How to Save on Lexus IS 250 Insurance in Fort Wayne

Insurance quote for Lexus IS 250 in Fort WayneThe recommended way to get the cheapest auto insurance rates in Fort Wayne is to start comparing rates regularly from different companies who provide car insurance in Indiana.

  1. It will benefit you to learn about how your policy works and the factors you can control to prevent expensive coverage. Many rating factors that cause rate increases like high-risk driving behaviors and poor credit history can be eliminated by making minor changes to your lifestyle.
  2. Compare price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from one company like Progressive or State Farm, while agents who are independent can provide prices from multiple sources.
  3. Compare the quotes to the price on your current policy to see if a cheaper price is available in Fort Wayne. If you find a lower rate quote and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
  4. Tell your current company of your intent to cancel your current coverage and submit the required down payment along with the signed application to your new insurance company. Once the paperwork is finalized, put the new proof of insurance certificate along with your vehicle registration.

One thing to point out is that you’ll want to compare the same deductibles and limits on every quote request and and to compare every company you can. This helps ensure an accurate price comparison and a good representation of prices.

Astonishing but true, about 70% of customers have been with the same company for at least the last four years, and 38% of drivers have never even shopped around for cheaper coverage. Consumers in Fort Wayne can cut their rates by roughly 55% a year, but they just don’t understand how easy it is to compare rates online.

If you have a policy now, you will surely be able to find the best rates using this information. Locating the best rates in Fort Wayne can be made easier if you know where to look. Although Indiana drivers must know how companies calculate your auto insurance rates and apply this information to your search.

Analysis of coverages

The data table displayed below highlights detailed analysis of prices for Lexus IS 250 models. Having insight into how insurance policy rates are formulated can help drivers make decisions on which insurance to purchase.

Lexus IS 250 Insurance Rates in Fort Wayne, IN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $212 $504 $230 $14 $68 $1,028 $86
IS 250 AWD 4-Dr $236 $504 $230 $14 $68 $1,052 $88
IS 250 C 2-Dr Convertible $236 $504 $270 $16 $80 $1,106 $92
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Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Rate information does not factor in vehicle garaging location which can decrease or increase auto insurance rates significantly.

Deductible analysis

When buying insurance, a common question is how high should the physical damage coverage deductibles be. The rates below highlight the difference in cost when you buy lower versus higher physical damage deductibles. The first data set uses a $250 deductible for comprehensive and collision coverage and the second price table uses a $1,000 deductible.

Lexus IS 250 insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $244 $496 $238 $14 $72 $1,089 $91
IS 250 AWD 4-Dr $272 $496 $238 $14 $72 $1,117 $93
IS 250 C 2-Dr Convertible $272 $496 $280 $16 $84 $1,173 $98
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Lexus IS 250 insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 250 4-Dr Sedan $152 $312 $238 $14 $72 $788 $66
IS 250 AWD 4-Dr $168 $312 $238 $14 $72 $804 $67
IS 250 C 2-Dr Convertible $168 $312 $280 $16 $84 $860 $72
Get Your Own Custom Quote Go

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Prices do not factor in specific location information which can influence coverage prices considerably.

Based on this data, using a $250 deductible costs an average of $26 more each month or $312 each year than quoting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you go more than 29 months between claims, you would probably save some money by selecting a higher deductible.

Full coverage versus liability only rates

The chart below shows the comparison of Lexus IS 250 insurance premiums with full coverage compared to only the Indiana minimum liability coverage. The rates are based on no claims, a clean driving record, $100 deductibles, marital status is single, and no additional discounts are factored in.

Should you be buying full coverage?

There isn’t a written rule of when to stop paying for physical damage coverage, but there is a broad guideline. If the annual cost of having full coverage is 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.

For example, let’s say your Lexus IS 250 settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $6,000 after paying the physical damage deductible. If you are paying more than $600 annually to have full coverage, then you might want to think about dropping full coverage.

There are some cases where only buying liability is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not consider dropping full coverage.

Good Decisions Result in Lower Insurance Prices

When buying car insurance it’s important to understand some of the things that come into play when calculating your policy premiums. If you know what positively or negatively impacts your premiums, this allows you to make educated decisions that could help you find better car insurance rates. Lots of factors are considered when premium rates are determined. Some are obvious like an MVR report, but others are more obscure such as whether you are married or your commute time.

The items below are some of the factors companies use to determine your prices.

Bad drivers pay high rates – Your driving record has a big impact on rates. Having just one ticket may increase your cost twenty percent or more. Attentive drivers pay lower auto insurance prices than bad drivers. Drivers who have received multiple citations such as reckless driving or DUI may need to maintain a SR-22 with their state’s licensing department in order to legally drive.

The diagram below shows how speeding tickets and at-fault accidents can increase Lexus IS 250 insurance costs for each age group. The rate quotes are based on a married male driver, comp and collision included, $100 deductibles, and no discounts are factored in.

Don’t buy incidental coverages that aren’t used – Insurance policies have a lot of add-on coverages that may not really be needed if you aren’t careful. Coverage for things like roadside assistance, high-cost glass coverage, and membership fees are probably not needed. The coverages may be enticing when buying your policy, but your needs may have changed so remove them and pocket the money.

Your gender affects premiums – Statistics demonstrate females are less aggressive when driving. Now that doesn’t mean females are better drivers. Men and women have auto accidents in similar percentages, but males tend to have higher claims. Men also tend to get cited for more serious violations like DWI (DUI) or reckless driving.

The example below illustrates the comparison of Lexus IS 250 insurance premiums for male and female drivers. The price estimates are based on no accidents or driving violations, full physical damage coverage, $1,000 deductibles, single status, and no discounts are taken into consideration.

Location can modify price – Living in small towns and rural areas may provide you with better prices when buying car insurance. Fewer people translates into fewer accident claims and a lower car theft rate. City drivers have more road rage incidents and more time behind the wheel. More time commuting means more chances of being involved in an auto accident.

Insurance is expensive for teenage drivers – Older, more experienced drivers are more responsible, tend to file fewer claims, and are safer drivers. Teen drivers are statistically shown to be easily distracted when driving with friends therefore car insurance rates are much higher.

The data below assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.

Having a spouse is a bonus – Having a spouse helps lower the price on car insurance. Marriage is viewed as being less irresponsible it has been statistically shown that married drivers tend to have fewer serious accidents.

Lexus IS 250 insurance loss probability – Auto insurance companies include the past claim trends for vehicles when they set coverage costs for each model. Vehicles that have a trend towards higher claim severity or frequency will have higher rates. The table below shows the collected loss data for Lexus IS 250 vehicles.

For each coverage type, the claim probability for all vehicles, regardless of make, model or trim level, is considered to be 100. Values that are 100 or less suggest a better than average loss history, while percentage values above 100 show a trend for more claims or an increased likelihood of larger losses.

Lexus IS 250 Insurance Claim Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Lexus IS 250 4dr 2WD 179 103 177 116 146 115
Lexus IS 250 4dr 4WD 177 87 186 118
Lexus IS 250 Convertible 135 80 84

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

Smart shoppers get results

We just showed you a lot of tips how to shop for Lexus IS 250 insurance online. The key concept to understand is the more companies you get premium rates for, the better your comparison will be. You may even find the lowest priced car insurance comes from some of the lesser-known companies. Some small companies may often insure only within specific states and give better rates as compared to the big name companies such as State Farm or Progressive.

While you’re price shopping online, don’t be tempted to sacrifice coverage to reduce premiums. There have been many situations where an insured dropped liability limits or collision coverage only to find out that it was a big error on their part. The goal is to purchase plenty of coverage at the best cost, not the least amount of coverage.

Much more information about car insurance in Indiana is available at the links below