No car owner rejoices having to buy auto insurance, especially when they could find lower prices if they just compared rates.
It’s hard to fathom, but the vast majority of auto insurance customers have remained with the same auto insurance company for well over three years, and just under half have never even compared rates from other companies. Greensboro drivers could cut their rates by as much as $90 a year, but they just assume it’s a time-consuming process to compare rates and save money.
Companies like GEICO, Progressive and Allstate persitently shower you with catchy ads and it can be hard to ignore the promise of big savings and find the best price available.
If you are insured now, you will most likely be able to buy cheaper car insurance using the concepts covered in this article. Locating the most cost-effective car insurance policy in Greensboro can initially seem challenging. Although North Carolina consumers must know how companies calculate your car insurance rates because rates are impacted by many factors.
How much is Lexus IS 350 insurance in Greensboro, NC?
To find the best auto insurance rates, there are several ways to compare prices from many available auto insurance companies in North Carolina. The recommended way to do a complete rate comparison is to jump online and get quotes.
Doing online rates comparisons is so easy that it makes it obsolete to call or drive to insurance agents’ offices. Comparing online rate quotes has made agencies unnecessary unless you require the trained guidance of an agent trained in personal lines coverage. Some companies do allow you to price shop your coverage online and still use a local agent.
When comparison shopping, getting more free quotes will improve the odds of getting the best price. Not every company provides Greensboro IS 350 insurance quotes over the internet, so you also need to get prices from them as well.
The companies shown below provide price quotes in North Carolina. To find the best cheap car insurance in North Carolina, we suggest you compare several of them to get the lowest price.
Rates and information analytics
The information below highlights different coverage costs for Lexus IS 350 models. Having a good grasp of how auto insurance prices are calculated can assist in making decisions on the best policy coverages.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 350 4-Dr Sedan||$128||$272||$282||$16||$84||$782||$65|
|IS 350 C 2-Dr Convertible||$128||$272||$282||$16||$84||$782||$65|
|Get Your Own Custom Quote Go|
Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Price information does not factor in vehicle garaging location which can lower or raise insurance rates considerably.
The illustration below illustrates how your deductible choice and can influence Lexus IS 350 annual premium costs for different age groups. The rates are based on a single male driver, full physical damage coverage, and no discounts are applied.
Difference between liability only and full coverage rates
The chart below shows the comparison of Lexus IS 350 premium costs with and without physical damage coverage. The information is based on no claims or driving citations, $1,000 deductibles, single marital status, and no discounts are taken into consideration.
When to drop comprehensive and collision
There isn’t a steadfast formula to stop buying comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s pretend your Lexus IS 350 claim settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $2,000 after you pay the deductible. If you are paying in excess of $200 annually for full coverage, then it’s probably a good time to buy liability coverage only.
There are some circumstances where buying only liability insurance is not in your best interest. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not opt for liability only.
How Insurers Determine Lexus IS 350 Insurance Prices
Many factors are considered when premium rates are determined. Some of the criteria are obvious such as traffic violations, but some are more transparent like your continuous coverage or how safe your car is. An important part of buying insurance is that you know some of the things that play a part in calculating insurance rates. If you understand what influences your rates, this empowers consumers to make smart changes that could result in big savings.
Policy add-ons could be costing you – There are quite a few additional coverages that you can get tricked into buying if you aren’t careful. Coverages for roadside assistance, better glass coverage, and Farm Bureau memberships are some examples. You may think they are a good idea when talking to your agent, but your money might be better spent on other coverage so remove them from your policy.
Occupation and insurance prices – Did you know your insurance rates can be affected by your occupation? Jobs such as real estate brokers, social workers, and emergency personnel tend to have higher average rates due to intense work-related stress and lots of time spent at work. Other careers like professors, athletes and retirees generally pay rates lower than average.
Increase coverage deductibles to save – The deductibles define the amount you are willing to pay out-of-pocket before a claim is paid by your company. Physical damage protection, aka comp and collision, covers damage that occurs to your car. Some examples of claims that would be covered could be collision with another vehicle, damage from fire, and having a roll-over accident. The more money you have to pay, the better rate you will receive.
Premiums also based on gender – Over the last 50 years, statistics have shown that females take fewer risks when driving. However, this does not mean men are worse drivers. Both sexes cause auto accidents at about the same rate, but the male of the species cause more damage. Men also get ticketed for serious violations such as reckless driving. Young males generally have the highest accident percentage and therefore pay the highest rates.
The chart below illustrates the comparison of Lexus IS 350 car insurance costs for male and female drivers. The data is based on no accidents or driving violations, full coverage, $500 deductibles, drivers are single, and no other discounts are factored in.
Married people drive safer – Having a wife or husband may earn you lower rates compared to being single. Having a significant other translates into being less irresponsible and insurance companies like that married drivers get in fewer accidents.
High credit rating translates to low premiums – Having a bad credit history is a big factor in calculating your premium rate. If your credit rating is lower than you’d like, you could pay less to insure your Lexus IS 350 by spending a little time repairing your credit. People with excellent credit scores tend to be more responsible as compared to drivers with poor credit.
Accidents drive up premiums – Good drivers get better rates compared to drivers with tickets. Having a single speeding ticket or other violation can increase the cost of insurance to the point where it’s not affordable. Drivers unfortunate enough to have multiple citations such as DUI, reckless driving or excessive speeding might be required by their state to complete a SR-22 with their state’s department of motor vehicles in order to legally drive a vehicle.
The diagram below shows how traffic citations and at-fault accidents can raise Lexus IS 350 insurance premiums for different ages of insureds. The data is based on a married male driver, comp and collision included, $500 deductibles, and no discounts are factored in.
Loss statistics for a Lexus IS 350 – Car insurance companies analyze historical claim data to calculate a rate that will offset losses. Models that are shown to have high amounts or severity of claims will have higher rates for specific coverages.
The table below outlines the historical insurance loss data for Lexus IS 350 vehicles. For each coverage category, the statistical loss for all vehicles, regardless of make or model, is represented as 100. Percentages below 100 mean the vehicle has better than average losses, while percentage numbers above 100 indicate more frequent losses or an increased probability of a larger loss.
|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
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why you need to buy car insurance
Even though Greensboro IS 350 insurance rates can get expensive, paying for car insurance is required in North Carolina but it also protects you in many ways.
- Most states have mandatory insurance requirements which means you are required to carry a minimum amount of liability protection in order to get the vehicle licensed. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a loan on your IS 350, almost all lenders will require that you have physical damage coverage to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender will be forced to insure your Lexus for a lot more money and make you pay for the expensive policy.
- Car insurance protects both your Lexus IS 350 and your assets. It will also cover medical expenses for you, your passengers, and anyone else injured in an accident. One policy coverage, liability insurance, will also pay for a defense attorney if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will cover the repair costs.
The benefits of insuring your IS 350 definitely exceed the cost, especially for larger claims. Today the average American driver overpays more than $800 each year so it’s important to compare rates each time the policy renews to help ensure money is not being wasted.
North Carolina auto insurance companies ranked
Choosing a high-quality auto insurance company can be difficult considering how many choices there are in North Carolina. The ranking information in the lists below could help you pick which coverage providers you want to consider comparing price quotes from.
Top 10 Greensboro Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Top 10 Greensboro Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+