Compare Lexus IS 350 Insurance Rate Quotes in Tulsa

It’s well known that auto insurance companies want to keep you from comparing prices. Consumers who get price comparisons are very likely to switch companies because there is a good chance of finding a lower-priced policy. Remarkably, a study showed that consumers who shopped around saved on average $865 a year compared to drivers who never shopped around for lower prices.

If finding the cheapest price on auto insurance is your ultimate target, then knowing the best ways to find and compare insurance can help make the process easier.

If saving the most money is your goal, then the best way to get budget Lexus IS 350 insurance in Tulsa is to compare prices annually from companies who can sell car insurance in Oklahoma. Rate comparisons can be done by following these steps.

1. Try to understand how your policy works and the changes you can make to keep rates down. Many rating factors that cause rate increases such as inattentive driving and a negative credit rating can be amended by making lifestyle changes or driving safer.
2. Compare price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only provide price estimates from one company like GEICO or Allstate, while independent agencies can quote prices from multiple insurance companies.
3. Compare the quotes to your current policy premium and determine if there is any savings. If you find a lower rate and decide to switch, make sure coverage does not lapse between policies.

A good tip to remember is that you’ll want to make sure you compare the same deductibles and limits on every quote request and to quote with as many car insurance companies as possible. Doing this enables an apples-to-apples comparison and the best price selection.

Car insurance data for a Lexus IS 350

The premium information displayed below outlines estimates of coverage costs for Lexus IS 350 models. Learning more about how prices are established helps drivers make smart choices when selecting a coverage provider.

Prices based on single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Price estimates do not factor in Tulsa location which can increase or decrease price quotes substantially.

How high should deductibles be?

A question often asked by Tulsa drivers is how high should your deductibles be. The rates below show the difference in cost of buying low and high physical damage deductibles. The first price estimate table uses a $100 deductible for comp and collision and the second data table uses a $1,000 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Rate quotes do not factor in specific location information which can lower or raise insurance rates substantially.

Based on the above data, using a $100 deductible would cost the average driver about $57 more each month or $684 a year than requesting the higher $1,000 deductible. Since you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have at a minimum 16 months between claim filings, you would most likely save money if you choose a higher deductible.

Irresponsible driving raises your rates

The diagram below illustrates how traffic citations and at-fault fender-benders increase Lexus IS 350 car insurance rates for different age groups of insureds. The premiums are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.

Do you need full coverage?

The illustration below visualizes the comparison of Lexus IS 350 insurance costs with full coverage compared to only the Oklahoma minimum liability coverage. The data is based on no driving violations, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are applied to the premium.

When to stop buying full coverage

There is no exact formula that is best for determining when to drop physical damage insurance, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.

For example, let’s assume your Lexus IS 350 replacement cost is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $3,000 after paying the physical damage deductible. If you are paying over $300 a year to have full coverage, then you may need to consider dropping full coverage.

There are a few situations where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to maintain full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.

Auto insurance coverage options for a Lexus IS 350

Understanding the coverages of your policy can be of help when determining the right coverages and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy.

Liability

Liability insurance protects you from damage or injury you incur to other’s property or people by causing an accident. This coverage protects you from claims by other people, and doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show liability limits of 25/50/25 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability can pay for things such as repair costs for stationary objects, legal defense fees and repair bills for other people’s vehicles. How much liability should you purchase? That is a decision to put some thought into, but buy as large an amount as possible. Oklahoma state minimum liability requirements are 25/50/25 but you should think about purchasing more coverage.

The illustration below shows why minimum state limits may not be adequate.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for bills like rehabilitation expenses, X-ray expenses, dental work, hospital visits and ambulance fees. They can be used to fill the gap from your health insurance program or if you are not covered by health insurance. It covers all vehicle occupants and also covers any family member struck as a pedestrian. PIP is not an option in every state but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist coverage

This coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants and damage to your Lexus IS 350.

Since a lot of drivers only carry the minimum required liability limits (Oklahoma limits are 25/50/25), their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea.

Collision coverage protection

This coverage pays for damage to your IS 350 caused by collision with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things like backing into a parked car, damaging your car on a curb, scraping a guard rail and colliding with a tree. Collision is rather expensive coverage, so consider removing coverage from older vehicles. It’s also possible to increase the deductible on your IS 350 to save money on collision insurance.

Comprehensive coverage

Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as hitting a deer, hitting a bird and damage from getting keyed. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Be persistent and save

Budget-conscious Lexus IS 350 insurance is possible on the web and also from your neighborhood Tulsa agents, and you need to comparison shop both to have the best rate selection. Some insurance companies do not offer rate quotes online and many times these small insurance companies work with independent agents.

Consumers switch companies for a variety of reasons including lack of trust in their agent, questionable increases in premium, delays in paying claims and delays in responding to claim requests. It doesn’t matter why you want to switch finding a new auto insurance company is actually quite simple.

While you’re price shopping online, it’s not a good idea to buy lower coverage limits just to save a few bucks. There have been many cases where drivers have reduced comprehensive coverage or liability limits only to regret that the small savings ended up costing them much more. Your goal should be to get the best coverage possible for the lowest cost and still be able to protect your assets.

For more information, take a look at the articles below:

• Teen Driver Licensing Information (iihs.org)
• Who Has Cheap Auto Insurance Rates for a Dodge Ram in Tulsa? (FAQ)
• What Car Insurance is Cheapest for a Jeep Grand Cherokee in Tulsa? (FAQ)
• How Much are Tulsa Car Insurance Quotes for a Chevrolet Silverado? (FAQ)
• Who Has the Cheapest Auto Insurance Quotes for a Toyota Tundra in Tulsa? (FAQ)
• What Insurance is Cheapest for Drivers Over Age 70 in Tulsa? (FAQ)
• Auto Theft Statistics (Insurance Information Institute)
• Red Light Cameras (State Farm)