How many years has it been since you compared lower-priced Lexus IS 250 insurance in Oklahoma City? Are you kicking yourself for buying an expensive car insurance policy? You’re in good company because many Oklahoma City consumers feel financially strained by their car insurance policy.
We don’t have to tell you that car insurance companies don’t want you comparing rates. People who get comparison quotes at least once a year will most likely switch companies because there is a great chance of finding a more affordable policy. A recent survey discovered that consumers who routinely compared rates saved on average $3,450 over four years compared to those who never shopped around.
If finding the lowest price for auto insurance in Oklahoma City is the reason for your visit, then knowing the best ways to shop for insurance can make it easier for you to save money.
Steps to finding low-cost rates for Lexus IS 250 insurance in Oklahoma City
Truthfully, the best way to find the cheapest price for auto insurance rates in Oklahoma City is to do a yearly price comparison from insurance carriers in Oklahoma.
- First, gain an understanding of coverages and the steps you can take to prevent expensive coverage. Many risk factors that result in higher prices such as accidents, traffic violations, and a lousy credit rating can be eliminated by making minor changes to your lifestyle.
- Second, get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like GEICO or State Farm, while independent agencies can provide rate quotes from many different companies.
- Third, compare the new quotes to your existing rates and determine if cheaper IS 250 coverage is available in Oklahoma City. If you can save some money and buy the policy, verify that coverage does not lapse between policies.
- Fourth, provide adequate notice to your current company of your intention to cancel your current car insurance policy and submit a signed application and payment to the new company. As soon as you receive it, keep your new certificate of insurance with your vehicle’s registration.
One key aspect when comparing rates is to use similar limits and deductibles on each price quote and and to get prices from as many companies as you can. Doing this helps ensure a fair price comparison and a complete selection of prices.
Multiple car insurance companies compete for your business, and because of this it can be hard to compare insurers and get the definite best rate on Lexus IS 250 insurance in Oklahoma City.
It is always a good idea to compare prices before your next renewal because prices tend to go up over time. Even if you think you had the best quotes on Lexus IS 250 insurance in Oklahoma City at your last renewal a different company probably has better rates today. You can search a lot of IS 250 insurance on the internet, but in a few minutes you can learn a bunch of ideas how to lower your car insurance bill.
If you currently have a car insurance policy, you will most likely be able to lower your rates using the concepts you’re about to learn. Locating the best rates in Oklahoma City can be made easier if you know where to look. But Oklahoma car owners do need to understand how big insurance companies market insurance on the web and use this information to your advantage.
How Insurance Providers Determine Lexus IS 250 Insurance Rates
Lots of things are part of the calculation when pricing auto insurance. Some of the criteria are obvious such as your driving record, but other criteria are less apparent such as your marital status or your financial responsibility. A large part of saving on insurance is knowing some of the factors that are used to determine your insurance rates. If you have some idea of what determines premiums, this empowers consumers to make smart changes that may result in big savings.
The list below includes some of the most rate-impacting factors insurance companies consider when setting your premiums.
- Cheaper rates with high comp and collision deductibles – The deductibles you choose define the amount the insured will be required to pay in the event of a claim. Physical damage insurance, also called comprehensive and collision insurance, protects your car from damage. Examples of covered claims are colliding with a stationary object, fire damage, and damage caused by road hazards. The more you pay before a claim is paid (deductible), the bigger discount you will receive.
- Get married and pay lower costs – Having a significant other helps lower the price on insurance. Marriage is viewed as being more mature and it’s proven that married drivers tend to file fewer claims.
- Save annual miles and save money – The higher the mileage driven every year the more you will pay for insurance. Most companies apply a rate based upon how the vehicle is primarily used. Autos that sit idle most of the time get more affordable rates than cars that get driven a lot. A policy that improperly rates your IS 250 may be costing you higher rates. It’s always a good idea to double check that your declarations sheet states the correct usage.
The type of car you drive affects your costs – The performance of the vehicle you drive makes a huge difference in how high your rates are. The lowest premiums are for smaller low performance passenger cars, but the final cost of insurance is determined by many other factors.
The data below uses these assumptions: single male driver age 40, full coverage with $1000 deductibles, and no discounts or violations. It compares Lexus IS 250 insurance rates compared to other models of vehicles that have a range of performance risks.
- Alarm systems systems cut prices – Choosing to buy a car with anti-theft technology or alarm system can help lower your rates. Theft deterrent systems like GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping car theft.
- Too many insurance claims and you’ll pay more – Insurance companies in Oklahoma generally give cheaper rates to people that do not abuse their auto insurance. If you file a lot of claims you can expect either policy cancellation or increased premiums. Your insurance policy is meant to be used in the event of more catastrophic claims.
- Never let your insurance policy expire – Allowing your insurance policy to lapse will be a fast way to increase your rates. In addition to paying higher premiums, not being able to provide proof of insurance will get you a license revocation or jail time.
Insurance loss probability for a Lexus IS 250 – Companies use statistical claims data when they set coverage costs for each model. Models that have a trend towards higher claims will cost more to insure.
The information below illustrates the collected loss data for Lexus IS 250 vehicles. For each policy coverage type, the statistical loss for all vehicles, regardless of make or model, is equal to 100. Values below 100 indicate better than average losses, while numbers above 100 indicate more frequent losses or statistically larger losses.
Car Insurance Loss Data for Lexus IS 250 Models Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus IS 250 4dr 2WD 179 103 177 116 146 115 Lexus IS 250 4dr 4WD 177 87 186 118 Lexus IS 250 Convertible 135 80 84BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Insurance analysis for a Lexus IS 250
The table displayed next outlines a range of insurance premium costs for Lexus IS 250 models. Having a good grasp of how auto insurance policy rates are determined can benefit drivers when making decisions on which coverage to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 250 4-Dr Sedan||$248||$544||$366||$22||$110||$1,290||$108|
|IS 250 AWD 4-Dr||$276||$544||$366||$22||$110||$1,318||$110|
|IS 250 C 2-Dr Convertible||$276||$544||$430||$26||$128||$1,404||$117|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Table data does not factor in specific Oklahoma City garaging location which can decrease or increase coverage prices greatly.
The chart below shows how choosing a deductible and can affect Lexus IS 250 insurance premiums for each different age group. The prices are based on a single female driver, comprehensive and collision coverage, and no discounts are factored in.
How accidents and violations affect rates in Oklahoma City
The diagram below shows how traffic citations and fender-benders can raise Lexus IS 250 car insurance rates for each different age group. The data is based on a married male driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
Age, gender, and Lexus IS 250 insurance
The diagram below compares Lexus IS 250 insurance premiums for male and female drivers. Data assumes no claims or violations, full coverage, $100 deductibles, drivers are not married, and no discounts are factored in.
Get lower-cost Lexus IS 250 insurance in Oklahoma City with discounts
Companies offering auto insurance do not advertise every discount available in a way that’s easy to find, so the next list breaks down both the well known as well as some of the hidden discounts that may be available. If you check and find you aren’t receiving every discount available, it’s possible you qualify for a lower rate.
- Military Discounts – Having a deployed family member can result in better rates.
- Multi-policy Discount – If you can bundle your home and auto insurance with the same insurance company you may save at least 10 to 15 percent or more.
- Discounts for Multiple Vehicles – Insuring multiple vehicles with the same insurance company qualifies for this discount.
- Online Discount – A handful of larger companies give back up to $50 for signing up on the web.
- Drivers Ed for Students – Require your teen driver to enroll in driver’s education as it can save substantially.
- Discounts for Government Workers – Having worked for a branch of the government can save as much as 8% with a few insurance companies.
- Good Driver Discounts – Insureds who avoid accidents can save as much as half off their rates compared to accident prone drivers.
- Anti-theft Discount – Vehicles with anti-theft systems are stolen less frequently and that can save you a little bit as well.
- Defensive Driver Discount – Passing a course in defensive driving may get you a small discount if your company offers it.
Don’t be shocked that most discount credits are not given to the whole policy. Most only reduce the price of certain insurance coverages like collision or personal injury protection. Even though it may seem like you would end up receiving a 100% discount, you won’t be that lucky.
The illustration below shows the difference between Lexus IS 250 car insurance costs with and without discounts applied to the rates. The costs are based on a female driver, a clean driving record, no at-fault accidents, Oklahoma state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, multi-policy, homeowner, marriage, and claim-free discounts applied.
Larger insurance companies and a summarized list of policyholder discounts can be read below.
- American Family discounts include TimeAway discount, multi-vehicle, Steer into Savings, defensive driver, and air bags.
- Nationwide includes discounts for good student, accident-free, Farm Bureau membership, multi-policy, and anti-theft.
- MetLife may have discounts that include good driver, good student, multi-policy, defensive driver, claim-free, accident-free
- 21st Century offers premium reductions for theft prevention, teen driver, anti-lock brakes, defensive driver, 55 and older, and homeowners.
- Farmers Insurance may offer discounts for electronic funds transfer, switch companies, teen driver, bundle discounts, youthful driver, multi-car, and distant student.
- Allstate policyholders can earn discounts including resident student, safe driver, eSmart discount, passive restraint, and FullPay discount.
Double check with each company how many discounts you can get. A few discounts may not apply to policyholders in Oklahoma City. To choose companies with significant discounts in Oklahoma City, click here to view.
Some auto insurance companies do not offer price quotes online and usually these regional carriers prefer to sell through independent agents. Cost effective Lexus IS 250 insurance can be bought both online and with local Oklahoma City insurance agents, so compare prices from both to have the best chance of lowering rates.
As you shop your coverage around, it’s not a good idea to buy lower coverage limits just to save a few bucks. There have been many cases where consumers will sacrifice liability limits or collision coverage only to regret that the small savings ended up costing them much more. The proper strategy is to buy the best coverage you can find for the lowest price and still be able to protect your assets.
Steps to saving on Lexus IS 250 insurance in Oklahoma City
If your goal is the lowest price, then the best way to find discount Lexus IS 250 insurance is to start comparing prices yearly from different companies that insure vehicles in Oklahoma City. Rates can be compared by following these guidelines.
First, take a little time to learn about how insurance companies determine prices and the factors you can control to prevent expensive coverage. Many policy risk factors that cause high rates such as inattentive driving and poor credit history can be improved by paying attention to minor details.
Second, request price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like GEICO and Allstate, while independent agents can give you price quotes from many different companies.
Third, compare the price quotes to your existing policy to determine if you can save on IS 250 insurance. If you find a lower rate quote and change companies, ensure coverage does not lapse between policies.
Fourth, give notification to your agent or company to cancel your current auto insurance policy. Submit payment and a completed application to your new carrier. As soon as you have the new policy, put the new certificate verifying proof of insurance in an easily accessible location in your vehicle.
A crucial key to this process is to use similar deductibles and liability limits on each quote request and and to get prices from as many car insurance companies as possible. This provides an accurate price comparison and a complete selection of prices.
To learn more, feel free to browse these articles:
- Shopping for a Safe Car (Insurance Information Institute)
- Who Has the Cheapest Oklahoma City Auto Insurance for Drivers Requiring a SR22? (FAQ)
- Who Has Affordable Auto Insurance Rates for Business Use in Oklahoma City? (FAQ)
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)
- Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
- Where can I buy Insurance? (Insurance Information Institute)
- What Does No-Fault Insurance Cover? (Allstate)