Trying to find cheaper insurance for a Lexus RX 450h in Colorado can turn out to be a lot of work, but you can learn these tips and make it easy. There are both good and bad ways to buy insurance and you need to know the absolute fastest way to quote coverages for a Lexus and obtain the cheapest rates either online or from Aurora insurance agents.
Locating the most cost-effective insurance policy in Aurora seems hard but is not really that difficult. If you are already insured or are looking for a new policy, use these tips to reduce the price you pay while maximizing coverage. Smart shoppers just have to learn the tricks to quote multiple rates from many different companies.
The companies shown below can provide price quotes in Aurora, CO. To buy cheaper car insurance in Aurora, it’s a good idea that you compare several of them to get a more complete price comparison.
Car insurance statistics and figures
The price information shown next highlights detailed analysis of rate quotes for Lexus RX 450h models. Learning how premiums are determined helps drivers make decisions on which coverage to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|RX 450H Hybrid 2WD 4-Dr||$238||$490||$448||$26||$134||$1,336||$111|
|RX 450H Hybrid 4WD 4-Dr||$238||$490||$448||$26||$134||$1,336||$111|
|Get Your Own Custom Quote Go|
Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Table data does not factor in vehicle location which can raise or lower premium rates significantly.
The example below shows how choosing a deductible and can influence Lexus RX 450h insurance premiums for different ages of insureds. The premium estimates are based on a married female driver, comp and collision included, and no discounts are applied.
Does full coverage make sense?
The information below shows the difference between Lexus RX 450h insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no violations or claims, $250 deductibles, single status, and no discounts are applied to the premium.
Should you buy full coverage or liability only?
There is no definitive formula of when to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s say your Lexus RX 450h replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after paying the physical damage deductible. If it’s costing in excess of $800 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are some scenarios where removing full coverage is not advised. If you haven’t satisfied your loan, you have to keep full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not remove full coverage.
Here’s why auto insurance is not optional
Despite the potentially high cost of Lexus RX 450h insurance, auto insurance serves a purpose in several ways.
- Most states have compulsory liability insurance requirements which means the state requires a specific minimum amount of liability in order to drive the car. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your Lexus with a loan, most banks will require you to have comprehensive coverage to ensure they get paid if you total the vehicle. If coverage lapses or is canceled, the bank may buy a policy for your Lexus for a lot more money and require you to pay the higher premium.
- Insurance protects your vehicle and your assets. It will also cover hospital and medical expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay to defend you in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, your auto insurance policy will pay to restore your vehicle to like-new condition.
The benefits of carrying enough insurance are without a doubt worth the cost, particularly when you have a large claim. According to a survey of 1,000 drivers, the average driver is overpaying over $820 a year so smart consumers compare quotes at every renewal to ensure rates are inline.
The Lexus RX 450h Insurance Price Equation
Many different elements are used when you get a price on insurance. Some of the criteria are obvious such as your driving history, although others are less obvious such as your marital status or your commute time.
Discounts for auto and home policies – The majority of insurance companies apply better rates to policyholders who consolidate policies with them in the form of a multi-policy discount. Even with this discount applied, it’s always a smart idea to shop around to make sure you are getting the best deal.
Save money by eliminating add-on coverages – There are a ton of extra add-on coverages that sound like a good idea at the time if you aren’t diligent. Coverage for things like roadside assistance, towing coverage, and additional equipment coverage are some examples. These may sound like a good investment when you first buy your policy, but if they’re wasting money remove them from your policy.
GPS tracking and theft deterrents reduce car insurance rates – Selecting a car model with a theft deterrent system can save you a little every year. Theft prevention devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart your car from being stolen.
How much liability protection – The liability section of your policy will provide protection in the event that you are ruled to be at fault for physical damage or personal injury to other. Liability provides for a legal defense to attempt to prove you were not liable. It is affordable coverage compared to physical damage coverage, so buy as much as you can afford.
Don’t get traffic citations – Drivers who don’t get tickets have lower premiums compared to bad drivers. Even one speeding ticket may cause rates to rise to the point where it’s not affordable. Drivers who have received serious citations like DUI or reckless driving may face state-mandated requirements to submit a SR-22 form with their state DMV in order to legally drive a vehicle.
The chart below illustrates how violations and accidents can raise Lexus RX 450h insurance costs for different age groups. The premiums assume a married female driver, full coverage, $1,000 deductibles, and no additional discounts are factored in.
Gender matters – The statistics show women tend to be less risk to insure than men. The data does not necessarily mean that men are WORSE drivers than women. Males and females have fender benders in similar numbers, but men tend to have higher claims. Men also get ticketed for serious violations like DUI and reckless driving. Young men ages 16 to 20 are the most expensive to insure so it costs more to insure them.
The chart below visualizes the comparison of Lexus RX 450h insurance prices for male and female drivers. The data is based on no tickets, no at-fault accidents, full physical damage coverage, $100 deductibles, single marital status, and no other discounts are factored in.
Loss probability for a Lexus RX 450h – Auto insurance companies use data from past claims in order to profitably underwrite each model. Models that tend to have a trend towards higher claim severity or frequency will have higher rates. The next table shows the compiled insurance loss statistics for Lexus RX 450h vehicles.
For each coverage category, the statistical loss for all vehicles, without regard to make or model, equals 100. Values that are under 100 indicate better than average losses, while values that are above 100 indicate higher probability of having a loss or an increased chance of larger losses than average.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus RX 450h Hybrid 4dr 2WD||125||119||110||60|
|Lexus RX 450h Hybrid 4dr 4WD||144||112||136||79||57||84|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Insurance agents can help
Always remember that when buying insurance from an agent or online, there really isn’t a “best” method to buy coverage. Everyone’s needs are different.
These are some specific questions might point out whether you might need professional guidance.
- Does my Lexus RX 450h qualify for pleasure use?
- Does insurance cover damages from a DUI accident?
- Why do I only qualify for high-risk insurance?
- Is other people’s property covered if stolen from my vehicle?
- How much liability do I need to cover my assets?
- Should I buy more coverage than the required Colorado minimum liability coverage?
- When should I remove comp and collision on my Lexus RX 450h?
- Do I have newly-acquired coverage?
- Why are teen drivers so expensive to add on to my policy?
- Do I need to file an SR-22 for a DUI in Colorado?
If you’re not sure about those questions but a few of them apply, you may need to chat with an insurance agent. If you don’t have a local agent, complete this form. It is quick, free and can provide invaluable advice.
One last thing to lower rates
We just presented a lot of ways to lower your Lexus RX 450h insurance rates in Aurora. The most important thing to understand is the more rate quotes you have, the better your comparison will be. You may even find the most savings is with a small mutual company.
Insureds change insurance companies for many reasons like being labeled a high risk driver, high rates after DUI convictions, policy cancellation and unfair underwriting practices. It doesn’t matter what your reason, finding a new insurance company is easier than you think.
When shopping online for insurance, it’s very important that you do not buy lower coverage limits just to save a few bucks. There are a lot of situations where drivers have reduced full coverage and learned later that it was a big error on their part. The goal is to buy a smart amount of coverage at an affordable rate, but don’t skip important coverages to save money.
How to find lower priced Lexus RX 450h insurance in Aurora
Really, the only way to save on auto insurance rates is to begin comparing prices regularly from companies that insure vehicles in Aurora. You can compare prices by following these steps.
Step 1: It will benefit you to learn about auto insurance and the steps you can take to prevent rate increases. Many rating factors that result in higher prices such as multiple speeding tickets and a less-than-favorable credit history can be controlled by being financially responsible and driving safely.
Step 2: Quote rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can give quotes from one company like GEICO or State Farm, while independent agents can quote rates from multiple companies.
Step 3: Compare the new quotes to your current policy premium and determine if there is any savings. If you find a lower rate and decide to switch, make sure there is no coverage gap between policies.
Step 4: Give notification to your agent or company of your decision to cancel your current policy. Submit the signed application along with the required initial payment to your new company or agent. As soon as coverage is bound, place the new proof of insurance paperwork with the vehicle registration.
The most important part of this process is to compare the same level of coverage on every quote and and to get price quotes from as many car insurance companies as possible. This helps ensure an apples-to-apples comparison and the best price quote selection.
For more information, link through to these articles:
- Understanding your Policy (NAIC.org)
- Who Has Cheap Auto Insurance Quotes for a Toyota Camry in Aurora? (FAQ)
- Who Has Cheap Aurora Auto Insurance for Seniors? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for Uber Drivers in Aurora? (FAQ)
- Who Has Affordable Auto Insurance Rates for a Honda Accord in Aurora? (FAQ)
- How Much are Auto Insurance Rates for Unemployed Drivers in Aurora? (FAQ)
- How Much are Auto Insurance Rates for Business Use in Aurora? (FAQ)
- Bodily Injury Coverage (Liberty Mutual)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Credit Impacts Car Insurance Rates (State Farm)