It takes a little time, but the best way to save on Lexus LC 500 insurance in Miami is to regularly compare prices from providers that sell auto insurance in Florida.
- Try to learn a little about individual coverages and the changes you can make to keep rates in check. Many factors that result in higher rates like at-fault accidents and a negative credit history can be improved by making minor changes in your lifestyle. Keep reading for more ideas to help prevent costly coverage and find overlooked discounts.
- Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can provide rates from one company like Progressive and State Farm, while independent agents can quote rates for a wide range of companies.
- Compare the new quotes to the premium of your current policy to see if cheaper LC 500 coverage is available in Miami. If you find a lower rate and change companies, ensure there is no coverage lapse between policies.
- Notify your agent or company of your intention to cancel your current auto insurance policy. Submit the completed application along with a down payment to the new insurer. Don’t forget to place your new proof of insurance paperwork in your vehicle’s glove compartment or console.
An important part of this process is to make sure you’re comparing the same physical damage deductibles and liability limits on every quote and and to get quotes from as many carriers as you can. Doing this guarantees a fair rate comparison and a complete selection of prices.
It’s hard to believe, but the vast majority of consumers kept their coverage with the same auto insurance company for at least the last four years, and about 40% of consumers have never compared rates to find lower-cost insurance. With the average auto insurance premium being $1,847, American drivers could save an average of approximately $859 each year, but most undervalue the amount of money they would save if they bought a different policy.
To find affordable Lexus LC 500 insurance quotes, there are several ways of comparing rate quotes from all the different companies. The best method to lower the rate you pay for Lexus LC 500 insurance is to perform an online rate comparison. Just remember that more quotes will improve the odds of getting better pricing.
The companies in the list below provide price comparisons in Miami, FL. If multiple companies are listed, we recommend you visit two to three different companies to get the best price comparison.
Verify you’re receiving every discount
Some providers don’t always advertise every discount available in an easy-to-find place, so the following is a list of both the well known and also the lesser-known discounts that you can inquire about if you buy Miami car insurance online.
- Senior Citizens – Drivers that qualify as senior citizens could receive reduced rates.
- Sign Early and Save – Some larger companies reward drivers for switching policies prior to your current LC 500 insurance policy expiring. It’s a savings of about 10%.
- Good Students Pay Less – Being a good student can earn a discount of 20% or more. Earning this discount can benefit you well after school through age 25.
- E-sign Discounts – Some insurance companies give back up to $50 for buying your policy on the web.
- Safety Course Discount – Taking part in a course in driver safety could earn you a small percentage discount and easily pay for the cost of the class.
- Discounts for Federal Employees – Employees or retirees of the government could cut as much as 10% off with a few auto insurance companies.
- Anti-lock Brake System – Cars, trucks, and SUVs with anti-lock braking systems have fewer accidents so you can save 10 percent or more.
A quick disclaimer, many deductions do not apply to the entire cost. Some only reduce the price of certain insurance coverages like collision or personal injury protection. If you do the math and it seems like it’s possible to get free car insurance, nobody gets a free ride.
Popular auto insurance companies and a summarized list of policyholder discounts are outlined below.
- The Hartford policyholders can earn discounts including good student, air bag, bundle, defensive driver, vehicle fuel type, and anti-theft.
- American Family offers premium reductions for defensive driver, Steer into Savings, early bird, good student, and TimeAway discount.
- Progressive has discounts for multi-vehicle, online quote discount, homeowner, online signing, continuous coverage, and multi-policy.
- Travelers discounts include multi-car, good student, IntelliDrive, save driver, continuous insurance, and payment discounts.
- Farmers Insurance offers discounts for early shopping, multi-car, teen driver, bundle discounts, and good student.
- USAA includes discounts for vehicle storage, loyalty savings, multi-policy, driver training, and defensive driver.
- Liberty Mutual may offer discounts for exclusive group savings, newly retired, hybrid vehicle, preferred payment discount, and multi-policy.
If you want low cost Miami car insurance quotes, ask all the companies which credits you are entitled to. Some of the discounts discussed earlier might not be offered everywhere. To locate insurers that can offer you the previously mentioned discounts in Florida, click here.
Why you need insurance for your LC 500
Even though it’s not necessarily cheap to insure a Lexus in Miami, buying insurance is a good idea for several reasons.
- The majority of states have mandatory insurance requirements which means you are required to carry specific limits of liability coverage in order to drive the car. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your Lexus, almost every bank will require you to have comprehensive coverage to guarantee payment of the loan. If you do not keep the policy in force, the bank or lender will purchase a policy for your Lexus at a significantly higher premium and require you to fork over a much higher amount than you were paying before.
- Insurance protects both your assets and your Lexus. It also can pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. Liability coverage will also pay for a defense attorney if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of buying enough insurance greatly outweigh the cost, especially when you need to use it. Today the average American driver overpays more than $750 every year so we recommend shopping around each time the policy renews to be sure current rates are still competitive.
Car insurance quotes from neighborhood Miami auto insurance agents
Some consumers prefer to have an agent’s advice and that is just fine! One of the benefits of comparing rate quotes online is you may find the lowest rates and also buy local.
After completing this short form, your insurance data is transmitted to local insurance agents that provide free Miami car insurance quotes for your coverage. You won’t need to contact any agents as quotes are delivered directly to you. You’ll get the best rates without a big time investment. If for some reason you want to get a price quote from a specific car insurance provider, you would need to go to their quote page and complete a quote there.
Choosing a provider needs to be determined by more than just a low price. The following questions are important to ask.
- When do they do a full risk review?
- Is every driver in your family covered?
- Do they reduce claim amounts on high mileage vehicles?
- Do they assist clients in filing claims?
- Is there a local claims center in Miami?
Compare rates from both independent and exclusive auto insurance agents
If you want to use a local Miami insurance agency, it helps to know the two different agency structures from which to choose. Car insurance policy providers are classified as either independent or exclusive.
Exclusive Agents
Agents that choose to be exclusive can only write with one company such as State Farm, Allstate, or Farmers Insurance. Exclusive agents cannot give you multiple price quotes so they have no alternatives for high prices. Exclusive agents are very knowledgeable on their products and sales techniques which helps them compete with independent agents. Drivers often purchase coverage from exclusives partially due to the brand legacy and the convenience of having a single billing for all their coverages.
Below is a list of exclusive insurance agencies in Miami who can help you get price quote information.
- GEICO Insurance Agent
8514 SW 8th St – Miami, FL 33144 – (305) 595-2911 – View Map - Gus Figueredo – State Farm Insurance Agent
7950 W Flagler St #103 – Miami, FL 33144 – (305) 262-0440 – View Map - Allstate Insurance: Eduardo Ferraz
1110 Brickell Ave Ste 105 – Miami, FL 33131 – (305) 379-3666 – View Map
Independent Car Insurance Agencies
Independent agents do not sell for just one brand so they can write business with an assortment of companies depending on which coverage is best. If your premiums go up, they simply switch companies in-house and you don’t have to do anything.
If you are comparing rate quotes, it’s a good idea to get insurance quotes from a couple of independent agencies in order to have the best price comparison. Many write coverage with companies you’ve never heard of which could offer lower prices.
Listed below are Miami independent agents that can give you price quote information.
- Alhambra Insurance
932 SW 67th Ave – Miami, FL 33144 – (305) 774-9210 – View Map - Neighbors Insurance Agency
7149 W Flagler St – Miami, FL 33144 – (786) 401-4820 – View Map - E and L Insurance Services
1241 SW 27th Ave – Miami, FL 33135 – (888) 700-4049 – View Map
Detailed coverages of your car insurance policy
Learning about specific coverages of a car insurance policy can help you determine appropriate coverage and proper limits and deductibles. Car insurance terms can be ambiguous and reading a policy is terribly boring.
Uninsured/Underinsured Motorist coverage
Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants and damage to your Lexus LC 500.
Since many Florida drivers carry very low liability coverage limits (10/20/10 in Florida), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.
Comprehensive coverage
Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive can pay for claims such as a tree branch falling on your vehicle, hitting a deer, hitting a bird and fire damage. The most you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Liability car insurance
Liability insurance will cover damages or injuries you inflict on a person or their property by causing an accident. This coverage protects you against claims from other people. It does not cover damage sustained by your vehicle in an accident.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have liability limits of 10/20/10 that means you have $10,000 bodily injury coverage, a total of $20,000 of bodily injury coverage per accident, and $10,000 of coverage for damaged property.
Liability coverage pays for claims like medical services, medical expenses, repair costs for stationary objects, emergency aid and bail bonds. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase as large an amount as possible. Florida state law requires minimum liability limits of 10/20/10 but you should think about purchasing more liability than the minimum.
The illustration below demonstrates why buying the state minimum limits may not be high enough to adequately cover claims.
Medical payments coverage and PIP
Med pay and PIP coverage pay for short-term medical expenses for rehabilitation expenses, surgery and ambulance fees. The coverages can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is not universally available but can be used in place of medical payments coverage
Auto collision coverage
This coverage will pay to fix damage to your LC 500 resulting from a collision with another car or object. You first must pay a deductible then your collision coverage will kick in.
Collision insurance covers claims such as hitting a mailbox, driving through your garage door, damaging your car on a curb and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. You can also bump up the deductible on your LC 500 to get cheaper collision coverage.