Save Money on Lexus IS 350 Insurance in Madison

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.

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

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
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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
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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.