It’s an obvious conclusion that insurance companies don’t want their policyholders to compare prices. People who shop for lower prices are highly likely to switch auto insurance companies because there is a good probability of finding a lower-cost company. A recent survey revealed that consumers who regularly compared rates saved $70 a month as compared to drivers who never shopped around for better prices.
If finding the cheapest price for auto insurance is the reason you’re here, then having a good understanding how to choose a company and compare car insurance can help you succeed in finding affordable rates.
If saving the most money is your goal, then the best way to get the cheapest Lexus LX 570 insurance is to regularly compare price quotes from insurers who sell insurance in Anchorage. You can shop around by following these steps.
- First, learn about car insurance and the measures you can control to prevent high rates. Many rating criteria that result in higher prices such as at-fault accidents, speeding tickets, and an imperfect credit history can be controlled by being financially responsible and driving safely. This article gives more details to prevent high prices and find discounts that may have been missed.
- Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from one company like Progressive or Allstate, while independent agencies can quote prices from many different companies.
- Third, compare the new rate quotes to your existing policy to see if a cheaper rate is available in Anchorage. If you find a better price and decide to switch, make sure coverage is continuous and does not lapse.
- Fourth, notify your company or agent to cancel your current auto insurance policy. Submit the signed application along with the required initial payment to the newly selected company. Once received, store the proof of insurance paperwork in an easily accessible location in your vehicle.
One thing to point out is to try to compare the same deductibles and limits on each quote and and to get price estimates from every insurance company. Doing this helps ensure a fair price comparison and a complete rate analysis.
When price shopping your coverage, comparing a large number of companies increases the chance that you will find the best offered rates. Some smaller insurers do not give Anchorage LX 570 insurance quotes over the internet, so you should also compare price estimates from them as well.
The following companies have been selected to offer comparison quotes in Anchorage, AK. If you want the best cheap car insurance in Anchorage, we recommend you get price quotes from several of them to get a more complete price comparison.
Affordable Lexus LX 570 insurance rates in Anchorage
Some companies don’t always publicize every discount very clearly, so the following is a list of some of the best known and also the more inconspicuous ways to save on insurance.
- Auto/Life Discount – Some insurance companies give a discount if you purchase some life insurance too.
- Student in College – Kids who attend college more than 100 miles from Anchorage and do not take a car to college may be insured at a cheaper rate.
- Federal Government Employee – Being employed by or retired from a federal job can earn a discount up to 10% with select insurance companies.
- Air Bag Discount – Factory air bags could see savings of up to 25% or more.
- Military Deployment Discount – Being on active deployment in the military may lower your rates slightly.
- Renewal Discounts – A few insurance companies allow discounts for renewing your policy prior to your current LX 570 insurance policy expiring. The savings is around 10%.
- Accident-Free Discounts – Good drivers with no accidents get the best insurance rates as compared to accident-prone drivers.
- Good Student – Excelling in school may save as much as 25% on a Anchorage auto insurance quote. You can use this discount normally until age 25.
- Low Mileage Discounts – Fewer annual miles on your Lexus can qualify you for cheaper premium rates.
- Drive Safe and Save – Accident-free drivers can pay as much as 50% less compared to rates paid by drivers with frequent claims.
We need to note that some credits don’t apply to the entire policy premium. The majority will only reduce the cost of specific coverages such as liability, collision or medical payments. If you do the math and it seems like you could get a free insurance policy, nobody gets a free ride.
The illustration below shows the difference between Lexus LX 570 insurance costs with and without discounts applied to the rates. The premiums assume a male driver, no claims or driving citations, Alaska state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, claim-free, homeowner, marriage, safe-driver, and multi-policy discounts applied.
Large insurance companies and some of the premium reductions they offer are detailed below.
- State Farm may offer discounts for Drive Safe & Save, multiple policy, student away at school, good driver, anti-theft, and multiple autos.
- GEICO may have discounts that include emergency military deployment, defensive driver, membership and employees, daytime running lights, anti-lock brakes, driver training, and five-year accident-free.
- Liberty Mutual policyholders can earn discounts including good student, new vehicle discount, new graduate, multi-policy, teen driver discount, and new move discount.
- The Hartford offers discounts for bundle, vehicle fuel type, defensive driver, anti-theft, and driver training.
- MetLife discounts include defensive driver, good student, claim-free, good driver, accident-free, and multi-policy.
- Progressive offers discounts including homeowner, continuous coverage, good student, online quote discount, and multi-vehicle.
Before buying, ask every company how many discounts you can get. Some discounts might not be available to policyholders in Anchorage. If you would like to view insurance companies with the best discounts in Alaska, click here to view.
Lexus LX 570 insurance rate analysis
The information below showcases estimates of insurance coverage prices for Lexus LX 570 models. Having a good understanding how insurance prices are formulated helps drivers make smart choices when comparing insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|LX 570 4WD 4-Dr||$314||$558||$280||$16||$84||$1,252||$104|
|Get Your Own Custom Quote Go|
Above prices assume married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Alaska minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Prices do not factor in specific location information which can impact coverage rates considerably.
The chart below shows how different deductible levels and can impact Lexus LX 570 insurance costs for different ages of insureds. The premium estimates are based on a single female driver, full coverage, and no other discounts are factored in.
Responsible drivers pay cheaper Anchorage auto insurance rates
The illustration below shows how speeding tickets and at-fault claims increase Lexus LX 570 car insurance costs for each different age group. Data assumes a married male driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
Shop online but buy locally
Certain consumers still prefer to get professional advice from a licensed agent and often times that is recommended One of the great benefits of comparing insurance online is that you can obtain lower rates and also buy local.
After filling out this form (opens in new window), the coverage information is transmitted to local insurance agents in Anchorage who want to provide quotes for your insurance coverage. You won’t even need to search for an agent since rate quotes are delivered to the email address you provide. You can get cheaper insurance rates and a licensed agent to work with. If for some reason you want to get a comparison quote from a specific insurance company, feel free to navigate to their website and fill out their quote form.
Choosing the best provider shouldn’t rely on just a low price. The questions below may impact your decision as well.
- Is auto insurance their primary focus in Anchorage?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- Can they give you a list of client referrals?
- By raising physical damage deductibles, how much would you save?
- Does the agent have professional designations like CIC, CPCU or AIC?
- What companies can they write with?
- Are they properly licensed to sell insurance in Alaska?
Pick the best auto insurance agent in Anchorage for you
When looking for a reputable agency, you must know there are a couple different types of agencies that differ in how they can insure your vehicles. Insurance policy providers are classified as either exclusive or independent agents depending on their company appointments.
Exclusive Insurance Agents
Exclusive agencies normally can only provide a single company’s rates like Farmers Insurance, American Family, State Farm and Allstate. They are unable to shop your coverage around so if the price isn’t competitive there isn’t much they can do. Exclusive insurance agents receive extensive training on their products and sales techniques which helps them sell on service rather than price.
Below is a list of exclusive insurance agencies in Anchorage who may provide you with price quote information.
Independent Agents (or Brokers)
Agents that choose to be independent are not employed by any specific company so they can insure your vehicles through many companies and get the cheapest rates. If you want to switch companies, they simply switch companies in-house and the insured can keep the same agent. If you are comparing rate quotes, you need to include rate quotes from a few independent agents to have the best price comparison.
Shown below are independent insurance agencies in Anchorage willing to provide rate quotes.
Kent S Kallander Insurance Agency Inc
1317 W Northern Lights Blvd #9 – Anchorage, AK 99503 – (907) 563-1492 – View Map
Once you have received positive responses to your questions as well as offering an affordable quote, you may have just found an insurance agency that meets the requirements to provide insurance coverage.
There’s no such thing as the perfect car insurance policy
When quoting and comparing the best car insurance coverage, there really is no one-size-fits-all type of policy. Everyone’s needs are different and your policy should reflect that.
For instance, these questions can help discover if your situation might need professional guidance.
- Am I covered if I have no license?
- Do I have coverage for damage caused while driving under the influence?
- Does my policy cover me when driving someone else’s vehicle?
- How high should my medical payments coverage be?
- How do I insure my teen driver?
- Is a driver training discount available?
- Are split liability limits better than a combined single limit?
- Am I covered while delivering pizza?
- Should I carry comprehensive and collision coverage?
If you don’t know the answers to these questions but one or more may apply to you, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, complete this form or go to this page to view a list of companies.
How do Insurers Determine Lexus LX 570 Insurance Premiums?
Multiple criteria are part of the equation when you get your auto insurance bill. A few of the factors are predictable like your driving record, although some other factors are less obvious like your continuous coverage or your vehicle rating.
The factors shown below are some of the things used by your company to calculate rates.
- Vehicles with better crash test results cost less to insure – Safer cars can get you lower premiums. Highly rated vehicles reduce injuries and fewer injuries translates into fewer and smaller insurance claims which can result in lower premiums.
- Always keep your coverage in place – Driving any period of time without insurance is not a good idea and your next policy will cost more because you let your insurance lapse for non-payment. And not only will your rates increase, getting caught without coverage might get you a steep fine or even jail time. You may need to file a SR-22 with the Alaska department of motor vehicles.
More performance means more cost – The performance level of the car you drive makes a huge difference in how high your rates are. Smaller low performance passenger cars generally receive the lowest base rates, but the cost you end up paying is determined by many additional factors.
The following chart is based on a married male driver age 40, full coverage with $500 deductibles, and no discounts or violations. It illustrates Lexus LX 570 rates compared to other models of vehicles that have different risk factors.
Older drivers save more – Older, more experienced drivers have been proven to be more responsible, statistically cause fewer accidents, and receive fewer citations. Inexperience drivers have been known to be inattentive and easily distracted with other occupants in the car and because of this, their auto insurance rates are much higher.
The following chart uses these assumptions: single driver, full coverage with $500 deductibles, and no discounts or violations.
Lexus LX 570 insurance loss statistics – Auto insurance companies analyze past claim statistics to calculate a price that offsets possible losses. Vehicles that the statistics show to have increased claim numbers or amounts will have increased rates.
The next table illustrates the loss history for Lexus LX 570 vehicles. For each coverage type, the loss probability for all vehicles averaged together is represented as 100. Values that are below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 indicate more frequent losses or a tendency for losses to be larger than average.
Auto Insurance Loss Data for Lexus LX 570 Models Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus LX 570 4dr 4WD 140 96 217 49BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why insurance is not optional
Despite the fact that insurance is not cheap in Anchorage, insuring your vehicle serves a purpose in several ways.
First, just about all states have minimum liability requirements which means you are required to buy a specific minimum amount of liability insurance coverage in order to drive the car. In Alaska these limits are 50/100/25 which means you must have $50,000 of bodily injury coverage per person, $100,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you have a lien on your Lexus LX 570, most lenders will have a requirement that you buy full coverage to ensure they get paid if you total the vehicle. If you let the policy lapse, the bank or lender will purchase a policy for your Lexus at a much higher premium rate and force you to reimburse them a much higher amount than you were paying before.
Third, insurance protects both your assets and your Lexus. It will also cover most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability coverage also covers legal expenses if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will pay to repair the damage.
The benefits of having insurance are definitely more than the cost, particularly when you have a large claim. As of last year, the average driver in Alaska overpays more than $750 every year so smart consumers compare quotes each time the policy renews to ensure rates are competitive.
Anchorage car insurance companies
Insuring your vehicle with a good quality company can be difficult considering how many companies are available to choose from in Alaska. The company rank data shown next could help you select which auto insurance companies you want to consider buying from.
Top 10 Anchorage Car Insurance Companies Ranked by Value
- American Family
- The Hartford
- The General
- State Farm
- AAA Insurance
- 21st Century
Car insurance savings summarized
Some car insurance companies do not provide online quoting and usually these small insurance companies work with independent insurance agencies. More affordable car insurance in Anchorage can be found online and with local Anchorage insurance agents, and you need to comparison shop both to have the best selection.
We just showed you a lot of information how to save on Lexus LX 570 insurance in Anchorage. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your prices. You may even find the lowest premium rates come from a company that doesn’t do a lot of advertising. Some small companies may cover specific market segments cheaper than their larger competitors like Allstate or State Farm.
Much more information about car insurance in Alaska is available on the following sites:
- Auto Insurance 101 (About.com)
- Who Has Cheap Auto Insurance for a Dodge Grand Caravan in Anchorage? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for 18 Year Olds in Anchorage? (FAQ)
- How Much are Car Insurance Rates for a Jeep Grand Cherokee in Anchorage? (FAQ)
- How Much are Anchorage Car Insurance Quotes for Real Estate Agents? (FAQ)
- Who Has Cheap Anchorage Auto Insurance Rates for State Employees? (FAQ)
- Vehicle Size and Weight FAQ (iihs.org)
- Electronic Stability Control FAQ (iihs.org)
- Understanding Rental Car Insurance (Insurance Information Institute)