Finding the cheapest insurance for a new or used Lexus LX 570 in Tennessee can normally be difficult, but you can learn the following methods to find lower rates. There are both good and bad ways to buy auto insurance and we’ll show you the absolute fastest way to price shop coverage on a Lexus and locate the cheapest rates either online or from Memphis insurance agents.
Finding the cheapest auto insurance coverage in Memphis is actually very simple if you learn how to start. If you have insurance now or need a new policy, use these tips to buy cheaper auto insurance without having to cut coverage. Comparison shoppers just need to use the quickest way to buy auto insurance instantly.
Get Cheap Insurance Rates by Understanding These Factors
When buying insurance it’s important to understand the rating factors that help calculate insurance rates. If you have some idea of what influences your rates, this allows you to make good choices that will entitle you to cheaper rates.
Liability coverage limits should be high – Liability insurance will provide protection if you are responsible for physical damage or personal injury to other. This coverage provides legal defense coverage up to the limits shown on your policy. Liability insurance is pretty cheap when compared with rates for comp and collision, so drivers should make sure they buy enough to cover all assets.
Women tend to cost less – Over time, data shows that females tend to be a little less risky than males. The data does not necessarily mean that women are better drivers. Males and females cause at-fault accidents at a similar rate, but the males cause more damage. Men also get ticketed for serious violations like driving under the influence (DUI). Young males cause the most accidents and therefore are the most expensive to insure.
The information below illustrates the comparison of Lexus LX 570 insurance rates for male and female drivers. The prices are based on no driving violations, no at-fault accidents, full physical damage coverage, $100 deductibles, single marital status, and no discounts are applied to the premium.
Single drivers may pay higher rates – Having a spouse actually saves money on your policy. Having a significant other usually means you are more mature and insurance companies reward insureds because being married results in fewer claims.
Vehicle theft costs us all – Purchasing a vehicle that has a built-in theft deterrent system can help bring down rates. Anti-theft devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help prevent car theft.
Drive less and get lower prices – The more you drive in a year’s time the higher the price you pay to insure it. A lot of companies calculate prices based upon how the vehicle is primarily used. Vehicles that have low annual miles receive better premium rates than cars that get driven a lot. A policy that improperly rates your LX 570 can cost quite a bit. It’s always a good idea to double check that your policy is rated on the proper vehicle usage.
Lexus LX 570 statistical loss data – Insurers use historical loss data to help set a rate to offset losses. Models that tend to have high amounts or severity of claims will have a higher cost to insure. The table below outlines the collected loss data for Lexus LX 570 vehicles.
For each type of coverage, the loss probability for all vehicles, regardless of make or model, is considered to be 100. Numbers shown that are under 100 suggest a better than average loss history, while percentage values above 100 indicate more frequent claims or an increased chance of a larger loss.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus LX 570 4dr 4WD | 140 | 96 | 217 | 49 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Shop Lexus LX 570 insurance online
The companies in the list below can provide price quotes in Tennessee. To locate cheaper auto insurance in TN, we recommend you visit several of them to find the lowest auto insurance rates.
Rates and information analytics
The price information shown below outlines estimates of coverage costs for Lexus LX 570 models. Understanding more about how insurance policy premiums are established is important for drivers to make informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $252 | $498 | $390 | $24 | $116 | $1,280 | $107 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Estimates do not factor in zip code location which can decrease or increase auto insurance rates greatly.
Where to set your deductibles
When buying insurance, a common question is which comprehensive and collision deductibles to buy. The following tables highlight the costs and benefits when you choose different coverage deductibles. The first data table uses a $100 physical damage coverage deductible and the second data table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $408 | $768 | $288 | $18 | $86 | $1,593 | $133 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $226 | $406 | $288 | $18 | $86 | $1,024 | $85 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can affect premium rates substantially.
Based on the data above, we can derive that using a $100 deductible costs an average of $48 more each month or $576 annually across all Lexus LX 570 models than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average at a minimum 19 months between claims, you would probably be better off by going with a higher deductible.
Why you need Lexus vehicle insurance in Tennessee
Despite the potentially high cost of Lexus LX 570 insurance, insuring your vehicle may not be optional for several reasons.
- Almost all states have mandatory liability insurance requirements which means you are required to buy a minimum amount of liability protection if you want to drive 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 lien on your LX 570, most banks will make it a condition of the loan that you buy full coverage to protect their interest in the vehicle. If the policy lapses, the bank will be required to insure your Lexus at a significantly higher premium and make you pay a much higher amount than you were paying before.
- Insurance safeguards both your assets and your vehicle. It will also reimburse you for hospital and medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance, one of your policy coverages, will also pay attorney fees if anyone sues you for causing an accident. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.
The benefits of having insurance outweigh the cost, especially for larger claims. Today the average American driver is wasting up to $850 per year so it’s very important to do a rate comparison every year to help ensure money is not being wasted.
You may qualify for discounts for Lexus LX 570 insurance in Memphis
Auto insurance is not cheap nor is it fun to buy but discounts can save money and there are some available to help offset the cost. Many discounts should be triggered at the time of purchase, but a few must be asked for in order for you to get them. If they aren’t giving you every credit you qualify for, you’re just leaving money on the table.
- Theft Deterrent Discount – Vehicles optioned with advanced anti-theft systems help deter theft and will save you 10% or more on LX 570 insurance in Memphis.
- Federal Government Employee – Employees or retirees of the government can save as much as 8% but check with your company.
- Accident Forgiveness – Not a discount per se, but certain companies will turn a blind eye to one accident without the usual rate increase if your claims history is clear for a specific time period.
- Telematics Data – Insureds who allow companies to scrutinize their driving habits by using a telematic data system such as Progressive’s Snapshot and State Farm’s In-Drive might get better premium rates if their driving habits are good.
- More Vehicles More Savings – Insuring several vehicles on one policy can get a discount for every vehicle.
It’s important to understand that most credits do not apply to the overall cost of the policy. Most only cut individual premiums such as collision or personal injury protection. So when it seems like it’s possible to get free car insurance, company stockholders wouldn’t be very happy.
The chart below shows the comparison of Lexus LX 570 car insurance costs with and without discounts applied to the premium. The price estimates are based on a female driver, no claims or driving citations, Tennessee state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, marriage, multi-car, homeowner, claim-free, and safe-driver discounts applied.
A list of companies and a selection of discounts are outlined below.
- Farm Bureau has discounts for driver training, youthful driver, good student, renewal discount, 55 and retired, and safe driver.
- State Farm discounts include accident-free, student away at school, driver’s education, passive restraint, Drive Safe & Save, good student, and Steer Clear safe driver discount.
- Progressive policyholders can earn discounts including homeowner, multi-policy, multi-vehicle, good student, and online signing.
- Allstate includes discounts for eSmart discount, 55 and retired, premier plus, anti-lock brakes, new car, good student, and teenSMART discount.
- Nationwide offers discounts for accident-free, family plan, multi-policy, business or organization, defensive driving, easy pay, and Farm Bureau membership.
- MetLife offers premium reductions for accident-free, good student, multi-policy, good driver, defensive driver, claim-free
If you need lower rates, check with every insurance company which discounts they offer. Some of the discounts discussed earlier may not apply to policies in your area. If you would like to choose from a list of insurance companies who offer online Lexus LX 570 insurance quotes in Memphis, click here to view.
Buying auto insurance from Memphis insurance agencies
Some people would rather talk to a local agent and that can be a great decision Licensed agents are very good at helping people manage risk and help in the event of a claim. A good thing about getting free rate quotes online is the fact that you can find the lowest rates and also buy local.
For easy comparison, once you complete this short form, the coverage information gets sent to local insurance agents in Memphis who will give you quotes for your business. It’s much easier because you don’t need to find an agent on your own since price quotes are sent straight to your inbox. If you need to get a rate quote from a specific company, just navigate to their website to submit a rate quote request.
Choosing a insurance company is decision based upon more than just a cheap quote. Before buying a policy in Memphis, get answers to these questions.
- Is there any savings for paying the full premium?
- Will they take your side in the event of a claim?
- Does the agent recommend any additional coverage?
- How many years have they been established?
- What company holds the largest book of business for them?
- Can glass claims be handled at your home?
Memphis car insurance agents come in two flavors
If you’re trying to find an insurance agent, you must know there are a couple types of agencies from which to choose. Auto insurance agencies may be either independent (non-exclusive) or exclusive. Both can properly insure your vehicles, but it is important to understand why they differ since it may influence which agent you choose.
Exclusive Agencies
Exclusive agents can usually just insure with one company and some examples include Allstate, Farmers Insurance or State Farm. Exclusive agencies are unable to provide other company’s prices so you need to shop around if the rates are high. Exclusive agents are usually well trained on what they offer which helps them sell on service rather than price. Drivers often choose to use a exclusive agent mainly due to the brand name and strong financial ratings.
Shown below are Memphis exclusive agents that are able to give comparison quotes.
- Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400 – View Map - Rickey Jeans – State Farm Insurance Agent
4285 Elvis Presley Blvd – Memphis, TN 38116 – (901) 346-0300 – View Map - Ulysses Cosby – State Farm Insurance Agent
248 Cooper St – Memphis, TN 38104 – (901) 276-1044 – View Map
Independent Auto Insurance Agencies
These agents can sell policies from many different companies and that gives them the ability to insure with multiple insurance companies depending on which coverage is best. If your premiums go up, an independent agent can move your coverage and you can keep the same agent.
If you are comparing auto insurance prices, you should always include rate quotes from several independent insurance agents to have the most options to choose from. Many can place coverage with lesser-known insurance companies which could offer lower prices.
Shown below is a short list of independent insurance agents in Memphis willing to provide comparison quotes.
- Kellett Insurance Agency
4608 Quince Rd – Memphis, TN 38117 – (901) 685-3008 – View Map - Nationwide Insurance: Daysha J Palacio-Miller
1850 Poplar Crest Cove Ste 102 – Memphis, TN 38119 – (901) 762-8585 – View Map - Boyle Insurance Agency, Inc.
5900 Poplar Ave – Memphis, TN 38119 – (901) 766-0200 – View Map
Memphis auto insurance company ratings
Ending up with the highest-rated company is hard considering how many companies there are to choose from in Tennessee. The ranking information shown below can help you decide which coverage providers you want to consider comparing prices from.
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- Titan Insurance
Top 10 Memphis Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
Insurance can get complicated
When it comes to buying your policy, there isn’t really a single plan that fits everyone. Each situation is unique and a cookie cutter policy won’t apply.
For instance, these questions might help in determining if you may require specific advice.
- What are the best liability limits?
- Do I need motorclub coverage?
- What is high-risk coverage and where do I buy it?
- What companies insure drivers after a DUI or DWI?
- Does my policy cover me if I wreck while driving under the influence?
- Should I sign the liability waiver when renting a car?
- Is my Lexus LX 570 covered for flood damage?
- How many claims can I have before being canceled?
If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form or you can also visit this page to select a carrier It’s fast, free and can provide invaluable advice.
How much can you save?
As you go through the steps to switch your coverage, make sure you don’t sacrifice coverage to reduce premiums. There are too many instances where someone sacrificed comprehensive coverage or liability limits and found out when filing a claim they didn’t purchase enough coverage. Your focus should be to buy a smart amount of coverage at the lowest possible cost but still have enough coverage for asset protection.
In this article, we covered a lot of techniques to compare Lexus LX 570 insurance prices in Memphis. The key thing to remember is the more you quote Memphis car insurance, the better likelihood of getting the cheapest Lexus LX 570 rate quotes. You may even discover the best price on car insurance is with a lesser-known regional company. Some small companies can often insure niche markets at a lower cost than their larger competitors like Progressive or GEICO.
Cheaper Lexus LX 570 insurance in Memphis is available online in addition to many Memphis insurance agents, and you need to comparison shop both in order to have the best chance of saving money. Some insurance providers do not provide the ability to get quotes online and many times these regional carriers prefer to sell through local independent agencies.
How to find lower priced Lexus LX 570 insurance in Memphis
It takes a few minutes, but the best way to get the cheapest Lexus LX 570 insurance is to regularly compare prices from insurers in Memphis. Drivers can shop around by completing these steps.
- Try to comprehend what coverages are included in your policy and the measures you can control to prevent high rates. Many rating criteria that result in higher prices such as your driving record and a less-than-favorable credit history can be amended by improving your driving habits or financial responsibility.
- Compare prices from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give rate quotes from a single company like Progressive or Farmers Insurance, while independent agencies can provide prices for a wide range of companies. View insurance agents
- Compare the new rate quotes to the price on your current policy to see if cheaper LX 570 coverage is available in Memphis. If you find a lower rate, make sure there is no lapse between the expiration of your current policy and the new one.
- Provide adequate notice to your current company to cancel your current policy. Submit a down payment along with a signed application to the newly selected company. As soon as coverage is bound, safely store the proof of insurance paperwork in an easily accessible location.
The most important part of shopping around is to try to compare the same physical damage deductibles and liability limits on every quote request and and to get price quotes from every insurance company. This ensures the most accurate price comparison and a complete price analysis.
To read more, feel free to visit the following helpful articles:
- Teen Driving and Texting (State Farm)
- Who Has Affordable Memphis Auto Insurance for a GMC Sierra? (FAQ)
- Who Has Affordable Memphis Auto Insurance Rates for Drivers Over Age 60? (FAQ)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- Determining Auto Insurance Rates (GEICO)
- Steps to Take After an Auto Accident (Insurance Information Institute)