Save on Lexus IS 350 Insurance in Memphis

I can’t think of a single person who looks forward to paying premiums for auto insurance, especially when they know their premiums are through the roof.

Astonishing but true, almost 70% of drivers have bought auto insurance from the same company for over three years, and virtually 40% of consumers have never shopped around. Many consumers in Memphis could pocket as much as 35% a year by just shopping around, but they don’t know how much savings they would realize if they switched to a more affordable policy.

Steps to finding better rates for Lexus IS 350 insurance in Memphis

To save the most money, the best way to get cheaper auto insurance rates is to regularly compare prices from different companies in Memphis.

Step 1: Read about car insurance and the measures you can take to prevent expensive coverage. Many risk factors that result in higher prices like tickets, at-fault accidents, and an unacceptable credit history can be eliminated by making small lifestyle or driving habit changes.

Step 2: Request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO and State Farm, while independent agents can provide rate quotes from multiple companies.

Step 3: Compare the quotes to your existing rates and see if you can save money. If you can save money, make sure there is no coverage gap between policies.

An essential thing to point out is to make sure you’re comparing the same amount of coverage on each price quote and and to compare as many companies as feasibly possible. This ensures an apples-to-apples comparison and a complete selection of prices.

People have multiple insurers to choose from, and although it’s a good thing to have a choice, it makes it harder to find the best rates for your vehicles.

Lower rate quotes by earning discounts

Buying auto insurance is not cheap, but there are discounts available to help offset the cost. Certain discounts will be triggered automatically at the time of purchase, but a few must be specially asked for in order for you to get them.

• Organization Discounts – Participating in a professional or civic organization is a good way to get lower rates on your next renewal.
• Pay Now and Pay Less – By making one initial payment instead of making monthly payments you can actually save on your bill.
• Savings for New Vehicles – Putting insurance coverage on a new IS 350 can save up to 30% since newer models have better safety ratings.
• Fewer Miles Equal More Savings – Maintaining low annual mileage may enable drivers to earn substantially lower prices.
• Claim Free – Insureds who avoid accidents and claims are rewarded with significantly better rates on Memphis car insurance quote when compared with accident-prone drivers.
• Drivers Education – Teen drivers should successfully take a driver’s education course in high school.
• Discounts for Government Workers – Employees or retirees of the government may reduce rates when you quote Memphis car insurance with some auto insurance companies.

A little note about advertised discounts, most discount credits are not given to your bottom line cost. Some only reduce specific coverage prices like comp or med pay. So when the math indicates you can get free auto insurance, it’s just not the way it works.

The chart below compares Lexus IS 350 annual premium costs with and without policy discounts. The prices are based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, claim-free, marriage, multi-policy, and homeowner discounts applied.

For a list of providers that have a full spectrum of discounts in Memphis, follow this link.

Getting a cheaper price on Lexus IS 350 insurance is a fairly straight forward process. Just spend a few minutes comparing rates from online providers.

It’s so simple to compare insurance rate quotes online takes the place of having to waste gas driving to local Memphis insurance agencies. Comparing Lexus IS 350 insurance rates online has made agencies unnecessary unless you prefer the peace of mind of a local agency. Some companies do allow you to get prices online but still have the advice of a local agent.

The companies in the list below provide price quotes in Tennessee. To locate cheap auto insurance in Tennessee, we recommend you click on several of them to get the best price comparison.

Car insurance analysis for a Lexus IS 350

The coverage table displayed below covers estimates of coverage costs for Lexus IS 350 models. Learning more about how rate quotes are established can be valuable when making smart choices when comparing insurance rates.

Data variables include single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Price information does not factor in specific Memphis garaging location which can modify price quotes substantially.

Analysis of deductible levels

One of the hardest decisions when shopping for car insurance is at what level do you set your deductibles. The figures shown below may help to illustrate the differences in price when you choose different physical damage deductibles. The first data table uses a $100 deductible for comprehensive and collision coverage and the second price grid uses a $1,000 deductible.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Premium costs do not factor in your specific Memphis location which can revise premium rates considerably.

Based on the data above, we can derive that using a $100 deductible costs about $37 more each month or $444 for a full year than quoting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 24 months between claims, you would more than likely save some money if you choose a higher deductible.

Cautious Memphis drivers save money

The illustration below shows how violations and at-fault claims can impact Lexus IS 350 car insurance costs for different age groups. The premium estimates are based on a married female driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.

Lexus IS 350 Insurance Rate Factors

A large part of saving on car insurance is knowing the different types of things that play a part in calculating the level of your policy premiums. When consumers understand what positively or negatively impacts your premiums, this enables you to make decisions that may reward you with lower rates.

The following are a few of the things used by your company to calculate your rate level.

• Don’t buy extra coverages you don’t need – There are a lot of extra coverages that can waste your money but may not be useful. Coverages like coverage for rental cars, towing, and term life insurance may be costing you every month. These may sound like a good investment at first, but your money might be better spent on other coverage so eliminate the coverages to reduce your premium.

• Are you male or female? – Statistics have proven females are less aggressive when driving. It does not mean females are better at driving than males. They both tend to get into at-fault accidents at a similar rate, but the male of the species tend to have more serious accidents. Men also tend to get higher numbers of serious violations like driving under the influence (DUI). Male drivers age 16 to 19 generally have the highest accident percentage so they pay the highest premiums.

  The information below illustrates the comparison of Lexus IS 350 auto insurance costs for male and female drivers. Data assumes no claims or violations, comprehensive and collision coverage, $100 deductibles, single marital status, and no additional discounts are factored in.

• Minor frequent car insurance claims are not good – Insurance companies in Tennessee generally give the lowest premiums to policyholders who only file infrequent claims. If you’re an insured who likes to file claims you can look forward to higher rates. Your car insurance is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
• Safer occupants lowers rates – Cars with high safety ratings can get you lower premiums. Vehicles built for safety protect occupants better and fewer injuries means less claims paid and cheaper rates on your policy.
• Theft deterrents save – Selecting a car model with advanced anti-theft systems can help lower your premiums. Systems that thwart thieves such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all help prevent vehicle theft.

• Claims statistics for a Lexus IS 350 – Companies use claims history to help determine the price you pay. Models that the data determines to have higher claim frequency or loss amount will have a higher cost to insure.

  The table below shows the actual insurance loss data for Lexus IS 350 vehicles. For each policy coverage, the loss probability for all vehicles as a whole is a value of 100. Percentage numbers below 100 represent a good loss history, while numbers above 100 point to more claims or tendency to have higher losses.

  
  

  Car Insurance Loss Data for Lexus IS 350 Models

  Vehicle 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
  Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Insurance agencies can find coverage gaps

Some people would prefer to sit down and talk to an agent and that is a smart decision Good insurance agents can answer important questions and will help you if you have claims. One of the best bonuses of getting online price quotes is that you can obtain lower rates and still have a local agent.

After completing this simple form, your insurance coverage information is submitted to companies in Memphis who will give you quotes and help you find cheaper coverage. You never need to search for an agent since rate quotes are delivered directly to your email. If you need to compare rates from a specific company, feel free to visit that company’s website and complete a quote there.

Choosing the best provider shouldn’t rely on just a low price. The questions below may impact your decision as well.

• Does the agent have a valid license to sell insurance in Tennessee?
• What company holds the largest book of business for them?
• When do they do a full risk review?
• Will a damage claim use OEM or aftermarket replacement parts?
• Are they able to influence company decisions when a claim is filed?
• Does the agent have professional designations like CIC, CPCU or AIC?
• Do they get paid more for recommending certain coverages?

If you want to use a reliable agent, you need to know there are two different agency structures and how they are distinctly different. Insurance agents in Memphis can be categorized as either independent agents or exclusive agents depending on their employer. Either type can do a good job, but it’s worth mentioning how they differ because it may have an impact on which agent you choose.

Exclusive Insurance Agents

Agents in the exclusive channel generally can only insure with one company like AAA, Allstate, and State Farm. They usually cannot shop your coverage around so always compare other rates. Exclusive agents are usually well trained on their products and sales techniques and that can be a competitive advantage.

Below are Memphis exclusive agencies who can help you get price quote information.

View more Memphis agents

Independent Agencies or Brokers

Independent agents often have affiliation with several companies so they can insure your vehicles with a variety of different insurance companies and help determine which has the cheapest rates. If they quote lower rates, your agent can just switch to a different company and you stay with the same agent.

If you need lower rates, you should always get quotes from at least one independent agent so that you can do a thorough price comparison.

Listed below are independent agencies in Memphis that can give you price quotes.

View more Memphis agents

Three reasons to insure your Lexus IS 350

Even though it can be expensive, paying for insurance is a good idea for several reasons.

• The majority of states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability protection in order to drive the car legally. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you have a loan on your Lexus, almost all lenders will require you to have full coverage to protect their interest in the vehicle. If the policy lapses, the bank or lender will purchase a policy for your Lexus at an extremely high rate and force you to pay a much higher amount than you were paying before.
• Insurance protects your vehicle and your assets. Insurance will pay for medical expenses for both you and anyone you injure as the result of an accident. Liability coverage, the one required by state law, also pays for attorney fees and expenses if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.

The benefits of carrying enough insurance definitely exceed the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is wasting up to $810 a year so it’s very important to do a rate comparison once a year at a minimum to be sure current rates are still competitive.

Car insurance savings summarized

Throughout this article, we presented a lot of tips how to compare Lexus IS 350 insurance auto insurance rates in Memphis. The key concept to understand is the more you quote Memphis car insurance, the better your chances of lowering your premium rates. Consumers could even find that the lowest auto insurance rates come from a small local company. These companies may cover specific market segments cheaper compared to the large companies like Allstate or State Farm.

When shopping online for car insurance, it’s a bad idea to reduce needed coverages to save money. In many instances, drivers have reduced physical damage coverage and found out when filing a claim that it was a big mistake. The aim is to get the best coverage possible at a price you can afford while still protecting your assets.

Steps to buying cheaper Lexus IS 350 insurance in Memphis

The preferred way to save money on car insurance rates is to compare prices once a year from insurance carriers who can sell car insurance in Memphis. Rate comparisons can be done by following these guidelines.

Step 1: Get an understanding of how car insurance works and the things you can change to prevent rate increases. Many rating criteria that drive up the price like careless driving and a negative credit history can be improved by paying attention to minor details.

Step 2: Compare price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like Progressive or Allstate, while agents who are independent can provide prices from multiple companies.

Step 3: Compare the new rate quotes to your current policy to see if a cheaper price is available. If you can save some money and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Provide notification to your current agent or company of your intention to cancel your current policy and submit a signed application and payment to the new company. As soon as you can, store the proof of insurance certificate with your vehicle’s registration.

One tip to remember is to make sure you’re comparing the same level of coverage on each quote request and and to get rate quotes from every insurance company. This ensures an accurate price comparison and and a good selection of different prices.

To learn more, take a look at these articles:

• Red Light Cameras (State Farm)
• Who Has Affordable Memphis Auto Insurance Quotes for Active Military? (FAQ)
• Who Has Affordable Car Insurance Quotes for Used Cars in Memphis? (FAQ)
• How Much is Memphis Auto Insurance for a 20 Year Old Female? (FAQ)
• State Car Insurance Guides (GEICO)
• Rental Reimbursement Coverage (Allstate)
• Airbag FAQ (iihs.org)