Nobody I know cherishes buying car insurance, especially when they are paying too much. Online insurance companies like State Farm and GEICO all promote huge savings with advertising and consumers find it hard to see past the corporate glitz and effectively compare rates to find the best deal.
It’s important to shop coverage around every six months since rates trend upward over time. Even if you got the best deal on LFA coverage last year you can probably find a lower rate today. Block out anything you think you know about car insurance because you’re about to find out how to use online quotes to reduce your cost while improving coverage.
Cut your car insurance rates with these ten discounts
Car insurance companies do not advertise all available discounts in a way that’s easy to find, so the following is a list of some of the best known and also the lesser-known savings tricks you should be using. If you aren’t receiving every discount you qualify for, you are paying more than you should be.
- Drive Less and Save – Fewer annual miles on your Lexus can earn a substantially lower rate.
- Discount for Swiching Early – A few companies offer discounts for buying a policy prior to your current policy expiring. The savings is around 10%.
- Student in College – Youth drivers who are attending college and do not have a car may qualify for this discount.
- Homeowners Discount – Owning a house can help you save on car insurance due to the fact that maintaining a home demonstrates responsibility.
- Discount for Life Insurance – Some companies give a discount if you purchase life insurance.
- Passive Restraint Discount – Cars that have air bags may earn rate discounts of 20% or more.
- Anti-theft Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and qualify for as much as a 10% discount.
- Accident Forgiveness – Some insurance companies allow you one accident before hitting you with a surcharge if your claims history is clear for a particular time prior to the accident.
- New Car Discount – Insuring a new car can save up to 30% compared to insuring an older model.
- Multi-car Discount – Buying insurance for more than one vehicle with the same company can get a discount on all vehicles.
It’s important to note that most credits do not apply the the whole policy. Most cut the cost of specific coverages such as comp or med pay. So even though it sounds like adding up those discounts means a free policy, it just doesn’t work that way.
To choose companies offering car insurance discounts, click here to view.
You are unique and your car insurance should be too
When it comes to buying the right insurance coverage, there isn’t really a single plan that fits everyone. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. Here are some questions about coverages that might help in determining whether or not you may require specific advice.
- Do I really need UM/UIM coverage?
- Exactly who is provided coverage by my policy?
- Is my teen driver covered when they drive my company car?
- How much underlying liability do I need for an umbrella policy?
- Am I covered when driving someone else’s vehicle?
- Are my friends covered when driving my Lexus LFA?
- Does my Lexus LFA need full coverage?
- Do I get a pro-rated refund if I cancel my policy early?
If you don’t know the answers to these questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, complete this form or you can go here for a list of companies in your area. It’s fast, free and can provide invaluable advice.
Auto insurance coverage information
Learning about specific coverages of a car insurance policy can help you determine appropriate coverage and proper limits and deductibles. Policy terminology can be ambiguous and even agents have difficulty translating policy wording. Below you’ll find the usual coverages found on the average car insurance policy.
Liability auto insurance – This can cover injuries or damage you cause to other’s property or people by causing an accident. This insurance protects YOU against other people’s claims, and doesn’t cover your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show liability limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.
Liability insurance covers claims such as attorney fees, loss of income and court costs. How much coverage you buy is your choice, but you should buy as high a limit as you can afford.
Collision – Collision insurance will pay to fix damage to your LFA caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.
Collision coverage pays for things like scraping a guard rail, damaging your car on a curb and colliding with another moving vehicle. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to choose a higher deductible in order to get cheaper collision rates.
Comprehensive auto coverage – Comprehensive insurance coverage pays for damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.
Comprehensive can pay for claims like rock chips in glass, a tree branch falling on your vehicle and damage from getting keyed. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Lexus LFA.
Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea.
Medical payments and PIP coverage – Med pay and PIP coverage pay for bills like EMT expenses, chiropractic care, funeral costs, rehabilitation expenses and X-ray expenses. They are used in conjunction with a health insurance plan or if there is no health insurance coverage. They cover you and your occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage
Do the work, save more money
Budget-conscious Lexus LFA insurance can be found online and with local insurance agents, and you need to price shop both in order to have the best chance of saving money. A few companies do not offer you the ability to get quotes online and usually these small, regional companies provide coverage only through local independent agents.
You just learned a lot of ways to lower your Lexus LFA insurance rates. The key concept to understand is the more you quote, the more likely it is that you will get a better rate. You may even discover the best prices are with a smaller regional carrier. These smaller insurers may often insure only within specific states and give getter rates compared to the large companies like Progressive or GEICO.
When shopping online for car insurance, you should never buy lower coverage limits just to save a few bucks. There are too many instances where an insured dropped liability limits or collision coverage to discover at claim time that the small savings ended up costing them much more. Your aim should be to buy the best coverage you can find for the lowest price while not skimping on critical coverages.
