Sadly, most drivers in Minnesota have been with the same company for more than four years, and virtually 40% of consumers have never compared quotes from other companies. American insurance shoppers can save up to 46.5% each year by just comparing rate quotes, but most undervalue how much money they would save if they switched to a cheaper policy.
Really, the only way to find cheaper prices for Lexus RX 350 insurance in Minneapolis is to regularly compare quotes from companies that insure vehicles in Minnesota.
- Take a few minutes and learn about policy coverages and the changes you can make to prevent high rates. Many rating factors that cause high rates like tickets, at-fault accidents, and a low credit score can be remedied by making minor driving habit or lifestyle changes.
- Obtain price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can give quotes from one company like Progressive or Farmers Insurance, while independent agencies can give you price quotes for many different companies.
- Compare the price quotes to your existing rates and determine if there is any savings. If you can save some money and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Notify your current company of your decision to cancel your current car insurance policy. Submit a down payment along with a completed application to the new company. As soon as you can, put the proof of insurance paperwork with the vehicle registration.
The key aspect of shopping around is to compare the same physical damage deductibles and liability limits on each quote and and to look at as many auto insurance providers as possible. Doing this ensures the most accurate price comparison and the most accurate and complete price analysis.
These techniques will tell you how car insurance quotes work. If you are already insured, you will be able to shop for the lowest rates using this information. Drivers only have to learn the least time-consuming way to find the lowest price on the web.
All the larger auto insurance companies like Allstate and Progressive make it easy to get prices from their websites. Comparing prices online for Lexus RX 350 insurance in Minneapolis is quite easy because it’s just a matter of typing in your coverage preferences as requested by the quote form. Once you submit the form, their system sends out for your driving and credit reports and returns a price based on these factors. The ability to get online rate quotes for Lexus RX 350 insurance in Minneapolis simplifies rate comparisons, and it’s very important to have as many quotes as possible if you are searching for cheap auto insurance pricing.
To save time and find out what other companies charge, check out the auto insurance providers below. If you have coverage now, it’s recommended you input the limits and deductibles exactly as they are listed on your policy. Doing this guarantees you will be getting rate comparison quotes based on the exact same insurance coverage.
The companies in the list below can provide price quotes in Minneapolis, MN. If you wish to find the cheapest car insurance in Minneapolis, we recommend you click on several of them in order to get a fair rate comparison.
Three main reasons to buy car insurance
Despite the high insurance cost for a Lexus RX 350 in Minneapolis, car insurance serves a purpose in several ways.
- Almost all states have minimum liability requirements which means it is punishable by state law to not carry specific limits of liability insurance in order to license the vehicle. 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 took out a loan on your vehicle, it’s most likely the lender will make it mandatory that you buy insurance to guarantee loan repayment. If you do not pay your insurance premiums, the bank may insure your Lexus for a much higher rate and require you to reimburse them for the much more expensive policy.
- Car insurance preserves not only your vehicle but also your financial assets. It also can pay for hospital and medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will pay to repair the damage.
The benefits of buying enough insurance greatly outweigh the cost, especially if you ever need it. But the average driver in Minnesota overpays more than $820 a year so shop around once a year at a minimum to make sure the price is not too high.
Insurance coverage details
The information displayed next showcases different coverage costs for Lexus RX 350 models. Having a good grasp of how car insurance prices are established can be of help when making smart policy decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|RX 350 2WD||$352||$560||$470||$28||$140||$1,550||$129|
|RX 350 4WD||$352||$560||$470||$28||$140||$1,550||$129|
|Get Your Own Custom Quote Go|
Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Estimates do not factor in specific Minneapolis garaging location which can change premiums greatly.
The illustration below demonstrates how deductibles and can change Lexus RX 350 premium costs for each age group. The rate quotes are based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
Irresponsible driving raises your rates
The example below illustrates how violations and at-fault collisions can raise Lexus RX 350 premium costs for different age groups. The premiums are based on a married male driver, comp and collision included, $100 deductibles, and no discounts are applied.
Male drivers versus female drivers
The diagram below compares Lexus RX 350 insurance costs for male and female drivers. The prices are based on no accidents, no driving violations, full coverage, $250 deductibles, single marital status, and no additional discounts are factored in.
Lexus RX 350 liability-only versus full coverage
The information below visualizes the comparison of Lexus RX 350 insurance prices with and without full coverage. The rate quotes are based on no accidents or driving violations, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
When to drop full coverage
There is no definitive formula for dropping full coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s pretend your Lexus RX 350 settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $6,000 after paying your policy deductible. If it’s costing you more than $600 annually for physical damage coverage, then you might want to consider buying only liability coverage.
There are some scenarios where only buying liability is not recommended. If you still owe money on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should maintain full coverage.
Do you qualify for discounts on Lexus RX 350 insurance in Minneapolis?
Insurance is not inexpensive, but you might already qualify for some discounts to reduce the price significantly. Many of these discounts will be applied automatically when you get a quote, but a few must be asked for prior to getting the savings.
- Professional Organizations – Being a member of a qualifying organization can get you a small discount on your next insurance statement.
- Minneapolis Homeowners Pay Less – Owning a house in Minneapolis can save a few bucks since home ownership is proof of financial responsibility.
- Save over 55 – If you’re over the age of 55, you could receive reduced rates.
- Early Payment Discounts – By making one initial payment instead of paying each month you may have a lower total premium amount.
- Discounts for Safe Drivers – Accident-free drivers may save up to 50% more than less cautious drivers.
- Safety Course Discount – Passing a defensive driving course may get you a small discount and make you a better driver.
- Claim-Free Discount – Insureds with no claims or accidents have much lower rates when compared with drivers who are more careless.
It’s important to understand that some of the credits will not apply to the entire policy premium. Most only cut specific coverage prices like collision or personal injury protection. Just because it seems like all the discounts add up to a free policy, company stockholders wouldn’t be very happy.
The illustration below shows the comparison of Lexus RX 350 auto insurance rates with and without discounts being applied to the rates. The information is based on a male driver, no claims, a clean driving record, Minnesota state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, marriage, safe-driver, homeowner, and multi-policy discounts applied.
A list of companies and some of the discounts are detailed below.
- AAA has discounts for good driver, education and occupation, good student, anti-theft, AAA membership discount, multi-car, and pay-in-full.
- Progressive discounts include online quote discount, continuous coverage, online signing, multi-vehicle, good student, and multi-policy.
- State Farm has savings for Steer Clear safe driver discount, passive restraint, multiple autos, multiple policy, and driver’s education.
- Esurance includes discounts for homeowner, emergency road assistance, DriveSense, multi-policy, online shopper, good student, and anti-lock brakes.
- Nationwide policyholders can earn discounts including defensive driving, accident-free, business or organization, multi-policy, good student, anti-theft, and family plan.
Before buying, ask every insurance company to give you their best rates. A few discounts might not apply in Minneapolis. To see a list of providers that provide some of the discounts listed above in Minnesota, follow this link.
Insurance quotes from local neighborhood Minneapolis car insurance agents
A small number of people still prefer to get advice from a local agent and doing that can be a smart decision Good agents are highly skilled in risk management and help file insurance claims. The best thing about getting online price quotes is the fact that you can find lower rates but also keep your business local. Buying from and supporting neighborhood insurance agencies is especially important in Minneapolis.
To help locate an agent, after submitting this simple form, the quote information is submitted to local insurance agents in Minneapolis that can provide free Minneapolis auto insurance quotes for your coverage. You won’t even need to contact any insurance agencies because prices are sent instantly to you. If you need to compare rates from a particular provider, just find their quoting web page and submit a quote form there.
Selecting an company shouldn’t rely on just a cheap quote. These are some questions your agent should answer.
- Does the company have a local claim office in Minneapolis?
- What insurance company do they write the most business with?
- Will the quote change when the policy is issued?
- Can you contact them at any time?
- Do they review policy coverages at every renewal?
- What is the financial rating for the quoted company?
- Can glass claims be handled at your home?
Lower rates by being persistent
We covered a lot of information how to compare Lexus RX 350 insurance auto insurance rates in Minneapolis. The key thing to remember is the more providers you compare, the better your comparison will be. You may even find the most savings is with a company that doesn’t do a lot of advertising. Smaller companies may cover specific market segments cheaper than their larger competitors like Allstate or State Farm.
As you go through the steps to switch your coverage, you should never skimp on critical coverages to save a buck or two. There are too many instances where an accident victim reduced uninsured motorist or liability limits and found out when filing a claim that the few dollars in savings costed them thousands. The ultimate goal is to buy the best coverage you can find at the best price, but do not sacrifice coverage to save money.
For more information, take a look at these articles:
- Red Light Cameras (State Farm)
- What Auto Insurance is Cheapest for Drivers with a DUI in Minneapolis? (FAQ)
- Who Has Cheap Car Insurance Rates for a School Permit in Minneapolis? (FAQ)
- What Car Insurance is Cheapest for a Toyota 4Runner in Minneapolis? (FAQ)
- How Much are Auto Insurance Rates for Nurses in Minneapolis? (FAQ)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Rental Reimbursement Coverage (Allstate)