How to Save on Raleigh Land Rover LR2 Insurance

Are you drained from paying out the nose to make your insurance payment? You are no different than many other North Carolina drivers.

Insurance quote for Land Rover LR2 in RaleighIt’s safe to assume that insurance companies don’t want you to look for cheaper rates. Insureds who shop around at least once a year will, in all likelihood, switch to a new company because the odds are good of finding lower rate quotes. A recent insurance study revealed that people who routinely shopped around saved an average of $850 each year as compared to drivers who never shopped around for better prices.

If saving the most money on Land Rover LR2 insurance in Raleigh is your ultimate target, then having a grasp of how to compare insurance coverage can make it easier for you to save money.

Since drivers have many insurance companies to choose from, it is very difficult to find the most cost effective insurance company.

Compare Land Rover LR2 insurance rates

Just remember that comparing more prices will increase your chances of finding a lower rate than you’re paying now. Some smaller insurers do not give price estimates online, so you also need to get price estimates on coverage from those companies, too.

The following companies offer quotes in Raleigh, NC. To buy cheap auto insurance in NC, we recommend you compare several of them in order to get a fair rate comparison.

Land Rover LR2 insurance coverage information

The premium information displayed below outlines detailed analysis of coverage prices for Land Rover LR2 models. Learning a little about how rates are established helps drivers make smart choices when comparing insurance quotes.

Land Rover LR2 Insurance Rates in Raleigh, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
LR2 $208 $378 $234 $14 $70 $904 $75
LR2 HSE $208 $378 $234 $14 $70 $904 $75
LR2 HSE Luxury $208 $378 $234 $14 $70 $904 $75
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Above prices assume married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Prices do not factor in garaging location in Raleigh which can influence premiums noticeably.

Where to set your deductibles

One frequently asked question is the level to set your comp and collision deductibles. The figures shown below can help you understand the rate difference when you select higher and lower coverage deductibles. The first set of rates uses a $100 physical damage deductible and the second pricing table uses a $1,000 deductible.

Land Rover LR2 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
LR2 $270 $456 $250 $14 $74 $1,089 $91
LR2 HSE $270 $456 $250 $14 $74 $1,089 $91
LR2 HSE Luxury $270 $456 $250 $14 $74 $1,089 $91
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Land Rover LR2 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
LR2 $150 $240 $250 $14 $74 $728 $61
LR2 HSE $150 $240 $250 $14 $74 $728 $61
LR2 HSE Luxury $150 $240 $250 $14 $74 $728 $61
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Data 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, claim-free, homeowner, multi-policy, and multi-vehicle. Rate information does not factor in specific location which can raise or lower insurance rates substantially.

Based on the data above, we can derive that using a $100 deductible will cost you about $30 more each month or $360 a year across all Land Rover LR2 models than opting for the higher $1,000 deductible. Since you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to have more than 30 months between claim filings, you would probably be better off if you decide on a higher deductible. Here’s an example of how you can make your own decision.

Average monthly premium for $100 deductibles: $91
Average monthly premium for $1,000 deductibles (subtract): – $61
Monthly savings from raising deductible: $30
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $30
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 30 months

The diagram below highlights how deductible choice and can affect Land Rover LR2 annual premium costs for different age categories. The data is based on a single male driver, full coverage, and no discounts are applied.

Land Rover LR2 full coverage rates compared to liability only

The example below illustrates the difference between Land Rover LR2 insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no claims or driving citations, $500 deductibles, drivers are not married, and no other discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no exact rule for eliminating full coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your Land Rover LR2 settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $2,000 after the policy deductible has been paid. If you are currently paying more than $200 annually for full coverage, then you may want to consider only buying liability coverage.

There are a few situations where dropping physical damage coverage is not a good idea. If you still have a lienholder on your title, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should maintain full coverage.

What Affects Land Rover LR2 Insurance Rates?

Lots of factors are used in the calculation when you get your auto insurance bill. A few of the factors are predictable such as your driving history, but others are less apparent like your continuous coverage or how safe your car is.

The factors shown below are some of the things used by insurance companies to determine premiums.

Your car’s features help determine rates – Selecting a car model that has a built-in theft deterrent system can get you a discount on your auto insurance. Theft prevention features such as OnStar, LoJack tracking, and tamper alarms all help stop vehicle theft.

Credit history impact auto insurance rates – Having a good credit score can be an important factor in calculating your premium rate. Insureds that have excellent credit scores tend to be better drivers and file fewer claims as compared to drivers with lower credit scores. If your credit rating is lower than you’d like, you could potentially save money when insuring your Land Rover LR2 by taking the time to improve your credit score.

Your location is important – Living in less populated areas of the country can be a good thing when shopping for auto insurance. Drivers who live in large cities tend to have more traffic problems and more severe claims. Fewer drivers and short commutes translates into fewer accident claims in addition to lower liability claims.

Cheaper to insure females? – Over the last 30 years, statistics show that females tend to be a little less risky than males. Now that doesn’t mean men are WORSE drivers than women. Both genders cause at-fault accidents at a similar rate, but the male of the species have accidents that have higher claims. Men also receive more costly citations like reckless driving and DUI.

The chart below shows the difference between Land Rover LR2 auto insurance costs for male and female drivers. The data assumes no tickets, no at-fault accidents, comp and collision included, $1,000 deductibles, single status, and no policy discounts are applied.

Getting married pays dividends – Walking down the aisle may save some money on your auto insurance bill. Marriage means you’re more financially stable and statistics prove married drivers tend to have fewer serious accidents.

Better premiums on cars with good safety ratings – Cars with high safety ratings can get you lower premiums. Safer cars reduce injuries and fewer injuries means less money paid by your insurance company which can result in lower premiums. If your Land Rover earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.

Lower coverage deductibles cost more – Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your vehicle. A few examples of covered claims are running into the backend of another car, hitting a deer, and burglary. The deductibles you choose state the amount of money you are willing to pay before a claim is paid by your company. The more of the claim you are required to pay out-of-pocket, the lower your rates will be.

Land Rover LR2 historical loss data – Insurance companies use statistical claims data to calculate a rate that will offset any claims. Models that the data determines to have higher prevalence or dollar amount of losses will have higher rates. The information below illustrates the collected loss data for Land Rover LR2 vehicles.

For each insurance policy coverage type, the claim amount for all vehicles averaged together equals 100. Numbers under 100 imply a favorable loss record, while percentage values above 100 show a trend for more claims or an increased likelihood of larger losses.

Land Rover LR2 Insurance Claim Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Land Rover LR2 4dr 4WD 115 162 99

Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Auto insurance does more than just repair your car

Even though it can be expensive, insurance is not optional due to several reasons.

The benefits of carrying enough insurance definitely exceed the cost, particularly for liability claims. But the average American driver is overpaying over $855 a year so shop around once a year at a minimum to help ensure money is not being wasted.