Cheapest Lexus GS 350 Insurance in El Paso

Insurance for Lexus GS 350It’s an obvious assumption that insurance companies don’t want you to look for a cheaper policy. People who shop around for cheaper rates will, in all likelihood, buy a new policy because they stand a good chance of finding a policy with better rates. A study showed that drivers who shopped around annually saved as much as $850 each year as compared to drivers who never shopped around for lower prices.

If finding the cheapest price on car insurance is the reason you’re here, learning how to get price quotes and compare car insurance can make it simple to find affordable coverage.

If saving money is your primary concern, then the best way to find more affordable Lexus GS 350 insurance in El Paso is to compare quotes annually from companies who sell auto insurance in Texas. This can be done by following these guidelines.

One piece of advice is that you’ll want to make sure you compare similar deductibles and liability limits on each quote request and and to look at as many different insurance providers as possible. This provides an apples-to-apples comparison and many rates to choose from.

What Determines Lexus GS 350 Insurance Premiums?

Lots of things are used in the calculation when pricing auto insurance. Some of the criteria are obvious like an MVR report, although some other factors are not as apparent such as your credit history or your commute time.

The following are a few of the “ingredients” companies use to determine your rate level.

Coverage information

The data table displayed below outlines different insurance costs for Lexus GS 350 models. Understanding how insurance prices are determined can help you make decisions when shopping your coverage around.

Lexus GS 350 Insurance Rates in El Paso, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $232 $450 $304 $18 $92 $1,096 $91
GS 350 AWD $256 $510 $304 $18 $92 $1,180 $98
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Above prices assume married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rate quotes do not factor in zip code location which can raise or lower premiums greatly.

Deductible comparison

One of the most common auto insurance questions is which deductibles should you choose. The following tables help summarize the cost difference when you select higher and lower policy deductibles. The first rate quote example uses a $250 deductible for comp and collision and the second rate chart uses a $500 deductible.

Lexus GS 350 insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $370 $672 $324 $20 $96 $1,507 $126
GS 350 AWD $408 $762 $324 $20 $96 $1,635 $136
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Lexus GS 350 insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $300 $542 $324 $20 $96 $1,282 $107
GS 350 AWD $332 $614 $324 $20 $96 $1,386 $116
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Rates do not factor in the specific area where the vehicle is garaged which can decrease or increase premium rates noticeably.

We can derive from the above data that using a $250 deductible costs about $19 more each month or $228 every year than buying 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 tend to average at least 13 months between claims, you would save more money if you opt for a higher deductible. Below is how we made this calculation.

Average monthly premium for $250 deductibles: $131
Average monthly premium for $500 deductibles (subtract): – $112
Monthly savings from raising deductible: $19
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $19
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

Lexus GS 350 full coverage rates compared to liability only

The diagram below compares Lexus GS 350 auto insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no violations or claims, $1,000 deductibles, single status, and no discounts are taken into consideration.

When to stop buying comprehensive and collision coverage

There is no clear-cut formula that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.

For example, let’s pretend your Lexus GS 350 book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $5,000 after you pay the deductible. If it’s costing you more than $500 annually for physical damage coverage, then you might want to consider buying only liability coverage.

There are some situations where eliminating full coverage is not in your best interest. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not remove full coverage.

Insurance rates and discounts

Some insurance providers do not list every discount they offer very clearly, so we researched both well-publicized in addition to some of the lesser obvious discounts that may be available. If you do not check that you are getting every discount available, it’s possible you qualify for a lower rate.Insurance discounts

Keep in mind that most credits do not apply to your bottom line cost. Most only reduce the cost of specific coverages such as collision or personal injury protection. Even though the math looks like you could get a free insurance policy, insurance companies wouldn’t stay in business.

The illustration below compares Lexus GS 350 auto insurance rates with and without discounts applied to the policy rates. The rates are based on a male driver, no claims, a clean driving record, Texas state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, claim-free, multi-car, multi-policy, and marriage discounts applied.

A few companies that may include these discounts possibly include:

Check with all companies you are considering which discounts you may be entitled to. Some of the earlier mentioned discounts may not be offered in your area. For a list of providers with significant discounts in El Paso, click here to view.

Persistence is the key to cheap rates

Budget-conscious Lexus GS 350 insurance is attainable both online as well as from insurance agents, so you should compare both to have the best chance of lowering rates. Some insurance providers may not provide the ability to get quotes online and many times these smaller companies prefer to sell through independent agencies.

When you buy El Paso car insurance online, don’t be tempted to buy less coverage just to save a little money. There have been many situations where an accident victim reduced physical damage coverage only to regret at claim time that the small savings ended up costing them much more. The ultimate goal is to buy a smart amount of coverage for the lowest cost while not skimping on critical coverages.

You just learned many ideas to get a better price on Lexus GS 350 insurance in El Paso. The most important thing to understand is the more price quotes you have, the better your chances of lowering your premium rates. Drivers may even discover the best price on car insurance is with a company that doesn’t do a lot of advertising. They can often insure niche markets at a lower cost than their larger competitors like GEICO and State Farm.

Much more information about car insurance in Texas can be read below: