It’s an obvious assumption that insurance companies want to keep you from shopping around. Consumers who compare rates annually will presumably buy a new policy because there is a significant possibility of finding a lower-priced company. A recent survey found that people who regularly shopped around saved about $860 a year compared to people who never compared rates.
If finding the lowest price on insurance in Cincinnati is your ultimate goal, then understanding how to shop and compare coverage rates can make it easier to find better rates.
The most effective way to save on Lexus RC 300 insurance in Cincinnati is to compare prices once a year from insurance carriers in Ohio. You can shop around by following these guidelines.
- First, try to comprehend how companies price auto insurance and the measures you can control to prevent expensive coverage. Many risk factors that cause high rates such as high-risk driving behaviors and poor credit history can be controlled by improving your driving habits or financial responsibility. Later in this article we will cover more information to prevent high rates and find overlooked discounts.
- Second, get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from one company like GEICO or Allstate, while independent agents can provide prices for a wide range of insurance providers.
- Third, compare the new rates to your existing coverage to see if switching to a new carrier will save money. If you find a lower rate quote, make sure there is no lapse in coverage.
- Fourth, tell your current agent or company of your decision to cancel your existing policy and submit a completed application and payment to the new insurer. Make sure you keep the new proof of insurance certificate in your vehicle’s glove compartment or console.
A crucial key to this process is that you’ll want to compare identical coverages on every price quote and and to look at as many companies as possible. Doing this enables a level playing field and a complete price analysis.
How Car Insurance Companies Calculate Lexus RC 300 Insurance Rates
When buying auto insurance it’s important to understand some of the factors that are used to determine your auto insurance rates. When you know what positively or negatively influences your rates, this helps enable you to make changes that could help you find cheaper rates. Multiple criteria are considered when pricing auto insurance. Some are obvious such as your driving record, but other criteria are not as apparent like where you live or your financial responsibility.
Shown below are some of the items that factor into your rate level.
- Fewer miles means better prices – The higher the miles on your Lexus in a year’s time the more you will pay for auto insurance. Most companies calculate rates based upon how the vehicle is primarily used. Vehicles that sit idle most of the time can get a lower rate compared to those used for work or business. Double check that your auto insurance coverage is rated on the right rating data. An improperly rated RC 300 may be wasting your money.
- Insurance is expensive for teen drivers – More mature drivers tend to be more responsible, file fewer claims, and usually have better credit. Inexperience drivers have been known to get distracted easily when behind the wheel therefore auto insurance rates are much higher.
- Lower performance equals lower insurance prices – The type of car you need insurance for makes a significant difference in your auto insurance rates. Low performance passenger models usually are quite affordable to insure, but the cost you end up paying is determined by many additional factors.
- If you don’t need it don’t buy it – Policies have add-on coverages you can purchase but may not be useful. Coverage for things like vanishing deductibles, towing coverage, and motor club memberships may be wasting your money. These may sound like a good investment initially, but your needs may have changed so remove them from your policy.
- Vehicle options that cut prices – Selecting a car model that has an advanced theft prevention system can save you a little every year. Anti-theft features like GM’s OnStar, tamper alarm systems and vehicle immobilizers can thwart your car from being stolen.
Save money by taking advantage of discounts
Auto insurance can be pricey, but discounts can save money and there are some available that you may not know about. Certain reductions will be credited when you quote, but once in a while a discount must be requested specifically prior to receiving the credit. If they aren’t giving you every credit you deserve, you could be saving more on your auto insurance.
- Discount for New Cars – Insuring a vehicle that is new can be considerably cheaper due to better safety requirements for new vehicles.
- Discount for Life Insurance – Larger insurance carriers have a discount if you purchase a life policy as well.
- Fewer Miles Equal More Savings – Driving fewer miles could qualify for discounted rates on garaged vehicles.
- Safety Restraint Discount – Forcing all vehicle occupants to use their safety belts can save up to 15% off PIP or medical payments premium.
- Employee of Federal Government – Having worked for a branch of the government can save as much as 8% with select insurance companies.
- College Student Discount – Any of your kids who are enrolled in higher education away from home and leave their car at home may be able to be covered for less.
- Bundle and Save – If you can combine your home and auto policy and insure them with the same company they may give you a discount of up to 20% off your total RC 300 insurance premium.
- Save with More Vehicles Insured – Buying a policy with more than one vehicle with the same company can get a discount on all vehicles.
- Payment Method – If you pay your bill all at once instead of paying each month you can avoid monthly service charges.
- Anti-lock Brake System – Cars, trucks, and SUVs with anti-lock braking systems prevent accidents and earn discounts up to 10%.
As is typical with insurance, many deductions do not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like liability and collision coverage. If you do the math and it seems like you could get a free auto insurance policy, it doesn’t quite work that way.
Large auto insurance companies and a selection of discounts include:
- Progressive offers premium reductions for continuous coverage, online signing, good student, multi-policy, multi-vehicle, online quote discount, and homeowner.
- AAA has savings for multi-policy, pay-in-full, good driver, anti-theft, education and occupation, AAA membership discount, and multi-car.
- Farmers Insurance offers discounts including mature driver, multi-car, good student, switch companies, business and professional, and early shopping.
- GEICO has discounts for multi-policy, membership and employees, emergency military deployment, air bags, anti-lock brakes, driver training, and five-year accident-free.
- Esurance offers discounts for anti-theft, homeowner, emergency road assistance, claim free, and defensive driver.
- SAFECO may offer discounts for safe driver, accident prevention training, teen safe driver, anti-theft, teen safety rewards, and bundle discounts.
- State Farm may have discounts that include multiple autos, passive restraint, multiple policy, defensive driving training, driver’s education, good driver, and safe vehicle.
Before you buy a policy, ask every company which credits you are entitled to. Some of the earlier mentioned discounts may not apply to policies in Cincinnati. To choose companies offering auto insurance discounts in Ohio, click this link.
How much can you save?
Budget-conscious Lexus RC 300 insurance is attainable online in addition to local insurance agencies, so you need to shop Cincinnati auto insurance with both to have the best chance of lowering rates. A few companies may not provide price quotes online and these smaller providers prefer to sell through independent insurance agencies.
As you prepare to switch companies, it’s a bad idea to skimp on coverage in order to save money. In many cases, someone sacrificed physical damage coverage and found out when filing a claim they didn’t purchase enough coverage. Your objective should be to buy the best coverage you can find at the lowest possible cost while not skimping on critical coverages.
More detailed car insurance information is available at these sites:
- Collision Coverage (Liberty Mutual)
- What Insurance is Cheapest for Teenagers in Cincinnati? (FAQ)
- Who Has Cheap Car Insurance Rates for a Company Car in Cincinnati? (FAQ)
- Auto Theft Statistics (Insurance Information Institute)
- Young Drivers: The High Risk Years Video (iihs.org)
- How do I File a Claim? (Insurance Information Institute)