Find Cheaper Lexus IS 350 Insurance in Miami

Locating better insurance prices for a Lexus IS 350 in Florida can turn out to be a painful process, but you can learn a few tricks to make it easier. There are more efficient ways to shop for auto insurance so you’re going to learn the absolute fastest way to get price quotes for a new or used Lexus and obtain the lowest price from both online companies and Miami agents.

Insurance rates Lexus IS 350 in MiamiA recent auto insurance study discovered that most auto insurance policyholders have remained with the same auto insurance company for a minimum of four years, and just short of a majority have never compared rates to find lower-cost insurance. With the average premium in Florida being $2,200, drivers could cut their rates by up to 55% a year just by comparing rates, but they think it’s difficult to shop their coverage around.

You need to quote other rates quite often because auto insurance prices go up and down regularly. Just because you had the best deal on Lexus IS 350 insurance in Miami six months ago you may be paying too much now. Block out anything you think you know about auto insurance because you’re about to learn how to use the internet to properly buy coverages while reducing your premium.

If you have a current car insurance policy or just want cheaper coverage, you can use this information to find better prices while maximizing coverage. Shopping for more affordable policy in Miami is quite easy. Drivers only need an understanding of the most effective way to compare prices using one simple form.

The companies shown below offer price quotes in Miami, FL. To get cheap auto insurance in Florida, we recommend you get prices from several of them to get the lowest price.

Affordable rates on Lexus IS 350 insurance in Miami with these auto insurance discounts

Insurance can cost an arm and a leg, but there are discounts available that could drop your premiums quite a bit. Certain discounts will be applied when you quote, but some may not be applied and must be specifically requested prior to receiving the credit.Auto insurance discounts

You should keep in mind that most discount credits are not given to all coverage premiums. Most only reduce individual premiums such as liability and collision coverage. So even though they make it sound like all the discounts add up to a free policy, it just doesn’t work that way.

The example below illustrates the comparison of Lexus IS 350 insurance costs with and without discounts applied to the policy premium. The premium estimates are based on a female driver, no claims, a clean driving record, Florida state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, safe-driver, marriage, multi-policy, and multi-car discounts applied.

If you would like to view insurers that offer many of these discounts in Miami, click this link.

Rates and detailed analysis

The rate table shown below highlights estimates of insurance rates for Lexus IS 350 models. Learning a little about how insurance quotes are figured is important for you to make decisions on which coverage to buy.

Lexus IS 350 Insurance Rates in Miami, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $376 $594 $546 $32 $164 $1,712 $143
IS 350 C 2-Dr Convertible $376 $594 $546 $32 $164 $1,712 $143
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Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Premium costs do not factor in specific location information which can affect premium rates significantly.

Physical damage deductible comparison

When comparing car insurance rates, the most common question is which comprehensive and collision deductibles to buy. The figures shown below show the difference in cost when you buy lower versus higher deductibles. The first table uses a $250 deductible for physical damage and the second price chart uses a $500 deductible.

Lexus IS 350 insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $406 $736 $418 $24 $124 $1,733 $144
IS 350 C 2-Dr Convertible $406 $736 $418 $24 $124 $1,733 $144
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Lexus IS 350 insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $330 $594 $418 $24 $124 $1,490 $124
IS 350 C 2-Dr Convertible $330 $594 $418 $24 $124 $1,490 $124
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Information does not factor in specific location which can impact auto insurance rates noticeably.

We can derive from the above data that using a $250 deductible will cost in the ballpark of $20 more each month or $240 annually across all Lexus IS 350 models than opting for the higher $500 deductible. Because you would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you average at least 13 months between claims, you would save more money by going with a higher deductible. The illustration below shows the way we made this calculation.

Average monthly premium for $250 deductibles: $144
Average monthly premium for $500 deductibles (subtract): – $124
Monthly savings from raising deductible: $20
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $20
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

One important note is that increasing deductibles to save money means you will have to cover more of the damage yourself when you do file a claim. That will require enough money in the bank in order to pay the higher deductible in order to repair your vehicle.

Does full coverage make sense?

The information below illustrates the difference between Lexus IS 350 car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Florida. Data assumes no violations or accidents, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.

Should you pay for full coverage?

There is no set guideline of when to eliminate comp and collision coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your Lexus IS 350 settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after the deductible is paid. If you are paying in excess of $600 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.

There are some situations where removing full coverage is not advised. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not opt for liability only.

Choices You Make Can Impact Your Insurance Prices

An important part of buying insurance is that you know the factors that go into determining the price you pay for car insurance. If you have some idea of what controls the rates you pay, this allows you to make good choices that can help you get much lower annual insurance costs. Many factors are part of the equation when pricing auto insurance. Some are pretty understandable like your driving record, although others are more transparent such as whether you are married or your commute time.

Policy add-ons may be wasting money – There are many additional coverages that you can get tricked into buying if you aren’t careful. Coverages like rental car coverage, towing coverage, and term life insurance are examples of these. These coverages may sound good when deciding what coverages you need, but now you might not need them so eliminate them to save money.

Put fewer miles on your vehicle – The more you drive your Lexus every year the more it will cost to insure it. A lot of companies rate vehicles partially by how you use the vehicle. Cars used primarily for pleasure use receive lower rates compared to those used for work or business. Having the wrong rating on your IS 350 may be costing you higher rates. It’s a good idea to make sure your car insurance policy properly reflects annual mileage, because improper ratings can cost you money.

Lower premiums with no policy lapses – Driving with no insurance can get your license suspended and you may have a hard time finding new coverage because you let your insurance lapse for non-payment. And not only will insurance be more expensive, failure to provide proof of insurance can result in a hefty fine and possibly a revoked license. You could then be forced to file a SR-22 with the Florida department of motor vehicles.

Are males or females drivers cheaper? – Over the last 50 years, statistics have shown women are more cautious behind the wheel. The data does not necessarily mean that women are BETTER drivers than men. Both genders have at-fault accidents in similar numbers, but the male of the species tend to have more serious accidents. Men also have more aggressive citations such as DWI and reckless driving. Male drivers age 16 to 19 are several times more likely to be in an accident and are penalized with high car insurance rates.

The diagram below shows the difference between Lexus IS 350 insurance prices for male and female drivers. Data assumes no accidents, no driving violations, comp and collision included, $500 deductibles, single marital status, and no discounts are applied.

Insurance loss data for a Lexus IS 350 – Companies take into consideration historical loss data for every vehicle to help determine prices. Models that are shown to have higher claim frequency or loss amount will cost more for coverage.

The table below outlines the historical loss data for Lexus IS 350 vehicles. For each coverage type, the claim probability for all vehicles averaged together is set at 100. Percentage values below 100 suggest a positive loss record, while percentage numbers above 100 indicate frequent claims or tendency to have larger claims.

Lexus IS 350 Insurance Claim Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus IS 350 4dr 2WD 165 88 186 101
Lexus IS 350 4dr 4WD 200 72 206
Lexus IS 350 Convertible 98

Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Shop online but buy locally

A small number of people would rather talk to a local agent and that is a smart decision Experienced insurance agents are trained to spot inefficiencies and help submit paperwork. An additional benefit of comparing rates online is that you can find lower rates and still buy from a local agent.

Insurance agency in MiamiTo find an agent, once you fill out this form (opens in new window), your insurance data gets sent to insurance agents in Miami that give free quotes for your auto insurance coverage. You won’t need to even leave your home since rate quotes are delivered straight to your inbox. If you need to get a rate quote from a specific company, don’t hesitate to navigate to their website and give them your coverage information.

Finding a good provider requires you to look at more than just a cheap quote. Get answers to these questions too.

Car insurance agents in Miami come in two varieties

When looking for a local agent, there are two different types of agents from which to choose. Auto insurance policy providers are categorized either independent agents or exclusive agents. Both types of agents can insure your vehicles, but it’s worth learning the subtle differences since it may influence the kind of agent you use.

Exclusive Agencies

Exclusive insurance agents can only place business with one company and examples are Allstate, Farmers Insurance or State Farm. Exclusive agencies are unable to compare other company’s rates so you need to shop around if the rates are high. Exclusive agents are very knowledgeable on the products they sell which helps them sell on service rather than price. Many people purchase coverage from exclusives partially due to high brand loyalty rather than low rates.

Listed below are exclusive agencies in Miami who can help you get comparison quotes.

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Independent Agents (or Brokers)

Agents in the independent channel are normally appointed by many insurers so they can quote policies with multiple insurance companies enabling the ability to shop coverage around. If you want to switch companies, they simply move the coverage in-house without you having to go to a different agency.

When shopping rates, it’s a good idea to compare quotes from at a minimum one independent agency so that you have a good selection of quotes to compare. Most can insure with smaller companies which can be an advantage.

Shown below are Miami independent agencies that are able to give price quote information.

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Ratings for Florida car insurance companies

Finding the best insurance company can be rather challenging considering how many companies sell coverage in Florida. The ranking information shown below can help you pick which auto insurers you want to consider shopping prices with.

Top 10 Miami Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

Top 10 Miami Car Insurance Companies Ranked by Customer Satisfaction

  1. USAA – 91%
  2. AAA Insurance – 90%
  3. Esurance – 90%
  4. Mercury Insurance – 89%
  5. Nationwide – 89%
  6. Travelers – 88%
  7. Progressive – 88%
  8. Safeco Insurance – 88%
  9. State Farm – 88%
  10. Allstate – 88%

In Summary

We just presented some good ideas how you can save on Lexus IS 350 insurance in Miami. The key thing to remember is the more rate comparisons you have, the better likelihood of getting cheaper Miami auto insurance quotes. You may even be surprised to find that the best rates are with some of the smallest insurance companies.

Cheap Lexus IS 350 insurance in Miami is attainable online and from local insurance agents, so you need to quote Miami auto insurance with both in order to have the best price selection to choose from. Some insurance companies may not offer the ability to get a quote online and usually these smaller providers sell through independent insurance agents.

As you go through the steps to switch your coverage, it’s very important that you do not skimp on critical coverages to save a buck or two. There have been many cases where someone dropped uninsured motorist or liability limits only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. The aim is to find the BEST coverage at a price you can afford and still be able to protect your assets.

Steps to finding affordable Lexus IS 350 insurance in Miami

Truthfully, the best way to find affordable car insurance rates is to make a habit of regularly comparing prices from different companies who sell insurance in Miami.

  1. Get a basic knowledge of how auto insurance works and the measures you can take to prevent expensive coverage. Many risk factors that cause rate increases such as at-fault accidents, speeding tickets, and poor credit history can be controlled by being financially responsible and driving safely.
  2. Compare prices from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive and State Farm, while independent agents can quote rates from multiple sources.
  3. Compare the new rates to your current policy premium and determine if cheaper IS 350 coverage is available in Miami. If you find a better price and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
  4. Tell your current company to cancel your current car insurance policy. Submit payment along with a signed and completed policy application to the newly selected company. Don’t forget to place the new certificate verifying coverage in a readily accessible location in your vehicle.

The key thing to know about shopping around is to use identical coverages on every price quote and and to get price estimates from as many different companies as possible. This provides a fair price comparison and a complete price analysis.

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