Lexus LFA Insurance for Tightwads
If buying car insurance was fun, we'd do it as a recreational sport. But we always seem to pay too much for coverage and most people would rather go to the dentist. Cutting the check for each renewal on your Lexus LFA might give you the same feeling.
Step One: Insurance Quotes
The old way of buying car insurance was to make multiple trips to various local agents and get strong armed into a policy that didn't necessarily fit you. Times have changed!
You can compare insurance rates for a Lexus LFA simply and quickly just by filling out one form. This allows you to quote the same coverages with multiple companies and pick the lowest rate.
To begin, click on the link below and complete the short form. It only takes a few minutes and it's helpful to have your current policy handy if you have one.
Quoting Tip! The only way to compare rates from multiple companies is to use identical coverage amounts and deductibles on each quote. If you use different limits on quotes, you cannot accurately determine which company has the best rates for your LFA.
Step Two: Techniques to Lower your LFA Insurance Rates
Once you have quotes in hand, you can then consider some of the other techniques for lowering your LFA insurance rates.
- If you need the extra performance that your Lexus LFA gives you, then you'll have to pay extra to insure it. Higher performance cars tend to be more expensive to insure.
- Membership has it's privleges. If you're a member of a professional organization, check to see if your company offers discounts to its members. It can add up to 5% or more.
- LFA replacement parts are more expensive due to the quality of the parts, so you can expect your physical damage rates to be higher to reflect the higher cost of repair.
- Before a comprehensive or collision claim is paid by your company, you have to pay a deductible first. The more you're willing to pay, the lower your rates will be. Consider raising your deductibles to $500 or even $1,000.
- If cheap insurance is your goal, then the LFA is maybe not your best choice of vehicle. Sport cars cost more to insure even if you're a good driver.
- If you're a young driver, you will pay more to insure a LFA. There isn't anything you can do about your age, but rates will drop as you mature.
- Speeding and other minor violations can impact your car insurance rates for up to three years. The increased cost can easily exceed the fine and court costs for the original ticket.
- The advancement of car safety features such as traction control, stability control, front and side-impact air bags and all-wheel drive all help keep insurance costs down.
- Small claims that may only exceed your physical damage deductibles by a small amount are better off not being submitted to your company. Just pay the extra hundred dollars or two and keep a claim-free discount on your policy.
- If your LFA ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
- If you're not sure what your credit rating is, check it now. Car insurance companies use your credit score to determine the rates you pay, so the better your credit, the less you will pay.
- Successfully completing a driver's training class can help lower your rates if your insurance company offers that discount.
- When buying a new policy, you do not want a gap in coverage. This lapse is viewed by insurance companies as a high risk, and you will pay more for your next policy.
- Owning a home takes financial responsibility, and car insurance companies will often give you a break just for being a homeowner.
Step Three: Finalize your Policy Details
Car insurance is pretty easy to buy online, but you do need to be aware that it is a legally binding contract. You need to have funds available for a down payment as well as review your coverages for any insufficiencies.
It's critical that your new policy starts the same day that your old policy ends. If you are cancelling mid-term, make sure there is no lapse in coverage before your new policy kicks in.
If this is a new policy with only the Lexus on it, be sure to have coverage before leaving the dealership or car lot. If you're adding it to an existing policy, you have anywhere from 15 to 30 days depending on the company. Your existing car insurance policy will give you some coverage if you buy a new or used LFA, but unless you are already paying for full coverage, you won't have it until you add the vehicle to your policy.
At the end of buying your policy, you will be able to print out a new proof-of-insurance card to place in your vehicle. This card is required by law and must be produced if requested by law enforcement. Depending on your state's statutes, you may be required to file an SR-22 form if you've been convicted of an uninsured accident, DUI or license suspension. Make sure your new company is aware of this requirement and files it promptly.
More Educational Resources
To read more about topics such as how to file a claim, replacement auto parts and mistakes to avoid, visit the Insurance Information Institute website.
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