Best Ways to Save on Cincinnati Lexus GS 350 Insurance

We don’t have to point out that fact that car insurance companies don’t want customers comparing rates. Insureds who shop around at least once a year will probably switch companies because there is a good chance of finding coverage at a more affordable price. A recent survey revealed that drivers who made a habit of comparing rate quotes saved approximately $3,400 over four years compared to drivers who never shopped around.

If finding the lowest price for car insurance is the reason you’re here, then having a grasp of the best ways to shop for coverages can help you succeed in saving money.

If saving the most money is your goal, then the best way to get the cheapest Lexus GS 350 insurance in Cincinnati is to make a habit of comparing prices annually from insurance carriers that insure vehicles in Ohio. Prices can be compared by completing these steps.

First, take a little time to learn about how your policy works and the steps you can take to prevent expensive coverage. Many rating factors that cause rate increases such as speeding tickets, accidents and a substandard credit history can be amended by making minor changes to your lifestyle.

Second, obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO or Allstate, while agents who are independent can provide rate quotes from multiple insurance companies.

Third, compare the new rate quotes to the price on your current policy and see if you can save money. If you can save some money and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.

Fourth, provide notification to your current company to cancel your current policy and submit a down payment and signed policy application to the newly selected company. Immediately upon receiving it, keep your new certificate of insurance along with your vehicle registration.

A good tip to remember is to make sure you enter the same deductibles and limits on each price quote and and to compare as many companies as possible. This ensures a level playing field and many rates to choose from.

Components of Your Lexus GS 350 Insurance Prices

Many things are considered when you get a price on insurance. Some are obvious such as your driving record, but other criteria are less obvious such as your credit history or how financially stable you are. It’s important that you understand the factors that aid in calculating the price you pay for insurance. When you understand what influences your rates, this empowers consumers to make smart changes that could help you find cheaper rates.

• Where you live factors in – Residing in less populated areas of the country has it’s advantages when shopping for auto insurance. Urban drivers have to deal with more road rage incidents and more time behind the wheel. Fewer drivers on the road translates into fewer accident claims in addition to fewer liability claims.
• When should you file insurance claims? – If you frequently file small claims, you can pretty much guarantee either a policy non-renewal or much higher rates. Companies in Ohio provide the lowest premiums to drivers that do not abuse their auto insurance. Insurance coverage is intended to be relied upon for claims that you cannot pay yourself.
• Raising deductibles lowers rates – Insurance for physical damage to your car, aka comp and collision, covers damage that occurs to your Lexus. Examples of covered claims are a windshield shattered by a rock, damage caused by hail, and rolling your vehicle. Your deductibles state the amount of money you are willing to pay out-of-pocket if a covered claim is submitted. The more expense you have to pay, the lower your rates will be.
• Car plus home equals more savings – Most major insurance companies afford discounts to buyers who buy several policies from them such as combining an auto and homeowners policy. Discounts can add up to ten percent or more. Even with this discount, drivers will still want to compare other company rates to ensure the best deal.
• Five star IIHS safety rating saves money – Cars with high safety ratings are cheaper to insure. The safest vehicles have better occupant injury protection and lower injury rates means your insurance company pays less which can result in lower premiums. If the Lexus GS 350 is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may pay a lower rate.
• Married drivers pay less – Getting married can get you a discount on insurance. It may mean you are more stable financially and statistics show married drivers tend to file fewer claims.
• Lower stress equals lower prices – Occupations like military personnel, air traffic controllers, and medical professionals generally have higher rates than average due to high stress levels and lots of time spent at work. Other jobs such as farmers, students and homemakers have lower than average premiums.

• Gender is a factor – The statistics show females are less aggressive when driving. The data does not necessarily mean that females are better at driving than males. Males and females cause accidents at about the same rate, but the males cause more damage and cost insurance companies more money. Men also tend to receive more costly citations like DUI and reckless driving.

  The example below illustrates the difference between Lexus GS 350 car insurance costs for male and female drivers. The data assumes no driving violations, no at-fault accidents, comp and collision included, $100 deductibles, single status, and no other discounts are factored in.

• Insurance losses for a Lexus GS 350 – Insurers use statistical claims data when determining insurance prices. Vehicles that the data determines to have higher claim amounts or frequency will have a higher cost to insure.

  The table below illustrates the collected loss data for Lexus GS 350 vehicles. For each type of coverage, the statistical loss for all vehicles, regardless of make or model, is considered to be 100. Percentage values below 100 suggest a better than average loss history, while values that are above 100 point to more losses or an increased chance of larger losses than average.

  
  

  Lexus GS 350 Insurance Loss Statistics

  Specific Lexus Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Lexus GS 350 4dr 2WD	160	78	190	81	107	79
  Lexus GS 350 4dr 4WD	169	90	217	91	85	68

  BETTER

  AVERAGE

  WORSE

  Statistics from IIHS.org for 2013-2015 Model Years

Analysis of Lexus GS 350 rates

The information shown next outlines estimates of coverage costs for Lexus GS 350 models. Having a better understanding of how auto insurance premiums are determined can be of help when making smart choices when comparing insurance quotes.

Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Premium costs do not factor in zip code location which can impact coverage prices substantially.

Policy deductible comparison

A question often asked by Cincinnati drivers is the level to set your comp and collision deductibles. The following insurance rates approximate the difference in cost of buying low and high coverage deductibles. The first table uses a $100 physical damage deductible and the second price chart uses a $1,000 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Rate quotes do not factor in specific location information which can increase or decrease premiums greatly.

Based on this data, using a $100 deductible will cost you about $32 more each month or $384 for a full year than selecting the higher $1,000 deductible. Since you would have to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you have at least 28 months between claim filings, you would probably save some money if you opt for a higher deductible.

The example below shows how different deductible levels and can impact Lexus GS 350 yearly insurance costs for each age group. The information is based on a single female driver, comp and collision included, and no other discounts are factored in.

Does it make sense to buy full coverage?

The diagram below illustrates the comparison of Lexus GS 350 insurance prices with full coverage compared to only the Ohio minimum liability coverage. The data is based on no claims, a clean driving record, $100 deductibles, marital status is single, and no discounts are taken into consideration.

Guidelines for eliminating full coverage

There is no set guideline to stop paying for full coverage, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then it might be time to buy liability only.

For example, let’s say your Lexus GS 350 settlement value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $8,000 after paying your policy deductible. If you are paying in excess of $800 a year for your policy with full coverage, then you might consider buying liability only.

There are a few situations where dropping full coverage is not a good idea. If you still owe money on your vehicle, you have to carry full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not buy liability only.

Car insurance discounts are available for cheaper rates

Car insurance is easily one of your largest bills, but you may be missing some discounts that can help lower your rates. Some of these discounts will be visible when you get a quote, but a few must be requested specifically before you will receive the discount.

• Discounts for Federal Employees – Federal government employees may reduce rates when you quote Cincinnati auto insurance with select insurance companies.
• Drive Safe and Save – Drivers who avoid accidents can get discounts for up to 45% lower rates compared to rates paid by drivers with frequent claims.
• Discount for Good Grades – Being a good student can be rewarded with saving of up to 25%. The good student discount can last up to age 25.
• Membership in Organizations – Belonging to specific professional or occupational memberships or organizations could qualify you for a break on your next renewal.
• Anti-lock Brake System – Cars that have steering control and anti-lock brakes can stop better under adverse conditions and earn discounts up to 10%.
• Driver Safety – Taking time to complete a class that teaches safe driver techniques can save you 5% or more if you qualify.
• Home Ownership Discount – Owning a house in Cincinnati may trigger a policy discount on car insurance because it is proof that your finances are in order.

Don’t be shocked that most of the big mark downs will not be given to the overall cost of the policy. Most only reduce the cost of specific coverages such as collision or personal injury protection. So when it seems like adding up those discounts means a free policy, it just doesn’t work that way.

The information below shows the comparison of Lexus GS 350 annual premium costs with and without discounts applied to the policy rates. The premium estimates are based on a female driver, no accidents, no driving violations, Ohio state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, marriage, multi-policy, safe-driver, and multi-car discounts applied.

Large car insurance companies and some of their more popular discounts are included below.

• State Farm policyholders can earn discounts including driver’s education, anti-theft, safe vehicle, multiple autos, and good student.
• American Family may include discounts for good driver, multi-vehicle, early bird, bundled insurance, and mySafetyValet.
• AAA may have discounts that include good driver, education and occupation, pay-in-full, anti-theft, multi-car, good student, and multi-policy.
• GEICO offers discounts including five-year accident-free, membership and employees, good student, military active duty, daytime running lights, multi-vehicle, and air bags.
• Mercury Insurance has savings for accident-free, multi-policy, multi-car, good driver, and annual mileage.
• Farmers Insurance discounts include business and professional, pay in full, switch companies, bundle discounts, good student, teen driver, and mature driver.
• Progressive offers premium reductions for online signing, online quote discount, multi-policy, homeowner, multi-vehicle, and good student.

When getting free Cincinnati auto insurance quotes, it’s a good idea to all companies you are considering how you can save money. All car insurance discounts may not apply everywhere. To choose providers with the best discounts in Cincinnati, follow this link.

Don’t give up on cheaper rates

As you restructure your insurance plan, don’t be tempted to skimp on critical coverages to save a buck or two. There have been many situations where an insured dropped uninsured motorist or liability limits and learned later that the small savings ended up costing them much more. Your goal should be to purchase a proper amount of coverage at the best cost while still protecting your assets.

Some insurance companies do not provide online rate quotes and usually these regional carriers prefer to sell through independent insurance agencies. Cheaper car insurance in Cincinnati can be purchased on the web and with local Cincinnati insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money.

Throughout this article, we presented some good ideas how to lower your Lexus GS 350 insurance rates in Cincinnati. The key thing to remember is the more rate quotes you have, the better chance you’ll have of finding the cheapest Lexus GS 350 rate quotes. You may even discover the lowest rates come from a smaller regional carrier.

Additional detailed information is available by following these links:

• Uninsured Motorist Statistics (Insurance Information Institute)
• Who Has the Cheapest Cincinnati Car Insurance Quotes for a Ford Fusion? (FAQ)
• Who Has the Cheapest Car Insurance Rates for Single Moms in Cincinnati? (FAQ)
• Who Has the Cheapest Cincinnati Car Insurance Rates for a Dodge Ram? (FAQ)
• Who Has the Cheapest Cincinnati Auto Insurance Quotes for Government Employees? (FAQ)
• How Much is Auto Insurance for Handicapped Drivers in Cincinnati? (FAQ)
• Who Has Cheap Car Insurance Rates for a Company Car in Cincinnati? (FAQ)
• Who Has Affordable Cincinnati Auto Insurance for Infrequent Drivers? (FAQ)
• What Insurance is Cheapest for College Students in Cincinnati? (FAQ)
• Should I Buy a New or Used Car? (Allstate)
• Auto Insurance FAQ (Farmers Insurance)