next list breaks down some of the best known and also the lesser-known credits available to bring down your rates.
- Drivers Education – Make teen driver coverage more affordable by requiring them to enroll in driver’s education in school or through a local driver safety program.
- Discounts for Multiple Vehicles – Buying a policy with all your vehicles with the same company can get a discount on all vehicles.
- ABS Braking Discount – Cars equipped with ABS or steering control can stop better under adverse conditions and earn discounts up to 10%.
- Government Employee Discount – Active or former government employment could cut as much as 10% off with select insurance companies.
- Cautious Driver Discounts – Drivers who avoid accidents can get discounts for up to 45% lower rates compared to rates paid by drivers with frequent claims.
- Onboard Data Collection – Insureds that choose to allow their company to monitor vehicle usage by using a telematics device in their vehicle like Drivewise from Allstate or In-Drive from State Farm may see discounts if they exhibit good driving behavior.
Consumers should know that some credits don’t apply to the entire cost. Most only reduce individual premiums such as liability and collision coverage. So when it seems like adding up those discounts means a free policy, companies wouldn’t make money that way.
The chart below visualizes the comparison of Lexus ES 350 insurance costs with and without discounts being applied to the rates. The premiums assume a female driver, no claims or driving violations, Wisconsin state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, claim-free, multi-car, safe-driver, and multi-policy discounts applied.
The best auto insurance companies and a summarized list of policyholder discounts can be read below.
- GEICO may include discounts for multi-policy, seat belt use, federal employee, emergency military deployment, five-year accident-free, and good student.
- MetLife may have discounts that include multi-policy, accident-free, defensive driver, good student, good driver, and claim-free.
- State Farm offers discounts including anti-theft, multiple policy, multiple autos, defensive driving training, and good student.
- Progressive offers discounts for online signing, online quote discount, continuous coverage, good student, multi-vehicle, homeowner, and multi-policy.
- Mercury Insurance has discounts for location of vehicle, low natural disaster claims, good driver, ease of repair, and good student.
- 21st Century may offer discounts for air bags, defensive driver, good student, teen driver, and anti-lock brakes.
- Allstate discounts include EZ pay plan discount, FullPay discount, farm vehicle, good student, anti-lock brakes, and eSmart discount.
Check with every prospective company which credits you are entitled to. Depending on the company, some discounts might not be available to policyholders in every state. To view auto insurance companies that have a full spectrum of discounts in Madison, follow this link.
Insurance agent or online?
Some people still like to get professional advice from a licensed agent and that can be a smart move Insurance agents can help you build your policy and help submit paperwork. A good thing about comparing insurance prices online is that you can obtain lower prices but also keep your business local. Buying from and supporting local insurance agents is important especially in Madison.
After filling out this simple form, the coverage information is instantly submitted to insurance agents in Madison who will give you quotes for your business. There is no reason to search for an agent since price quotes are sent to your email. If for some reason you want to get a comparison quote from a particular provider, feel free to visit that company’s website and give them your coverage information.
Choosing a insurer is decision based upon more than just the bottom line cost. Some important questions to ask are:
- Do they offer accident forgiveness?
- Is assistance available after office hours?
- If independent agents, which companies do they recommend?
- Will they make sure you get an adequate claim settlement?
- Are claims handled at the agent’s location?
Cheaper car insurance is a realistic goal
We covered a lot of ways to lower your Lexus ES 350 insurance auto insurance rates in Madison. The key concept to understand is the more quotes you get, the higher your chance of finding cheaper Madison auto insurance quotes. Drivers may even discover the biggest savings come from a small local company.
As you go through the steps to switch your coverage, it’s very important that you do not reduce coverage to reduce premium. Too many times, someone sacrificed uninsured motorist or liability limits to discover at claim time that a couple dollars of savings turned into a financial nightmare. Your focus should be to buy a smart amount of coverage at the best cost and still be able to protect your assets.
Drivers who switch companies do it for many reasons like policy cancellation, high prices, lack of trust in their agent and even poor customer service. Regardless of your reason for switching companies, finding a new car insurance company can be pretty painless.
Much more information about car insurance in Wisconsin can be found at the links below
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Who Has Affordable Madison Car Insurance Quotes for Low Mileage Drivers? (FAQ)
- Who Has Cheap Car Insurance for State Employees in Madison? (FAQ)
- What Car Insurance is Cheapest for Good Drivers in Madison? (FAQ)
- Who Has the Cheapest Madison Car Insurance Rates for a Dodge Grand Caravan? (FAQ)
- Who Has the Cheapest Madison Car Insurance for Drivers Under 21? (FAQ)
- Auto Crash Statistics (Insurance Information Institute)
- Five Mistakes to Avoid (Insurance Information Institute)
- Steps to Take After an Auto Accident (Insurance Information Institute)
- Determining Auto Insurance Rates (GEICO)