Car Insurance Quotes for a Lexus IS 350 in Anchorage

A recent insurance study revealed that the vast majority of consumers have stayed with the same insurance company for a minimum of four years, and virtually 40% of consumers have never shopped around. Drivers in Anchorage can save hundreds of dollars each year just by shopping around, but they don’t want to take the time to do a rate comparison.

Insurance quote for Lexus IS 350 in AnchorageIf saving money is your primary concern, then the best way to find cheaper quotes for Lexus IS 350 insurance is to compare prices once a year from different companies that insure vehicles in Anchorage.

  1. Spend some time learning about how companies price auto insurance and the things you can control to lower rates. Many rating factors that cause high rates like speeding and your credit history can be amended by being financially responsible and driving safely. Later in this article we will cover additional ideas to get affordable coverage and find overlooked discounts.
  2. Compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only provide price estimates from one company like GEICO or Allstate, while independent agencies can provide price quotes from multiple sources. Start a quote
  3. Compare the new rate quotes to the price on your current policy to determine if switching companies saves money. If you find a lower rate quote and decide to switch, make sure coverage does not lapse between policies.
  4. Notify your current company of your intent to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application for your new coverage. Don’t forget to keep your new certificate verifying proof of insurance along with the vehicle’s registration papers.

An essential thing to point out is to make sure you’re comparing identical coverages on every price quote and to quote with as many companies as you can. This ensures an accurate price comparison and and a good selection of different prices.

If you currently have car insurance, you will be able to get lower rates using the techniques presented in this article. The purpose of this post is to let you in on how auto insurance companies operate and some money-saving tips. Although Alaska car owners need to have an understanding of how insurance companies determine prices because rates are impacted by many factors.

Components of Your Lexus IS 350 Insurance Rates

Lots of factors are considered when premium rates are determined. Some of the criteria are obvious like your driving record, although others are more transparent like your vehicle usage or your vehicle rating. Consumers need to have an understanding of a few of the rating criteria that come into play when calculating the rates you pay for insurance. If you know what controls the rates you pay, this enables informed choices that could result in much lower annual insurance costs.

The following are a few of the things used by companies to determine your premiums.

Insurance analysis for a Lexus IS 350

The rate table below showcases detailed analysis of insurance rates for Lexus IS 350 models. Having a better idea how car insurance premiums are calculated can be useful when making smart choices when buying a car insurance policy.

Lexus IS 350 Insurance Rates in Anchorage, AK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $326 $706 $368 $22 $110 $1,532 $128
IS 350 C 2-Dr Convertible $326 $706 $368 $22 $110 $1,532 $128
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Above prices assume single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Alaska minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Prices do not factor in garaging location in Anchorage which can modify price quotes significantly.

How high should deductibles be?

One of the more difficult decisions when buying insurance is which deductibles should you choose. The rates below can help illustrate the rate differences of buying low and high insurance deductibles. The first rate estimation uses a $250 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

Lexus IS 350 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $264 $480 $272 $16 $82 $1,139 $95
IS 350 C 2-Dr Convertible $264 $480 $272 $16 $82 $1,139 $95
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Lexus IS 350 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $214 $388 $272 $16 $82 $972 $81
IS 350 C 2-Dr Convertible $214 $388 $272 $16 $82 $972 $81
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Price estimates do not factor in zip code location which can lower or raise insurance rates considerably.

We can derive from the above data that using a $250 deductible costs roughly $14 more each month or $168 for a full year than opting for the higher $500 deductible. Since you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you average at least 18 months between claim filings, you would probably save some money if you opt for a higher deductible.

Calculate deductible break even point

Average monthly premium for $250 deductibles: $95
Average monthly premium for $500 deductibles (subtract): – $81
Monthly savings from raising deductible: $14
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $14
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

One big caveat is that increasing deductibles to save money results in more money out-of-pocket when you do file a claim. You need to make sure you have some extra savings in the event you have to pay the higher deductible in order to repair your vehicle.

The illustration below shows how different deductible levels and can raise or lower Lexus IS 350 insurance costs for different age categories. Data assumes a married male driver, comp and collision included, and no discounts are applied to the premium.

Lexus IS 350 insurance rates by age and gender

The diagram below visualizes the comparison of Lexus IS 350 car insurance costs for male and female drivers. The costs are based on no claims or violations, full coverage, $250 deductibles, single status, and no discounts are factored in.

Difference between liability only and full coverage rates

The chart below shows the difference between Lexus IS 350 auto insurance rates with and without full coverage. The data assumes no claims or driving violations, $250 deductibles, single marital status, and no other discounts are factored in.

When to stop buying physical damage coverage

There is no clear-cut formula for excluding physical damage coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.

For example, let’s pretend your Lexus IS 350 replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $6,000 after paying your policy deductible. If you are paying over $600 annually for your policy with full coverage, then it might be time to consider dropping full coverage.

There are some circumstances where only buying liability is not a good plan. If you haven’t paid off your loan, you have to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not remove full coverage.

You may qualify for discounts for Lexus IS 350 insurance in Anchorage

Companies that sell car insurance don’t list every discount in a way that’s easy to find, so the below list has some of the more common and also the more inconspicuous credits available to lower your premiums when you buy Anchorage auto insurance online.Discount auto insurance

As is typical with insurance, most credits do not apply to your bottom line cost. Most cut the price of certain insurance coverages like medical payments or collision. So even though they make it sound like you could get a free auto insurance policy, that’s just not realistic.

The illustration below illustrates the comparison of Lexus IS 350 insurance premiums with and without discounts applied to the policy premium. The premiums are based on a female driver, no tickets, no at-fault accidents, Alaska state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, multi-policy, multi-car, homeowner, and safe-driver discounts applied.

To find companies that offer some of these discounts in Alaska, click this link.

Alaska auto insurance company ratings

Buying coverage from the top car insurance company can be challenging considering how many different companies insure vehicles in Alaska. The rank data shown below could help you choose which insurers to look at purchasing from.

Top Auto Insurance Companies in Alaska
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
USAA 98 100 100 94% A++ 98.6
American Family 98 89 100 86% A 95.4
State Farm 88 93 96 90% A++ 92.4
The Hartford 94 92 90 89% A+ 91.7
AAA Insurance 88 89 95 91% A 91.2
GEICO 84 93 93 89% A++ 90.3
The General 89 91 89 88% A- 90
Progressive 84 91 93 87% A+ 89.5
Allstate 85 90 92 88% A+ 89.3
Liberty Mutual 84 87 93 88% A 88.5
21st Century 85 86 87 88% A 86.7
Esurance 85 80 95 87% A+ 85.9
Safeco 85 85 85 86% A 85.8
Farmers Insurance 78 87 88 79% A 84.3
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Data Source: Best Car Insurance Companies

Cheap rates are available

People leave their current company for any number of reasons including an unsatisfactory settlement offer, extreme rates for teen drivers, high rates after DUI convictions or even not issuing a premium refund. Whatever your reason, switching companies is not as difficult as it may seem.

Affordable Lexus IS 350 insurance in Anchorage can be found from both online companies as well as from independent agents in Anchorage, and you need to price shop both in order to have the best chance of saving money. Some companies do not offer online rate quotes and most of the time these small insurance companies only sell coverage through independent agents.

When buying insurance coverage, never skimp on coverage in order to save money. There are too many instances where an insured dropped liability limits or collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. Your objective should be to buy a smart amount of coverage at an affordable rate and still be able to protect your assets.

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