Lexus ES 350 Insurance Rates in Durham

Comparing and finding cheap prices for Lexus ES 350 insurance in Durham can seem to be nearly impossible for beginners to online price comparisons. With more and more insurance companies available, it can be a burden to locate the lowest prices.

Insurance quote for Lexus ES 350 in DurhamStatistics show that nearly 70% of drivers have remained with the same car insurance company for at least four years, and almost 40% of drivers have never shopped around. North Carolina consumers can save about $94 each year by just shopping around, but they won’t spend time to shop around.

It’s a great practice to compare prices periodically because car insurance rates are variable and change quite frequently. Even if you got the lowest premium rates on Lexus ES 350 insurance in Durham a couple years back you may be paying too much now. Forget all the misinformation about car insurance because it’s time to teach you the things you must know in order to reduce your cost while increasing coverage.

If you have a current insurance policy, you will definitely be able to lower your rates using the ideas covered in this article. Finding cheaper policy in Durham is not as hard as you may think. Although North Carolina drivers do need to understand the way companies sell online because it varies considerably.

To find the best auto insurance prices, there are several ways of comparing rates from many auto insurance companies in North Carolina. The best way to find affordable insurance rates is to jump online and get quotes. Just remember that making a lot of price comparisons will enable you to find a lower rate than you’re paying now. Some smaller insurers do not give online Durham ES 350 insurance quotes, so it’s necessary to compare rates from them as well.

The providers in the list below provide price comparisons in North Carolina. If your goal is to find cheap car insurance in Durham, it’s highly recommended you get price quotes from several of them to find the lowest auto insurance rates.

Lexus ES 350 insurance charts and tables

The premium table shown below highlights different policy rates for Lexus ES 350 models. Knowing how insurance prices are formulated can help customers make smart choices when comparing insurance rates.

Lexus ES 350 Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
ES 350 $188 $400 $276 $16 $82 $962 $80
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Estimates do not factor in specific garaging location which can decrease or increase rates considerably.

Physical damage deductible comparison

One frequently asked question is how high should your deductibles be. The figures shown below help summarize how much more rates are of buying low and high policy deductibles. The first rate table uses a $250 deductible for comp and collision and the second data table uses a $1,000 deductible.

Lexus ES 350 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
ES 350 $242 $440 $212 $12 $64 $995 $83
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Lexus ES 350 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
ES 350 $150 $276 $212 $12 $64 $714 $60
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Price information does not factor in garaging location in Durham which can revise insurance rates significantly.

Based on this data, using a $250 deductible costs approximately $23 more each month or $276 a year averaged for all ES 350 models than opting for the higher $1,000 deductible. Because you would pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 33 months between claims, you would come out ahead if you choose the higher deductible. Here’s a better example of how this determination is made.

Average monthly premium for $250 deductibles: $83
Average monthly premium for $1,000 deductibles (subtract): – $60
Monthly savings from raising deductible: $23
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $23
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 33 months

One thing to note is that a higher deductible means you will have to pay more when you have a comprehensive or collision claim. That will require access to more funds in the event you need to pay more to get your vehicle repaired.

Full coverage or liability only

The illustration below compares Lexus ES 350 auto insurance rates with and without physical damage coverage. The premiums are based on no claims or driving citations, $500 deductibles, drivers are single, and no discounts are taken into consideration.

When to switch to liability coverage only

There is no set rule to drop comp and collision coverage, but there is a general guideline. If the yearly cost of full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.

For example, let’s say your Lexus ES 350 settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would get paid by your company is $8,000 after paying your deductible. If you are currently paying more than $800 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.

There are some circumstances where removing full coverage is not a good plan. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not eliminate full coverage.

Find Lexus ES 350 Insurance for Less

Part of the car insurance buying process is learning a few of the rating criteria that help calculate the rates you pay for car insurance. When you understand what impacts premium levels, this allows you to make educated decisions that can help you get big savings.

The itemized list below are just a few of the factors car insurance companies consider when setting your rate level.

How many miles do you drive? – The more you drive your Lexus each year the higher the price you pay to insure it. Many insurance companies rate vehicles based on their usage. Cars not used for work or commuting receive lower rates than vehicles that are driven to work every day. An incorrectly rated ES 350 may be costing you. It’s always a good idea to double check that your vehicle rating is showing the correct usage for each vehicle, because improper ratings can cost you money.

Safeguard your assets with liability insurance – Liability insurance is the coverage that protects you if you are found to be at fault for an accident. Liability insurance provides legal defense coverage which can cost thousands of dollars. It is affordable coverage compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.

Low credit rating equals high prices – Your credit rating is a big factor in determining premium rates. If your credit score leaves room for improvement, you could be paying less to insure your Lexus ES 350 by taking the time to improve your credit score. People with high credit ratings tend to be more responsible and file fewer claims as compared to drivers with bad credit.

Save money by eliminating extra policy coverages – There are a lot of extra coverages that sound like a good idea at the time on your car insurance policy. Things like vanishing deductibles, towing, and extra equipment coverage are probably not needed. These coverages may sound good at first, but now you might not need them so consider taking them off your policy.

Get better rates if married – Getting married may cut your premiums on your car insurance policy. Having a spouse usually means you are more stable financially and insurance companies reward insureds because married couples file fewer claims.

Rates increase with driving citations – Your driving record influences premium rates substantially. Drivers who don’t get tickets get better rates than people who have multiple driving citations. Having just one citation can boost insurance rates by as much as twenty percent. Drivers who have dangerous violations such as DUI, reckless driving or excessive speeding may need to file a SR-22 to the state department of motor vehicles in order to legally drive.

The diagram below shows how traffic citations and at-fault claims drive up Lexus ES 350 auto insurance rates for different age groups. The data assumes a married female driver, comp and collision included, $250 deductibles, and no discounts are applied.

Higher comp and collision deductibles reduce rates – Physical damage coverage, also known as collision and other-than-collision, is used to repair damage to your vehicle. Some instances where coverage would apply would be colliding with a building, hail damage, or theft. Physical damage deductibles state the amount of money you are required to spend if the claim is covered. The more expense the insured is willing to pay, the less money you will pay for car insurance.

Multiple policies with one company – Many insurers allow lower prices for people that purchase more than one policy. It’s known as a multi-policy discount. Even though this discount sounds good, it’s in your best interest to compare other Durham ES 350 insurance rates to guarantee you are still saving the most.

Insurance loss data for a Lexus ES 350 – Insurance companies include the past claim history for a vehicle as a way to help calculate a profitable premium price. Vehicles that are shown to have higher prevalence or dollar amount of losses will cost more for specific coverages.

The table shown below demonstrates the compiled insurance loss statistics for Lexus ES 350 vehicles. For each policy coverage type, the claim probability for all vehicles, regardless of make or model, is set at 100. Values that are 100 or less suggest losses that are better than average, while percentages above 100 point to more losses or an increased likelihood of larger losses.

Insurance Loss Ratings for Lexus ES 350 Vehicles
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus ES 350 4dr 126 79 160 91 100 78

Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Three reasons to insure your Lexus vehicle

Even though it can be expensive, insurance serves several important purposes.

The benefits of carrying adequate insurance are without a doubt worth the cost, especially for larger claims. According to a 2015 survey, the average American driver is overpaying over $800 each year so we recommend shopping around every year to ensure rates are competitive.