Lexus RX 350 Insurance Rates in Durham

Insurance rates Lexus RX 350 in DurhamThe best way we recommend to get the cheapest car insurance rates in Durham is to make a habit of regularly comparing prices from providers who can sell car insurance in North Carolina. You can compare rates by following these guidelines.

The key thing to know about shopping around is that you use the same physical damage deductibles and liability limits on every price quote and and to look at every insurance company. Doing this enables the most accurate price comparison and a better comparison of the market.

A recent auto insurance study revealed that nearly 70% of drivers have purchased from the same company for over three years, and almost half have never even shopped around for cheap coverage. Durham consumers could save 10% a year by just comparing rate quotes, but most tend to underestimate the big savings they would realize if they changed companies.

To find cheaper rates, there are a couple of ways of comparing rate quotes from many available auto insurance companies in North Carolina. The simplest method to compare rates consists of shopping online.

When comparison shopping, comparing a large number of companies helps locate the best offered rates. Some regional insurers cannot provide online price quotes, so you should also compare prices from them, too.

The following companies provide price comparisons in North Carolina. If multiple companies are listed, we recommend you visit two to three different companies to get the lowest price.

Rates and data analysis

The premium table shown next showcases different insurance prices for Lexus RX 350 models. Knowing how insurance prices are established helps drivers make smart choices when selecting a coverage provider.

Lexus RX 350 Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $196 $354 $282 $16 $84 $932 $78
RX 350 4WD $196 $354 $282 $16 $84 $932 $78
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Rate information does not factor in garaging location in Durham which can raise or lower prices greatly.

Physical damage deductible comparison

One common question asked by Durham drivers is which deductibles should you choose. The rates below may help to conceptualize how much more rates are of buying low and high policy deductibles. The first pricing table uses a $100 deductible and the second price table uses a $500 deductible.

Lexus RX 350 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $270 $524 $282 $16 $84 $1,201 $100
RX 350 4WD $270 $524 $282 $16 $84 $1,201 $100
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Lexus RX 350 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX 350 2WD $196 $354 $282 $16 $84 $932 $78
RX 350 4WD $196 $354 $282 $16 $84 $932 $78
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Table 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-policy, multi-vehicle, homeowner, and claim-free. Premium amounts do not factor in specific zip code location which can raise or lower prices significantly.

Using the premium rates above, we can conclude that using a $100 deductible will cost you about $22 more each month or $264 each year than opting for the higher $500 deductible. Because you would pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you go more than 18 months between claims, you would come out ahead by going with a higher deductible.

How to determine if raising deductibles makes sense

Average monthly premium for $100 deductibles: $100
Average monthly premium for $500 deductibles (subtract): – $78
Monthly savings from raising deductible: $22
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $22
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

Responsible drivers pay cheaper insurance rates

The diagram below demonstrates how citations and at-fault claims raise Lexus RX 350 auto insurance rates for different age categories. The premiums are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.

Do you need full coverage?

The diagram below shows the comparison of Lexus RX 350 insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on no claims or driving citations, $1,000 deductibles, single status, and no discounts are taken into consideration.

When to drop comprehensive and collision coverage

There is no set guideline of when to exclude comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.

For example, let’s assume your Lexus RX 350 replacement cost is $7,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company will settle for is $6,000 after paying your deductible. If you are currently paying more than $600 a year to have full coverage, then it’s probably a good time to buy liability coverage only.

There are a few cases where only buying liability is not in your best interest. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.

Three reasons to insure your vehicle

Despite the potentially high cost of Lexus RX 350 insurance, insurance may be required and benefits you in several ways.

The benefits of buying enough insurance are definitely more than the cost, particularly when you have a large claim. Despite what companies tell you, the average driver is currently overpaying as much as $700 annually so compare rate quotes at every renewal to ensure rates are competitive.

Why You Might Pay Lower Rates in Durham

Many things are taken into consideration when quoting car insurance. Some of the criteria are obvious such as your driving record, but other factors are more obscure such as whether you are married or your vehicle rating.

Claim-free discounts can add up – If you’re an insured who likes to file claims you should expect higher premiums or even policy non-renewal. Car insurance companies in North Carolina give the best rates to drivers who only file infrequent claims. Your car insurance is designed for the large, substantial claims.

Raise comp and collision deductibles and save – Comprehensive and collision coverage deductibles tell how much you are required to pay before your insurance pays a claim. Protection for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. Some examples of claims that would be covered could be rear-ending another vehicle, hail damage, and damage from wind. The more money you have to pay, the less money you will pay for insurance.

Avoid unnecessary add-on coverages – Policies have extra coverages that you can buy if you don’t pay attention. Coverages for rental car reimbursement, high-cost glass coverage, and Farm Bureau memberships could be just wasting money. These coverages may sound good at first, but now you might not need them so remove them from your policy.

Men drivers tend to cost more – Over the last 50 years, statistics have shown women tend to be less risk to insure than men. The data does not necessarily mean that females are better at driving than males. Women and men tend to get into fender benders in similar numbers, but the male of the species tend to have more serious accidents. Men also tend to get ticketed for serious violations such as DWI and reckless driving.

The diagram below shows the comparison of Lexus RX 350 car insurance costs for male and female drivers. The data assumes no claims or driving violations, comp and collision included, $250 deductibles, single status, and no discounts are taken into consideration.

Age of drivers – Drivers with little experience have been known to be inattentive when driving so insurance rates are higher. Having to add a youthful driver to your insurance policy will cause a huge premium hike. More mature drivers have been proven to be more responsible, cost insurance companies less in claims, and are safer drivers.

The data below assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.

Do you qualify for a multi-policy discount? – Most major insurance companies will award discounts to clients who carry more than one policy, otherwise known as a multi-policy discount. Even with this discount applied, it’s always a smart idea to compare other Durham RX 350 insurance rates to make sure you are getting the best deal. You may still be able to save money by insuring with multiple companies.

Safer the car lower the rate – Safer cars can get you lower premiums. Safer cars reduce injuries and better occupant protection translates into fewer and smaller insurance claims which can result in lower premiums. If your Lexus is rated at a minimum four stars on it may cost less to insure.

Loss probability for a Lexus RX 350 – Insurance companies use past insurance losses when setting rates for each model. Vehicles that the data shows to have a trend towards higher claims will cost more for specific coverages. The next table illustrates the loss history for Lexus RX 350 vehicles.

For each policy coverage, the claim amount for all vehicles compiled together is considered to be 100. Numbers below 100 indicate better than average losses, while numbers above 100 point to more losses or statistically larger losses.

Lexus RX 350 Insurance Claim Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus RX 350 4dr 2WD 111 96 91 72 97 88
Lexus RX 350 4dr 4WD 122 99 112 83 75 78

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

These discounts can lower your car insurance rates

Some companies don’t always list every available discount in a way that’s easy to find, so here is a list a few of the more common as well as some of the hidden discounts that you can inquire about if you buy Durham car insurance online. If you check and find you aren’t receiving every discount possible, it’s possible you qualify for a lower rate.Discount car insurance

Keep in mind that most of the big mark downs will not be given to the entire cost. Most only apply to specific coverage prices like medical payments or collision. So despite the fact that it appears all the discounts add up to a free policy, nobody gets a free ride.

The information below compares Lexus RX 350 car insurance costs with and without discounts applied to the premium. The price estimates are based on a female driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, multi-car, marriage, multi-policy, and homeowner discounts applied.

Popular car insurance companies and their possible discounts are:

When getting a coverage quote, ask every prospective company which credits you are entitled to. All car insurance discounts might not be offered on policies in your state. If you would like to choose from a list of insurance companies who offer discounts in Durham, follow this link.

Auto insurance agents can help

A lot of people would rather get advice from a local agent and that is recommended in a lot of cases A nice benefit of price shopping on the web is that you can obtain the lowest rates and still buy from a local agent. Putting coverage with local insurance agencies is important particularly in Durham.

Find insurance agent in DurhamFor easy comparison, once you complete this simple form, your information is submitted to local insurance agents in Durham who will give you bids for your business. You won’t even need to search for an agent since price quotes are sent to you. You can find better rates without requiring a lot of work. If you wish to quote rates from one company in particular, you can always find their quoting web page and give them your coverage information.

Choosing the best company requires you to look at more than just the quoted price. The questions below may impact your decision as well.

Affordable coverage is out there

As you go through the steps to switch your coverage, it’s a bad idea to buy less coverage just to save a little money. There are too many instances where someone sacrificed collision coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your strategy should be to purchase a proper amount of coverage at the best possible price while not skimping on critical coverages.

In this article, we covered a lot of information how to shop for Lexus RX 350 insurance online. It’s most important to understand that the more companies you get prices for, the better likelihood of getting inexpensive Durham car insurance quotes. Consumers may even find the lowest premium rates are with an unexpected company.

Low-cost Lexus RX 350 insurance in Durham is attainable both online in addition to many Durham insurance agents, and you should compare rates from both to have the best rate selection. There are still a few companies who do not provide online rate quotes and these smaller companies sell through independent agencies.

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