Finding a different company that has low cost Lexus ES 350 insurance may appear to be difficult at first if you are someone who has never done online rate comparisons. But don’t surrender to high rates because we’re going to show you how to find lower-cost Lexus ES 350 in Charlotte.
Anyone knows that insurance companies want to keep you from comparing prices. Consumers who rate shop once a year will, in all likelihood, switch companies because there are good odds of finding lower prices. A recent study showed that drivers who make a habit of shopping around saved about $850 each year compared to policyholders who don’t regularly compare prices.
If finding the best rates on insurance is the reason for your visit, learning the best ways to shop for auto insurance can help you be more efficient.
How to compare Lexus ES 350 insurance quotes in Charlotte
When shopping for the cheapest Lexus ES 350 rate quotes, there are a couple of ways of comparing rates from auto insurance companies in your area. One of the best ways to comparison shop is to get quotes online. When comparison shopping, making a lot of price comparisons helps improve the odds of finding a lower rate than you’re paying now.
The auto insurance companies shown below offer free quotes in North Carolina. If you want to find cheap car insurance in Charlotte, we suggest you compare several of them in order to get a fair rate comparison.
These eight discounts can lower your car insurance rates
The cost of insuring your cars can be expensive, but you might already qualify for some discounts to cut the cost considerably. A few discounts will be applied when you get a quote, but once in a while a discount must be inquired about before you get the savings.
- Discounts for Federal Employees – Federal government employees could qualify for a slight premium decrease with certain companies.
- Cautious Drivers – Safe drivers can get discounts for up to 45% lower rates than their less cautious counterparts.
- Theft Prevention Discount – Cars equipped with anti-theft or alarm systems can help prevent theft and earn discounts up to 10% off your Charlotte auto insurance quote.
- Bundled Policy Discount – If you insure your home and vehicles with one company you could save as much as 10 to 15 percent.
- Distant Student – Kids who live away from home at college and do not have a car may be insured at a cheaper rate.
- Multi-Vehicle Discounts – Buying coverage for all your vehicles with the same company qualifies for this discount.
- Drivers Education – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class if offered at their school.
- Multi-line Discount – Larger companies have a break if you buy life insurance.
We need to note that most discounts do not apply to the entire cost. Most only cut the price of certain insurance coverages like collision or personal injury protection. Despite the fact that it seems like adding up those discounts means a free policy, insurance companies wouldn’t stay in business.
The chart below visualizes the comparison of Lexus ES 350 insurance prices with and without discounts applied to the policy premium. The rates are based on a male driver, no accidents or driving violations, North Carolina state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, homeowner, claim-free, multi-policy, and multi-car discounts applied.
Companies that have these benefits may include but are not limited to:
Before purchasing a policy, check with each company or agent which credits you are entitled to. Some credits may not be offered in Charlotte. If you would like to view insurance companies with discount rates in Charlotte, click this link.
Insurance statistics and figures
The table below showcases a range of prices for Lexus ES 350 models. Having a good grasp of how car insurance premiums are determined can be valuable when making smart choices when comparing insurance quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $276 | $440 | $278 | $16 | $84 | $1,094 | $91 |
| Get Your Own Custom Quote Go | |||||||
Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, homeowner, and safe-driver. Price information does not factor in zip code location which can alter premium rates greatly.
Policy deductible comparison
When buying insurance, a common question is which deductible level should you buy. The figures shown below illustrate the price difference of buying low and high physical damage coverage deductibles. The first rate estimation uses a $250 comprehensive and collision deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $242 | $440 | $212 | $12 | $64 | $995 | $83 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $196 | $354 | $212 | $12 | $64 | $838 | $70 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Information does not factor in zip code location which can revise coverage prices considerably.
Using the premium rates above, we can conclude that using a $250 deductible costs about $13 more each month or $156 for a full year than opting for the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you go more than 19 months between claims, you would more than likely save some money if you choose the higher deductible.
How to determine if a higher deductible is a good idea
| Average monthly premium for $250 deductibles: | $83 |
| Average monthly premium for $500 deductibles (subtract): | – $70 |
| Monthly savings from raising deductible: | $13 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $13 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 19 months |
One important note is that a higher deductible results in more money out-of-pocket when you have a comprehensive or collision claim. You must have some extra savings in order to pay more for the deductible.
The example below highlights how deductible selection and can affect Lexus ES 350 insurance costs for different insured age categories. The costs are based on a single male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Bad driving habits will cost you more
The illustration below illustrates how violations and at-fault fender-benders can drive up Lexus ES 350 auto insurance rates for different age groups of insureds. The data assumes a single female driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.
Men versus women drivers and insurance cost
The example below visualizes the comparison of Lexus ES 350 annual premium costs for male and female drivers. The rate quotes are based on no violations or claims, full coverage, $250 deductibles, drivers are not married, and no discounts are factored in.
Rate comparison of full coverage and liability-only
The diagram below shows the difference between Lexus ES 350 car insurance costs when comparing full coverage to liability only. The information is based on a clean driving record, no at-fault accidents, $250 deductibles, single status, and no policy discounts are applied.
When to switch to liability coverage only
There is no definitive formula of when to eliminate full coverage, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s assume your Lexus ES 350 replacement cost is $7,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $6,000 after paying the physical damage deductible. If premiums are more than $600 a year for full coverage, then you may want to consider only buying liability coverage.
There are a few cases where eliminating full coverage is not advised. If you haven’t satisfied your loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.