Car Insurance Rates for a Lexus RX 450h in Memphis

Has it been a year or more since you last compared quotes for cheaper Lexus RX 450h insurance in Memphis? Locating cheaper insurance for a Lexus RX 450h in Tennessee can normally be a lot of work, but you can learn these tips and make it easy. There are more efficient ways to buy car insurance so you’re going to learn the best way to quote coverages for a Lexus and get the cheapest rates from both online companies and Memphis agents.

Finding affordable car insurance coverage in Memphis is quite easy if you know the best way to do it. If you have a policy now or just want cheaper rates, you can use these techniques to buy cheaper car insurance and still have adequate protection. Smart buyers only have to learn the most time-saving way to compare price quotes online.

Lowering your insurance rates is actually quite simple. The only requirement is to take a few minutes to compare rates provided by online insurance companies.

The companies shown below offer price comparisons in Memphis, TN. If multiple companies are listed, we recommend you visit as many as you can to get the best price comparison.

Protect more than your Lexus vehicle

Despite the high insurance cost for a Lexus RX 450h in Memphis, paying for auto insurance is most likely required but also gives you several important benefits.

• The majority of states have mandatory insurance requirements which means the state requires specific limits of liability coverage in order to be legal. In Tennessee 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 have a lien on your RX 450h, it’s guaranteed your bank will require that you buy full coverage to protect their interest in the vehicle. If the policy lapses, the bank will be required to insure your Lexus at a much higher premium rate and force you to reimburse them the higher price.
• Auto insurance protects not only your vehicle but also your assets. Insurance will pay for most medical and hospital costs for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, will also pay attorney fees if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, your policy will pay all costs to repair after the deductible has been paid.

The benefits of having insurance are without a doubt worth the cost, particularly when you have a large claim. Unknowingly, the average driver is wasting up to $865 each year so it’s recommended you shop around at least once a year to be sure current rates are still competitive.

Coverage statistics and figures

The premium table shown below highlights estimates of insurance policy prices for Lexus RX 450h models. Having knowledge of how car insurance prices are figured can aid in making smart choices when selecting a policy.

Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate quotes do not factor in zip code location which can affect rates substantially.

Physical damage deductible comparison

The hardest decision when buying coverage is how high should the deductibles for physical damage be. The data tables below can help illustrate the rate fluctuation between low and high coverage deductibles. The first set of rates uses a $250 deductible and the second set of prices uses a $500 deductible.

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Information does not factor in garaging location in Memphis which can increase or decrease premiums significantly.

Based on the above data, using a $250 deductible costs an average of $15 more each month or $180 every year averaged for all RX 450h models than selecting the higher $500 deductible. Because you would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you tend to average at least 17 months between claims, you would most likely save money if you choose a higher deductible.

The example below shows how different deductible levels and can impact Lexus RX 450h annual premium costs for different ages of insureds. The data is based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.

Rate difference between full and liability-only coverage

The diagram below shows the comparison of Lexus RX 450h insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no violations or claims, $1,000 deductibles, drivers are single, and no other discounts are factored in.

Should you be buying full coverage?

There isn’t a steadfast formula to exclude comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.

For example, let’s pretend your Lexus RX 450h settlement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would get paid by your company is $2,000 after paying your policy deductible. If premium cost is more than $200 a year to have full coverage, then you might want to consider buying only liability coverage.

There are some conditions where eliminating full coverage is not recommended. If you haven’t satisfied your loan, you have to maintain full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not opt for liability only.

These discounts can slash Lexus RX 450h insurance rates

Insurance is easily one of your largest bills, but discounts can save money and there are some available that many consumers don’t even know exist. Some trigger automatically at quote time, but a few need to be specially asked for before they will apply. If you check and find you aren’t receiving every discount available, you may be paying too high a price.

• Homeowners Savings – Just owning your own home can save a few bucks due to the fact that maintaining a home requires a higher level of personal finance.
• Safety Course Discount – Successfully completing a class that teaches driver safety techniques could save 5% or more depending on where you live.
• Theft Deterrent System – Cars and trucks optioned with advanced anti-theft systems prevent vehicle theft so companies will give you a small discount.
• Government Employee Discount – Active or retired federal employment may qualify for a discount when you quote Memphis car insurance with select insurance companies.
• Policy Bundle Discount – When you combine your auto and home insurance with one company you may earn as much as 10 to 15 percent.
• Senior Citizen Discount – Drivers over the age of 55 may be able to get a small discount on rates.
• Student Driver Training – It’s a good idea to have your young drivers successfully complete driver’s ed class in school.
• Paperless Signup – Some insurance companies provide a small discount simply for signing over the internet.
• ABS and Traction Control Discounts – Cars with anti-lock braking systems can stop better under adverse conditions so companies give up to a 10% discount.

You should keep in mind that most credits do not apply to the entire policy premium. Most only cut individual premiums such as medical payments or collision. So when the math indicates all the discounts add up to a free policy, you aren’t that lucky. But any discount should help lower your policy premiums.

The diagram below illustrates the difference between Lexus RX 450h auto insurance costs with and without discounts applied to the policy premium. The data is based on a male driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, multi-car, claim-free, marriage, and homeowner discounts applied.

To see insurance companies that provide some of the discounts listed above in Tennessee, click here.

When should I discuss my situation with an agent?

Always keep in mind that when comparing proper insurance coverage, there really isn’t a cookie cutter policy. Everyone’s situation is unique.

For instance, these questions could help you determine if your situation could use an agent’s help.

• Am I covered if I hit my neighbor’s mailbox?
• Should I buy full coverage?
• What is high-risk coverage and where do I buy it?
• Why is insurance for a teen driver so high in Memphis?
• Who does medical payments coverage extend to?
• What does UM/UIM cover?
• How high should deductibles be on a Lexus RX 450h?
• What is PIP insurance?
• What are the liability requirements in my state?

If it’s difficult to answer those questions, you might consider talking to an agent. If you don’t have a local agent, complete this form. It is quick, free and can help protect your family.