Lexus GS 350 Insurance Rates in Albuquerque

The recommended way to get discount Lexus GS 350 insurance in Albuquerque is to regularly compare quotes from insurers who provide car insurance in New Mexico. Rate comparisons can be done by following these steps.

• First, get an understanding of the coverage provided by your policy and the modifications you can make to drop your rates. Many rating factors that drive up the price such as traffic citations, accidents, and a substandard credit history can be remedied by making minor changes in your lifestyle. Read the full article for tips to keep prices down and find overlooked discounts.
• Second, obtain price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like Progressive or State Farm, while independent agents can quote prices for a wide range of companies. Select a company
• Third, compare the new rate quotes to your existing policy to see if a cheaper rate is available. If you can save money and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

An essential thing to point out is to compare the same level of coverage on every price quote and and to get rate quotes from as many car insurance companies as possible. Doing this provides a fair price comparison and the best price quote selection.

It’s an obvious assumption that insurance companies don’t want you to look at other companies. Consumers who compare rates once a year will presumably switch to a new company because there is a high probability of finding more affordable rates. A study discovered that drivers who faithfully checked for cheaper rates saved over $3,500 over four years compared to drivers who never compared prices.

If finding the lowest rates on Lexus GS 350 insurance in Albuquerque is why you’re here, understanding how to shop and compare insurance rates can help simplify the process.

Keep in mind that having more price comparisons helps locate more affordable rates.

The car insurance companies shown below are our best choices to provide free quotes in Albuquerque, NM. If multiple companies are listed, it’s a good idea that you visit several of them to find the most affordable car insurance rates.

Facts and figures for Lexus GS 350 insurance

The premium information displayed below showcases detailed analysis of policy rates for Lexus GS 350 models. Learning how auto insurance premiums are established can help drivers make informed decisions.

Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Estimates do not factor in your specific Albuquerque location which can influence coverage prices greatly.

Physical damage deductibles

One of the more difficult decisions when buying insurance is where should you set your physical damage deductibles. The rates below sum up the rate difference of buying low and high coverage deductibles. The first price estimate table uses a $250 physical damage deductible and the second price chart uses a $1,000 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Estimates do not factor in the specific area where the vehicle is garaged which can raise or lower coverage prices noticeably.

We can estimate from the data above that using a $250 deductible will cost you approximately $32 more each month or $384 every year averaged for all GS 350 models than quoting the higher $1,000 deductible. Because you would be required to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go at least 23 months between claims, you would come out ahead if you decide on a higher deductible. Here is a better example of how you can make your own decision.

One important note is that raising deductibles to save money means you will have to pay more out-of-pocket when you do file a claim. That will require some savings in the bank in the event you have to pay the deductible for vehicle repair.

Full coverage versus liability-only

The chart below shows the difference between Lexus GS 350 annual premium costs with and without physical damage coverage. The premiums are based on no violations or claims, $1,000 deductibles, single marital status, and no other discounts are factored in.

When to drop comprehensive and collision

There is no exact formula to eliminate full coverage, but there is a guideline you can consider. If the annual cost of coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your Lexus GS 350 replacement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after paying the physical damage deductible. If you are paying over $700 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are some situations where buying only liability insurance is not recommended. If you haven’t satisfied your loan, you have to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.

Why Your Insurance Prices might be higher

An important part of buying insurance is that you know some of the factors that aid in calculating your premiums. If you have some idea of what determines base rates, this empowers consumers to make smart changes that will entitle you to cheaper rates. Many things are part of the equation when quoting car insurance. Some are obvious such as your driving history, but some are more obscure like where you live or your commute time.

• Being married can save you money – Your spouse may earn you lower rates on your insurance bill. Marriage means you’re more responsible and statistics show married drivers tend to have fewer serious accidents.

• Premiums are high for teenagers – Drivers with little experience are statistically proven to be inattentive and easily distracted when driving with friends and because of this, their insurance rates are much higher. More mature drivers are more responsible, are lower risk to insure, and are generally more financially stable.

  The chart below uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.

• Vocation stress can affect prices – Occupational choices like lawyers, executives, and dentists generally have the highest average rates because of intense work-related stress and lots of time spent at work. Conversely, careers like professors, engineers and performers have lower than average premiums.
• Safer vehicles cost less to insure – Vehicles that have high safety ratings are cheaper to insure. Vehicles engineered for safety reduce occupant injuries and any reduction in injury severity means lower claim amounts and cheaper rates on your policy.
• Do you save by driving less? – Driving more miles in a year the higher your rate. Many insurance companies charge to insure your cars based on their usage. Cars and trucks that have low annual miles cost less to insure than those that get driven frequently. Having the wrong rating on your GS 350 can result in significantly higher rates. Ask your agent if your vehicle rating is showing the correct driver usage.

• Avoid tickets and save – Drivers with clean records tend to pay less for car insurance compared to drivers with tickets. Even a single citation could increase your next policy renewal to the point where it’s not affordable. Drivers who get flagrant citations like reckless driving or DUI may need to prove financial responsibility to the state department of motor vehicles in order to legally drive a vehicle.

  The illustration below shows how traffic citations and at-fault accidents can influence Lexus GS 350 insurance costs for each age group. The data assumes a single female driver, full coverage, $100 deductibles, and no discounts are applied.

• Rates for guys may be higher – Over the last 50 years, statistics have shown women are more cautious behind the wheel. It does not mean females are better at driving than males. Both sexes get in auto accidents at about the same rate, but the men tend to have higher claims. They also get cited for more serious violations like DWI (DUI) or reckless driving. Male teenagers are several times more likely to be in an accident and thus pay the highest rates.

  The diagram below compares Lexus GS 350 car insurance rates for male and female drivers. The rate quotes are based on no violations or claims, full physical damage coverage, $500 deductibles, drivers are single, and no discounts are factored in.

• Add-on coverages can add up – There are a lot of optional add-on coverages you can purchase if you aren’t careful. Add-on coverages like roadside assistance, accidental death, and membership fees may not be needed and are just wasting money. These may sound like a good investment when buying your policy, but now you might not need them so remove them and pocket the money.

• Insurance losses for a Lexus GS 350 – Insurers analyze past claim statistics to calculate a rate that will offset losses. Vehicles that have a trend towards higher claims will have increased rates. The table below outlines the historical loss data for Lexus GS 350 vehicles.

  For each coverage category, the claim probability for all vehicles averaged together is a value of 100. Numbers shown that are under 100 indicate a favorable loss history, while values over 100 point to more frequent losses or an increased probability of a larger loss.

  
  

  Insurance Loss Ratings for Lexus GS 350 Vehicles

  Vehicle Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Lexus GS 350 4dr 2WD	160	78	190	81	107	79
  Lexus GS 350 4dr 4WD	169	90	217	91	85	68

  BETTER

  AVERAGE

  WORSE

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

Insurance is an important decision

Despite the high cost, insurance serves a purpose in several ways.

First, most states have minimum liability requirements which means the state requires a specific level of liability insurance if you don’t want to risk a ticket. In New Mexico these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you have a lien on your GS 350, it’s most likely the lender will require that you carry insurance to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender may insure your Lexus for a lot more money and make you pay a much higher amount than you were paying before.

Third, insurance preserves both your assets and your vehicle. It also can pay for hospital and medical expenses for not only you but also any passengers injured in an accident. Liability insurance also covers legal expenses if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, your insurance policy will cover the damage repairs after a deductible is paid.

The benefits of carrying enough insurance are without a doubt worth the cost, especially if you ever need it. The average driver in America is wasting up to $869 every year so it’s recommended you shop around at every renewal to save money.