If your goal is the lowest price, then the best way to get cheaper auto insurance rates is to compare prices at least once a year from companies that insure vehicles in Raleigh.
Step 1: Spend a few minutes and learn about car insurance and the steps you can take to prevent rate increases. Many rating criteria that result in higher rates like high-risk driving behaviors and a substandard credit history can be eliminated by making lifestyle changes or driving safer.
Step 2: Compare price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give prices from one company like GEICO or Allstate, while independent agencies can provide price quotes for many different companies.
Step 3: Compare the new rate quotes to the price on your current policy to determine if switching companies saves money. If you find a better price and switch companies, make sure coverage is continuous and does not lapse.
Step 4: Notify your company or agent of your intent to cancel your current car insurance policy. Submit a down payment and signed policy application to the new company. Immediately upon receiving it, keep the new certificate verifying proof of insurance in a readily accessible location in your vehicle.
The critical component of shopping around is that you’ll want to make sure you compare the same level of coverage on every price quote and and to get quotes from every company you can. Doing this helps ensure an accurate price comparison and many rates to choose from.
It’s easy to assume that auto insurance companies want to prevent you from shopping around. Drivers who shop around for cheaper price quotes will presumably switch to a new company because there is a significant possibility of finding a more affordable policy. A study showed that people who routinely compared rates saved an average of $850 each year compared to drivers who didn’t regularly shop around.
If finding the lowest rates on car insurance is your ultimate objective, then learning about how to find companies and compare coverage rates can make it easier to find better rates.
If you have coverage now or just want a better rate, take advantage of these tips to reduce premiums and still get good coverage. Obtaining price quotes for more affordable coverage in Raleigh is easy to do. Comparison shoppers just need to understand the most efficient way to get comparison rates using one simple form.
Why Your Insurance Rates might be higher
The best way to find cheaper car insurance is to take a look at a few of the rating criteria that play a part in calculating the level of your policy premiums. When you know what positively or negatively determines base rates, this allows you to make good choices that can earn you better car insurance rates.
Credit history impacts rates – Credit rating is a big factor in determining what you pay. If your credit rating can use some improvement, you could save money insuring your Lexus LS 460 if you improve your credit rating. Drivers who have excellent credit scores tend to be better risks to insure than drivers who have poor credit scores.
Avoid traffic tickets – A bad driving record has a big impact on rates. Having a single speeding ticket may cause rates to rise to the point where it’s not affordable. Careful drivers pay less for auto insurance as compared to those with violations. Drivers who have received serious tickets like hit and run, DWI or reckless driving convictions may find they need to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to continue driving.
The illustration below demonstrates how traffic citations and at-fault fender-benders impact Lexus LS 460 insurance rates for each different age group. The data assumes a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied to the premium.
Qualify for multi-policy discounts – Lots of car insurance companies give discounts to insureds that purchase more than one policy in the form of a multi-policy discount. Even if you’re getting this discount consumers should still get quotes from other companies to ensure the best deal. You may still find lower rates by splitting coverages up.
What are good liability insurance limits? – Your policy’s liability coverage is the coverage that protects you if ever you are determined to be liable for causing personal injury or damage in an accident. Liability provides legal defense coverage starting from day one. This coverage is relatively inexpensive when compared with rates for comp and collision, so drivers should buy more than the minimum limits required by law.
Consider raising deductibles – Insurance for physical damage, also called comprehensive and collision insurance, helps pay for damage to your vehicle. Some instances where coverage would apply are collision with another vehicle, flood damage, and windstorm damage. Comprehensive and collision coverage deductibles are how much you are required to pay if a covered claim is submitted. The more damage repair cost you have to pay, the less your company will charge you for insurance.
Urban residents pay more – Having an address in a small town has definite advantages when talking about car insurance. People who live in big cities tend to have more auto accidents and more time behind the wheel. Fewer drivers on the road means less chance of accidents and lower theft and vandalism rates.
Cheaper premiums with safer cars – Cars with five star safety ratings tend to be cheaper to insure. The safest vehicles reduce injuries and fewer serious injuries means your insurance company pays less and cheaper rates on your policy.
Rental and towing coverage may not be needed – There are a lot of additional coverages you can purchase on your car insurance policy. Coverages for coverage for rental cars, high-cost glass coverage, and extra equipment coverage are some examples. These coverages may sound good when discussing your needs, but if you don’t need them think about removing them and cutting costs.
Lexus LS 460 claim data – Companies include the past claim trends for vehicles to help determine the price you pay. Models that tend to have high amounts or severity of claims will be charged more to insure. The next table illustrates the historical loss data for Lexus LS 460 vehicles.
For each type of coverage, the claim probability for all vehicles, regardless of make, model or trim level, equals 100. Numbers shown that are under 100 suggest losses that are better than average, while values over 100 indicate more frequent claims or an increased probability of a larger loss.
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus LS 460 4dr 2WD||155||76||203||52|
|Lexus LS 460 4dr 4WD||207||102||239||62|
|Lexus LS 460 L 4dr 2WD||199|
|Lexus LS 460 L 4dr 4WD||251||324|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Insurance coverage details
The data table displayed below covers detailed analysis of policy rates for Lexus LS 460 models. Having a better idea how auto insurance premiums are determined can assist in making smart buying decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|LS 460 4-Dr Sedan||$292||$556||$212||$12||$64||$1,136||$95|
|LS 460 4-Dr Sedan||$292||$556||$212||$12||$64||$1,136||$95|
|LS 460 AWD 4-Dr||$292||$556||$212||$12||$64||$1,136||$95|
|LS 460 L 4-Dr Sedan||$292||$556||$212||$12||$64||$1,136||$95|
|LS 460 L AWD 4-Dr||$292||$556||$212||$12||$64||$1,136||$95|
|Get Your Own Custom Quote Go|
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Prices do not factor in specific location information which can increase or decrease price quotes greatly.
The information below highlights how deductible selection and can change Lexus LS 460 insurance premiums for each different age group. The premiums assume a single female driver, comp and collision included, and no discounts are taken into consideration.
Comparison of full coverage and liability-only policies
The example below shows the comparison of Lexus LS 460 insurance rates with full coverage compared to only the North Carolina minimum liability coverage. The data is based on no accidents or driving violations, $1,000 deductibles, single status, and no other discounts are factored in.
When to stop buying comprehensive and collision coverage
There is no definitive formula to eliminate physical damage coverage, but there is a general convention. If the annual cost of having full coverage is more than 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Lexus LS 460 replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after the deductible is paid. If premiums are more than $300 a year to have full coverage, then you may want to consider only buying liability coverage.
There are some situations where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
Cheaper Lexus LS 460 insurance in Raleigh
Buying car insurance is not cheap, but there’s a good chance there are discounts that you may not know about. A few discounts will be applied when you quote, but a few must be asked for before you will receive the discount.
- Discount for New Cars – Putting insurance coverage on a new LS 460 can cost up to 25% less because newer vehicles keep occupants safer.
- Life Insurance Discount – Not all companies offer life insurance, but some may give you a small discount if you purchase auto and life insurance together.
- E-sign Discounts – Certain insurance companies will discount your bill up to fifty bucks simply for signing on the internet.
- Save over 55 – Older drivers are able to get a discount up to 10%.
- No Accidents – Raleigh drivers who stay claim-free can save substantially as opposed to accident-prone drivers.
- Multiple Vehicles – Drivers who insure primary and secondary vehicles with the same car insurance company can get a discount on all vehicles.
- Pay Now and Pay Less – By making one initial payment instead of monthly or quarterly installments you may have a lower total premium amount.
While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the overall cost of the policy. Some only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So despite the fact that it appears it’s possible to get free car insurance, companies wouldn’t make money that way.
The chart below shows the comparison of Lexus LS 460 car insurance rates with and without discounts applied. Data assumes a female driver, no driving violations, no at-fault accidents, North Carolina state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, multi-policy, safe-driver, homeowner, marriage, and claim-free discounts applied.
A list of companies and a summarized list of policyholder discounts can be found below.
- Progressive may include discounts for continuous coverage, good student, multi-policy, online signing, multi-vehicle, online quote discount, and homeowner.
- Farmers Insurance offers discounts including business and professional, multi-car, switch companies, alternative fuel, electronic funds transfer, bundle discounts, and teen driver.
- Farm Bureau includes discounts for renewal discount, 55 and retired, driver training, multi-policy, safe driver, and youthful driver.
- State Farm offers premium reductions for safe vehicle, good driver, Steer Clear safe driver discount, Drive Safe & Save, anti-theft, student away at school, and defensive driving training.
- GEICO discounts include multi-policy, defensive driver, military active duty, membership and employees, and emergency military deployment.
- SAFECO has savings for safe driver, bundle discounts, multi-car, teen safety rewards, teen safe driver, and anti-theft.
- Liberty Mutual may have discounts that include good student, preferred payment discount, teen driver discount, new vehicle discount, and newly married.
Before buying, ask all companies you are considering what discounts are available to you. All car insurance discounts might not apply in your state. To see a list of companies who offer free Lexus LS 460 insurance quotes in North Carolina, click here.
Compare. Compare. Compare.
Cheaper auto insurance in Raleigh can be bought from both online companies in addition to local insurance agencies, so get free Raleigh car insurance quotes from both of them to have the best rate selection. Some insurance providers may not provide the ability to get quotes online and these regional carriers work with independent insurance agents.
We covered a lot of tips how to find cheaper Lexus LS 460 insurance in Raleigh. The key concept to understand is the more quotes you get, the higher your chance of finding the cheapest Lexus LS 460 rate quotes. Consumers could even find that the lowest car insurance rates come from some of the smallest insurance companies.
When trying to cut insurance costs, don’t be tempted to buy lower coverage limits just to save a few bucks. Too many times, an insured dropped collision coverage only to regret that saving that couple of dollars actually costed them tens of thousands. Your focus should be to buy enough coverage at the lowest possible cost.
Much more information about auto insurance in North Carolina is located below:
- What is Gap Insurance? (Insurance Information Institute)
- What Insurance is Cheapest for 18 Year Olds in Raleigh? (FAQ)
- What Insurance is Cheapest for Drivers Over Age 60 in Raleigh? (FAQ)
- What Car Insurance is Cheapest for Uber Drivers in Raleigh? (FAQ)
- Who Has Cheap Auto Insurance for Single Moms in Raleigh? (FAQ)
- Who Has Cheap Raleigh Car Insurance Rates for a Nissan Rogue? (FAQ)
- Who Has the Cheapest Raleigh Auto Insurance for a Toyota RAV4? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Jeep Grand Cherokee in Raleigh? (FAQ)
- How Much are Car Insurance Rates for Teenagers in Raleigh? (FAQ)
- Safe Vehicles for Teens (iihs.org)
- How to Avoid Buying a Flooded Car (Insurance Information Institute)