Find Cheaper Lexus IS 350 Insurance in Honolulu

Insurance for Lexus IS 350If shopping for Honolulu auto insurance quotes online is new to you, there’s a good chance you are bewildered due to the large selection insurance agents and companies offering insurance in Honolulu.

It’s easy to assume that insurance companies don’t want you to look for a cheaper policy. Consumers who do rate comparisons will, in all likelihood, move their business because they stand a good chance of finding a more affordable policy. A survey found that people who compared rates once a year saved approximately $3,450 over four years compared to drivers who didn’t regularly shop around.

If finding the cheapest price for auto insurance in Honolulu is your ultimate target, understanding how to find and compare cheaper coverage can help make the process easier.

If you have a current auto insurance policy, you should be able to shop for the lowest rates using the concepts covered in this article. Quoting and comparing affordable policy in Honolulu is simple if you know the tricks. Nevertheless, Hawaii drivers must comprehend the methods companies use to market on the web because it can help you find the best coverage.

When comparing car insurance rates, know that comparing a wide range of rates increases the chance that you will find lower pricing. Some insurance companies are not set up to provide price estimates online, so it’s recommended that you also compare price quotes from them as well.

The providers in the list below offer price quotes in Honolulu, HI. If the list has multiple companies, we recommend you compare several of them to find the cheapest car insurance rates.

Lexus IS 350 insurance rate analysis

The table displayed below showcases a range of insurance premium costs for Lexus IS 350 models. Being able to understand how auto insurance premiums are figured can help customers make smart choices when buying a car insurance policy.

Lexus IS 350 Insurance Rates in Honolulu, HI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $274 $630 $344 $20 $104 $1,372 $114
IS 350 C 2-Dr Convertible $274 $630 $344 $20 $104 $1,372 $114
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Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Premium amounts do not factor in the specific area where the vehicle is garaged which can influence premiums greatly.

Policy deductibles

One of the hardest decisions when shopping for auto insurance is which comprehensive and collision deductibles to buy. The premium rates below can help show the rate fluctuation when you select higher and lower physical damage coverage deductibles. The first set of prices uses a $100 deductible for comp and collision and the second price table uses a $1,000 deductible.

Lexus IS 350 insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $286 $558 $264 $16 $80 $1,229 $102
IS 350 C 2-Dr Convertible $286 $558 $264 $16 $80 $1,229 $102
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Lexus IS 350 insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
IS 350 4-Dr Sedan $158 $294 $264 $16 $80 $812 $68
IS 350 C 2-Dr Convertible $158 $294 $264 $16 $80 $812 $68
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Hawaii minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Information does not factor in vehicle garaging location which can modify price quotes noticeably.

Based on these figures, using a $100 deductible could cost the average driver approximately $34 more each month or $408 each year across all Lexus IS 350 models than choosing the higher $1,000 deductible. Since you would pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you go at a minimum 26 months between claims, you would probably be better off going with the higher deductible. The numbers below show an example of how this decision is made.

Average monthly premium for $100 deductibles: $102
Average monthly premium for $1,000 deductibles (subtract): – $68
Monthly savings from raising deductible: $34
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $34
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 26 months

An important sidenote is that increasing deductibles to lower your rates means you pay more out-of-pocket when you have to file a claim. You must have some non-essential savings in order to pay more for the deductible.

The example below illustrates how your deductible choice and can influence Lexus IS 350 insurance costs for each age group. The data is based on a single male driver, full coverage, and no discounts are applied to the premium.

Lexus IS 350 insurance rates: Men versus women

The information below illustrates the difference between Lexus IS 350 auto insurance costs for male and female drivers. The rate quotes are based on no claims, a clean driving record, full physical damage coverage, $250 deductibles, drivers are not married, and no additional discounts are factored in.

Lexus IS 350 liability-only versus full coverage

The illustration below compares Lexus IS 350 annual premium costs with liability coverage only compared to full coverage. The information is based on no tickets, no at-fault accidents, $250 deductibles, drivers are not married, and no other discounts are factored in.

When to buy liability coverage only

There is no definitive guideline to drop comp and collision coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let’s say your Lexus IS 350 settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $6,000 after paying your policy deductible. If you are paying more than $600 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are some scenarios where removing full coverage is not advised. If you still have a loan on your vehicle, you have to keep full 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 if your current one is in an accident, you should keep full coverage.

Insuring your Lexus IS 350 just makes sense

Despite the fact that car insurance is not cheap in Honolulu, paying for car insurance is required in Hawaii but it also protects you in many ways.

The benefits of carrying adequate insurance more than offset the price you pay, particularly if you ever have a claim. The average driver in Hawaii overpays more than $810 a year so compare rates once a year at a minimum to save money.

Specific coverage details

Knowing the specifics of a car insurance policy can be of help when determining the right coverages at the best deductibles and correct limits. Car insurance terms can be impossible to understand and reading a policy is terribly boring.

Collision coverage – This pays for damage to your IS 350 caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things such as hitting a parking meter, colliding with a tree, damaging your car on a curb, rolling your car and backing into a parked car. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible on your IS 350 to get cheaper collision coverage.

Uninsured and underinsured coverage – Your UM/UIM coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants and damage to your Lexus IS 350.

Since many Hawaii drivers only purchase the least amount of liability that is required (20/40/10), it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked. Most of the time your uninsured/underinsured motorist coverages are set the same as your liability limits.

Coverage for medical payments – Med pay and PIP coverage kick in for immediate expenses for pain medications, hospital visits and ambulance fees. They can be used in conjunction with a health insurance program or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants and also covers any family member struck as a pedestrian. Personal Injury Protection is not available in all states and may carry a deductible

Comprehensive coverages – Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims like vandalism, a broken windshield and hitting a deer. The highest amount your car insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Coverage for liability – Liability insurance will cover damages or injuries you inflict on a person or their property in an accident. Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 20/40/10 that translate to a limit of $20,000 per injured person, a limit of $40,000 in injury protection per accident, and a total limit of $10,000 for damage to vehicles and property. Another option is a combined single limit or CSL which limits claims to one amount without having the split limit caps.

Liability can pay for claims such as repair costs for stationary objects, loss of income, funeral expenses, repair bills for other people’s vehicles and pain and suffering. How much liability should you purchase? That is up to you, but you should buy higher limits if possible. Hawaii state law requires minimum liability limits of 20/40/10 but you should think about purchasing better liability coverage.

The next chart shows why the minimum limit may not be adequate coverage.