Lexus IS 250 Insurance Quotes in Minneapolis

A recent study showed that most car insurance policyholders have bought car insurance from the same company for four years or more, and about 40% of consumers have never compared rates from other carriers. Many consumers in Minneapolis can cut their rates by nearly $1,039 a year just by getting comparison quotes, but they don’t believe the amount of money they would save if they bought a different policy.

Insurance quote for Lexus IS 250 in MinneapolisReally, the only way to quote cheaper auto insurance rates is to compare prices at least once a year from insurers who can sell car insurance in Minneapolis. Rates can be compared by following these steps.

  1. Take a little time to learn about car insurance and the things you can control to prevent high rates. Many factors that cause rate increases like at-fault accidents, speeding tickets, and poor credit history can be rectified by making minor changes in your lifestyle. Later in this article we will cover tips to help prevent expensive coverage and find overlooked discounts.
  2. Get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give prices from a single company like Progressive or State Farm, while independent agencies can give you price quotes from many different companies.
  3. Compare the new rate quotes to your existing policy and see if you can save money. If you can save some money and decide to switch, ensure there is no coverage lapse between policies.

The key thing to remember is that you’ll want to make sure you compare the same level of coverage on every quote request and and to get price estimates from every insurance company. Doing this helps ensure a fair price comparison and a good representation of prices.

The following companies provide quotes in Minneapolis, MN. To locate cheaper auto insurance in Minnesota, we recommend you visit as many as you can to find the most affordable auto insurance rates.

Car insurance statistics for a Lexus IS 250

The data table shown below outlines detailed analysis of policy rates for Lexus IS 250 models. Having a better understanding of how insurance policy premiums are established can benefit drivers when making informed coverage decisions.

Lexus IS 250 Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $238 $550 $284 $16 $84 $1,172 $98
IS 250 AWD 4-Dr $264 $550 $284 $16 $84 $1,198 $100
IS 250 C 2-Dr Convertible $264 $550 $334 $20 $100 $1,268 $106
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Table data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Estimates do not factor in specific Minneapolis garaging location which can increase or decrease coverage prices greatly.

Raise deductibles and save

A question often asked by Minneapolis drivers is how high should the deductibles for physical damage be. The rates shown below summarize the cost difference of buying low and high comp and collision deductibles. The first pricing table uses a $100 deductible for physical damage and the second price chart uses a $1,000 deductible.

Lexus IS 250 insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $308 $668 $270 $16 $80 $1,367 $114
IS 250 AWD 4-Dr $344 $668 $270 $16 $80 $1,403 $117
IS 250 C 2-Dr Convertible $344 $668 $318 $18 $94 $1,467 $122
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Lexus IS 250 insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $170 $352 $270 $16 $80 $888 $74
IS 250 AWD 4-Dr $190 $352 $270 $16 $80 $908 $76
IS 250 C 2-Dr Convertible $190 $352 $318 $18 $94 $972 $81
Get Your Own Custom Quote Go

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Price information does not factor in garaging location in Minneapolis which can lower or raise price quotes significantly.

Using the premium rates above, we can conclude that using a $100 deductible costs approximately $41 more each month or $492 every year averaged for all IS 250 models than requesting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you usually have at least 22 months between claim filings, you would most likely save money if you elect the higher deductible. The table below illustrates a better example of how we made this calculation.

Average monthly premium for $100 deductibles: $118
Average monthly premium for $1,000 deductibles (subtract): – $77
Monthly savings from raising deductible: $41
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $41
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 22 months

One important caveat is that raising deductibles results in a higher out-of-pocket expense if you have a claim. You should have some savings in the bank in order to pay more to get your vehicle repaired.

Impact of careless driving on car insurance rates

The information below shows how violations and at-fault claims impact Lexus IS 250 insurance costs for each age group. The price estimates are based on a single male driver, full coverage, $500 deductibles, and no discounts are applied to the premium.

Car insurance premiums based on gender

The information below shows the comparison of Lexus IS 250 premium costs for male and female drivers. The premiums assume no driving violations, no at-fault accidents, full physical damage coverage, $100 deductibles, marital status is single, and no discounts are applied to the premium.

Cost difference between full coverage and liability

The illustration below shows the difference between Lexus IS 250 insurance costs with liability coverage only compared to full coverage. The costs are based on no claims or driving violations, $500 deductibles, drivers are single, and no additional discounts are factored in.

When to drop comprehensive and collision

There is no definitive rule for excluding comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.

For example, let’s assume your Lexus IS 250 claim settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $2,000 after the policy deductible has been paid. If you are paying over $200 annually for comprehensive and collision coverage, then you might consider buying liability only.

There are some situations where eliminating full coverage is not a good plan. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not buy liability only.

Insuring your Lexus vehicle just makes sense

Even though Minneapolis IS 250 insurance rates can get expensive, buying car insurance is mandatory in Minnesota but it also protects more than you think.

The benefits of buying enough insurance are definitely more than the cost, particularly when you have a large claim. In a recent study of 1,000 drivers, the average customer is overpaying over $869 every year so compare rate quotes at least once a year to help ensure money is not being wasted.

Auto insurance 101

Understanding the coverages of your auto insurance policy can help you determine which coverages you need and proper limits and deductibles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Auto collision coverage

This coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things such as crashing into a building, hitting a mailbox, colliding with another moving vehicle and rolling your car. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. It’s also possible to bump up the deductible on your IS 250 to save money on collision insurance.

Liability insurance

This coverage can cover injuries or damage you cause to other people or property by causing an accident. It protects YOU against other people’s claims, and does not provide coverage for your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 30/60/10 which stand for $30,000 bodily injury coverage, a limit of $60,000 in injury protection per accident, and a total limit of $10,000 for damage to vehicles and property.

Liability coverage protects against things like structural damage, medical services and attorney fees. How much liability should you purchase? That is a personal decision, but consider buying as large an amount as possible. Minnesota requires minimum liability limits of 30/60/10 but you should consider buying more coverage.

The next chart shows why buying minimum limits may not be adequate.

Comprehensive auto insurance

Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims such as rock chips in glass, damage from a tornado or hurricane, hitting a deer and hitting a bird. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Coverage for uninsured or underinsured drivers

This coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries as well as damage to your Lexus IS 250.

Due to the fact that many Minnesota drivers carry very low liability coverage limits (which is 30/60/10), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea.

Coverage for medical expenses

Med pay and PIP coverage reimburse you for immediate expenses like X-ray expenses, doctor visits, hospital visits, chiropractic care and nursing services. The coverages can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. They cover you and your occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay