Cheapest Insurance for a Lexus IS 350 in Newark

Want to learn a better way to compare more competitive Lexus IS 350 insurance in Newark? No car owner loves paying for auto insurance, especially when they are aware that their premiums are too high.

It’s an obvious conclusion that insurance companies want to keep you from comparing rates. Consumers who get comparison quotes at least once a year will probably move their business because there is a good probability of finding lower prices. A recent survey found that consumers who regularly compared rates saved an average of $865 a year compared to those who never compared rates.

If finding the cheapest rates on Lexus IS 350 insurance in Newark is your objective, then having a good understanding how to find and compare insurance rates can help simplify the task of finding more affordable coverage.

You have multiple auto insurance companies to buy insurance from, and even though it’s nice to have multiple companies, too many choices makes it more difficult to locate the cheapest rates for Lexus IS 350 insurance in Newark.

The easiest way to get policy rate comparisons for Lexus IS 350 insurance in Newark is to realize most larger insurance companies participate in a system to give rate comparisons. To get started, all you need to do is provide details including whether you have decent credit, how your vehicles are used, whether your vehicle is owned or leased, and whether you are married. The data is then submitted to many of the top insurers and you receive quotes very quickly.

To compare rates for your car now, click here and see if a lower rate is available in Newark.

The companies shown below provide free rate quotes in Newark, NJ. In order to find cheap auto insurance in Newark, NJ, it’s highly recommended you visit several of them in order to find the most competitive rates.

Auto insurance policy discounts for Lexus IS 350 insurance in Newark

Not many people think insurance is cheap, but you might already qualify for some discounts that you may not even know about. Larger premium reductions will be automatically applied when you purchase, but some need to be requested specifically before you will receive the discount.

• Full Payment Discount – If you can afford to pay the entire bill instead of making monthly payments you can avoid monthly service charges.
• Air Bag Discount – Vehicles equipped with air bags and/or automatic seat belt systems may earn rate discounts of more than 20%.
• Drivers Ed for Students – Have your child successfully take a driver’s education course in school.
• Claim-Free Discount – Drivers who don’t have accidents pay much less in comparison with insureds who have frequent claims or accidents.
• Bundle and Save – If you insure your home and vehicles with one insurance company you may save up to 20% off your total IS 350 insurance premium.

It’s important to understand that some of the credits will not apply to all coverage premiums. A few only apply to the price of certain insurance coverages like comp or med pay. Despite the fact that it seems like you can get free auto insurance, company stockholders wouldn’t be very happy.

The information below illustrates the difference between Lexus IS 350 insurance costs with and without discounts applied to the policy premium. The data is based on a female driver, no violations or accidents, New Jersey state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, multi-policy, multi-car, marriage, and safe-driver discounts applied.

To find insurance companies who offer cheap Lexus IS 350 insurance quotes in Newark in Newark, click here to view.

Lexus IS 350 insurance rate analysis

The table shown below showcases different coverage costs for Lexus IS 350 models. Having a better idea how auto insurance premiums are determined can be valuable when making informed purchases.

Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Price estimates do not factor in specific zip code location which can change coverage prices considerably.

Where to set your deductibles

One of the more difficult decisions when buying insurance is what deductibles to buy. The comparison tables below show the cost difference between high and low coverage deductibles. The first price estimate table uses a $250 deductible for comprehensive and collision coverage and the second price chart uses a $500 deductible.

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Table data does not factor in specific Newark garaging location which can affect insurance rates significantly.

Using the premium rates above, we can conclude that using a $250 deductible will cost you approximately $23 more each month or $276 each year than choosing the higher $500 deductible. Because you would pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you usually have at a minimum 11 months between claims, you would probably save some money going with the higher deductible. The table below shows a better example of how we made this calculation.

One important caveat is that raising deductibles to get cheaper rates means you will have to pay more of your own money when you do file a claim. You need some extra savings in the event you need to pay the higher deductible.

Premiums by gender and age

The illustration below visualizes the comparison of Lexus IS 350 insurance prices for male and female drivers. The rates are based on no accidents or driving violations, comprehensive and collision coverage, $100 deductibles, single marital status, and no additional discounts are factored in.

Rate difference between full and liability-only coverage

The diagram below compares Lexus IS 350 auto insurance costs with full physical damage coverage and with liability coverage only. The costs are based on no claims, a clean driving record, $1,000 deductibles, single status, and no policy discounts are applied.

Should you pay for full coverage or liability only?

There is no set rule that is best for determining when to drop physical damage coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.

For example, let’s pretend your Lexus IS 350 book value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $2,000 after paying your policy deductible. If you are paying more than $200 a year for your policy with full coverage, then you might want to consider buying only liability coverage.

There are some circumstances where removing full coverage is not a good idea. If you haven’t satisfied your loan, you have to keep full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.

Can’t I compare rates from local Newark car insurance agents?

Some consumers prefer to visit with an insurance agent and that can be a great decision An additional benefit of comparing rates online is that you can obtain better rates and still choose a local agent. Putting coverage with local insurance agencies is important especially in Newark.

Once you complete this simple form, your insurance data is sent to agents in your area who will return price quotes for your insurance coverage. It’s much easier because you don’t need to contact any insurance agencies as quotes are delivered immediately to your email address. You’ll get the best rates without having to waste a lot of time. In the event you want to get a rate quote from a particular provider, you just need to navigate to their website and fill out their quote form.

Different types of Newark auto insurance agents

If you are wanting to purchase insurance from a reputable insurance agent or broker, there are two types of insurance agents to choose from. Insurance agents in Newark are either independent agents or exclusive agents depending on their employer.

Independent Insurance Agents

Agents in the independent channel do not work for one specific company so they have the ability to put coverage with any number of different companies and get the cheapest rates. To move your coverage to a new company, the business is moved internally and you can keep the same agent. If you are comparing insurance prices, it’s recommended you get quotes from several independent insurance agents to get the best comparison.

Below are independent insurance agencies in Newark that can possibly get you free insurance rate quotes.

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Exclusive Insurance Agencies

Exclusive insurance agents can only provide pricing for a single company and some examples include Farmers Insurance or State Farm. They are unable to place coverage with different providers so you need to shop around if the rates are high. These agents receive extensive training on their company’s products which helps them compete with independent agents.

Below is a short list of exclusive agents in Newark that can give you rate quotes.

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Choosing the best car insurance agent should depend on more than just the premium amount. The answers to these questions are important, too.

• Do they see any coverage gaps in your plan?
• How are claims handled?
• Which insurance companies are they affiliated with?
• How long has their agency been in business in Newark?
• What discounts might you be missing?
• Are claims handled at the agent’s location?
• Do they have 24-hour customer assistance?

After you get acceptable answers to any questions you may have in addition to an acceptable price estimate, chances are good that you have found a car insurance agent that will service your policy. Just be aware that you have the power to cancel coverage at any time so never feel you are locked into any particular company for a certain time period.

Car insurance just makes sense

Despite the high insurance cost for a Lexus IS 350 in Newark, car insurance may be mandatory for several reasons.

• Almost all states have minimum mandated liability insurance limits which means state laws require specific limits of liability protection in order to drive the car. 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 you bought your IS 350 with a loan, it’s guaranteed your bank will require that you have insurance to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the bank or lender will purchase a policy for your Lexus at a significantly higher premium and force you to pay for the much more expensive policy.
• Insurance protects both your car and your personal assets. It will also provide coverage for hospital and medical expenses for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, will also pay to defend you if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, your car insurance policy will cover the repair costs.

The benefits of having insurance definitely exceed the cost, especially with large liability claims. But the average American driver is wasting up to $820 a year so compare quotes from several companies at every renewal to save money.

Insurance coverage basics

Having a good grasp of your policy helps when choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring. These are typical coverage types available from insurance companies.

Comprehensive auto coverage – Comprehensive insurance coverage covers damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like rock chips in glass, damage from getting keyed, hitting a bird, falling objects and fire damage. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Collision – This coverage covers damage to your IS 350 caused by collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things like colliding with another moving vehicle, crashing into a building, colliding with a tree, rolling your car and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. Another option is to choose a higher deductible on your IS 350 to save money on collision insurance.

UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage provides protection when other motorists are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your Lexus IS 350.

Due to the fact that many New Jersey drivers carry very low liability coverage limits (15/30/5), it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked. Usually these limits are similar to your liability insurance amounts.

Liability auto insurance – This coverage can cover damages or injuries you inflict on other’s property or people in an accident. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 15/30/5 which stand for $15,000 bodily injury coverage, a limit of $30,000 in injury protection per accident, and a total limit of $5,000 for damage to vehicles and property. Occasionally you may see a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage pays for things such as structural damage, attorney fees, funeral expenses, pain and suffering and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but consider buying as large an amount as possible. New Jersey state minimum liability requirements are 15/30/5 but drivers should carry more coverage.

The illustration below shows why buying minimum limits may not be adequate.

Medical payments and PIP coverage – Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills for prosthetic devices, ambulance fees, hospital visits and dental work. They are used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. It covers you and your occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Compare but don’t skimp

We just presented quite a bit of information on how to compare Lexus IS 350 insurance premium rates in Newark. It’s most important to understand that the more times you quote, the better your comparison will be. You may even discover the best price on car insurance is with the least-expected company. Regional companies can often provide lower prices in certain areas as compared to the big name companies such as Progressive or GEICO.

Low-cost Lexus IS 350 insurance in Newark is attainable on the web and from local agencies, so you need to shop Newark car insurance with both to have the best chance of lowering rates. Some car insurance companies may not have the ability to get a quote online and usually these smaller companies only sell through local independent agencies.

Steps to saving money on Lexus IS 350 insurance in Newark

If you want to find the absolute lowest rates, then the best way to find the cheapest price for car insurance rates is to compare prices once a year from providers who can sell car insurance in Newark.

• Step 1: Gain an understanding of what coverages are included in your policy and the steps you can take to keep rates in check. Many risk factors that result in higher rates such as your driving record and poor credit rating can be remedied by making small lifestyle or driving habit changes.
• Step 2: Get rate quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give prices from one company like Progressive and State Farm, while agents who are independent can quote prices for a wide range of companies. View insurance agents
• Step 3: Compare the new rate quotes to the premium of your current policy to determine if you can save on IS 350 insurance in Newark. If you find a better price and switch companies, ensure there is no coverage lapse between policies.
• Step 4: Tell your current agent or company of your decision to cancel your existing policy. Submit a down payment along with a signed application to your new carrier. As soon as coverage is bound, place your new certificate verifying proof of insurance with your registration paperwork.

One piece of advice is that you use the same liability limits and deductibles on every quote and and to get price estimates from as many companies as you can. This enables an apples-to-apples comparison and the best price selection.

Even more information can be found in these articles:

• Safety Tips for Teen Drivers (Insurance Information Institute)
• Who Has Affordable Newark Car Insurance for Nurses? (FAQ)
• What Car Insurance is Cheapest for a 20 Year Old Male in Newark? (FAQ)
• Who Has the Cheapest Auto Insurance for Drivers with Bad Credit in Newark? (FAQ)
• Who Has the Cheapest Newark Auto Insurance for a GMC Sierra? (FAQ)
• Who Has the Cheapest Newark Car Insurance Rates for a Honda Civic? (FAQ)
• What Auto Insurance is Cheapest for Drivers with a DUI in Newark? (FAQ)
• Information for Teen Drivers (GEICO)
• Cellphones, Texting and Driving (iihs.org)