If saving the most money is your goal, then the best way to get more affordable car insurance rates is to regularly compare quotes from insurance carriers who provide auto insurance in Portland.
- Try to comprehend how car insurance works and the things you can change to keep rates down. Many rating factors that are responsible for high rates such as speeding tickets, careless driving and a bad credit rating can be controlled by making minor driving habit or lifestyle changes. Keep reading for instructions to get better rates and find more discounts that you may not know about.
- Obtain price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from one company like Progressive or Farmers Insurance, while independent agents can provide price quotes for a wide range of companies.
- Compare the new rate quotes to the price on your current policy to determine if you can save on LX 570 insurance in Portland. If you can save money and make a switch, make sure there is no coverage gap between policies.
- Give proper notification to your current agent or company to cancel your current coverage. Submit a down payment and signed policy application for your new coverage. Once received, put the proof of insurance certificate in an easily accessible location.
A good tip to remember is to compare similar deductibles and liability limits on each quote request and and to get rates from as many companies as feasibly possible. This helps ensure a fair rate comparison and a complete selection of prices.
It’s hard to believe, but the majority of drivers kept their coverage with the same insurance company for a minimum of four years, and almost 40% of drivers have never even compared rates from other companies. Many consumers in Portland could save nearly 60% each year by just shopping around, but they just don’t understand the amount of savings they would get if they swap their current policy for a cheaper one.
Smart Consumers Can Slash Their Insurance Rates
An important part of buying insurance is that you know the factors that aid in calculating your policy premiums. If you have a feel for what influences your rates, this allows you to make educated decisions that can help you get lower rates.
Improve your credit history and save – Having a bad credit history factor in determining what you pay. So if your credit leaves room for improvement, you could save money insuring your Lexus LX 570 by improving your credit score. Drivers with excellent credit tend to be less risk to insure as compared to drivers with poor credit.
Decrease auto insurance rates by maintaining coverage – Having an insurance coverage lapse will be a fast way to increase your rates. In addition to paying higher premiums, failure to provide proof of insurance could result in fines or a revoked license.
Additional coverages that may be costing you – Insurance companies have many add-on coverages that sound like a good idea at the time but may not be useful. Coverages for personal injury protection, death and dismemberment, and term life insurance may not be needed and are just wasting money. You may think they are a good idea when talking to your agent, but your needs may have changed so eliminate the coverages to reduce your premium.
Age of drivers impacts premiums – Drivers with little experience have a tendency to be inattentive behind the wheel so they pay higher auto insurance rates. Older insureds tend to be more responsible, file fewer claims, and tend to be get fewer driving tickets.
The next chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Pleasure use or commuting – The more you drive your Lexus in a year the higher the price you pay to insure it. Many insurance companies rate vehicles determined by how the vehicle is used. Vehicles that do not get driven very much get more affordable rates compared to those used for work or business. Double check that your auto insurance policy correctly shows the correct driver usage. Having the wrong rating on your LX 570 may be costing you higher rates.
Bundle policies to earn discounts – Most larger insurers apply better rates to insureds who consolidate policies with them such as combining an auto and homeowners policy. Even if you’re getting this discount it’s still a good idea to get quotes from other companies to verify if the discount is saving money. It’s possible to still find a better deal by buying from different companies
Lexus LX 570 insurance loss statistics – Companies use historical loss data as a way to help calculate a profitable premium price. Vehicles that statistically have a trend towards higher claim severity or frequency will have higher rates.
The table below illustrates the historical loss data for Lexus LX 570 vehicles. For each policy coverage, the statistical loss for all vehicles as a whole is represented as 100. Numbers shown that are under 100 are indicative of better than average losses, while values that are above 100 point to more losses or a tendency for losses to be larger than average.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus LX 570 4dr 4WD | 140 | 96 | 217 | 49 |
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Lexus LX 570 detailed coverage information
The price information displayed below highlights detailed analysis of prices for Lexus LX 570 models. Having knowledge of how auto insurance premiums are formulated is important for drivers to make informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $348 | $698 | $362 | $22 | $108 | $1,538 | $128 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Oregon minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Rate information does not factor in your specific Portland location which can change insurance rates substantially.
Should you raise deductibles?
One frequently asked question is how high should the physical damage deductibles be. The figures shown below outline the costs and benefits between low and high comp and collision deductibles. The first pricing table 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 |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $406 | $712 | $320 | $18 | $96 | $1,577 | $131 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $250 | $448 | $320 | $18 | $96 | $1,132 | $94 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Oregon minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Rate quotes do not factor in specific zip code location which can increase or decrease coverage rates noticeably.
Based on this data, we can arrive at the conclusion that using a $250 deductible will cost in the ballpark of $37 more each month or $444 every year across all Lexus LX 570 models than opting for the higher $1,000 deductible. Because you would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you average more than 20 months between claims, you would most likely save money if you decide on a higher deductible.
How to calculate when to raise deductibles
| Average monthly premium for $250 deductibles: | $131 |
| Average monthly premium for $1,000 deductibles (subtract): | – $94 |
| Monthly savings from raising deductible: | $37 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $37 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 20 months |
One big caveat is that raising deductibles means you will have to pay more out-of-pocket when you have a comprehensive or collision claim. It will be required that you have some extra funds in the event you have to pay the deductible.
The illustration below demonstrates how choosing different deductibles and can raise or lower Lexus LX 570 insurance costs for each different age category. The costs are based on a married male driver, comprehensive and collision coverage, and no discounts are applied.
How violations and accidents impact rates
The illustration below demonstrates how speeding tickets and accident claims can raise Lexus LX 570 annual premium costs for different age categories. Data assumes a married female driver, full coverage, $1,000 deductibles, and no other discounts are factored in.
Lexus LX 570 insurance premiums by gender in Portland
The example below shows the comparison of Lexus LX 570 insurance costs for male and female drivers. The data assumes no violations or claims, comp and collision included, $1,000 deductibles, single status, and no discounts are applied.
Price comparison of only insuring for liability
The information below visualizes the comparison of Lexus LX 570 auto insurance rates with full coverage compared to only the Oregon minimum liability coverage. The premiums assume no claims or driving violations, $500 deductibles, single marital status, and no discounts are factored in.
Guidelines for dropping full coverage
There is no set rule for eliminating comp and collision coverage, but there is a broad guideline. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your Lexus LX 570 book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $6,000 after the deductible is paid. If you are currently paying more than $600 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are a few situations where only buying liability is not recommended. If you haven’t paid off your loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
Get discounts on Portland insurance
Auto insurance companies don’t list every policy discount very clearly, so we took the time to find some of the best known and the harder-to-find credits available to you.
- Telematics Discount – Policyholders that allow their insurance company to monitor driving habits by using a small device installed in their vehicle like Allstate’s Drivewise may get a rate reduction if they exhibit good driving behavior.
- Bundle and Save – When you have multiple policies with one insurance company you may earn at least 10% off all policies.
- Portland Homeowners Discount – Owning a home in Portland can earn you a little savings because it is proof that your finances are in order.
- Waiver for an Accident – Not necessarily a discount, but some insurance companies will allow you to have one accident before your rates go up so long as you are claim-free prior to the accident.
- Driver Training Discounts – Taking a course in defensive driver could save 5% or more depending on where you live.
- Paperwork-free – Many companies provide a small discount shop Portland car insurance on the web.
- Payment Discounts – If you pay your entire premium ahead of time instead of monthly or quarterly installments you can avoid monthly service charges.
While discounts sound great, it’s important to understand that some of the credits will not apply to the entire cost. Most only cut specific coverage prices like liability and collision coverage. So despite the fact that it appears you would end up receiving a 100% discount, companies wouldn’t make money that way.
The information below illustrates the comparison of Lexus LX 570 car insurance costs with and without discounts applied to the premium. The rates are based on a female driver, no claims or driving violations, Oregon state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, safe-driver, multi-car, multi-policy, and homeowner discounts applied.
If you would like to see a list of insurance companies that have a full spectrum of discounts in Portland, follow this link.
Don’t give up on cheaper rates
When getting Portland car insurance quotes online, make sure you don’t reduce needed coverages to save money. There are many occasions where an accident victim reduced uninsured motorist or liability limits and learned later that the small savings ended up costing them much more. The aim is to buy the best coverage you can find for the lowest price, but don’t skip important coverages to save money.
Budget-friendly auto insurance in Portland is available online and from local agencies, and you should be comparing both to have the best rate selection. There are still a few companies who may not provide online price quotes and these smaller providers provide coverage only through independent insurance agencies.
For more information, link through to the articles below:
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- How Much are Portland Car Insurance Rates for a Learners Permit? (FAQ)
- What Car Insurance is Cheapest for a Toyota RAV4 in Portland? (FAQ)
- How Much is Portland Auto Insurance for Infrequent Drivers? (FAQ)
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- How to Avoid Staged Accidents (State Farm)
- Safety Tips for Teen Drivers (Insurance Information Institute)
- What if I Can’t Find Coverage? (Insurance Information Institute)