Do you want to save money by finding lower-priced Lexus IS 350 insurance in Las Vegas? Purchasing more affordable Las Vegas Lexus IS 350 insurance quotes online can seem to be somewhat difficult for people new to shopping for insurance online. With such a big selection of agents and insurance companies available, how are we expected to efficiently compare every auto insurance company to find better prices?
Remarkably, a study showed that most auto insurance buyers kept their policy with the same company for more than four years, and 38% of customers have never quoted auto insurance rates at all. Consumers in Las Vegas could pocket about $550 a year just by comparing rates, but they just assume it takes a lot of time to shop their coverage around.
When quoting insurance, remember that comparing more quotes will improve the odds of getting the best offered rates.
The providers in the list below provide free quotes in Las Vegas, NV. If you want to find cheap auto insurance in Las Vegas, it’s highly recommended you visit two to three different companies in order to get a fair rate comparison.
Lexus IS 350 coverage analysis
The price information shown next covers different prices for Lexus IS 350 models. Having a better understanding of how insurance quotes are formulated can assist in making decisions when shopping your coverage around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $300 | $544 | $308 | $18 | $92 | $1,262 | $105 |
| IS 350 C 2-Dr Convertible | $300 | $544 | $308 | $18 | $92 | $1,262 | $105 |
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Estimates do not factor in specific location which can change coverage prices greatly.
Rate comparison for different deductibles
When shopping for auto insurance, a common question is how high or low should comp and collision deductibles be. The figures shown below show the differences in price when you buy lower versus higher insurance deductibles. The first pricing table uses a $100 physical damage coverage deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $334 | $650 | $308 | $18 | $92 | $1,427 | $119 |
| IS 350 C 2-Dr Convertible | $334 | $650 | $308 | $18 | $92 | $1,427 | $119 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $244 | $438 | $308 | $18 | $92 | $1,100 | $92 |
| IS 350 C 2-Dr Convertible | $244 | $438 | $308 | $18 | $92 | $1,100 | $92 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Nevada minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Rates do not factor in garaging location in Las Vegas which can modify price quotes significantly.
Based on this data, we can arrive at the conclusion that using a $100 deductible costs roughly $27 more each month or $324 annually across all Lexus IS 350 models than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you tend to average at least 15 months between claim filings, you would probably come out ahead by going with a higher deductible.
Insurance rate increases from tickets or accidents
The diagram below shows how violations and accidents increase Lexus IS 350 auto insurance rates for each different age category. Data assumes a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied to the premium.
Cost of full coverage
The chart below illustrates the comparison of Lexus IS 350 insurance costs with full coverage and liability only. The prices are based on no violations or accidents, $500 deductibles, marital status is single, and no policy discounts are applied.
When to drop comp and collision
There is no definitive rule of when to drop full coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your Lexus IS 350 claim settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after paying your policy deductible. If you are currently paying more than $300 annually for your policy with full coverage, then you might consider buying liability only.
There are some circumstances where only buying liability is not advised. If you have an outstanding loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Decisions You Make Can Impact Your Insurance Costs
Lots of things are part of the equation when pricing auto insurance. A few of the factors are predictable like a motor vehicle report, although some other factors are less obvious like your vehicle usage or how financially stable you are. It’s important that you understand some of the elements that aid in calculating auto insurance rates. If you understand what determines premiums, this enables you to make decisions that will entitle you to much lower annual insurance costs.
The itemized list below are a partial list of the pieces companies use to determine premiums.
Are women or men drivers cheaper? – Statistics demonstrate that females take fewer risks when driving. It does not mean males are worse at driving than females. Women and men cause at-fault accidents in similar percentages, but males cause more damage and cost insurance companies more money. Men also tend to get cited for more serious violations like DWI (DUI) or reckless driving. Male teenagers are most likely to cause an accident and are penalized with high auto insurance rates.
The example below shows the comparison of Lexus IS 350 annual premium costs for male and female drivers. The information is based on no violations or accidents, full physical damage coverage, $100 deductibles, drivers are single, and no policy discounts are applied.
Annual mileage and car insurance premiums – Driving a lot of miles in a year’s time the more you will pay for auto insurance. A lot of companies calculate rates based upon how much you drive. Cars and trucks not used for work or commuting can get a lower rate than vehicles that have high annual mileage. Incorrect rating for your IS 350 may be wasting your money. It’s always a good idea to double check that your auto insurance coverage states the correct usage for each vehicle, because it can save money.
Type of car, truck or SUV determines base rates – The performance level of the car you are insuring makes a substantial difference in your car insurance bill. The lowest performance passenger cars generally have the cheapest insurance rates, but other factors influence the final cost greatly.
The following data uses these assumptions: single male driver age 40, full coverage with $100 deductibles, and no discounts or violations. The chart compares Lexus IS 350 car insurance rates compared to other models of vehicles that have a range of performance risks.
File claims and pay more – If you frequently file small claims, you should expect much higher rates or policy non-renewal. Insurance companies in Nevada give the lowest premiums to policyholders who file claims infrequently. Your car insurance is designed for the bigger claims that can’t be paid out-of-pocket.
Consolidate policies and save money – Some auto insurance companies allow better rates to buyers that have more than one policy such as combining an auto and homeowners policy. Even if you already get this discount, you may still want to shop around to guarantee you are still saving the most.There is a good possibility that you can find a better deal even if you insure with multiple companies
Do you really need roadside assistance? – Insurance policies have a lot of extra add-on coverages that you can get tricked into buying but may not be useful. Coverages for personal injury protection, high-cost glass coverage, and extra life insurance coverage may not be needed and are just wasting money. The coverages may be enticing at first, but your money might be better spent on other coverage so eliminate them to save money.
Never let your auto insurance policy lapse – Driving any period of time without insurance is illegal and your next policy will cost more because you let your coverage have a gap. And not only will your rates increase, not being able to provide proof of insurance could earn you a steep fine or even jail time.
Insurance losses for a Lexus IS 350 – Car insurance companies use past insurance losses to help calculate premium prices. Models that statistically have a higher amount or frequency of claims will be charged more to insure.
The table shown below demonstrates the collected loss data for Lexus IS 350 vehicles. For each coverage category, the loss probability for all vehicles, regardless of manufacturer or model, is represented as 100. Values that are 100 or less imply a favorable loss record, while percentages above 100 point to more claims or statistically larger losses.
| Specific Lexus Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus IS 350 4dr 2WD | 165 | 88 | 186 | 101 | ||
| Lexus IS 350 4dr 4WD | 200 | 72 | 206 | |||
| Lexus IS 350 Convertible | 98 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance in Nevada serves several purposes
Despite the high cost of buying insurance for a Lexus IS 350 in Las Vegas, buying insurance is required by state law in Nevada and it also provides benefits you may not be aware of.
- Most states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability coverage in order to drive the car. In Nevada these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your Lexus, most banks will force you to have full coverage to protect their interest in the vehicle. If you do not keep the policy in force, the bank will be required to insure your Lexus for a much higher rate and force you to pay the higher premium.
- Insurance preserves both your Lexus and your assets. It also can pay for all forms of medical expenses for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance will also pay for a defense attorney if anyone sues you for causing an accident. If mother nature or an accident damages your car, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance definitely exceed the price paid, especially when you need to use it. The average driver in Nevada is overpaying more than $865 each year so smart consumers compare quotes at every policy renewal to save money.