Smart shoppers know that insurance companies want to keep you from comparing prices. Consumers who get comparison quotes at least once a year will presumably buy a new policy because there is a high probability of finding a cheaper policy. A recent auto insurance study revealed that drivers who regularly shopped around saved on average $860 a year as compared to drivers who don’t regularly compare prices.
If finding the cheapest price for Lexus IS 350 insurance is your objective, then having some knowledge of how to find companies and compare coverages can make the process more efficient.
The most effective way to find the cheapest price for auto insurance rates in Virginia Beach is to compare prices annually from insurance carriers who sell auto insurance in Virginia.
- First, it will benefit you to learn about individual coverages and the factors you can control to prevent expensive coverage. Many rating criteria that increase rates such as traffic citations and a substandard credit score can be eliminated by making minor changes to your lifestyle. Continue reading for additional tips to get better rates and find possible discounts that are available.
- Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like GEICO or Allstate, while independent agencies can provide rate quotes for a wide range of insurance providers. Click to view companies
- Third, compare the quotes to your current policy to determine if switching companies saves money. If you find a lower rate, make sure coverage is continuous and does not lapse.
- Fourth, tell your current agent or company of your decision to cancel your current car insurance policy. Submit a down payment and signed policy application to the new company. As soon as you receive it, safely store the proof of insurance certificate above your visor, in the console, or in the glove compartment.
One thing to point out is to make sure you enter identical coverages on each price quote and and to compare every company you can. Doing this helps ensure an apples-to-apples comparison and the best price quote selection.
Most larger insurance companies such as Allstate, GEICO and Progressive make it easy to get prices online. The process doesn’t take much effort as you just type in the coverages you want into the form. Once entered, their quoting system requests your credit score and driving record and generates pricing information based on these factors.
This makes comparing rates easy, and it’s also necessary to do this if you are searching for the lowest car insurance rates.
To save time and find out what other companies charge, compare quotes from the companies shown below. If you have a policy now, it’s recommended that you enter deductibles and limits as close as possible to your current policy. This helps ensure you’re receiving a price comparison for similar insurance coverage.
The companies shown below are ready to provide free rate quotes in Virginia. If multiple companies are listed, we recommend you visit as many as you can in order to find the lowest rates.
Verify you’re earning every discount
Insurance can be prohibitively expensive, but there are discounts available that you may not even know about. Certain discounts will be applied at the time of quoting, but a few need to be requested specifically in order for you to get them.
- Discounts for Government Workers – Employees or retirees of the government can save as much as 8% with select insurance companies.
- Defensive Driver – Taking a course teaching defensive driving skills could cut 5% off your bill and easily pay for the cost of the class.
- Senior Citizen Rates – If you’re over the age of 55, you are able to get a small decrease in premiums.
- Discounts for New Vehicles – Putting insurance coverage on a new IS 350 can save up to 30% compared to insuring an older model.
- Student in College – Kids who live away from home at college and don’t have a car could get you a discount.
- Discounts for Cautious Drivers – Insureds without accidents can save as much as half off their rates compared to accident prone drivers.
- Memberships – Having an affiliation with specific professional or occupational memberships or organizations is a good way to get lower rates on your next car insurance statement.
A little disclaimer on discounts, most discount credits are not given to the entire policy premium. Most only reduce specific coverage prices like collision or personal injury protection. Even though it may seem like adding up those discounts means a free policy, it doesn’t quite work that way. But any discount will bring down your premiums.
The chart below illustrates the comparison of Lexus IS 350 insurance costs with and without discounts applied to the premium. Data assumes a male driver, no violations or claims, Virginia state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, safe-driver, multi-car, homeowner, and claim-free discounts applied.
To find insurers who offer free Lexus IS 350 insurance quotes in Virginia, follow this link.
Lexus IS 350 insurance statistics and information
The coverage information shown next highlights different coverage costs for Lexus IS 350 models. Being able to understand how policy premiums are determined is important for making informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $174 | $360 | $270 | $16 | $80 | $900 | $75 |
| IS 350 C 2-Dr Convertible | $174 | $360 | $270 | $16 | $80 | $900 | $75 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Premium costs do not factor in vehicle location which can lower or raise premiums substantially.
How high should deductibles be?
The hardest decision when buying coverage is at what level do you set your deductibles. The comparisons below can help show the premium difference when you choose different coverage deductibles. The first rate comparisons uses a $250 deductible and the second price chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $250 | $454 | $258 | $16 | $78 | $1,081 | $90 |
| IS 350 C 2-Dr Convertible | $250 | $454 | $258 | $16 | $78 | $1,081 | $90 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $154 | $286 | $258 | $16 | $78 | $792 | $66 |
| IS 350 C 2-Dr Convertible | $154 | $286 | $258 | $16 | $78 | $792 | $66 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Virginia minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Premium costs do not factor in the specific area where the vehicle is garaged which can decrease or increase auto insurance rates noticeably.
Using the premium rates above, we can conclude that using a $250 deductible costs approximately $24 more each month or $288 every year than opting for the higher $1,000 deductible. Because you would pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you usually have at a minimum 31 months between claims, you would probably come out ahead by selecting a higher deductible. The illustration below shows an example of how we made this calculation.
| Average monthly premium for $250 deductibles: | $90 |
| Average monthly premium for $1,000 deductibles (subtract): | – $66 |
| Monthly savings from raising deductible: | $24 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $24 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 31 months |
One thing to be aware of is that higher deductibles means you will have to pay more of your own money when you do file a claim. That will force you to have a higher level of savings in the event you need to pay the deductible to have repairs made.
Full coverage or liability only
The chart below shows the difference between Lexus IS 350 car insurance rates with and without full coverage. The costs are based on no violations or accidents, $100 deductibles, single marital status, and no other discounts are factored in.
Guidelines for dropping full coverage
There is no written rule of when to drop comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let’s say your Lexus IS 350 settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after paying your policy deductible. If you are currently paying more than $600 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some situations where buying only liability insurance is not in your best interest. If you haven’t paid off your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Get rate quotes but buy from a local neighborhood Virginia Beach car insurance agent
A lot of people still prefer to go talk to an agent and we recommend doing that Good insurance agents can answer important questions and help submit paperwork. The best thing about comparing rate quotes online is you can get the best rates and also buy local. Supporting local insurance agents is important especially in Virginia Beach.
For easy comparison, once you complete this quick form, the coverage information is submitted to local insurance agents who want to provide quotes for your business. You never need to search for any insurance agencies since rate quotes are delivered to your email. If you have a need to get a rate quote from a specific company, just navigate to their website and give them your coverage information.
When looking for a local insurance agency, you need to know there are two different types of agents and how they can quote your rates. Car insurance agents in Virginia Beach may be either exclusive or independent agents depending on their company appointments. Either type can sell and service car insurance coverage, but it’s important to know the subtle differences since it can affect which type of agent you select.
Independent Agents (or Brokers)
These type of agents do not sell for just one brand so they have the ability to put coverage with any number of different companies and potentially find a lower price. If your agent finds better pricing, they can switch companies in-house and you stay with the same agent.
If you are comparing rate quotes, we recommend you get insurance quotes from at least one independent agent to ensure the widest selection of prices. Many independent agencies also insure through additional companies that you may not be familiar with that can offer cheaper rates than bigger companies.
Featured below is a small list of independent insurance agencies in Virginia Beach who can help you get free rate quotes.
- Huffman Insurance Agency
5541 Parliament Dr #209 – Virginia Beach, VA 23462 – (757) 200-3183 – View Map - Choice Insurance Agency
4664 South Blvd – Virginia Beach, VA 23452 – (757) 416-5100 – View Map - Cheeks Insurance Agency
4968 Euclid Rd e – Virginia Beach, VA 23462 – (757) 309-1850 – View Map
Exclusive Agencies
These agents can only quote rates from one company and examples are State Farm, AAA, Farmers Insurance or Allstate. They usually cannot give you multiple price quotes so you might not find the best rates. Exclusive insurance agents are well schooled in insurance sales which helps them compete with independent agents. Consumers frequently buy from exclusive agents partially due to the brand instead of buying on price only.
Shown below are exclusive agencies in Virginia Beach willing to provide rate quotes.
- Lee Barnes – State Farm Insurance Agent
1625 Salem Rd Ste 103 – Virginia Beach, VA 23456 – (757) 467-8890 – View Map - GEICO Insurance Agent
4389 Virginia Beach Blvd – Virginia Beach, VA 23462 – (757) 583-2200 – View Map - Bill Cooper Jr – State Farm Insurance Agent
421 S Witchduck Rd – Virginia Beach, VA 23462 – (757) 490-2744 – View Map
Deciding on an car insurance agent should include more criteria than just the premium amount. The questions below may impact your decision as well.
- Who are their largest clients?
- How often do they review coverages?
- How much can you save by raising your physical damage deductibles?
- Do they reduce claim amounts on high mileage vehicles?
- Do they see any coverage gaps in your plan?
- What company do they have the most business with?
How You Can Control Lexus IS 350 Insurance Premiums
Many factors are used when premium rates are determined. A few of the factors are predictable such as traffic violations, but other factors are more transparent like your vehicle usage or your financial responsibility. A large part of saving on car insurance is knowing some of the things that aid in calculating your premiums. If you have some idea of what controls the rates you pay, this helps enable you to make changes that could result in much lower annual insurance costs.
The factors shown below are some of the items used by companies to determine your prices.
Proper usage rating affects rates – The more you drive your Lexus in a year’s time the more you’ll pay to insure your vehicle. The majority of insurers calculate prices based upon how you use the vehicle. Vehicles that have low annual miles can get a lower rate than those used for commuting. Having the wrong rating on your IS 350 may be wasting your money. It’s a good idea to make sure your declarations sheet shows the correct driver usage, because it can save money.
More policies can equal more savings – Most major insurance companies allow lower prices for people who carry more than one policy such as combining an auto and homeowners policy. Even if you already get this discount, drivers will still want to comparison shop to confirm you are receiving the best rates possible.There is a good possibility that you can save more without the discount by buying from different companies
Cars with good safety ratings mean better premiums – Cars with high safety ratings get lower rates. These vehicles protect occupants better and reduced instances of injuries means lower claim amounts which can result in lower premiums.
The type of vehicle you drive affects your rates – The performance level of the car you own makes a substantial difference in your rates. Smaller low performance passenger models usually are quite affordable to insure, but the final cost of insurance is determined by many other factors.
The chart below assumes a married male driver age 30, full coverage with $1000 deductibles, and no discounts or violations. It shows Lexus IS 350 car insurance rates compared to other models that have a range of performance risks.
Don’t abuse policy claims – If you frequently file small claims, don’t be surprised to see either policy cancellation or increased premiums. Car insurance companies in Virginia generally give the best rates to policyholders who do not rely on their insurance for small claims. Your car insurance is designed for more catastrophic claims.
Lexus IS 350 claim data – Insurance companies use past insurance losses to help set a rate to offset losses. Models that have higher loss trends will have higher rates for specific coverages. The table shown below demonstrates the historical loss data for Lexus IS 350 vehicles.
For each type of coverage, the loss probability for all vehicles, regardless of make or model, equals 100. Percentage numbers below 100 suggest losses that are better than average, while numbers above 100 indicate frequent claims or statistically larger claims.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus IS 350 4dr 2WD | 165 | 88 | 186 | 101 | ||
| Lexus IS 350 4dr 4WD | 200 | 72 | 206 | |||
| Lexus IS 350 Convertible | 98 |
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
It may be expensive, but it’s not optional
Despite the high cost of buying insurance for a Lexus IS 350 in Virginia Beach, car insurance is required by state law in Virginia and it also provides benefits you may not be aware of.
First, just about all states have compulsory liability insurance requirements which means the state requires a specific minimum amount of liability protection if you want to drive 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 vehicle has a lienholder, almost all lenders will stipulate that you have full coverage to ensure loan repayment if the vehicle is totaled. If you default on your policy, the lender may have to buy a policy to insure your Lexus for a lot more money and force you to reimburse them the higher premium.
Third, insurance safeguards not only your car but also your assets. It also can pay for many types of medical costs for yourself as well as anyone injured by you. As part of your policy, liability insurance will also pay attorney fees if you are sued as the result of an accident. If you have damage to your Lexus as the result of the weather or an accident, comprehensive and collision coverage will pay to repair the damage minus the deductible amount.
The benefits of insuring your IS 350 are without a doubt worth the cost, especially for larger claims. An average driver in America is overpaying over $850 per year so compare rates each time the policy renews to ensure rates are competitive.
Cover all your bases
People who switch companies do it for a variety of reasons including questionable increases in premium, unfair underwriting practices, delays in paying claims and even extreme rates for teen drivers. Whatever your reason, choosing a new company is easier than you think.
As you prepare to switch companies, it’s a bad idea to buy poor coverage just to save money. There have been many situations where someone sacrificed liability coverage limits and learned later that it was a big error on their part. The ultimate goal is to buy the best coverage you can find at the lowest possible cost, but do not skimp to save money.
Discount Lexus IS 350 insurance in Virginia Beach can be purchased online and from local insurance agents, and you need to price shop both in order to have the best chance of saving money. A few companies may not offer price quotes online and these smaller companies only sell coverage through independent insurance agents.
For more information, feel free to browse the articles below:
- Safe Vehicles for Teens (iihs.org)
- Who Has Cheap Car Insurance for College Graduates in Virginia Beach? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for a Nissan Altima in Virginia Beach? (FAQ)
- What Insurance is Cheapest for a Ford Focus in Virginia Beach? (FAQ)
- Who Has Affordable Auto Insurance for a 20 Year Old Male in Virginia Beach? (FAQ)
- All About Airbag Safety (State Farm)
- Teen Driving Statistics (GEICO)
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)