Lexus RX 350 Insurance Rates in Raleigh

It’s a known fact that car insurance companies don’t want you quoting rates from other companies. Insureds who shop around for the cheapest rate will, in all likelihood, switch insurance companies because the odds are good of finding coverage at a cheaper rate. A recent survey revealed that consumers who routinely compared quotes saved an average of $3,500 over four years compared to those who never shopped around for lower prices.

If finding the cheapest rates on car insurance is the reason you’re reading this, understanding how to quote prices and compare cheaper coverage can save time, money, and frustration.

Insurance for Lexus RX 350If you want to save the most money, the best way to get more affordable Lexus RX 350 insurance in Raleigh is to start doing an annual price comparison from insurance carriers in North Carolina. You can compare rates by following these steps.

The most important part of shopping around is to use the same coverage limits and deductibles on every quote request and and to look at every company you can. This guarantees an apples-to-apples comparison and the best rate selection.

Statistics and details

The data table displayed next showcases detailed analysis of insurance costs for Lexus RX 350 models. Having a better understanding of how car insurance premiums are established can assist in making informed decisions when comparing rate quotes.

Lexus RX 350 Insurance Rates in Raleigh, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $136 $254 $290 $18 $86 $784 $65
RX 350 4WD $136 $254 $290 $18 $86 $784 $65
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Cost estimates assume married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Premium amounts do not factor in specific location information which can modify auto insurance rates substantially.

Higher deductibles lower rates

When buying car insurance, a common question is which deductible level should you buy. The rates shown below may help to illustrate the costs and benefits when you select higher and lower deductibles. The first data table uses a $100 physical damage deductible and the second pricing table uses a $500 deductible.

Lexus RX 350 insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $270 $524 $282 $16 $84 $1,201 $100
RX 350 4WD $270 $524 $282 $16 $84 $1,201 $100
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Lexus RX 350 insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $196 $354 $282 $16 $84 $932 $78
RX 350 4WD $196 $354 $282 $16 $84 $932 $78
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Premium costs do not factor in vehicle location which can increase or decrease premium rates considerably.

Based on these figures, using a $100 deductible costs an average of $22 more each month or $264 a year than quoting the higher $500 deductible. Because you would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you usually have at least 18 months between claims, you would probably save some money if you choose the higher deductible. Below is an example of how this determination is made.

Average monthly premium for $100 deductibles: $100
Average monthly premium for $500 deductibles (subtract): – $78
Monthly savings from raising deductible: $22
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $22
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

An important thing to remember is that raising deductibles to get cheaper rates means you pay more out-of-pocket when you have to file a claim. You must have some extra savings in the event you need to pay the higher deductible in order to repair your vehicle.

Full coverage or liability only

The information below shows the difference between Lexus RX 350 insurance costs with full physical damage coverage and with liability coverage only. Data assumes no accidents or driving violations, $1,000 deductibles, single status, and no discounts are applied.

Should you buy full coverage or liability only?

There is no set guideline of when to exclude full coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then you might want to consider buying only liability coverage.

For example, let’s assume your Lexus RX 350 replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would receive is $6,000 after paying the physical damage deductible. If it’s costing you more than $600 a year for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are a few cases where removing full coverage is not in your best interest. If you still have a loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should maintain full coverage.

Informed Consumers Know How to Quote Car Insurance at a Discount

Smart consumers have a good feel for the rating factors that help calculate your policy premiums. When you know what positively or negatively influences your rates, this helps enable you to make changes that will entitle you to better car insurance rates. Many factors are considered when you get a price on insurance. Most are fairly basic like your driving record, but others are less apparent like your vehicle usage and annual miles driven.

Listed below are some of the factors used by insurance companies to determine premiums.

Small coverages can add up – There are quite a few additional coverages that you can buy on your RX 350 policy. Things like rental car coverage, death and dismemberment, and extra equipment coverage are probably not needed. You may think they are a good idea when discussing your needs, but if you don’t need them eliminate them to save money.

Never let your car insurance policy expire – Driving any period of time without insurance is not a good idea and any future policy may cost more because you let your coverage have a gap. And not only will your rates increase, the inability to provide proof of insurance could earn you a license revocation or jail time.

Insurance costs and driver gender – Over time, data shows that females tend to be a little less risky than males. This data doesn’t prove that females are better drivers. Men and women cause fender benders in similar percentages, but the men tend to have more serious accidents. Men also receive more major tickets like driving under the influence (DUI).

The chart below illustrates the difference between Lexus RX 350 insurance rates for male and female drivers. The rate quotes are based on no claims or driving citations, comp and collision included, $1,000 deductibles, drivers are single, and no other discounts are factored in.

GPS tracking and theft deterrents lowers car insurance rates – Buying a car with anti-theft technology or alarm system can save you a little every year. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help prevent your vehicle from being stolen.

Put fewer miles on your vehicle – The more you drive every year the more you’ll pay to insure it. Almost all companies price each vehicle’s coverage based upon how the vehicle is primarily used. Cars that do not get driven very much can be on a lower rate level as compared to vehicles used primarily for driving to work. Incorrect rating for your RX 350 can cost quite a bit. It’s always a good idea to double check that your vehicle rating correctly shows the right rating data.

Good credit scores equal low rates – Having a bad credit score can be an important factor in calculating your premium rate. People with very high credit ratings tend to be less risk to insure than those with poor credit scores. Therefore, if your credit score is lower than you’d like, you could pay less to insure your Lexus RX 350 by repairing your credit.

Insurance is expensive for younger drivers – Older people have been proven to be more responsible, tend to file fewer claims, and tend to be get fewer driving tickets. Young drivers are statistically proven to be careless and easily distracted when driving so car insurance rates are higher.

The data below assumes a single driver, full coverage with $500 deductibles, and no discounts or violations.

Your spouse saves you money – Having a wife or husband actually saves money on car insurance. Having a significant other generally demonstrates drivers are more mature and it’s statistically proven that married drivers tend to have fewer serious accidents.

Lexus RX 350 claim data – Companies analyze claim trends for every vehicle as a tool for profitable underwriting. Models that are shown to have higher prevalence or dollar amount of losses will have higher rates for specific coverages. The information below illustrates the historical loss data for Lexus RX 350 vehicles.

For each insurance policy coverage type, the loss probability for all vehicles, as an average, is considered to be 100. Values that are 100 or less indicate a favorable loss history, while percentage numbers above 100 point to more claims or a tendency for claims to be larger.

Lexus RX 350 Insurance Claim Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus RX 350 4dr 2WD 111 96 91 72 97 88
Lexus RX 350 4dr 4WD 122 99 112 83 75 78

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Best auto insurance company in Raleigh

Buying coverage from the best company can be a challenge considering how many companies there are in North Carolina. The rank data shown next can help you decide which providers you want to consider comparing prices from.

Top 10 Raleigh Car Insurance Companies by A.M. Best Rank

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Top 10 Raleigh Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

Find cheap car insurance rates by comparing often

We’ve covered a lot of information how to compare Lexus RX 350 insurance auto insurance rates in Raleigh. The key thing to remember is the more you quote Raleigh auto insurance, the higher your chance of finding cheaper Raleigh auto insurance quotes. You may even be surprised to find that the best auto insurance rates are with the least-expected company.

Affordable Lexus RX 350 insurance in Raleigh can be sourced online and from local agencies, so you need to shop Raleigh auto insurance with both so you have a total pricing picture. A few companies do not provide rate quotes online and usually these regional insurance providers work with local independent agents.

As you shop your coverage around, you should never buy less coverage just to save a little money. Too many times, someone dropped comprehensive coverage or liability limits only to regret that the small savings ended up costing them much more. Your focus should be to purchase plenty of coverage at the best possible price while not skimping on critical coverages.

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