A recent auto insurance study revealed that the vast majority of auto insurance customers in Ohio have purchased from the same company for at least the last four years, and 38% of drivers have never even compared quotes to find cheaper rates. The average driver in the U.S. could save themselves 46.5% a year, but they just don’t understand how easy it is to compare rate quotes.
If saving the most money is your goal, then the best way to get budget car insurance rates is to start comparing prices regularly from different companies who provide auto insurance in Columbus.
First, get an understanding of what coverages are included in your policy and the measures you can take to prevent high rates. Many rating factors that are responsible for high rates like inattentive driving and poor credit history can be improved by making minor changes to your lifestyle.
Second, quote rates from direct, independent, and exclusive agents. Direct and exclusive agents can give quotes from a single company like GEICO and State Farm, while agents who are independent can provide price quotes for a wide range of companies. Compare rates
Third, compare the new rates to your existing coverage and determine if there is any savings. If you find a lower rate quote and buy the policy, make sure coverage is continuous and does not lapse.
One key aspect of rate comparisons is that you use identical limits and deductibles on every quote request and and to get rates from as many companies as possible. Doing this helps ensure an accurate price comparison and many rates to choose from.
Lower rates by qualifying for discounts
Insurance can cost an arm and a leg, but you might be missing out on some discounts that may help make it more affordable. Some trigger automatically when you get a quote, but some discounts are required to be specially asked for prior to receiving the credit.
- Fewer Miles Equal More Savings – Fewer annual miles on your Lexus can qualify you for discounted premium rates on garaged vehicles.
- Clubs and Organizations – Affiliation with specific professional or occupational memberships or organizations could qualify you for a break on insurance.
- Drive Safe and Save – Insureds without accidents could pay up to 40% less than their less cautious counterparts.
- Early Signing – A few larger companies offer discounts for buying a new policy before your current coverage expires. The savings is around 10%.
- Employee of Federal Government – Having worked for a branch of the government could provide a small rate reduction depending on your company.
- Good Student – Getting good grades may save as much as 25% on a Columbus car insurance quote. Earning this discount can benefit you until age 25.
- Columbus Homeowners Discount – Owning a house in Columbus can earn you a little savings because of the fact that having a home is proof that your finances are in order.
- Air Bags and Passive Restraints – Options like air bags or automatic seat belts can get savings up to 30%.
- First Accident Forgiveness – This one isn’t a discount, but some insurance companies will let one accident slide before raising your premiums so long as you are claim-free for a particular time prior to the accident.
A little note about advertised discounts, many deductions do not apply to the whole policy. Most only apply to the price of certain insurance coverages like medical payments or collision. If you do the math and it seems like having all the discounts means you get insurance for free, companies wouldn’t make money that way.
The diagram below illustrates the comparison of Lexus LS 460 insurance costs with and without discounts applied. The rate quotes are based on a female driver, no claims or driving citations, Ohio state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, marriage, claim-free, homeowner, and multi-policy discounts applied.
Some of the larger companies that have these benefits possibly include:
- Mercury Insurance
- Farmers Insurance
- Auto-Owners Insurance
- Liberty Mutual
When getting a coverage quote, ask every company how many discounts you can get. A few discounts may not be offered in Columbus. To choose insurance companies with discount insurance rates in Ohio, click this link.
When comparing car insurance rates, know that having more price comparisons will improve the odds of getting more affordable rates.
The companies shown below have been selected to offer quotes in Ohio. If several companies are displayed, we suggest you get prices from several of them to get a more complete price comparison.
Detailed insurance information
The table below showcases estimates of policy rates for Lexus LS 460 models. Being more informed about how insurance policy premiums are figured can assist in making smart choices when purchasing an insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|LS 460 4-Dr Sedan||$286||$592||$196||$12||$58||$1,144||$95|
|LS 460 4-Dr Sedan||$286||$592||$196||$12||$58||$1,144||$95|
|LS 460 AWD 4-Dr||$286||$592||$196||$12||$58||$1,144||$95|
|LS 460 L 4-Dr Sedan||$286||$592||$196||$12||$58||$1,144||$95|
|LS 460 L AWD 4-Dr||$286||$592||$196||$12||$58||$1,144||$95|
|Get Your Own Custom Quote Go|
Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Premium costs do not factor in vehicle garaging location which can decrease or increase auto insurance rates significantly.
The example below demonstrates how choosing different deductibles and can raise or lower Lexus LS 460 yearly insurance costs for different ages of insureds. The information is based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
Lexus LS 460 liability-only versus full coverage
The information below illustrates the difference between Lexus LS 460 car insurance rates when comparing full coverage to liability only. The price estimates are based on no accidents, no driving violations, $100 deductibles, drivers are not married, and no discounts are factored in.
When to stop buying physical damage coverage
There isn’t a steadfast formula to delete physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Lexus LS 460 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 the physical damage deductible. If premium cost is more than $600 a year for your policy with full coverage, then you might consider buying liability only.
There are some conditions where eliminating full coverage is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Smart Consumers Can Reduce Insurance Rates
Multiple criteria are used when premium rates are determined. Some factors are common sense such as traffic violations, but other factors are less apparent such as your marital status or your vehicle rating.
The factors shown below are most of the major factors auto insurance companies consider when setting prices.
Age of drivers impacts prices – Older drivers tend to be more responsible, tend to file fewer claims, and tend to be get fewer driving tickets. Youthful drivers are statistically shown to be inattentive when driving and because of this, their auto insurance rates are much higher.
The next chart is based on a single driver, full coverage with $1000 deductibles, and no discounts or violations.
- Auto insurance rates and your employer – Occupations like lawyers, airline pilots, and stock brokers usually pay the highest rates attributed to high stress levels and lengthy work days. On the other hand, jobs like actors, athletes and retirees have the lowest average rates.
Rates increase with driving citations – Your driving citation history can have a huge impact on auto insurance premiums. Attentive drivers get better prices compared to bad drivers. Even a single citation may cause rates to rise twenty percent or more. Drivers who have gotten severe violations such as reckless driving, hit and run or driving under the influence may be required to complete a SR-22 with their state’s licensing department in order to drive a vehicle legally.
The diagram below shows how violations and fender-benders can influence Lexus LS 460 insurance costs for each different age category. The data is based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.
- Getting married reduces risk – Having a significant other may save some money when buying auto insurance. Having a significant other is viewed as being more financially stable and it’s proven that drivers who are married file infrequent claims.
Insurance loss probability for a Lexus LS 460 – Auto insurance companies analyze historical claim data when they set coverage costs for each model. Models that the statistics show to have higher claim amounts or frequency will have a higher cost to insure.
The table below outlines the actual insurance loss data for Lexus LS 460 vehicles. For each coverage category, the claim probability for all vehicles as a whole is represented as 100. Numbers below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 point to more frequent losses or an increased probability of a larger loss.
Auto Insurance Loss Data for Lexus LS 460 Models Specific Lexus Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus LS 460 4dr 2WD 155 76 203 52 Lexus LS 460 4dr 4WD 207 102 239 62 Lexus LS 460 L 4dr 2WD 199 Lexus LS 460 L 4dr 4WD 251 324BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Auto insurance agents near you
Certain consumers still like to sit down and talk to an agent. An additional benefit of price shopping on the web is the fact that you can find lower rates and still buy from a local agent.
To make it easy to find an agent, after completing this quick form, the coverage information is instantly submitted to insurance agents in Columbus who will give competitive quotes for your coverage. You don’t have to even leave your home as quotes are delivered immediately to you. Get lower rates without a big time investment. If you want to compare rates from one company in particular, you just need to find their quoting web page and give them your coverage information.
Selecting an provider requires more thought than just the premium amount. These are some questions your agent should answer.
- Are you getting all the discounts the company offers?
- Are they primarily personal or commercial lines agents in Columbus?
- Is every driver in your family covered?
- What insurance companies do they recommend if they are an independent agent?
- How long has the business existed?
Once you have positive feedback for all questions you ask and an affordable coverage quote, it’s possible that you found a company that can be trusted to insure your vehicles.
Why insurance is not optional
Even though it can be expensive, insurance serves several important purposes.
- The majority of states have mandatory liability insurance requirements which means the state requires a specific level of liability in order to drive the car legally. 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 your Lexus has a loan, more than likely the lender will force you to have comprehensive coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Lexus for a much higher rate and require you to fork over for the much more expensive policy.
- Insurance safeguards not only your vehicle but also your financial assets. It also can pay for medical expenses that are the result of an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If mother nature or an accident damages your car, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.
The benefits of buying enough insurance greatly outweigh the cost, especially for larger claims. Unknowingly, the average driver is currently overpaying as much as $865 each year so we recommend shopping around at least once a year to ensure rates are inline.
More quotes mean more car insurance savings
When searching for inexpensive Columbus car insurance quotes, it’s not a good idea to skimp on critical coverages to save a buck or two. In too many instances, consumers will sacrifice full coverage and found out when filing a claim that their decision to reduce coverage ended up costing them more. Your focus should be to buy a smart amount of coverage for the lowest cost but still have enough coverage for asset protection.
In this article, we covered a lot of information how to lower your Lexus LS 460 insurance prices in Columbus. It’s most important to understand that the more you quote Columbus car insurance, the higher your chance of finding affordable Lexus LS 460 insurance quotes. Drivers may even discover the biggest savings come from some of the smallest insurance companies. Some small companies may have significantly lower rates on certain market segments compared to the large companies like Allstate and Progressive.
Lower-priced car insurance in Columbus can be purchased online and also from your neighborhood Columbus agents, so you need to quote Columbus car insurance with both to have the best rate selection. Some insurance providers do not provide the ability to get a quote online and most of the time these regional insurance providers prefer to sell through independent agents.
More detailed car insurance information is located in these articles:
- Teen Driving Statistics (GEICO)
- Who Has the Cheapest Car Insurance for a Ford Fusion in Columbus? (FAQ)
- Who Has Affordable Columbus Car Insurance Quotes for Low Mileage Drivers? (FAQ)
- What Car Insurance is Cheapest for Drivers with Good Credit in Columbus? (FAQ)
- What Auto Insurance is Cheapest for a Ford Explorer in Columbus? (FAQ)
- Who Has Cheap Car Insurance Rates for a Learners Permit in Columbus? (FAQ)
- What Auto Insurance is Cheapest for 4×4 Vehicles in Columbus? (FAQ)
- Insurance Losses by Make and Model (iihs.org)
- How to Avoid Buying a Flooded Car (Insurance Information Institute)
- Winter Driving (Insurance Information Institute)
- What is Gap Insurance? (Insurance Information Institute)