Affordable Lexus IS 250 Insurance in Memphis

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A recent insurance study discovered that almost 70% of insureds kept their coverage with the same insurance company for at least the last four years, and about 40% of consumers have never quoted insurance rates at all. With the average premium in Tennessee being $1,400, drivers could save 35% each year by just comparing rate quotes, but they just don't understand the big savings they would realize if they just switched companies.

Insurance quote for Lexus IS 250 in MemphisIf you want to save the most money, the best way to get discount Lexus IS 250 insurance in Memphis is to regularly compare price quotes from providers in Tennessee. Price quotes can be compared by following these guidelines.

  • First, read and learn about how your policy works and the steps you can take to lower rates. Many factors that are responsible for high rates like getting speeding tickets and poor credit history can be rectified by making minor changes in your lifestyle. Continue reading for tips to keep prices down and find missing discounts.
  • Second, request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like Progressive or State Farm, while independent agents can quote prices for a wide range of insurance providers.
  • Third, compare the price quotes to your existing rates to see if cheaper IS 250 coverage is available. If you can save some money and buy the policy, verify that coverage does not lapse between policies.

An important bit of advice to remember is to make sure you enter identical limits and deductibles on every quote and and to look at as many companies as feasibly possible. This helps ensure an accurate price comparison and many rates to choose from.

Finding a lower price on insurance is not rocket science. The only thing you need to do is spend a little time getting comparison quotes to see which company has the cheapest Lexus IS 250 rate quotes.

The following companies have been selected to offer free rate quotes in Memphis, TN. If your goal is to find cheap car insurance in Memphis, TN, we suggest you visit several of them in order to get a fair rate comparison.

Best reasons to buy insurance in Tennessee

Even though it's not necessarily cheap to insure a Lexus in Memphis, insuring your vehicle may be mandatory for several reasons.

  • Most states have minimum mandated liability insurance limits which means you are required to buy a specific minimum amount of liability in order to license the vehicle. 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 IS 250, most banks will make it mandatory that you buy insurance to guarantee their interest in the vehicle. If you let the policy lapse, the lender may insure your Lexus at a much higher rate and force you to reimburse them for the expensive policy.
  • Insurance protects both your car and your assets. It will also reimburse you for many types of medical costs for both you and anyone you injure as the result of an accident. Liability coverage, the one required by state law, also pays expenses related to your legal defense if you are sued as the result of your driving. If you have damage to your Lexus as the result of the weather or an accident, your insurance policy will cover the repair costs.

The benefits of having insurance are definitely more than the cost, especially when you need to use it. On average, a vehicle owner in Memphis overpays more than $865 each year so smart consumers compare quotes each time the policy renews to ensure rates are inline.

Rates and other information

The information below showcases detailed analysis of insurance prices for Lexus IS 250 models. Having a better idea how insurance prices are calculated can benefit drivers when making smart buying decisions.

Lexus IS 250 Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $204 $412 $246 $14 $74 $950 $79
IS 250 AWD 4-Dr $228 $412 $246 $14 $74 $974 $81
IS 250 C 2-Dr Convertible $228 $412 $288 $18 $86 $1,032 $86
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, homeowner, and safe-driver. Information does not factor in specific location which can change premiums noticeably.

Comparison of policy deductibles

One frequently asked question is how high should the physical damage deductibles be. The comparison tables below may aid in understanding how much more rates are when you select higher and lower deductibles. The first data table uses a $250 deductible and the second data table uses a $1,000 deductible.

Lexus IS 250 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $252 $510 $246 $14 $74 $1,121 $93
IS 250 AWD 4-Dr $280 $510 $246 $14 $74 $1,149 $96
IS 250 C 2-Dr Convertible $280 $510 $288 $18 $86 $1,207 $101
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Lexus IS 250 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $156 $320 $246 $14 $74 $810 $68
IS 250 AWD 4-Dr $174 $320 $246 $14 $74 $828 $69
IS 250 C 2-Dr Convertible $174 $320 $288 $18 $86 $886 $74
Get Your Own Custom Quote Go

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Estimates do not factor in garaging location in Memphis which can increase or decrease insurance rates substantially.

We can derive from the above data that using a $250 deductible costs about $27 more each month or $324 every year than requesting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have at least 28 months between claim filings, you would probably save some money if you choose the higher deductible.

How to calculate deductible break even period

Average monthly premium for $250 deductibles: $97
Average monthly premium for $1,000 deductibles (subtract): - $70
Monthly savings from raising deductible: $27
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $27
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 28 months

An important sidenote is that higher deductibles results in having to pay to pay more out-of-pocket when you have a physical damage claim. That will require some available funds in the event you need to pay the deductible to have repairs made.

Rate difference between full and liability-only coverage

The example below illustrates the difference between Lexus IS 250 insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no violations or accidents, $250 deductibles, drivers are single, and no discounts are factored in.

When to drop full coverage

There is no definitive formula to drop comp and collision coverage, but there is a broad guideline. If the annual cost of coverage is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

For example, let's assume your Lexus IS 250 claim settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, you would only receive $6,000 after paying the physical damage deductible. If you are currently paying more than $600 a year for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are some conditions where buying only liability insurance is not a good idea. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not drop full coverage.

Memphis auto insurance discounts

Companies offering auto insurance do not list all possible discounts in a way that's easy to find, so below is a list a few of the more well known and the harder-to-find savings tricks you should be using when you buy Memphis auto insurance online.Discount auto insurance

  • Driver Education Discount - Teen drivers should successfully take a driver's education course if it's offered in school.
  • Low Mileage - Low mileage vehicles can earn lower auto insurance rates on the low mileage vehicles.
  • Early Signing - Select larger companies give a discount for signing up prior to your current IS 250 insurance policy expiration. You can save around 10% with this discount.
  • Active Service Discounts - Being on active deployment in the military could qualify you for better premium rates.
  • Discounts for New Vehicles - Buying a new car instead of a used IS 250 may earn a small discount because newer models keep occupants safer.
  • Club Memberships - Belonging to qualifying clubs or civic groups could earn you a nice discount on auto insurance.
  • Telematics Discount - Memphis drivers who agree to allow their auto insurance company to monitor driving habits by using a small device installed in their vehicle such as Drivewise from Allstate or Snapshot from Progressive might get better premium rates if they exhibit good driving behavior.

Remember that many deductions do not apply to the entire policy premium. A few only apply to specific coverage prices like liability and collision coverage. Even though it may seem like you would end up receiving a 100% discount, companies don't profit that way.

The chart below shows the comparison of Lexus IS 250 yearly insurance costs with and without policy discounts. The premiums assume a male driver, no violations or claims, Tennessee state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, multi-car, safe-driver, multi-policy, and marriage discounts applied.

To find insurers who offer online Lexus IS 250 insurance quotes in Tennessee, click here to view.

Will just any policy work for me?

Always keep in mind that when comparing proper insurance coverage, there isn't really a "perfect" insurance plan. Your situation is unique and your policy should reflect that.Auto insurance savings Here are some questions about coverages that may help highlight whether or not you could use an agent's help.

  • Do I have coverage if I rent a car in Mexico?
  • Does every company file a SR-22 automatically?
  • Am I covered if I back into my garage door?
  • Am I covered when driving someone else's vehicle?
  • Should I bundle my homeowners policy with my auto?
  • Is other people's property covered if stolen from my vehicle?
  • Why does it cost so much to insure a teen driver in Memphis?
  • Does my policy pay for OEM or aftermarket parts?

If you're not sure about those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you don't have a local agent, take a second and complete this form or you can go here for a list of companies in your area. It's fast, doesn't cost anything and you can get the answers you need.