Auto Insurance Rate Quotes for a Lexus ES 350 in Oklahoma City

The most effective way to get cheaper car insurance rates in Oklahoma City is to compare prices once a year from different companies who sell insurance in Oklahoma.

First, spend a few minutes and learn about auto insurance and the changes you can make to prevent rate increases. Many policy risk factors that result in higher prices such as at-fault accidents, speeding tickets, and a not-so-good credit score can be rectified by making minor changes to your lifestyle. Continue reading for more information to get cheaper coverage and find overlooked discounts.

Second, compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can provide price quotes from multiple companies.

Third, compare the price quotes to your current policy premium to see if you can save by switching companies. If you find a better price and switch companies, make sure the effective date of the new policy is the same as the expiration date of the old one.

An important part of this process is to compare identical coverages on every price quote and and to analyze as many companies as feasibly possible. This enables an accurate price comparison and the most accurate and complete price analysis.

It’s astonishing, but most insurance policyholders renewed their policy with the same company for at least the last four years, and approximately 40% of consumers have never shopped around. With the average insurance premium being $1,777, Oklahoma City drivers could save themselves about 35% a year, but they just assume it’s a time-consuming process to compare rate quotes online.

Which Lexus ES 350 insurance is cheapest in Oklahoma City, OK?

To get the cheapest Lexus ES 350 rate quotes, there a variety of ways to obtain and compare prices from many available auto insurance companies in Oklahoma. The fastest way to compare rates involves getting comparison quotes online.

Comparison shopping price quotes online is easy and it makes it obsolete to make phone calls or go to insurance agents’ offices. Buying insurance online makes this unnecessary unless you require the professional guidance that only a licensed agent can provide. Drivers can get the lowest quotes online but still have the advice of a local agent.

When comparing auto insurance rates, know that more quotes will improve the odds of getting the best offered rates.

The companies shown below have been selected to offer price quotes in Oklahoma. If the list has multiple companies, we suggest you click on several of them in order to find the lowest rates.

Insurance coverage details

The data table displayed next outlines a range of insurance policy prices for Lexus ES 350 models. Learning how car insurance prices are figured is important to be able to make informed decisions.

Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Prices do not factor in specific garaging location which can raise or lower premium rates noticeably.

An analysis of deductible level

One frequently asked question is at what level do you set your deductibles. The rates below can help illustrate the cost difference between high and low physical damage deductibles. The first price estimate table uses a $100 deductible for comprehensive and collision coverage and the second price table uses a $500 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Estimates do not factor in your specific Oklahoma City location which can affect insurance rates substantially.

Based on the figures above, using a $100 deductible costs about $39 more each month or $468 each year averaged for all ES 350 models than opting for the higher $500 deductible. Since you would pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 10 months between claim filings, you would come out ahead going with the higher deductible. The illustration below shows an example of how you can make this decision for your own policy.

Car insurance premiums by gender

The example below illustrates the difference between Lexus ES 350 insurance prices for male and female drivers. The premiums assume no violations or claims, comp and collision included, $500 deductibles, single status, and no other discounts are factored in.

Do you need full coverage?

The example below visualizes the comparison of Lexus ES 350 insurance costs with and without physical damage coverage. The information is based on no violations or claims, $250 deductibles, drivers are single, and no discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no clear-cut rule to exclude full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is 10% or more of the replacement cost minus the deductible, then it may be the right time to buy liability only.

For example, let’s pretend your Lexus ES 350 book value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after the policy deductible has been paid. If premium cost is more than $600 annually for physical damage coverage, then it could be time to drop full coverage.

There are some conditions where removing full coverage is not a good idea. If you haven’t paid off 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 if your current one is damaged, you should not buy liability only.

How You Can Control Lexus ES 350 Insurance Rates

The best way to find cheaper insurance is to take a look at the different types of things that play a part in calculating the price you pay for insurance. If you have some idea of what controls the rates you pay, this allows you to make educated decisions that can help you get much lower annual insurance costs.

• Single drivers may get higher prices – Having a wife or husband may save some money when shopping for insurance. Marriage may mean you are more mature and statistics show married drivers tend to file fewer claims.

• Cautious drivers pay better costs – A bad driving record has a lot to do with how much you pay for insurance. Even one chargeable violation can bump up the cost to the point where it’s not affordable. Drivers with clean records pay less for auto insurance than their less careful counterparts. Drivers who have gotten severe violations such as DUI, reckless driving or excessive speeding may find they need to file a proof of financial responsibility form (SR-22) with their state’s department of motor vehicles in order to prevent a license revocation.

  The chart below highlights how speeding tickets and accidents can affect Lexus ES 350 insurance costs for each age group. The premiums assume a married male driver, comp and collision included, $500 deductibles, and no policy discounts are applied.

• With age comes lower prices – Older people have been proven to be more responsible, file fewer claims, and receive fewer citations. Teenage drivers tend to be inattentive when at the wheel of a vehicle and because of this, their insurance rates are much higher.

  The following data is based on a single driver, full coverage with $500 deductibles, and no discounts or violations.

• Demanding employer may mean higher rates – Did you know that where you work can have an impact on rates? Occupations such as military personnel, airline pilots, and medical professionals tend to pay the highest rates due to job stress and extremely grueling work hours. On the flip side, occupations like farmers, historians and homemakers have the lowest average rates.
• If you don’t need it don’t buy it – There are a lot of add-on coverages you can purchase when buying insurance. Insurance for rental car reimbursement, death and dismemberment, and extra life insurance coverage are examples of these. These coverages may sound good when buying your policy, but now you might not need them so think about removing them and cutting costs.
• Rural vs Urban Areas – Being located in small towns and rural areas has definite advantages when trying to find low car insurance rates. People in densely populated areas have to deal with traffic congestion and longer commutes to work. Less people means reduced accidents in addition to lower liability claims.
• Low mileage costs less – The more you drive your Lexus in a year the higher your rates will be. Most insurance companies rate vehicles based upon how you use the vehicle. Vehicles that sit idle most of the time cost less to insure as compared to vehicles used primarily for driving to work. Having the wrong rating on your ES 350 is throwing money out the window. It’s a smart idea to ensure your insurance declarations sheet properly reflects the correct usage for each vehicle.

• Lexus ES 350 insurance loss statistics – Insurers use historical loss data to calculate a rate that offsets possible losses. Models that tend to have higher claim amounts or frequency will cost more to insure.

  The information below illustrates the loss history for Lexus ES 350 vehicles. For each coverage type, the loss probability for all vehicles, as a total average, is represented as 100. Percentage numbers below 100 suggest a better than average loss history, while numbers that are greater than 100 show a trend for more claims or an increased probability of a larger loss.

  
  

  Insurance Loss Ratings for Lexus ES 350 Vehicles

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Lexus ES 350 4dr	126	79	160	91	100	78

  BETTER

  AVERAGE

  WORSE

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

Choosing Lexus vehicle insurance is an important decision

Despite the fact that car insurance is not cheap in Oklahoma City, insuring your vehicle is not optional due to several reasons.

• Almost all states have minimum mandated liability insurance limits which means you are required to buy a specific level of liability insurance coverage in order to drive the car. In Oklahoma these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you have a loan on your vehicle, it’s most likely the lender will make it mandatory that you buy insurance to guarantee loan repayment. If you default on your policy, the lender may have to buy a policy to insure your Lexus at a much higher rate and force you to pay the higher premium.
• Car insurance preserves not only your Lexus but also your assets. It will also cover medical transport and hospital expenses for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if you cause an accident and are sued. If your car is damaged in a storm or accident, your policy will pay all costs to repair after the deductible has been paid.

The benefits of having car insurance definitely exceed the price paid, particularly for liability claims. The average driver in America overpays as much as $865 each year so it’s very important to do a rate comparison every year to ensure rates are inline.