Really, the only way to get the cheapest Lexus GS 350 insurance is to compare quotes once a year from providers who sell insurance in Newark.
- First, try to learn about how auto insurance works and the steps you can take to keep rates down. Many things that drive up the price like at-fault accidents and poor credit rating can be controlled by paying attention to minor details. Later in this article we will cover more details to prevent high prices and get bigger discounts.
- Second, compare rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO or Farmers Insurance, while independent agents can provide rate quotes from many different companies.
- Third, compare the new rate quotes to your current policy to see if a cheaper price is available in Newark. If you find a lower rate, verify that coverage does not lapse between policies.
- Fourth, notify your current company of your decision to cancel your existing policy. Submit the required down payment along with the signed application to the newly selected company. As soon as you can, safely store the certificate verifying coverage in your vehicle.
A valuable tip to remember is to try to use identical coverage information on every quote and and to look at all possible companies. Doing this ensures an apples-to-apples comparison and a thorough selection of prices.
It's safe to conclude that auto insurance companies don't want customers comparing rates. Consumers who perform rate comparisons will probably move their business because they have a good chance of finding good coverage at a lower price. Remarkably, a study showed that people who compared rates annually saved an average of $3,450 over four years compared to people who never compared rates.
If finding the cheapest price on Lexus GS 350 insurance in Newark is your ultimate objective, then having an understanding of how to shop for insurance coverage can save time, money, and frustration.
The quickest method to compare car insurance rates for Lexus GS 350 insurance in Newark utilizes the fact car insurance companies actually pay money for the chance to compare their rates. To start a quote, the only thing you need to do is provide a little information such as how many miles driven, how old drivers are, the year, make and model of vehicles, and how you use your vehicles. Your rating data is automatically sent to multiple different insurance companies and you will receive price estimates almost instantly.
To get price quotes for your Lexus GS 350 now, click here and enter your zip code.
The car insurance companies shown below provide price quotes in Newark, NJ. To locate cheap car insurance in Newark, NJ, we suggest you visit several of them in order to find the lowest rates.
Three reasons insurance is important
Despite the potentially high cost of Lexus GS 350 insurance, maintaining insurance is required in New Jersey but also provides important benefits.
- Most states have compulsory liability insurance requirements which means the state requires a specific minimum amount of liability insurance coverage if you don't want to risk a ticket. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If your GS 350 has a lienholder, most banks will stipulate that you buy insurance to protect their interest in the vehicle. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Lexus at a much higher premium rate and require you to fork over for the much more expensive policy.
- Insurance protects both your car and your personal assets. It will also pay for medical bills for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance also pays for attorney fees and expenses in the event you are sued. If your Lexus gets damaged, your insurance policy will cover the damage repairs after a deductible is paid.
The benefits of buying enough insurance definitely exceed the price paid, especially with large liability claims. Today the average American driver overpays as much as $825 a year so compare rate quotes at every renewal to be sure current rates are still competitive.
Rates and information analytics
The coverage information below outlines different rate quotes for Lexus GS 350 models. Having insight into how policy premiums are calculated is important for drivers to make smart choices when comparing insurance quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|GS 350 AWD||$244||$502||$384||$22||$114||$1,266||$106|
|Get Your Own Custom Quote Go|
Premium data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Price information does not factor in specific zip code location which can increase or decrease auto insurance rates noticeably.
The illustration below shows how different deductible levels and can influence Lexus GS 350 insurance rates for each age group. The rates are based on a married male driver, comprehensive and collision coverage, and no policy discounts are applied.
Lexus GS 350 insurance premiums by gender and age
The chart below compares Lexus GS 350 insurance costs for male and female drivers. The costs are based on no claims or driving citations, full physical damage coverage, $500 deductibles, single marital status, and no discounts are factored in.
Should you buy full coverage?
The diagram below visualizes the comparison of Lexus GS 350 car insurance rates with and without physical damage coverage. The price estimates are based on no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
When to drop comprehensive and collision
There is no specific rule to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let's assume your Lexus GS 350 book value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after paying the physical damage deductible. If it's costing in excess of $800 a year for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some cases where dropping full coverage is not in your best interest. If you still owe money on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should not opt for liability only.
Don't neglect these discounts on Lexus GS 350 insurance in Newark
Insurance is expensive, but you may qualify for discounts to help bring down the price. Certain reductions will be credited when you purchase, but once in a while a discount must be specifically requested before they will apply.
- Waiver for an Accident - Not a discount per se, but certain companies permit an accident without the usual rate increase so long as you haven't had any claims for a particular time prior to the accident.
- Good Grades Discount - Maintaining excellent grades can get you a discount of up to 25%. Most companies allow this discount up until you turn 25.
- Theft Deterrent Discount - Vehicles that have factory alarm systems and tracking devices have a lower chance of being stolen and can earn a small discount on your policy.
- Passenger Safety Discount - Options like air bags and/or automatic seat belt systems can receive discounts of 20% or more.
- Discounts for Safe Drivers - Insureds who avoid accidents may save up to 50% more than their less cautious counterparts.
- Discount for Life Insurance - Larger companies have a discounted rate on car insurance if you buy some life insurance too.
- New Car Discount - Putting coverage on a new GS 350 is cheaper since new model year vehicles are generally safer.
A little disclaimer on discounts, most discount credits are not given to the entire policy premium. Most only reduce the price of certain insurance coverages like comp or med pay. Even though it may seem like adding up those discounts means a free policy, it doesn't quite work that way.
The example below illustrates the difference between Lexus GS 350 premium costs with and without discounts applied to the premium. The premium estimates are based on a female driver, no violations or claims, New Jersey 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, marriage, multi-car, and multi-policy discounts applied.
A few of the larger companies and some of their more popular discounts are outlined below.
- American Family policyholders can earn discounts including bundled insurance, Steer into Savings, TimeAway discount, good student, air bags, defensive driver, and mySafetyValet.
- State Farm discounts include defensive driving training, passive restraint, anti-theft, student away at school, driver's education, and good driver.
- 21st Century includes discounts for 55 and older, driver training, theft prevention, defensive driver, homeowners, air bags, and early bird.
- Travelers offers premium reductions for driver training, hybrid/electric vehicle, multi-car, continuous insurance, multi-policy, student away at school, and IntelliDrive.
- GEICO may include discounts for membership and employees, anti-theft, defensive driver, daytime running lights, good student, driver training, and anti-lock brakes.
Before purchasing a policy, check with all companies you are considering which discounts they offer. All car insurance discounts might not apply in Newark.