Trying to find better insurance prices for a new or used Lexus IS 350 in Ohio can turn out to be difficult, but you can learn the following methods to find lower rates.
There are both good and bad ways to compare car insurance rates and you need to know the quickest way to get price quotes on a Lexus and locate the lowest possible price either online or from Cincinnati insurance agents.
Getting cheaper Lexus IS 350 car insurance pricing can be surprisingly simple. Consumers just need to invest a few minutes to compare rates from online providers.
The providers in the list below offer price quotes in Ohio. To locate the best car insurance in OH, it’s a good idea that you visit several of them in order to find the lowest rates.
Auto insurance does more than just repair your car
Despite the fact that auto insurance is not cheap in Cincinnati, auto insurance is not optional due to several reasons.
- Most states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability insurance in order to get the vehicle licensed. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a lien on your Lexus IS 350, more than likely the lender will require you to have comprehensive coverage to guarantee loan repayment. If you do not keep the policy in force, the lender may insure your Lexus at a much higher rate and require you to fork over the higher premium.
- Auto insurance preserves both your vehicle and your personal assets. It will also reimburse you for medical bills for you, any passengers, and anyone injured in an accident. Liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of carrying enough insurance more than offset the price you pay, especially when you need to use it. As of last year, the average driver in Ohio is wasting up to $869 every year so compare quotes from several companies once a year at a minimum to help ensure money is not being wasted.
Lexus IS 350 insurance rate analysis
The rate table displayed next outlines different insurance policy prices for Lexus IS 350 models. Having a better understanding of how insurance prices are calculated can help guide drivers when making decisions when shopping around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 350 4-Dr Sedan||$154||$332||$256||$16||$76||$834||$70|
|IS 350 C 2-Dr Convertible||$154||$332||$256||$16||$76||$834||$70|
|Get Your Own Custom Quote Go|
Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Table data does not factor in your specific Cincinnati location which can increase or decrease premiums greatly.
The illustration below demonstrates how choosing different deductibles and can affect Lexus IS 350 insurance costs for different insured age categories. The price estimates are based on a married male driver, full physical damage coverage, and no discounts are factored in.
Cost difference between full coverage and liability
The diagram below illustrates the difference between Lexus IS 350 auto insurance rates when comparing full coverage to liability only. The data assumes a clean driving record, no claims, $250 deductibles, drivers are single, and no discounts are factored in.
Should you pay for full coverage or liability only?
There is no definitive formula to stop paying for full coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your Lexus IS 350 replacement value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $7,000 after the policy deductible has been paid. If premiums are more than $700 a year for comprehensive and collision coverage, then it could be time to drop full coverage.
There are a few situations where dropping physical damage coverage is not in your best interest. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Cincinnati insurance discounts for a Lexus IS 350
Some insurers do not advertise their entire list of discounts in an easy-to-find place, so the below list has a few of the more well known and the harder-to-find savings tricks you should be using when you buy Cincinnati auto insurance online.
- Multi-line Discount – Some car insurance companies give better premium rates if you take out a life policy as well.
- Cincinnati Homeowners Discount – Owning a house in Cincinnati can earn you a little savings because it requires personal responsibility.
- Air Bags and Passive Restraints – Factory options such as air bags can receive discounts of 20% or more.
- Discounts for Cautious Drivers – Insureds without accidents may receive a discount up to 45% than drivers with accident claims.
- Student in College – Any of your kids who are attending college and do not take a car to college can receive lower rates.
We need to note that many deductions do not apply to all coverage premiums. A few only apply to individual premiums such as comp or med pay. Despite the appearance that you could get a free car insurance policy, companies don’t profit that way.
The chart below visualizes the comparison of Lexus IS 350 auto insurance costs with and without discounts applied to the rates. Data assumes a female driver, no claims or driving citations, Ohio state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, marriage, multi-car, claim-free, and safe-driver discounts applied.
Large car insurance companies and some of the premium reductions they offer are shown below.
- Progressive may have discounts that include online signing, multi-vehicle, homeowner, multi-policy, and continuous coverage.
- The Hartford may offer discounts for bundle, driver training, vehicle fuel type, good student, anti-theft, and defensive driver.
- Mercury Insurance discounts include professional/association, accident-free, age of vehicle, multi-policy, annual mileage, and ease of repair.
- GEICO offers premium reductions for emergency military deployment, air bags, multi-vehicle, membership and employees, five-year accident-free, and federal employee.
- AAA may include discounts for good student, good driver, AAA membership discount, pay-in-full, multi-policy, anti-theft, and multi-car.
- State Farm offers discounts including driver’s education, good driver, accident-free, Drive Safe & Save, multiple autos, defensive driving training, and student away at school.
Before you buy a policy, ask each company or agent which discounts you qualify for. Some discounts listed above might not be available to policyholders in your state.
What if I want to buy from local Cincinnati insurance agencies?
A small number of people still like to sit down and talk to an agent and doing that can be a smart decision Good insurance agents can point out coverage gaps and give you someone to call. A good thing about comparing insurance prices online is the fact that you can find cheap rate quotes and still buy from a local agent. Buying insurance from local insurance agencies is important particularly in Cincinnati.
To find an agent, once you fill out this quick form, the coverage information is immediately sent to local insurance agents in Cincinnati who will return price quotes for your car insurance coverage. There is no reason to contact an agency because quoted prices will be sent straight to your inbox. If you need to get a price quote for a specific company, don’t hesitate to visit that company’s website and complete a quote there.
When looking for a reputable agency, there are two types of agencies and how they are distinctly different. Cincinnati agents can be described as either independent (non-exclusive) or exclusive. Both types of agents can sell and service car insurance coverage, but it’s important to know why they differ because it can impact your selection of an agent.
Independent Agencies or Brokers
Agents that choose to be independent are not restricted to one company so they have the ability to put coverage with any number of different companies and potentially find a lower price. If premiums increase, they simply move your policy to a different company and the insured can keep the same agent.
If you are comparing car insurance prices, we recommend you get quotes from at a minimum one independent agency to get the best comparison. Most have the option of insuring with different regional companies which may have better rates.
Below is a partial list of independent agencies in Cincinnati who can help you get price quotes.
- CMS Insurance Inc
2756 Erie Ave – Cincinnati, OH 45208 – (513) 321-2000 – View Map
- Kinker-Eveleigh Insurance Agency
7750 Montgomery Rd – Cincinnati, OH 45236 – (513) 891-6615 – View Map
- Huesman Schmid Insurance Agency, Inc
5670 Cheviot Rd – Cincinnati, OH 45247 – (513) 521-8590 – View Map
Exclusive agents can only provide one company’s prices such as American Family, State Farm, and Allstate. Exclusive agents are unable to place coverage with different providers so if the price isn’t competitive there isn’t much they can do. Exclusive agents are highly trained on the products they sell which helps them compete with independent agents. Consumers often buy from exclusive agents primarily because of the prominent brand name and the convenience of having a single billing for all their coverages.
Below are exclusive insurance agencies in Cincinnati who can help you get rate quotes.
- Steve Ulmer – State Farm Insurance Agent
3518 Glenmore Ave – Cincinnati, OH 45211 – (513) 662-4300 – View Map
- Greg Meinberg – State Farm Insurance Agent
3322 Erie Ave #102 – Cincinnati, OH 45208 – (513) 533-1661 – View Map
- Scott Clark – State Farm Insurance Agent
3011 W Galbraith Road – Cincinnati, OH 45239 – (513) 931-9292 – View Map
Deciding on a insurance agent requires more thought than just a low price. Agents should be asked these questions:
- Does the agent help file claims?
- Do they have designations such as AIC, CPCU, or CIC?
- What is the agency’s Better Business Bureau rating?
- Is the agency involved in supporting local community causes?
- Do they have cheaper tiers of coverage?
- Do they prorate repair cost based on vehicle mileage?
- How long has their agency been in business in Cincinnati?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
Find cheap rates by being thorough
Drivers leave their current company for a variety of reasons including poor customer service, policy cancellation, extreme rates for teen drivers or even high rates after DUI convictions. Regardless of your reason, finding a great new company can be pretty painless.
We just presented quite a bit of information on how to compare Lexus IS 350 insurance premium rates in Cincinnati. The key concept to understand is the more rate quotes you have, the better your comparison will be. Consumers may even find the lowest premium rates are with a smaller regional carrier.
When getting Cincinnati auto insurance quotes online, don’t be tempted to buy less coverage just to save a little money. There have been many cases where consumers will sacrifice liability limits or collision coverage and learned later that it was a big error on their part. The proper strategy is to buy a smart amount of coverage at the best possible price, but do not sacrifice coverage to save money.
How to find lower priced Lexus IS 350 insurance in Cincinnati
If saving money is your primary concern, then the best way to find discount Lexus IS 350 insurance is to start comparing rates regularly from insurance carriers who provide car insurance in Cincinnati. Rate comparisons can be done by following these guidelines.
- First, learn about how your policy works and the modifications you can make to keep rates down. Many rating factors that result in higher prices like tickets, at-fault accidents, and a bad credit score can be controlled by making minor driving habit or lifestyle changes.
- Second, compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from a single company like Progressive or Allstate, while independent agents can provide price quotes from multiple insurance companies.
- Third, compare the new rate quotes to your current policy to determine if switching companies saves money. If you can save money, ensure there is no coverage lapse between policies.
The critical component of shopping around is to try to use the same physical damage deductibles and liability limits on every quote request and and to get rate quotes from as many companies as possible. Doing this guarantees an apples-to-apples comparison and the best price quote selection.
Much more information about auto insurance in Ohio is available at these links:
- Liability Insurance Coverage (Nationwide)
- Who Has the Cheapest Cincinnati Car Insurance Rates for High Mileage Drivers? (FAQ)
- Who Has the Cheapest Auto Insurance for 19 Year Olds in Cincinnati? (FAQ)
- What Insurance is Cheapest for Drivers Requiring a SR22 in Cincinnati? (FAQ)
- Who Has Affordable Car Insurance Quotes for Teenage Females in Cincinnati? (FAQ)
- Who Has the Cheapest Cincinnati Car Insurance Rates for a Chevrolet Silverado? (FAQ)
- Steps to Take After an Auto Accident (Insurance Information Institute)
- Rental Car Insurance Tips (Insurance Information Institute)
- Vehicle Insurance in the U.S. (Wikipedia)
- Safety Belts FAQ (iihs.org)