It takes a little time, but the best way to get discount car insurance rates in Las Vegas is to make a habit of comparing prices annually from different companies in Nevada.
Step 1: Take a little time to learn about the coverage provided by your policy and the measures you can take to keep rates down. Many things that are responsible for high rates such as speeding tickets, careless driving and an unacceptable credit rating can be rectified by being financially responsible and driving safely. Read the full article for instructions to help keep rates affordable and get discounts that may be overlooked.
Step 2: Request price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can give quotes from a single company like Progressive or Allstate, while independent agencies can provide price quotes for a wide range of companies.
Step 3: Compare the new rate quotes to your current policy and determine if cheaper IS 250 coverage is available. If you can save money and buy the policy, ensure coverage does not lapse between policies.
Step 4: Provide adequate notice to your current company to cancel your current car insurance policy and submit payment along with a signed and completed policy application to your new insurance company. Once received, safely store the certificate of insurance with your vehicle’s registration.
One key aspect when comparing rates is to make sure you enter the same level of coverage on every quote request and and to analyze every company you can. Doing this guarantees a fair price comparison and the best price selection.
It’s well known that auto insurance companies don’t want you to look for a cheaper policy. Consumers who get price comparisons will most likely buy a different policy because there is a great chance of finding a lower-cost company. A study discovered that people who regularly shopped around saved an average of $3,500 over four years compared to drivers who never shopped around for cheaper prices.
If finding the lowest price on auto insurance is your target objective, then understanding how to quote and compare coverage rates can save time and money.
If you have auto insurance now, you will surely be able to find better prices using the ideas presented in this article. Comparison shopping for the lowest-priced protection in Las Vegas is not as hard as you think. But Nevada consumers can benefit by having an understanding of the way companies charge you for coverage and use this information to your advantage.
Car insurance analysis for a Lexus IS 250
The price information shown next outlines estimates of insurance policy prices for Lexus IS 250 models. Having a better understanding of how auto insurance premiums are calculated can help guide drivers when making smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 250 4-Dr Sedan | $300 | $650 | $262 | $16 | $78 | $1,306 | $109 |
| IS 250 AWD 4-Dr | $334 | $650 | $262 | $16 | $78 | $1,340 | $112 |
| IS 250 C 2-Dr Convertible | $334 | $650 | $308 | $18 | $92 | $1,402 | $117 |
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Rate information does not factor in Las Vegas location which can change prices noticeably.
Car insurance deductibles
When shopping for car insurance, a common question is where should you set your physical damage deductibles. The rates below help summarize how much more rates are of buying low and high policy deductibles. The first rate estimation uses a $250 comprehensive and collision deductible and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 250 4-Dr Sedan | $268 | $544 | $262 | $16 | $78 | $1,193 | $99 |
| IS 250 AWD 4-Dr | $300 | $544 | $262 | $16 | $78 | $1,225 | $102 |
| IS 250 C 2-Dr Convertible | $300 | $544 | $308 | $18 | $92 | $1,287 | $107 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 250 4-Dr Sedan | $218 | $438 | $262 | $16 | $78 | $1,012 | $84 |
| IS 250 AWD 4-Dr | $244 | $438 | $262 | $16 | $78 | $1,038 | $87 |
| IS 250 C 2-Dr Convertible | $244 | $438 | $308 | $18 | $92 | $1,100 | $92 |
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Nevada minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can revise prices considerably.
We can estimate from the data above that using a $250 deductible will cost you about $15 more each month or $180 a year than requesting the higher $500 deductible. Since the policyholder would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you usually have at least 17 months between claims, you would probably be better off by going with a higher deductible.
Difference between full coverage and liability only rates
The diagram below visualizes the comparison of Lexus IS 250 yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Nevada. Data assumes no tickets, no at-fault accidents, $100 deductibles, marital status is single, and no policy discounts are applied.
Are you wasting money on full coverage?
There isn’t a written rule to stop paying for full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Lexus IS 250 book value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $3,000 after paying the physical damage deductible. If you are paying more than $300 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are some conditions where removing full coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
What Affects Lexus IS 250 Insurance Rates?
Many things are used when premium rates are determined. Some of the criteria are obvious such as traffic violations, although some other factors are less obvious like where you live or how financially stable you are. It’s important that you understand the rating factors that go into determining insurance rates. When consumers understand what determines premiums, this enables informed choices that can help you get lower premium levels.
The items below are a few of the “ingredients” used by companies to determine premiums.
Credit history impact insurance costs – An insured’s credit score can be a huge factor in determining what you pay for insurance. Consumers who have excellent credit tend to be more responsible and file fewer claims as compared to drivers with lower credit scores. If your credit score can use some improvement, you could save money insuring your Lexus IS 250 if you improve your credit rating.
Higher rates for specific vocations – Occupational choices like military personnel, social workers, and emergency personnel tend to have higher rates than the rest of us attributed to stressful work requirements and long work hours. Other careers such as farmers, athletes and retirees get better rates.
Is your car, truck or SUV built for speed? – The type of car you are trying to find cheaper insurance for makes a significant difference in the rate you pay. The lowest rates tend to be for lower performance four cylinder passenger cars, but there are many factors that impact the final cost.
The following data assumes a single male driver age 30, full coverage with $1000 deductibles, and no discounts or violations. It compares Lexus IS 250 policy rates compared to other makes and models that have different performance risks.
Choose high crash test ratings and save – Vehicles with good safety scores get lower rates. Vehicles built for safety reduce the chance of injuries and lower rates of occupant injuries translates directly to fewer claims and thus lower rates. If the Lexus IS 250 is rated at a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org it may cost less to insure.
Annual miles is a factor – Driving more miles in a year’s time the more you will pay for insurance. A lot of insurance companies apply a rate based upon how you use the vehicle. Autos that have low annual miles receive better premium rates than those that get driven frequently. Having an incorrect usage rating on your IS 250 is throwing money out the window. Verify your vehicle rating is showing the correct usage.
Discounts for married couples – Having a wife or husband may save some money compared to being single. It is viewed as being more mature and statistics prove drivers who are married file infrequent claims.
No insurance gaps is important – Driving any period of time without insurance is a misdemeanor and insurance companies will penalize you for letting your coverage cancel without a new policy in place. In addition to paying higher rates, the inability to provide proof of insurance may result in a license revocation or jail time. You may need to file a SR-22 with the Nevada department of motor vehicles.
Lexus IS 250 insurance loss data – Companies take into consideration historical loss data for every vehicle to help determine the rate you pay. Models that the data determines to have higher number or severity of losses will have higher rates.
The table below outlines the historical insurance loss data for Lexus IS 250 vehicles. For each coverage type, the loss probability for all vehicles as a whole is set at 100. Numbers under 100 are indicative of better than average losses, while values that are 100 or greater point to more frequent losses or tendency to have higher losses.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus IS 250 4dr 2WD | 179 | 103 | 177 | 116 | 146 | 115 |
| Lexus IS 250 4dr 4WD | 177 | 87 | 186 | 118 | ||
| Lexus IS 250 Convertible | 135 | 80 | 84 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Nevada car insurance companies
Choosing the top insurance company is hard considering how many different insurance companies sell coverage in Las Vegas. The ranking information below can help you select which coverage providers you want to consider when looking for cheaper rates.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
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Data Source: Insure.com Best Car Insurance Companies
Affordable auto insurance rates are out there
As you restructure your insurance plan, never buy poor coverage just to save money. In many cases, an insured dropped physical damage coverage and found out when filing a claim that it was a big error on their part. Your objective should be to buy the best coverage you can find for the lowest price while still protecting your assets.
People leave their current company for a variety of reasons including questionable increases in premium, an unsatisfactory settlement offer, delays in responding to claim requests and lack of trust in their agent. Regardless of your reason for switching companies, switching auto insurance companies is pretty simple and you could end up saving a buck or two.
In this article, we presented some good ideas how you can save on Lexus IS 250 insurance in Las Vegas. It’s most important to understand that the more price quotes you have, the more likely it is that you will get a better rate. Drivers may even discover the biggest savings come from the least-expected company.
For more information, feel free to browse the resources below:
- State Laws for Cellphones and Texting (iihs.org)
- Who Has Cheap Auto Insurance Rates for a Honda Pilot in Las Vegas? (FAQ)
- Who Has Cheap Car Insurance Quotes for a Nissan Sentra in Las Vegas? (FAQ)
- Who Has Cheap Auto Insurance Quotes for a Toyota Highlander in Las Vegas? (FAQ)
- Tools for Teen Driving Safety (State Farm)
- What to do at the Scene of an Accident (Insurance Information Institute)
- Winter Driving (Insurance Information Institute)