Save Money on Lexus GS 350 Insurance in Minneapolis

Discount Lexus GS 350 insuranceIf your goal is the lowest price, then the best way to find more affordable Lexus GS 350 insurance in Minneapolis is to compare quotes annually from providers in Minnesota.

  1. Learn about how your policy works and the changes you can make to prevent high rates. Many risk factors that cause rate increases like at-fault accidents, speeding tickets, and poor credit can be improved by being financially responsible and driving safely. This article gives tips to prevent rate hikes and get additional discounts.
  2. Request price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like GEICO or Allstate, while agents who are independent can quote prices from multiple insurance companies. View prices
  3. Compare the new rate quotes to your current policy and see if you can save money. If you find a lower rate quote, ensure coverage does not lapse between policies.
  4. Give proper notification to your current agent or company of your intent to cancel your current policy and submit a completed policy application and payment to the new company. Once the paperwork is finalized, put the certificate of insurance above your visor, in the console, or in the glove compartment.

An important bit of advice to remember is that you’ll want to make sure you compare the same liability limits and deductibles on every quote request and and to look at every insurance company. Doing this enables the most accurate price comparison and a complete price analysis.

It’s hard to fathom, but the vast majority of auto insurance customers kept their policy with the same company for at least the last four years, and approximately 40% of consumers have never compared rates to find lower-cost insurance. Most drivers in Minnesota can save $1,040 each year just by getting comparison quotes, but they just feel it’s too hard to compare rates and save money.

If you have a policy now or need new coverage, you can follow these tips to lower your rates while maintaining coverages. Getting quotes for the lowest-priced protection in Minneapolis is not as time-consuming as you think. Drivers just need to learn the quickest method to compare rates from many companies at once.

Insurance analysis for a Lexus GS 350

The price information below highlights detailed analysis of insurance prices for Lexus GS 350 models. Being aware of how prices are formulated is important for drivers to make decisions when shopping around.

Lexus GS 350 Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $164 $346 $304 $18 $92 $924 $77
GS 350 AWD $180 $390 $304 $18 $92 $984 $82
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Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Prices do not factor in specific garaging location which can raise or lower price quotes greatly.

The example below shows how choosing a deductible and can influence Lexus GS 350 insurance premiums for each age group. Data assumes a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.

Drive responsibly or pay higher rates

The illustration below shows how violations and at-fault claims drive up Lexus GS 350 insurance prices for each different age group. The prices are based on a married male driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.

Lexus GS 350 full coverage rates compared to liability only

The illustration below illustrates the comparison of Lexus GS 350 car insurance rates with liability coverage only compared to full coverage. The data assumes a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no discounts are factored in.

Are you wasting money on full coverage?

There is no definitive formula to exclude full coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.

For example, let’s say your Lexus GS 350 replacement cost is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would receive is $5,000 after paying your deductible. If premiums are more than $500 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some situations where dropping full coverage is not a good idea. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.

Why Your Insurance Costs might be higher

Lots of things are considered when premium rates are determined. Some factors are common sense such as your driving history, but other factors are more transparent such as whether you are married or your financial responsibility.

The factors shown below are some of the things utilized by car insurance companies to help set rates.

If you don’t need it don’t buy it – There are a lot of optional add-on coverages you can purchase on your car insurance policy. Add-on coverages like personal injury protection, accidental death, and extra equipment coverage may not be needed and are just wasting money. They may seem good at first, but if they’re wasting money consider taking them off your policy.

Teenage driver insurance rates – More experienced drivers have been proven to be more responsible, cause fewer claims and accidents, and are generally more financially stable. Beginning drivers have been known to be more careless when behind the wheel therefore car insurance rates are much higher.

The data below uses these variables: single driver, full coverage with $1000 deductibles, and no discounts or violations.

Know your vehicle’s safety rating – Safe vehicles tend to have better insurance rates. The safest vehicles reduce occupant injuries and lower rates of occupant injuries translates into savings for insurance companies which can result in lower premiums.

High comp and collision deductibles cost less – Physical damage coverage, aka comp and collision, covers damage that occurs to your Lexus. Examples of covered claims are a windshield shattered by a rock, flood damage, or theft. Comprehensive and collision coverage deductibles represent how much money you are required to spend out-of-pocket if a claim is determined to be covered. The more expense you choose to pay out-of-pocket, the less your company will charge you for insurance.

Where you live can modify costs – Having an address in smaller towns and rural areas of the country may provide you with better prices when buying car insurance. People in densely populated areas regularly have more auto accidents and a longer drive to work. Less people living in that area means reduced accidents and also fewer theft and vandalism claims.

Too many policy claims will drive rates up – Insurance companies in Minnesota provide better rates to drivers who are not frequent claim filers. If you are a frequent claim filer, you can look forward to higher rates. Your insurance policy is intended for the large, substantial claims.

Lexus GS 350 claim data – Insurance companies include the past claim history for a vehicle to calculate a rate that offsets possible losses. Models that have higher loss trends will have a higher cost to insure. The next table illustrates the loss history for Lexus GS 350 vehicles.

For each insurance policy coverage type, the statistical loss for all vehicles, regardless of make or model, is set at 100. Numbers shown that are under 100 indicate better than average losses, while percentages above 100 indicate higher probability of having a loss or tendency to have larger claims.

Lexus GS 350 Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus GS 350 4dr 2WD 160 78 190 81 107 79
Lexus GS 350 4dr 4WD 169 90 217 91 85 68

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Persistence is the key to cheap rates

Lower-priced Lexus GS 350 insurance in Minneapolis is definitely available online and from local insurance agents, and you should compare price quotes from both to have the best chance of lowering rates. There are still a few companies who do not provide online price quotes and most of the time these smaller companies sell through local independent agents.

Consumers switch companies for a number of reasons such as an unsatisfactory settlement offer, policy cancellation, delays in paying claims or high rates after DUI convictions. Regardless of your reason, choosing a new insurance company can be easy and end up saving you some money.

As you shop your coverage around, it’s a bad idea to buy lower coverage limits just to save a few bucks. There are too many instances where an accident victim reduced liability limits or collision coverage to discover at claim time that the savings was not a smart move. The proper strategy is to purchase plenty of coverage for the lowest price.

Much more information about insurance in Minnesota is located at the links below