Save on 1998 Lexus SC 400 Insurance Cost

Being forced to pay for high-priced insurance coverage premiums can draw down your personal savings and force you to tighten up your finances. Shopping your coverage around can be a smart way to lower your monthly bill.

There is such a variety of auto insurance companies to buy insurance from, and even though it’s nice to have a selection, too many choices makes it more difficult to find the best rates.

Verify you’re applying every discount

Some insurers don’t always publicize all their discounts very well, so we break down a few of the more common and the more hidden discounts that you may qualify for. If you’re not getting every credit available, you may be paying too high a price.

  • Driver Training Discounts – Participating in a course in driver safety could cut 5% off your bill if you qualify.
  • Smart Student Discounts – A discount for being a good student can get you a discount of up to 25%. Most companies allow this discount up until you turn 25.
  • Distant Student – College-age children who are enrolled in higher education away from home and don’t have a car may be insured at a cheaper rate.
  • Multiple Vehicles – Insuring multiple vehicles on the same auto insurance policy may reduce the rate for each vehicle.
  • Payment Method – If you can afford to pay the entire bill instead of monthly or quarterly installments you could save 5% or more.
  • Accident Free – Drivers who stay claim-free pay much less when compared to frequent claim filers.
  • Military Deployment Discount – Having a deployed family member could mean lower prices.

Drivers should understand that most of the big mark downs will not be given to the overall cost of the policy. Some only apply to specific coverage prices like comprehensive or collision. So when the math indicates you would end up receiving a 100% discount, it doesn’t quite work that way. But any discount will positively reduce the amount you have to pay.

To view insurers that offer many of these discounts, click here to view.

Five things that influence your insurance costs

Many things are used when pricing auto insurance. Some are pretty understandable like your driving record, but some are less apparent like your vehicle usage or your vehicle rating.

Listed below are a few of the things that factor into premiums.

  • Insurance companies don’t like frequent policy claims – Insurance companies generally give better rates to drivers who do not rely on their insurance for small claims. If you frequently file small claims, you can expect either higher rates or even cancellation. Insurance coverage is intended for the bigger claims that can’t be paid out-of-pocket.
  • Optional features can affect insurance rates – Driving a car that has a built-in theft deterrent system can help lower your premiums. Advanced theft deterrents like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar help track and prevent car theft and help bring rates down.
  • Gender impacts premiums – Statistics have proven women tend to be less risk to insure than men. However, this does not mean females are better at driving than males. Women and men tend to get into at-fault accidents in similar percentages, but the males get into accidents with more damage. Men also tend to have more aggressive citations such as reckless driving. Male drivers age 16 to 19 are most likely to cause an accident and therefore have the most expensive insurance rates.
  • Reduce premiums by driving vehicles with better crash test results – Vehicles that have high safety ratings are cheaper to insure. Highly rated vehicles protect occupants better and fewer injuries translates into savings for insurance companies which can mean better rates for you. If your Lexus scored at minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org it may cost less to insure.
  • Liability safeguards assets – The liability coverage on your policy will provide protection when you are found to be at fault for causing damage or personal injury in an accident. It provides for a legal defense up to the limits shown on your policy. It is affordable coverage compared to comp and collision, so drivers should carry high limits.

When should I discuss my situation with an agent?

When buying proper insurance coverage for your personal vehicles, there is no best way to insure your cars. Every insured’s situation is different so your insurance should reflect that For example, these questions could help you determine whether your personal situation would benefit from an agent’s advice.

  • Does medical payments coverage apply to all occupants?
  • How do I insure my teen driver?
  • Should I drop comprehensive coverage on older vehicles?
  • Is my teenager covered with friends in the car?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • Exactly who is provided coverage by my policy?
  • Do I need added coverage for expensive stereo equipment?

If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area.

Educate yourself about car insurance coverages

Having a good grasp of your policy aids in choosing the right coverages and proper limits and deductibles. Policy terminology can be confusing and reading a policy is terribly boring. Below you’ll find the normal coverages offered by car insurance companies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP provide coverage for expenses for things like X-ray expenses, chiropractic care, rehabilitation expenses, funeral costs and doctor visits. They are often used in conjunction with a health insurance policy or if you lack health insurance entirely. It covers you and your occupants as well as any family member struck as a pedestrian. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family as well as damage to your Lexus SC 400.

Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Frequently these coverages are similar to your liability insurance amounts.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims such as vandalism, hitting a bird and damage from flooding. The most your car insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Auto liability

This will cover damage that occurs to a person or their property. This insurance protects YOU against claims from other people, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 50/100/50 which means $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property. Another option is a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers claims like structural damage, medical services, loss of income and emergency aid. How much liability should you purchase? That is your choice, but you should buy as high a limit as you can afford.

Collision insurance

Collision coverage pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things like damaging your car on a curb, driving through your garage door, crashing into a ditch and hitting a parking meter. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to save money on collision insurance.

Smart consumers save more

As you quote auto insurance, it’s not a good idea to reduce coverage to reduce premium. There are too many instances where an insured cut collision coverage only to regret at claim time that the small savings ended up costing them much more. The aim is to get the best coverage possible at an affordable rate.

A few companies don’t offer the ability to get a quote online regional carriers work with independent insurance agents. Lower-priced car insurance can be purchased both online and with local insurance agents, and you should compare price quotes from both so you have a total pricing picture.

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