Has it been a year or more since you last compared quotes for low-cost Lexus LX 570 insurance in El Paso? Drivers fed up with high insurance rates and are new to comparing rates online are likely to discover purchasing affordable Lexus LX 570 insurance rates in El Paso can be quite challenging.
Unthinkable but true, the vast majority of insurance customers kept their policy with the same company for four years or more, and roughly 40% of drivers have never compared rate quotes at all. El Paso consumers could save 70% a year just by getting comparison quotes, but they just don’t understand how easy it is to shop their coverage around.
Why Your Insurance Costs might be higher
Lots of factors are taken into consideration when quoting car insurance. A few of the factors are predictable like an MVR report, but other factors are not quite as obvious like where you live or how financially stable you are.
Shown below are a few of the things companies use to determine your premiums.
Discounts for married couples – Being married may save some money on your car insurance bill. Having a spouse demonstrates that you tend to be more financially stable it has been statistically shown that drivers who are married file infrequent claims.
Expect high rates for teens – More mature drivers have been proven to be more responsible, tend to file fewer claims, and tend to be get fewer driving tickets. Teen drivers are proven to be easily distracted when at the wheel of a vehicle and because of this, their car insurance rates are much higher.
The next chart uses these variables: single driver, full coverage with $1000 deductibles, and no discounts or violations.
Policy add-ons may not be needed – There are quite a few extra add-on coverages that can waste your money but may not be useful. Add-on coverages like vanishing deductibles, towing coverage, and extra equipment coverage may be costing you every month. You may think they are a good idea when talking to your agent, but if you have no use for them consider taking them off your policy.
Rates may be lower depending on your occupation – Do you work in a high-stress field? Occupations such as judges, executives, and medical professionals are shown to have higher premium rates because of intense work situations and lengthy work days. On the flip side, professions such as professors, athletes and performers get better rates.
Claim-free discounts can add up – If you frequently file small claims, you can definitely plan on either higher rates or even cancellation. Insurance companies in Texas award lower rates to insureds who are claim-free. Auto insurance is intended to be relied upon for the bigger claims that can’t be paid out-of-pocket.
Why do you need liability insurance? – A critical coverage on your policy, liability insurance is the coverage that protects you if you are ruled to be at fault for causing personal injury or damage in an accident. It provides legal defense to defend your case. It is affordable coverage as compared to coverage for physical damage, so drivers should buy more than the minimum limits required by law.
Big city or small town – Residing in a small town is a positive aspect when it comes to car insurance. Urban drivers regularly have traffic congestion and more time behind the wheel. Fewer drivers translates into fewer accident claims.
Insurance loss statistics a Lexus LX 570 – Companies use past insurance losses to help determine the rate you pay. Vehicles that the statistics show to have increased claim numbers or amounts will have higher premium rates.
The table below demonstrates the compiled insurance loss statistics for Lexus LX 570 vehicles. For each policy coverage, the loss probability for all vehicles, regardless of make, model or trim level, is represented as 100. Values that are under 100 suggest a better than average loss history, while numbers above 100 point to more frequent losses or an increased chance of a larger loss.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus LX 570 4dr 4WD||140||96||217||49|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Statistics and details
The table below covers different insurance rates for Lexus LX 570 models. Knowing how car insurance prices are determined helps drivers make smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|LX 570 4WD 4-Dr||$614||$1014||$500||$30||$150||$2,308||$192|
|Get Your Own Custom Quote Go|
Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Estimates do not factor in specific zip code location which can decrease or increase auto insurance rates noticeably.
The illustration below shows how choosing a deductible and can affect Lexus LX 570 premium costs for each different age category. The data assumes a single male driver, comp and collision included, and no policy discounts are applied.
Irresponsible driving raises your rates
The diagram below shows how violations and accident claims drive up Lexus LX 570 insurance costs for each age group. The rates are based on a married female driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
Annual premiums for males compared to females in El Paso
The illustration below illustrates the difference between Lexus LX 570 insurance prices for male and female drivers. The information is based on no claims, a clean driving record, comp and collision included, $100 deductibles, single status, and no discounts are factored in.
Full coverage rates compared to liability-only
The diagram below illustrates the comparison of Lexus LX 570 annual premium costs when comparing full coverage to state minimum liability only. The premiums assume no claims or driving citations, $100 deductibles, drivers are single, and no discounts are factored in.
When to switch to liability coverage only
There is no written rule of when to drop physical damage coverage, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s pretend your Lexus LX 570 settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $3,000 after the deductible is paid. If you are paying more than $300 annually for your policy with full coverage, then it might be time to buy liability only.
There are some conditions where dropping full coverage is not a good idea. If you haven’t paid off your loan, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
You may qualify for discounts for Lexus LX 570 insurance in El Paso
Some insurance providers don’t always publicize their entire list of discounts very clearly, so the list below gives a summary of both well-publicized and also the more inconspicuous credits that you can use to lower your rates.
- Discount for Life Insurance – Not all companies offer life insurance, but some may give you a discount if you purchase a life policy as well.
- Discount for Low Mileage – Low annual miles may allow you to get substantially lower premium rates.
- No Accidents – Insureds with no claims or accidents pay less compared to frequent claim filers.
- Defensive Driving Course – Taking time to complete a class that teaches safe driver techniques could possibly earn you a 5% discount if your company offers it.
- Full Payment Discount – By paying your policy upfront as opposed to paying monthly you may have a lower total premium amount.
One last thing about discounts, most discounts do not apply to the overall cost of the policy. Some only apply to specific coverage prices like comp or med pay. If you do the math and it seems like all the discounts add up to a free policy, insurance companies wouldn’t stay in business.
The example below illustrates the difference between Lexus LX 570 yearly insurance costs with and without policy discounts. The costs are based on a male driver, no accidents, no driving violations, Texas state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, marriage, multi-car, multi-policy, and safe-driver discounts applied.
A list of auto insurance companies and some of their more popular discounts are shown below.
- Progressive may offer discounts for homeowner, online quote discount, multi-policy, continuous coverage, online signing, good student, and multi-vehicle.
- The Hartford has discounts for anti-theft, air bag, good student, defensive driver, bundle, driver training, and vehicle fuel type.
- Mercury Insurance may include discounts for multi-policy, age of vehicle, accident-free, multi-car, good driver, low natural disaster claims, and professional/association.
- GEICO offers discounts for membership and employees, multi-policy, anti-theft, seat belt use, anti-lock brakes, federal employee, and daytime running lights.
- AAA includes discounts for multi-policy, multi-car, AAA membership discount, good student, good driver, anti-theft, and education and occupation.
- State Farm policyholders can earn discounts including passive restraint, driver’s education, defensive driving training, anti-theft, good driver, and multiple autos.
When getting a coverage quote, ask each company or agent which discounts you qualify for. Savings might not apply in your state. To locate insurance companies that provide some of the discounts listed above in Texas, click here to view.
Best auto insurance company in El Paso
Insuring your vehicle with the top auto insurance company can be difficult considering how many companies there are in El Paso. The ranking data listed below can help you select which car insurance providers to look at purchasing from.
Top 10 El Paso Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
A conclusion for your car insurance search
As you go through the steps to switch your coverage, it’s not a good idea to reduce needed coverages to save money. In many instances, an insured dropped comprehensive coverage or liability limits and learned later they didn’t have enough coverage. Your focus should be to purchase plenty of coverage at the best cost while still protecting your assets.
The cheapest Lexus LX 570 insurance in El Paso can be found on the web in addition to many El Paso insurance agents, so you need to shop El Paso car insurance with both so you have a total pricing picture. Some insurance companies may not offer internet price quotes and most of the time these smaller companies work with local independent agencies.
We just showed you some good ideas how to shop for Lexus LX 570 insurance online. The key concept to understand is the more price quotes you have, the better your chances of lowering your rates. You may even discover the biggest savings come from the smaller companies.
Steps to finding lower priced Lexus LX 570 insurance in El Paso
Truthfully, the best way to find more affordable auto insurance rates in El Paso is to make a habit of comparing prices annually from insurers that sell auto insurance in Texas. This can be done by following these guidelines.
- Step 1: Get a basic knowledge of how companies set rates and the measures you can take to prevent expensive coverage. Many policy risk factors that increase rates like traffic violations and a bad credit score can be amended by making minor changes to your lifestyle.
- Step 2: Obtain price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from a single company like GEICO or Allstate, while independent agents can quote prices from many different companies.
- Step 3: Compare the new quotes to your existing coverage and determine if cheaper LX 570 coverage is available in El Paso. If you find a better price and change companies, make sure coverage does not lapse between policies.
The most important part of shopping around is to make sure you’re comparing the same liability limits and deductibles on each quote and and to analyze every insurance company. This guarantees an accurate price comparison and the best price selection.