If saving money is your primary concern, then the best way to find lower priced auto insurance rates in Anchorage is to make a habit of regularly comparing prices from insurers in Alaska.
- Step 1: Read and learn about how insurance works and the measures you can control to keep rates low. Many things that cause high rates such as getting speeding tickets and an imperfect credit score can be amended by making minor driving habit or lifestyle changes. Continue reading for more ideas to keep prices down and get discounts that may be available to you.
- Step 2: Compare rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only provide price estimates from one company like GEICO or Farmers Insurance, while agents who are independent can give you price quotes from multiple companies.
- Step 3: Compare the quotes to the price on your current policy to see if a cheaper rate is available in Anchorage. If you find a lower rate and decide to switch, make sure coverage does not lapse between policies.
- Step 4: Notify your current company to cancel your current auto insurance policy and submit a down payment along with a completed application for your new policy. Be sure to store the certificate verifying coverage in your vehicle’s glove compartment or console.
One key aspect of rate comparisons is that you’ll want to compare the same level of coverage on every quote request and and to get rates from all possible companies. This enables a fair price comparison and the best rate selection.
It’s an obvious statement that auto insurance companies don’t want their policyholders to compare prices. Consumers who shop around once a year are likely to move their business because they have a good chance of finding a cheaper policy. A study showed that people who routinely shopped around saved over $70 a month compared to people who never shopped around for better prices.
If finding budget-friendly rates on auto insurance is your objective, then having some knowledge of how to get rate quotes and compare auto insurance can save time and money.
To find more affordable rates, there are a couple of ways to compare rate quotes from all the different companies. The fastest way to compare Lexus RX 450h insurance prices involves getting comparison quotes online.
Doing online quotes comparisons is so easy that it replaces the need to go to different Anchorage agent offices. Comparing Lexus RX 450h insurance rate quotes online can eliminate the need for a local agent unless you prefer the guidance that can only be provided by a licensed insurance agent. Drivers can comparison shop your insurance online and have a local agent actually service the policy. Just keep in mind that comparing more quotes helps you find better pricing. Some insurance companies are not set up to provide Anchorage RX 450h insurance quotes over the internet, so it’s important to compare quotes from them as well.
The providers in the list below offer comparison quotes in Alaska. If you want to find the cheapest auto insurance in Anchorage, we suggest you compare several of them in order to get a fair rate comparison.
Lexus RX 450h insurance charts and tables
The premium table shown below showcases different insurance rates for Lexus RX 450h models. Being aware of how insurance quotes are figured can help you make informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|RX 450H Hybrid 2WD 4-Dr||$230||$488||$296||$18||$88||$1,120||$93|
|RX 450H Hybrid 4WD 4-Dr||$230||$488||$296||$18||$88||$1,120||$93|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Alaska minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Price estimates do not factor in zip code location which can decrease or increase auto insurance rates substantially.
The information below demonstrates how deductibles and can affect Lexus RX 450h annual premium costs for each different age category. The premiums are based on a single male driver, full coverage, and no discounts are factored in.
Full coverage versus liability-only in Anchorage
The diagram below illustrates the comparison of Lexus RX 450h insurance costs when comparing full coverage to liability only. The data is based on no driving violations, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are taken into consideration.
Guidelines for eliminating full coverage
There is no clear-cut formula to eliminate physical damage coverage, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than around 10% of the settlement you would receive from your company, then you might want to consider buying only liability coverage.
For example, let’s pretend your Lexus RX 450h replacement cost is $5,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $4,000 after you pay the deductible. If you are paying more than $400 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some conditions where dropping full coverage is not recommended. If you still have a loan on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not remove full coverage.
What Affects Lexus RX 450h Insurance Rates?
It’s important that you understand some of the factors that help calculate the price you pay for auto insurance. If you have some idea of what influences your rates, this allows you to make educated decisions that may reward you with cheaper rates.
The list below includes some of the most rate-impacting factors auto insurance companies consider when setting your rates.
Always have auto insurance – Driving any period of time without insurance can get your license suspended and auto insurance companies will penalize you for letting your coverage lapse. Not only will you pay higher rates, the inability to provide proof of insurance can result in fines or a revoked license. You may need to provide proof of insurance in the form of an SR-22 filing with the Alaska motor vehicle department.
Low mileage costs less – Driving a lot of miles every year the more you’ll pay to insure it. A lot of companies price each vehicle’s coverage based on their usage. Cars and trucks not used for work or commuting receive better premium rates as compared to vehicles used primarily for driving to work. Improper usage on your RX 450h may be costing you. Ask your agent if your auto insurance policy is showing the right rating data.
Lower comp and collision deductibles cost more – Comprehensive and collision coverage deductibles tell how much you are willing to pay if the claim is covered. Physical damage coverage, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Some examples of claims that would be covered are rear-ending another vehicle, collision with a deer, and having a roll-over accident. The more money the insured has to pay upfront, the better rate you will receive.
High performance vehicles cost more to insure – The make and model of the car you own makes a significant difference in how high your rates are. The lowest performance passenger cars usually have the lowest premiums, but the cost you end up paying is determined by many additional factors.
The following data assumes a married female driver age 40, full coverage with $500 deductibles, and no discounts or violations. The data compares Lexus RX 450h policy rates compared to other models of vehicles that have different performance rating factors.
Tickets will cost you – Even a single ticket can boost insurance rates by as much as twenty percent. Drivers with clean records get better rates than bad drivers. Drivers unfortunate enough to have multiple tickets like DUI or willful reckless driving may find that they have to to submit a SR-22 or proof of financial responsibility with their state’s licensing department in order to prevent a license revocation.
The information below illustrates how speeding tickets and accident claims can affect Lexus RX 450h auto insurance rates for different age groups. The rates are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
More policies can equal more savings – The majority of insurance companies provide lower prices to insureds who consolidate policies with them, otherwise known as a multi-policy discount. The amount of the discounts can be as much as ten percent or more Even with this discount, it’s in your best interest to shop around to verify if the discount is saving money.
Are you male or female? – The statistics show that females take fewer risks when driving. That doesn’t necessarily mean that males are worse at driving than females. Women and men have accidents at about the same rate, but the males tend to have higher claims. Not only are claims higher, but men get ticketed for serious violations such as DWI and reckless driving. Male teenagers are the most expensive to insure and therefore pay the highest rates.
The example below visualizes the comparison of Lexus RX 450h auto insurance costs for male and female drivers. Data assumes no claims or driving violations, comp and collision included, $100 deductibles, drivers are single, and no additional discounts are factored in.
Choose high crash test ratings and save – Safe vehicles tend to be cheaper to insure. Highly rated vehicles reduce injuries and lower injury rates means your insurance company pays less and thus lower rates. If your Lexus RX 450h is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.
Insurance losses for a Lexus RX 450h – Insurance companies take into consideration insurance loss statistics for every vehicle when determining insurance prices. Vehicles that the data shows to have a trend towards higher claims will have a higher cost to insure.
The table shown below demonstrates the historical loss data for Lexus RX 450h vehicles. For each policy coverage, the statistical loss for all vehicles averaged together is a value of 100. Percentage numbers below 100 are indicative of better than average losses, while percentage values above 100 indicate more frequent claims or an increased chance of a larger loss.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus RX 450h Hybrid 4dr 2WD||125||119||110||60|
|Lexus RX 450h Hybrid 4dr 4WD||144||112||136||79||57||84|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Choosing Lexus RX 450h insurance is an important decision
Despite the high cost of buying insurance for a Lexus RX 450h in Anchorage, insurance serves an important purpose.
- Almost all states have compulsory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability 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.
- If you have a lien on your vehicle, it’s guaranteed your bank will force you to buy full coverage to guarantee loan repayment. If coverage lapses or is canceled, the lender may insure your Lexus at an extremely high rate and force you to reimburse them the higher premium.
- Insurance protects both your Lexus and your personal assets. It will also provide coverage for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying adequate insurance more than cancel out the cost, especially with large liability claims. On average, a vehicle owner in Anchorage is overpaying over $855 a year so shop around every year to save money.