Everyone knows that auto insurance companies don’t want you comparing rates. People who perform rate comparisons are inclined to switch insurance companies because there is a high probability of getting low-cost coverage. A recent insurance study revealed that people who routinely shopped around saved on average $72 a month compared to those who never shopped for cheaper rates.
If finding the lowest price for Lexus ES 350 insurance in Minneapolis is why you’re here, understanding how to compare insurance premiums can help you be more efficient.
The easiest way to find more affordable auto insurance rates in Minneapolis is to start comparing prices regularly from insurance carriers who can sell car insurance in Minnesota. You can compare prices by completing these steps.
- Step 1: Try to understand policy coverages and the steps you can take to lower rates. Many rating factors that cause rate increases like accidents, careless driving, and poor credit history can be rectified by making lifestyle changes or driving safer. Keep reading for tips to get affordable coverage and find additional discounts you may qualify for.
- Step 2: Compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from one company like GEICO or State Farm, while independent agencies can provide prices from many different companies.
- Step 3: Compare the new rate quotes to your current policy premium and determine if cheaper ES 350 coverage is available. If you find better rates and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
The critical component of shopping around is to try to use the same liability limits and deductibles on each quote request and and to get quotes from as many companies as feasibly possible. Doing this guarantees a fair price comparison and the most accurate and complete price analysis.
Six Tips to Get Cheap Minneapolis Insurance Costs
An important part of buying insurance is that you know some of the things that aid in calculating the rates you pay for auto insurance. If you know what influences your rates, this enables you to make decisions that may reward you with lower auto insurance prices.
Shown below are a few of the things used by insurance companies to determine your prices.
Women tend to take less risk – Statistics have proven women are more cautious behind the wheel. This data doesn’t prove that men are worse drivers. Men and women get in at-fault accidents in similar percentages, but guys tend to have more serious accidents. Men also get more serious tickets like DUI and reckless driving. Males from age 16 to 21 cause the most accidents and therefore pay the highest rates.
The illustration below illustrates the comparison of Lexus ES 350 auto insurance costs for male and female drivers. The rate quotes are based on no tickets, no at-fault accidents, full coverage, $100 deductibles, drivers are not married, and no policy discounts are applied.
Cheaper rates after marriage – Having a spouse may save some money on your auto insurance bill. It translates into being more mature and insurance companies like that being married results in fewer claims.
Accidents can be expensive – Even a single citation could increase your next policy renewal to the point where it’s not affordable. Drivers with clean records get better rates as compared to careless drivers. Drivers who get careless violations like reckless driving or DUI are required to submit a SR-22 or proof of financial responsibility with their state DMV in order to prevent their license from being revoked.
The information below demonstrates how traffic citations and at-fault accidents influence Lexus ES 350 car insurance rates for different age groups. The premiums assume a married female driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.
Pleasure use or commuting – The more miles you rack up on your Lexus every year the more you’ll pay to insure your vehicle. Most insurance companies calculate prices based upon how you use the vehicle. Cars and trucks not used for work or commuting qualify for better rates than vehicles that are driven to work every day. It’s always a good idea to double check that your auto insurance policy correctly shows how each vehicle is driven, because it can save money. An incorrectly rated ES 350 may be wasting your money.
Older drivers pay less – Mature drivers are more cautious drivers, file fewer claims, and tend to be get fewer driving tickets. Youthful drivers have been known to be inattentive and easily distracted with other occupants in the car so auto insurance rates are higher.
The data below uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.
Drivers with responsible credit save on auto insurance – Credit rating is a big factor in calculating your auto insurance rates. People with excellent credit scores tend to file fewer claims than those with bad credit. Therefore, if your credit rating is lower than you’d like, you could save money insuring your Lexus ES 350 by repairing your credit.
Insurance loss statistics a Lexus ES 350 – Companies analyze the history of losses to calculate a price that will offset any claims. Vehicles that the statistics show to have higher number or severity of losses will have a higher premium rate.
The data below shows the insurance loss data for Lexus ES 350 vehicles. For each type of coverage, the statistical loss for all vehicles, as a total average, is a value of 100. Numbers that are below 100 mean the vehicle has better than average losses, while percentages above 100 point to more frequent losses or statistically larger losses.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus ES 350 4dr||126||79||160||91||100||78|
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Finding low cost auto insurance prices can be surprisingly simple. All that’s required is to invest a few minutes comparing rate quotes from different insurance companies.
It’s so fast and easy to compare rates online that it makes it a waste of time to drive to all the different Minneapolis insurance agencies. The ability to get quotes online has made agencies unnecessary unless you have a need for the professional abilities that can only be provided by a licensed insurance agent. However, consumers can get the lowest quotes online but still have the advice of a local agent.
The providers in the list below provide price comparisons in Minnesota. To locate cheap car insurance in Minneapolis, we recommend you compare several of them in order to get a fair rate comparison.
Insurance coverage analysis
The price information displayed next outlines estimates of rate quotes for Lexus ES 350 models. Having a better idea how car insurance prices are determined can be useful when making informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Prices do not factor in the specific area where the vehicle is garaged which can impact insurance rates considerably.
The chart below demonstrates how choosing different deductibles and can affect Lexus ES 350 insurance rates for different insured age categories. The prices are based on a single female driver, full coverage, and no discounts are applied to the premium.
Buying the right Lexus vehicle insurance in Minnesota is an important decision
Even though Minneapolis ES 350 insurance rates can get expensive, insuring your vehicle is required by state law in Minnesota and it also provides benefits you may not be aware of.
- Almost all states have mandatory liability insurance requirements which means state laws require a specific level of liability if you want to drive legally. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your Lexus ES 350, most banks will stipulate that you have physical damage coverage to guarantee payment of the loan. If you default on your policy, the bank will be required to insure your Lexus for a much higher rate and force you to pay for the expensive policy.
- Insurance protects not only your Lexus but also your assets. It will also reimburse you for medical bills for you, any passengers, and anyone injured in an accident. Liability insurance, one of your policy coverages, also pays expenses related to your legal defense in the event you are sued. If mother nature or an accident damages your car, your insurance policy will pay to have it repaired.
The benefits of having insurance more than cancel out the cost, especially if you ever need it. The average driver in Minnesota is wasting up to $810 a year so we recommend shopping around at every renewal to save money.
Do you qualify for discounts?
Insurance can be pricey, but there are discounts available that can drop the cost substantially. A few discounts will be applied when you get a quote, but a few need to be asked for prior to receiving the credit.
- Early Payment Discounts – By paying your entire bill at once rather than paying in monthly installments you can actually save on your bill.
- Defensive Driver Discounts – Taking time to complete a course that instructs on driving safety can save you 5% or more if your company offers it.
- Anti-lock Brake System – Cars and trucks that have steering control and anti-lock brakes are safer to drive and qualify for as much as a 10% discount.
- E-sign – A few larger online companies will provide an incentive shop Minneapolis car insurance on the web.
- Buy New and Save – Insuring a new ES 350 can save you some money due to better safety requirements for newer vehicles.
- No Claim Discounts – Good drivers with no accidents have much lower rates in comparison with drivers with a long claim history.
- Senior Citizen Discount – Drivers over the age of 55 may receive a slight reduction on a Minneapolis car insurance quote.
- First Accident Forgiveness – This isn’t a discount exactly, but a handful of insurance companies allow you one accident without the usual rate increase if your claims history is clear prior to the accident.
- Data Collection Discounts – Drivers that enable their insurance company to analyze driving patterns by installing a telematics device such as Snapshot from Progressive or Drivewise from Allstate may see discounts if they show good driving skills.
Discounts lower rates, but some of the credits will not apply to your bottom line cost. Most only cut the price of certain insurance coverages like comp or med pay. Despite the appearance that you would end up receiving a 100% discount, companies wouldn’t make money that way.
The example below compares Lexus ES 350 auto insurance rates with and without discounts. The premiums are based on a female driver, no tickets, no at-fault accidents, Minnesota state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, homeowner, marriage, safe-driver, and multi-car discounts applied.
Companies and a partial list of their discounts are included below.
- Travelers may include discounts for early quote, student away at school, multi-policy, IntelliDrive, payment discounts, and home ownership.
- 21st Century may offer discounts for driver training, student driver, anti-lock brakes, theft prevention, homeowners, teen driver, and good student.
- State Farm has savings for accident-free, Steer Clear safe driver discount, good driver, passive restraint, Drive Safe & Save, anti-theft, and defensive driving training.
- GEICO discounts include anti-lock brakes, multi-policy, defensive driver, air bags, driver training, and emergency military deployment.
- SAFECO has discounts for teen safe driver, anti-theft, anti-lock brakes, drive less, and multi-car.
- AAA includes discounts for AAA membership discount, education and occupation, good driver, multi-car, multi-policy, and anti-theft.
Before buying, ask every insurance company to apply every possible discount. Some of the discounts discussed earlier may not be offered in Minneapolis. For a list of insurance companies that offer the discounts shown above in Minnesota, click here to view.
When to get advice from an insurance agent
Many drivers prefer to go talk to an agent and that is a smart decision Most agents are very good at helping people manage risk and will help you if you have claims. One of the best bonuses of comparing rates online is that drivers can save money and get cheap auto insurance rates but also keep your business local.
To make it easy to find an agent, after completing this quick form, the coverage information is transmitted to participating agents in Minneapolis that can give you free Minneapolis car insurance quotes to get your business. You never need to do any legwork since rate quotes are delivered to you directly. If you want to quote rates from one company in particular, just visit that company’s website and fill out the quote form the provide.
Choosing the best provider requires more thought than just a cheap price quote. Here are some questions you should ask.
- Do they receive special compensation for putting your coverage with one company over another?
- How is replacement cost determined on your vehicle?
- Is the agent properly licensed in Minnesota?
- Are there any discounts that you might be missing?
- Is insurance their full-time profession?
- Do they carry Errors and Omissions coverage?
- If you have an accident, will your rates go up?
- Is auto insurance their primary focus in Minneapolis?
If you want to use a reliable agent, you must know there are a couple types of insurance agents and how they are distinctly different. Agents in Minneapolis are classified as either exclusive agents or independent agents. Both types can sell auto insurance policies, but it’s worth mentioning the difference in how they write coverage because it can influence which agent you choose.
Agents in the exclusive channel generally can only insure with one company like Farmers Insurance, American Family, State Farm and Allstate. They are unable to shop your coverage around so you might not find the best rates. These agents are well schooled on their products and sales techniques which helps them sell on service rather than price.
Below are exclusive insurance agents in Minneapolis willing to provide rate quotes.
State Farm: Seth Bork Insurance Agency Incorporated
8347 University Ave NE D – Minneapolis, MN 55432 – (763) 780-2222 – View Map
Agents that choose to be independent do not have single company limitations and that allows them to write policies through lots of different companies and find you the best rates. To transfer your coverage to a different company, they simply switch companies in-house which is easy for the insured. If you are comparing rate quotes, it’s a good idea to get some free quotes from several independent insurance agents to get the most accurate price comparison.
Shown below is a short list of independent insurance agents in Minneapolis willing to provide price quote information.
2736 Lyndale Ave S – Minneapolis, MN 55408 – (612) 872-4004 – View Map
Once you have received satisfactory answers to any questions you may have and an acceptable price quote, it’s a good possibility that you have found an insurance agent that is reliable enough to service your policy. Keep in mind you can terminate your policy whenever you want so never assume you are locked into any specific agency for any length of time.
Minnesota car insurance company ratings
Selecting the highest-rated insurance company can be rather challenging considering how many different companies sell coverage in Minneapolis. The rank data in the next section may help you select which companies you want to consider when shopping your coverage around.
Top 10 Minneapolis Car Insurance Companies Ranked by Customer Service
- Mercury Insurance
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Liberty Mutual
Top 10 Minneapolis Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 92%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
- Progressive – 87%
The best insurance company isn’t always the cheapest
When you buy Minneapolis car insurance online, it’s a bad idea to skimp on critical coverages to save a buck or two. In many instances, consumers will sacrifice collision coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. Your goal is to buy the best coverage you can find at a price you can afford while still protecting your assets.
We just presented quite a bit of information on how to lower your Lexus ES 350 insurance car insurance rates in Minneapolis. The key concept to understand is the more providers you compare, the higher the chance of saving money. Consumers may even find the most savings is with some of the smallest insurance companies. They may have significantly lower premium rates on certain market segments than the large multi-state companies such as GEICO and State Farm.
Additional information can be read at these links:
- What is Full Coverage? (Allstate)
- How Much is Car Insurance for Drivers Over Age 50 in Minneapolis? (FAQ)
- Who Has Affordable Auto Insurance for a Jeep Grand Cherokee in Minneapolis? (FAQ)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Safety Belts FAQ (iihs.org)