Save Money on Lexus IS 350 Insurance in Madison

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It's an obvious statement that insurance companies want to keep you from comparing prices. Drivers who get comparison quotes at least once a year are very likely to switch companies because there is a great chance of finding coverage at a cheaper rate. A recent study showed that consumers who regularly compared price quotes saved an average of $3,500 over four years compared to drivers who don't make a habit of comparing rates.

If finding the most affordable car insurance is the reason you're here, then having an understanding of how to find and compare insurance rates can help make the process easier and more efficient.

Insurance for Lexus IS 350The recommended way to get low-cost Lexus IS 350 insurance is to regularly compare quotes from different companies in Madison. Price quotes can be compared by completing these steps.

  • First, learn about auto insurance and the measures you can control to keep rates in check. Many things that cause high rates such as tickets, at-fault accidents, and a lousy credit rating can be amended by making minor driving habit or lifestyle changes. Continue reading for the details to help reduce prices and find possible discounts that are available.
  • Second, compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from a single company like GEICO or State Farm, while independent agents can provide price quotes from multiple insurance companies.
  • Third, compare the new rates to your existing policy to determine if you can save on IS 350 insurance in Madison. If you can save money and buy the policy, make sure there is no lapse in coverage.
  • Fourth, notify your company or agent of your intent to cancel your existing policy. Submit a signed application and payment for the new policy. Immediately upon receiving it, keep the new certificate verifying proof of insurance in an easily accessible location.

The key aspect of shopping around is to try to compare identical coverages on every quote request and and to compare as many auto insurance providers as possible. Doing this enables a fair rate comparison and the best rate selection.

If you are insured now or just want to save money, you can use these tips to cut your premiums without reducing coverage. Our objective in writing this article is to introduce you to how to effectively get price quotes and some tips to save money. Smart buyers just need to know the proper way to find the lowest price online.

Most larger insurance companies give coverage prices on their websites. Getting online rates for Lexus IS 350 insurance in Madison can be done by anyone as you just type in the coverages you want on the page. Behind the scenes, the company's rating system makes automated requests for reports for credit and driving violations and generates pricing information based on the data you entered.

This streamlines rate comparisons, and it is imperative to compare as many rates as possible in order to get a lower rate.

To compare rates using this form now, check out the insurance providers below. To compare your current rates, we recommend you duplicate the coverages as shown on your current policy. Using the same limits helps guarantee you will receive comparison quotes using the same coverage and limits.

The companies shown below offer free quotes in Madison, WI. If multiple companies are listed, we recommend you visit as many as you can in order to get a fair rate comparison.

These discounts can lower your auto insurance quotes

Some companies don't always advertise every available discount very clearly, so the below list has some of the best known and the harder-to-find savings tricks you should be using when you buy Madison car insurance online.Auto insurance discounts

  • Cautious Driver Discount - Accident-free drivers can pay as much as 50% less than drivers with accidents.
  • College Student - College-age children living away from Madison attending college without a vehicle on campus can be insured at a reduced rate.
  • Discount for Swiching Early - A few auto insurance companies offer discounts for buying a new policy before your current IS 350 insurance policy expires. You can save around 10% with this discount.
  • Active Military Service - Being on active duty in the military could mean lower auto insurance rates.
  • Driver's Education for Students - Cut your cost by having your teen driver enroll in driver's education in school or through a local driver safety program.
  • E-sign Discounts - Some of the larger companies may give you up to $50 for buying your policy on your computer.
  • New Car Discount - Buying a new car instead of a used IS 350 can save you some money due to better safety requirements for newer vehicles.
  • Theft Prevention System - Anti-theft and alarm system equipped vehicles have a lower chance of being stolen and therefore earn up to a 10% discount.
  • Home Ownership Discount - Simply owning a home can save a few bucks because of the fact that having a home requires a higher level of personal finance.
  • No Claims - Madison drivers who stay claim-free get the best auto insurance rates compared to drivers with a long claim history.

One thing to note about discounts is that many deductions do not apply to the overall cost of the policy. Some only reduce specific coverage prices like physical damage coverage or medical payments. Even though it may seem like you can get free auto insurance, insurance companies wouldn't stay in business.

The diagram below illustrates the difference between Lexus IS 350 insurance premiums with and without discounts applied. The premiums assume a female driver, no claims or driving citations, 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 multi-car, safe-driver, claim-free, marriage, multi-policy, and homeowner discounts applied.

For a list of insurance companies with the best Lexus IS 350 insurance discounts in Madison in Wisconsin, click this link.

Insurance coverage details

The price information shown below covers a range of coverage prices for Lexus IS 350 models. Having a better understanding of how insurance prices are calculated can be of help when making decisions when shopping your coverage around.

Lexus IS 350 Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $118 $264 $260 $16 $78 $736 $61
IS 350 C 2-Dr Convertible $118 $264 $260 $16 $78 $736 $61
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rate information does not factor in specific garaging location which can raise or lower insurance rates significantly.

Car insurance deductibles

The hardest decision when buying coverage is how high should the deductibles for physical damage be. The data tables below help summarize the rate differences between high and low deductibles. The first rate estimation uses a $100 deductible for comprehensive and collision coverage and the second price chart uses a $1,000 deductible.

Lexus IS 350 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $248 $484 $230 $14 $68 $1,069 $89
IS 350 C 2-Dr Convertible $248 $484 $230 $14 $68 $1,069 $89
Get Your Own Custom Quote Go
Lexus IS 350 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $138 $256 $230 $14 $68 $706 $59
IS 350 C 2-Dr Convertible $138 $256 $230 $14 $68 $706 $59
Get Your Own Custom Quote Go

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rate information does not factor in specific location information which can revise premiums noticeably.

Based on this data, we can arrive at the conclusion that using a $100 deductible costs an average of $30 more each month or $360 a year across all Lexus IS 350 models than choosing the higher $1,000 deductible. Since you would have to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you average at least 30 months between claims, you would save money if you choose the higher deductible.

How to calculate when to raise deductibles

Average monthly premium for $100 deductibles: $89
Average monthly premium for $1,000 deductibles (subtract): - $59
Monthly savings from raising deductible: $30
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $30
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 30 months

Lexus IS 350 insurance rates by age and gender

The chart below illustrates the difference between Lexus IS 350 insurance rates for male and female drivers. The premium estimates are based on no violations or claims, comp and collision included, $250 deductibles, marital status is single, and no discounts are taken into consideration.

Full coverage rates compared to liability-only

The information below shows the difference between Lexus IS 350 auto insurance rates with and without physical damage coverage. The prices are based on no claims, a clean driving record, $100 deductibles, drivers are single, and no policy discounts are applied.

When to stop buying physical damage coverage

There is no definitive rule to stop paying for full coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to buy liability only.

For example, let's assume your Lexus IS 350 replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $8,000 after the policy deductible has been paid. If premiums are more than $800 a year for comprehensive and collision coverage, then you might want to consider buying only liability coverage.

There are a few cases where only buying liability is not a good idea. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can't afford to buy a different vehicle if your current one is totaled, you should not drop full coverage.

Lower the Price of Insurance with These Tips

Many factors are part of the calculation when quoting car insurance. Some of the criteria are obvious like an MVR report, but others are not as apparent like your continuous coverage or your financial responsibility.

The items below are some of the most common factors used by your company to calculate your rate level.

  • Liability limits on your policy - Your policy's liability coverage is the coverage that protects you if you are responsible for an accident. This coverage provides for a legal defense to defend your case. Liability insurance is quite affordable compared to comp and collision, so do not cut corners here.
  • When should you not file policy claims? - Auto insurance companies in Wisconsin award the lowest premiums to drivers that do not abuse their auto insurance. If you file a lot of claims you can expect higher rates. Your insurance policy is designed for claims that pose a financial burden.
  • Job can influence rates - Careers such as military generals, police officers, and miners generally have the highest average rates due to intense work requirements and incredibly demanding work hours. On the other hand, jobs like professors, engineers and performers pay lower than average rates.
  • Raising physical damage deductibles saves money - Physical damage coverage, also called 'full coverage', is used to repair damage to your vehicle. Examples of covered claims are a broken windshield, hail damage, and having your car stolen. Comprehensive and collision coverage deductibles define the amount you are willing to pay out-of-pocket if you file a covered claim. The higher the amount you choose to pay out-of-pocket, the better rate you will receive.
  • What type of car do you drive? - The type of car, truck or SUV you need to insure makes a big difference in your rates. Low performance passenger cars usually have the lowest premiums, but your final cost has many other factors.

    The next chart uses these assumptions: single female driver age 40, full coverage with $1000 deductibles, and no discounts or violations. It illustrates Lexus IS 350 rates compared to other vehicles that have different performances.

  • Lower rates with theft deterrents - Buying a car that has an advanced theft prevention system can earn a premium discount. Systems that thwart thieves like LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system all help prevent your vehicle from being stolen.
  • Gaps in coverage mean higher insurance rates - Not having insurance is a big no-no and your next policy will cost more because you let your insurance coverage expire. In addition to paying higher rates, failure to provide proof of insurance will get you fines and jail time. You could then be forced to submit proof of financial responsibility or a SR-22 with the Wisconsin department of motor vehicles.
  • Better credit means lower premiums - A driver's credit score can be an important factor in determining what you pay for insurance. People that have very good credit scores tend to be less risk to insure than those with lower credit scores. If your credit is lower than you'd like, you could pay less to insure your Lexus IS 350 by improving your rating.
  • Loss statistics for a Lexus IS 350 - Companies use claims history in order to profitably underwrite each model. Models that the statistics show to have higher loss trends will have higher premium rates.

    The table below demonstrates the historical insurance loss data for Lexus IS 350 vehicles. For each type of coverage, the statistical loss for all vehicles, regardless of make, model or trim level, is equal to 100. Values below 100 mean the vehicle has better than average losses, while numbers that are greater than 100 indicate more frequent losses or tendency to have higher losses.

    Lexus IS 350 Insurance Loss Statistics
    Make and 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 from IIHS.org for 2013-2015 Model Years