Expensive auto insurance can drain your checking account and make it hard to pay other bills. Comparison shopping is a smart way to help make ends meet.
Lots of insurance companies contend for your business, so it can be very hard to choose a provider and uncover the absolute best rates possible.
Consumers need to do rate comparisons before your policy renews due to the fact that insurance rates go up and down regularly. Even if you think you had the lowest price for GX 470 coverage a few years ago there is a good chance you can find better rates now. Starting now, block out anything you think you know about auto insurance because you’re going to get a crash course in one of the best ways to reduce your cost while increasing coverage.
Don’t miss out on these money-saving discounts
Companies that sell car insurance don’t list all their discounts in a way that’s easy to find, so we break down both the well known and the more hidden savings tricks you should be using.
- Distant Student – Kids in college who live away from home and do not have a car may be able to be covered for less.
- No Charge for an Accident – A handful of insurance companies allow you one accident without raising rates if you are claim-free for a particular time prior to the accident.
- New Vehicle Savings – Adding a new car to your policy can save up to 30% because new vehicles have to meet stringent safety requirements.
- Theft Prevention System – Cars that have factory anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
- Early Signing – Select companies give a discount for signing up prior to your current policy expiring. This can save 10% or more.
It’s important to understand that some of the credits will not apply to your bottom line cost. Most only reduce individual premiums such as comp or med pay. So even though they make it sound like all the discounts add up to a free policy, it just doesn’t work that way.
Comprehensive Auto Insurance Comparison
There are a variety of methods to shop for auto insurance, but one way is easier and takes less work. You can spend your afternoon driving to local insurance agents in your area, or you can stay home and use online quoting to achieve your goal.
Many of the larger companies belong to a marketplace where insurance shoppers enter their policy data once, and at least one company returns a rated price for coverage. This eliminates the need for quotation requests for each company you want a rate for.
To find out how much you’re overpaying now click here to start a free quote.
The only drawback to pricing coverage this way is you are unable to specify which companies you want to price. So if you want to select from a list of companies to compare, we put together a list of the cheapest auto insurance companies in your area. Click to view list.
However you get your quotes, double check that you are using the exact same coverages on every quote you get. If you enter different limits and deductibles on each one then you won’t be able to determine the lowest rate for your Lexus GX 470. Slightly different coverage limits may cause a big price difference. And when comparison shopping, having more price comparisons helps you find the best rates.
Why your Lexus GX 470 insurance rates may be high
Smart consumers have a good feel for the rating factors that come into play when calculating your auto insurance rates. When you know what positively or negatively controls the rates you pay helps enable you to make changes that will entitle you to big savings.
The list below includes a partial list of the pieces that factor into prices.
- Liability coverage is cheap – Liability coverage provides coverage if ever you are found liable for damages caused by your negligence. It will provide legal defense coverage which can cost thousands of dollars. This coverage is very inexpensive when compared with rates for comp and collision, so drivers should carry high limits.
- Do men or women drive better? – Statistics show that men are more aggressive behind the wheel. That doesn’t necessarily mean that women are better drivers. Women and men have accidents in similar numbers, but the men cause more damage. Men also statistically receive more costly citations such as DWI and reckless driving. Teenage male drivers are the most expensive to insure and therefore are the most expensive to insure.
- Better crash test results mean better rates – Vehicles with high crash test scores tend to have better insurance rates. These vehicles protect occupants better and lower injury rates translates into fewer and smaller insurance claims and thus lower rates. If your Lexus earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
- Too many auto insurance claims drive up costs – If you tend to file frequent claims, you can definitely plan on higher rates. Insurance companies award discounts to drivers who do not rely on their insurance for small claims. Insurance coverage is meant to be used in the event of major claims that would cause financial hardship.
- Where you live – Being located in less populated areas is a positive aspect when talking about auto insurance. Urban drivers regularly have more traffic problems and a longer drive to work. Lower population means reduced accidents.
- The type of vehicle makes a difference – The type of vehicle you drive makes a big difference in determining your rates. Since the Lexus GX 470 falls in the luxury sedan class, insurance will be more as compared to the average rate. Small economy passenger cars usually have the lowest rates, but other factors influence the final cost greatly.
- Teen drivers pay high rates – More mature drivers tend to be more responsible, statistically cause fewer accidents and get fewer tickets. Teen drivers tend to be careless and easily distracted when driving therefore auto insurance rates are much higher.
- No coverage gaps is important – Driving without insurance can get your license suspended and you will pay a penalty because you let your coverage have a gap. And not only will insurance be more expensive, but not being able to provide proof of insurance will get you a steep fine or even jail time.You may need to prove you have insurance by filing a SR-22 with your state motor vehicle department.
But buying car insurance online seems impersonal
Some consumers would prefer to talk to a local agent and there is nothing wrong with that. One of the best bonuses of getting online price quotes is you can get the lowest rates and still choose a local agent.
To help locate an agent, after submitting this form (opens in new window), your insurance data is instantly submitted to companies who will return price quotes for your coverage. There is no need to even leave your home because quoted prices will be sent to the email address you provide. Now that’s easy! You can find better rates and work with a local agent.
Choosing an provider needs to be determined by more than just a cheap price. Any agent should be forthright in answering these questions:
- Can they give you a list of client referrals?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- What insurance companies do they work with?
- Is their price quote a firm figure or are their hidden costs?
- Are there any discounts that you might be missing?
- If they are an independent agency, which companies do they recommend?
- Are they properly licensed to sell insurance in your state?
Different types of auto insurance agents
When searching for a good insurance agent, you need to know there are two different types of agents from which to choose. agents are categorized either captive or independent.
Captive Agents
Captive insurance agents have only one company to place business with and examples are Liberty Mutual, Allstate, Farmers Insurance or State Farm. They generally cannot provide prices from multiple companies so it’s a take it or leave it situation. They receive extensive training on their products and sales techniques which can be an advantage.
Independent Agents
These agents do not work for one specific company so they can insure your vehicles with many different companies and possibly get better coverage at lower prices. If your agent finds better pricing, your agent can switch companies and you won’t have to switch agencies.
When comparison shopping, we recommend you include several independent insurance agents to have the most options to choose from.
To view a full list of agencies, visit this page.
Upon getting answers to your satisfaction to these questions and an affordable coverage quote, you may have just found an auto insurance agent that can properly insure your vehicles.
The auto insurance bait and switch
Auto insurance companies such as State Farm and Allstate continually stream ads on TV and radio. They all seem to make the same claim that you’ll save big after switching your policy. But how can every company make almost identical claims?
All companies are able to cherry pick for the type of customer that is profitable for them. For example, a desirable insured could be over the age of 40, has no prior claims, and chooses high deductibles. A driver who fits that profile will qualify for the lowest rates and therefore will cut their rates substantially.
Consumers who don’t meet this ideal profile will be quoted a more expensive rate which leads to business going elsewhere. The ad wording is “customers who switch” but not “drivers who get quotes” save that kind of money. That is how companies can state the savings. This emphasizes why you should get as many quotes as possible. You cannot predict the company that will have the lowest rates.
Final thoughts
In this article, we presented some good ideas how to lower your Lexus GX 470 insurance rates. It’s most important to understand that the more companies you get rates for, the better your chances of lowering your rates. Consumers may even find the most savings is with a small local company. Regional companies often have lower prices on specific markets than the large multi-state companies such as GEICO and State Farm.
Lower-priced Lexus GX 470 insurance can be purchased on the web as well as from independent agents, and you need to price shop both to have the best selection. Some auto insurance companies don’t offer you the ability to get quotes online and many times these regional insurance providers only sell through independent insurance agents.
As you restructure your insurance plan, it’s very important that you do not skimp on critical coverages to save a buck or two. In many instances, an insured dropped liability coverage limits only to discover later that their decision to reduce coverage ended up costing them more. Your goal should be to purchase plenty of coverage at the best price while not skimping on critical coverages.
