2003 Lexus LX 470 Insurance Cost – 6 Tips for Best Prices

Trying to find the cheapest auto insurance rates for your Lexus LX 470? Are you at wits end from not being able to afford to pay high auto insurance rates every month? You’re in the same situation as many other drivers.

Companies like State Farm and Geico all promote huge savings with advertising and it can be hard to ignore the flashy ads and effectively compare rates to find the best deal.

It is always a good idea to check auto insurance prices at least once a year since insurance prices are rarely the same from one policy term to another. Just because you had the best rates on LX 470 coverage on your last policy there may be better deals available now. Ignore everything you know about auto insurance because you’re about to find out the proper way to save money, get proper deductibles and limits, all at the lowest rate.

Earn discounts on car insurance

Car insurance is not cheap, but there could be available discounts that you may not even know about. A few discounts will be applied at the time you complete a quote, but some must be manually applied before you get the savings. If you’re not getting every credit available, you could be getting lower rates.

• Multiple Cars – Drivers who insure multiple vehicles on the same car insurance policy may reduce the rate for each vehicle.
• Telematics Data Discounts – Drivers who elect to allow their company to monitor driving patterns by using a small device installed in their vehicle like In-Drive from State Farm and Progressive’s Snapshot may get a rate reduction as long as the data is positive.
• Waiver for an Accident – Not necessarily a discount, but a few companies such as Progressive, Allstate, and Liberty Mutual will let one accident slide before raising your premiums if you are claim-free for a certain period of time.
• Multiple Policy Discount – If you can bundle your auto and homeowners insurance with the same company you could save over 10 percent off each policy depending on the company.
• Discount for Swiching Early – A few insurance companies offer discounts for buying a policy prior to your current policy expiring. It could save around 10% when you buy auto insurance online.
• Military Rewards – Being deployed with a military unit could mean lower car insurance rates.

Remember that many deductions do not apply to the entire policy premium. The majority will only reduce the cost of specific coverages such as physical damage coverage or medical payments. So when it seems like you would end up receiving a 100% discount, you won’t be that lucky. But any discount will cut your car insurance premiums.

To choose companies who offer car insurance discounts, click this link.

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Ways to get insurance coverage quotes

Shopping for lower insurance coverage rates is a ton of work if you don’t know the easiest way. You can waste a lot of time talking to agents in your area, or you can stay home and use the internet to get rate comparisons in just a few minutes.

Many insurance companies belong to a marketplace that allows shoppers to submit their information once, and each company can give them a price for coverage. This system prevents you from having to do quote requests to each individual insurance coverage company.

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The one downside to pricing coverage this way is that consumers can’t choose which providers you want pricing from. If you prefer to choose individual companies for rate comparison, we have a listing of insurance coverage companies in your area. Click here to view list.

Compare rates however you want, just try to use equivalent coverage information for every quote you compare. If you compare different data you will not be able to truly determine the lowest rate. Just slight variations in coverage limits can mean a large discrepancy in price. And when price shopping your coverage, comparing more company’s prices will increase your chances of finding a lower rate than you’re paying now.

Tailor your insurance coverage coverage to you

When it comes to choosing the best insurance coverage coverage, there really is not a “perfect” insurance plan. Everyone’s situation is unique so your insurance should reflect that For instance, these questions can aid in determining if you would benefit from professional advice.

• Why am I required to buy liability insurance?
• Can my teen drive my company car?
• Does my 2003 Lexus LX 470 need full coverage?
• Should I buy only the required minimum liability coverage?
• Do I need roadside assistance coverage?
• Is a new car covered when I drive it off the dealer lot?
• Are split liability limits better than a combined single limit?
• Is my Lexus LX 470 covered if I use it for business?
• What discounts do I qualify for?
• Will my insurance pay for OEM parts?

If you don’t know the answers to these questions but a few of them apply, you may need to chat with an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies.

Advertising and insurance coverage

Companies like State Farm and Allstate continually stream ads on TV and radio. They all make the point about saving some big amount just by switching your coverage. But how can every company have lower policy pricing?

Companies offer their best rates for the right customer that earns them the highest profit. An example of this type of risk profile might be described as between the ages of 30 and 50, has a low-risk occupation, and has excellent credit. Anybody that fits those parameters will probably get the lowest prices and will most likely save a lot if they switch.

Potential customers who don’t meet these stringent criteria may be required to pay more expensive rates which results in the customer buying from a different company. If you pay attention, the ads say “people who switch” not “everybody who quotes” save money. That’s why insurance companies can claim big savings. This really drives home the point why drivers should compare rate quotes every year. It’s just too difficult to predict the company that will fit you best based on your risk profile.

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What auto insurance coverages do you need?

Learning about specific coverages of your auto insurance policy helps when choosing the right coverages for your vehicles. The terms used in a policy can be impossible to understand and reading a policy is terribly boring. These are typical coverages found on the average auto insurance policy.

Auto liability

Liability insurance protects you from damages or injuries you inflict on people or other property by causing an accident. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 25/50/25 that translate to a limit of $25,000 per injured person, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability coverage pays for things like attorney fees, loss of income and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills like nursing services, rehabilitation expenses and dental work. The coverages can be utilized in addition to your health insurance policy or if you are not covered by health insurance. It covers you and your occupants and also covers if you are hit as a while walking down the street. PIP is only offered in select states and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage provides protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and also any damage incurred to your Lexus LX 470.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is a good idea.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims such as a broken windshield, fire damage, damage from getting keyed and theft. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Collision coverage protection

This coverage covers damage to your LX 470 from colliding with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision can pay for things like driving through your garage door, damaging your car on a curb, scraping a guard rail, hitting a mailbox and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to increase the deductible to get cheaper collision coverage.

Buy online or local, you save

As you go through the steps to switch your coverage, it’s a bad idea to reduce needed coverages to save money. In many instances, an insured cut comprehensive coverage or liability limits and learned later that the savings was not a smart move. Your strategy should be to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.

Throughout this article, we presented a lot of tips how to lower your 2003 Lexus LX 470 insurance premium rates. The key concept to understand is the more times you quote, the better your comparison will be. You may even find the lowest premium rates come from a smaller regional carrier. These companies can often insure niche markets at a lower cost as compared to the big name companies such as Progressive or Geico.

Additional detailed information can be read in these articles:

• Frontal Crash Tests (iihs.org)
• Protect Yourself Against Auto Theft (Insurance Information Insitute)
• Determing Auto Insurance Rates (Geico)
• Event Data Recorders FAQ (iihs.org)

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