The easiest way to find the cheapest price for auto insurance rates is to make a habit of regularly comparing prices from companies who provide auto insurance in Virginia Beach. Prices can be compared by following these guidelines.
- First, try to learn about how companies set rates and the things you can change to keep rates down. Many rating criteria that are responsible for high rates such as traffic violations, accidents, and a poor credit rating can be improved by improving your driving habits or financial responsibility. Read the full article for instructions to help find cheaper rates and find discounts that may have been missed.
- Second, compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like GEICO and Allstate, while independent agents can provide rate quotes for many different companies.
- Third, compare the new rates to your existing coverage and determine if there is any savings. If you find a lower rate quote, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Fourth, notify your current company of your intent to cancel your current auto insurance policy. Submit the completed application along with a down payment for your new policy. Immediately upon receiving it, keep your new proof of insurance certificate in your vehicle.
The key thing to know about shopping around is to use the same amount of coverage on each quote request and to quote with as many auto insurance providers as possible. Doing this enables a fair price comparison and a complete price analysis.
It’s a fact that auto insurance companies want to prevent you from shopping around. Insureds who shop rates annually will probably buy a different policy because they stand a good chance of getting low-cost coverage. A recent car insurance study discovered that consumers who made a habit of comparing rates saved approximately $865 a year as compared to drivers who never shopped around for cheaper prices.
If finding the cheapest rates on insurance in Virginia Beach is your goal, then learning about how to shop for insurance rates can help you succeed in finding affordable rates.
Most major insurance companies like Allstate and Progressive provide insurance quotes online. Comparing Lexus IS 250 insurance rates online is quite easy as all you need to do is type in the amount of coverage you want on the page. After the form is submitted, their rating system will obtain credit information and your driving record and generates a price based on many factors. This makes it a lot easier to compare rates and it is important to get many rate quotes in order to find affordable prices.
To save time and compare pricing, check out the insurance providers below. If you have a policy now, it’s recommended you complete the form with coverages and limits as close as possible to your current policy. This ensures you will have a price comparison based on identical coverages.
The companies shown below are our best choices to provide quotes in Virginia Beach, VA. To locate the best auto insurance in Virginia, we recommend you get rates from several of them to get the best price comparison.
Lexus IS 250 coverage statistics
The price information displayed below highlights a range of insurance rates for Lexus IS 250 models. Having a better understanding of how insurance policy rates are determined can be of help when making informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 250 4-Dr Sedan||$278||$668||$296||$18||$88||$1,348||$112|
|IS 250 AWD 4-Dr||$310||$668||$296||$18||$88||$1,380||$115|
|IS 250 C 2-Dr Convertible||$310||$668||$348||$20||$104||$1,450||$121|
|Get Your Own Custom Quote Go|
Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Virginia minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Price estimates do not factor in vehicle garaging location which can lower or raise insurance rates noticeably.
Lexus IS 250 insurance rates: Men versus women
The diagram below illustrates the difference between Lexus IS 250 insurance rates for male and female drivers. The premiums assume no claims, a clean driving record, full coverage, $250 deductibles, single marital status, and no discounts are factored in.
Lexus IS 250 liability rates compared to full coverage
The information below visualizes the comparison of Lexus IS 250 annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Virginia. The data assumes no claims or violations, $250 deductibles, single status, and no additional discounts are factored in.
When to eliminate full coverage
There is no exact formula of when to exclude physical damage coverage, but there is a guideline you can use. If the yearly cost of full coverage is 10% or more of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s pretend your Lexus IS 250 book value is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $8,000 after paying the physical damage deductible. If it’s costing you more than $800 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are some circumstances where buying only liability insurance is not a good idea. If you haven’t satisfied your loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Buying the right IS 250 insurance in Virginia is an important decision
Even though it can be expensive, paying for insurance is required in Virginia but it also protects you in many ways.
First, the majority of states have mandatory liability insurance requirements which means you are required to carry specific limits of liability protection in order to drive the car legally. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
Second, if your Lexus IS 250 has a lienholder, most lenders will make it a condition of the loan that you carry insurance to ensure they get paid if you total the vehicle. If the policy lapses, the lender will be forced to insure your Lexus at a much higher rate and force you to pay for the much more expensive policy.
Third, insurance preserves your Lexus and your assets. Insurance will pay for all forms of medical expenses for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, also covers legal expenses if you cause an accident and are sued. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay to have it repaired.
The benefits of insuring your car more than offset the price you pay, particularly if you ever have a claim. But the average driver in Virginia is currently overpaying as much as $700 annually so compare quotes from several companies once a year at a minimum to be sure current rates are still competitive.
How do Insurance Providers Determine Lexus IS 250 Insurance Costs?
Smart consumers have a good feel for the rating factors that come into play when calculating your premiums. If you have a feel for what impacts premium levels, this allows you to make educated decisions that could help you find better car insurance rates.
Listed below are most of the major factors used by companies to determine your rates.
- Discounts for GPS tracking and theft deterrents – Owning a car with advanced anti-theft systems can save you some money. Anti-theft devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can help prevent car theft and help bring rates down.
- Drivers with excellent credit save on car insurance – A driver’s credit score is likely to be a major factor in determining your rates. People that have good credit tend to be better drivers and file fewer claims than drivers with poor credit. If your credit history is low, you could pay less to insure your Lexus IS 250 if you clean up your credit.
Cautious drivers pay lower rates – Careful drivers receive lower rates than their less careful counterparts. Even one moving violation can bump up the cost by as much as twenty percent. Drivers who have gotten multiple citations like reckless driving, hit and run or driving under the influence are required to submit a SR-22 or proof of financial responsibility with their state in order to continue driving.
The diagram below shows how traffic citations and at-fault fender-benders can affect Lexus IS 250 premium costs for different age categories. The prices are based on a single female driver, full coverage, $250 deductibles, and no discounts are factored in.
- Qualify for multi-policy discounts – Most car insurance companies will give lower prices to insureds that have more than one policy such as combining an auto and homeowners policy. Even if you already get this discount, consumers should still check prices from other companies to help guarantee you have the best rates.
- What’s your car’s NHTSA crash test rating? – Vehicles that have high safety ratings cost less to insure. The safest vehicles have better occupant injury protection and lower rates of occupant injuries means less claims paid which can result in lower premiums. If your Lexus IS 250 has ratings of a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you are probably receiving a discount.
- More annual miles equals more premium – The more you drive your Lexus in a year the higher your rate. Almost all companies rate vehicles partially by how you use the vehicle. Cars and trucks that are left in the garage can be on a lower rate level than those used for commuting. Double check that your car insurance coverage is rated on annual mileage. An incorrectly rated IS 250 may be costing you higher rates.
- Better car insurance rates for continuous car insurance coverage – Allowing your car insurance policy to lapse will be a quick way to increase your renewal premiums. Not only will you pay more, failure to provide proof of insurance can result in a hefty fine and possibly a revoked license. You may then be required to provide proof of insurance in the form of an SR-22 filing with the Virginia DMV.
Insurance losses for a Lexus IS 250 – Insurers analyze historical claim data to calculate a rate that will offset any claims. Vehicles that have higher loss trends will cost more to insure.
The data below shows the insurance loss data for Lexus IS 250 vehicles. For each coverage type, the claim amount for all vehicles as a whole equals 100. Values that are below 100 indicate a favorable loss history, while values that are above 100 indicate higher probability of having a loss or an increased likelihood of larger losses.
Car Insurance Loss Data for Lexus IS 250 Models Make and 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 84BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
When quoting and comparing coverage online or from an agent for your vehicles, there isn’t really a “best” method to buy coverage. Coverage needs to be tailored to your specific needs so this has to be addressed.
For instance, these questions could help you determine whether you might need professional guidance.
- When can I cancel my policy?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Am I better off with higher deductibles on my Lexus IS 250?
- When should my teen driver be added to my policy?
- Is my cargo covered for damage or theft?
- At what point should I drop full coverage?
- Why do I have to buy liability insurance?
- Can I still get insurance after a DUI?
- What is GAP insurance?
If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area.
Car insurance savings summarized
We covered a lot of ways to reduce Lexus IS 250 insurance premium rates online in Virginia Beach. It’s most important to understand that the more providers you compare, the better chance you’ll have of finding affordable Virginia Beach auto insurance quotes. You may even find the lowest priced car insurance comes from the least-expected company. Smaller companies may only write in your state and offer lower prices as compared to the big name companies such as State Farm, GEICO and Nationwide.
When shopping online for car insurance, it’s not a good idea to reduce coverage to reduce premium. Too many times, an accident victim reduced comprehensive coverage or liability limits only to discover later that they should have had better coverage. Your objective should be to get the best coverage possible at the best price while not skimping on critical coverages.
To learn more, take a look at the following helpful articles:
- Vehicle Insurance (Wikipedia)
- Who Has Cheap Virginia Beach Auto Insurance Quotes for a Chevrolet Silverado? (FAQ)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Can I Drive Legally without Insurance? (Insurance Information Institute)
- Collision Coverage (Liberty Mutual)