Unthinkable but true, about 70% of customers kept buying from the same company for at least the last four years, and approximately 40% of consumers have never compared auto insurance rates at all. American insurance shoppers could cut their rates by roughly $859 a year by just comparing rate quotes, but they don’t want to take the time to find cheap rates by getting comparison quotes.
If your goal is the lowest price, then the best way to get the cheapest Lexus ES 350 insurance is to compare prices regularly from insurers in Honolulu. Rate comparisons can be done by completing these steps.
- Read about auto insurance and the factors you can control to keep rates down. Many things that increase rates like speeding and a negative credit score can be controlled by making minor changes to your lifestyle. Read the full article for additional tips to help prevent costly coverage and find additional discounts you may qualify for.
- Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can give quotes from one company like Progressive and State Farm, while independent agents can give you price quotes from multiple companies.
- Compare the new rates to your existing rates and determine if cheaper ES 350 coverage is available. If you find better rates, make sure there is no coverage gap between policies.
- Provide notification to your current agent or company of your intent to cancel the current policy. Submit payment and a completed application to the new insurer. Once the application is submitted, keep the new certificate verifying proof of insurance along with your vehicle registration.
A good piece of advice is to make sure you’re comparing identical deductibles and limits on every quote request and and to compare every insurance company. Doing this guarantees a fair price comparison and a thorough selection of prices.
The fastest way that we advise to compare rates for Lexus ES 350 insurance in Honolulu is to know all the major auto insurance companies will pay a fee to give free rates quotes. The only thing you need to do is provide details including driver ages, your job, how many miles driven, and the year, make and model of vehicles. That information is automatically sent to many highly-rated insurers and they respond with quotes very quickly.
If you would like to start a quote now, click here and see if a lower rate is available in Honolulu.
The companies shown below can provide price quotes in Honolulu, HI. If the list has multiple companies, we suggest you click on several of them to get the best price comparison.
Facts and figures for Lexus ES 350 insurance
The premium table below outlines detailed analysis of insurance prices for Lexus ES 350 models. Having knowledge of how insurance policy rates are figured can assist in making smart policy decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Cost estimates assume married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Hawaii minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Rate quotes do not factor in vehicle garaging location which can change coverage rates substantially.
Does it make sense to buy full coverage?
The example below visualizes the comparison of Lexus ES 350 car insurance rates with full physical damage coverage compared to only buying liability only. The premiums are based on no tickets, no at-fault accidents, $500 deductibles, single marital status, and no discounts are applied.
When to stop buying comprehensive and collision coverage
There is no specific rule of when to eliminate physical damage coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your Lexus ES 350 replacement cost is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company will settle for is $2,000 after the policy deductible has been paid. If premiums are more than $200 a year for full coverage, then you might consider buying liability only.
There are some scenarios where buying only liability insurance is not a good idea. If you still owe money on your vehicle, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Lexus ES 350 Insurance Price Factors
Many factors are used in the calculation when you get a price on insurance. Some are obvious like a motor vehicle report, although others are more transparent such as your credit history or your commute time. An important part of buying insurance is that you know the rating factors that go into determining the level of your policy premiums. When you know what positively or negatively positively or negatively impacts your premiums, this enables informed choices that may reward you with lower insurance prices.
The following are some of the factors companies use to determine your premiums.
Incidental coverages are wasting money – There are quite a few extra add-on coverages that may not really be needed if you don’t pay attention. Add-on coverages like rental car coverage, accidental death, and term life insurance may not be needed and are just wasting money. The coverages may be enticing at first, but if they’re wasting money get rid of them and save.
Male rates may be higher – Over the last 50 years, statistics have shown that women are safer drivers than men. Now that doesn’t mean men are WORSE drivers than women. Both genders are in fender benders in similar numbers, but the male of the species get into accidents with more damage. They also get more serious tickets such as driving while intoxicated (DWI) or driving recklessly.
The diagram below illustrates the comparison of Lexus ES 350 insurance premiums for male and female drivers. The rates are based on no claims or driving violations, comprehensive and collision coverage, $100 deductibles, single marital status, and no policy discounts are applied.
Reserve insurance claims for larger damages – If you tend to file frequent claims, you should expect much higher rates or policy non-renewal. Auto insurance companies in Hawaii award better rates to drivers who do not rely on their insurance for small claims. Insurance coverage is intended for the bigger claims that can’t be paid out-of-pocket.
Cautious drivers have lower rates – Whether or not you get tickets influences premium rates substantially. Just one moving violation may cause rates to rise by as much as thirty percent. Attentive drivers pay less for auto insurance compared to bad drivers. Drivers unfortunate enough to have flagrant citations like DUI, reckless driving or excessive speeding are required to submit a SR-22 or proof of financial responsibility with their state DMV in order to continue driving.
The diagram below demonstrates how speeding tickets and at-fault claims influence Lexus ES 350 auto insurance rates for different insured age categories. The data is based on a single male driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.
Raise comp and collision deductibles and save – The deductibles represent how much money you are required to spend if a covered claim is submitted. Protection for physical damage, also called ‘full coverage’, covers damage that occurs to your car. A few examples of covered claims are colliding with a stationary object, vandalism, or theft of your vehicle. The larger the amount you’re willing to pay, the bigger discount you will receive.
Lexus ES 350 claim data – Insurers include the past claim history for a vehicle when they file their rates in each state. Models that have increased losses will cost more to insure. The table below shows the collected loss data for Lexus ES 350 vehicles.
For each policy coverage type, the statistical loss for all vehicles averaged together is equal to 100. Percentage values below 100 suggest losses that are better than average, while percentage numbers above 100 indicate more frequent claims or tendency to have higher losses.
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lexus ES 350 4dr||126||79||160||91||100||78|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Three reasons auto insurance is important
Despite the potentially high cost of Lexus ES 350 insurance, insuring your vehicle serves several important purposes.
- The majority of states have minimum liability requirements which means it is punishable by state law to not carry specific limits of liability insurance if you drive a vehicle. In Hawaii these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your Lexus, it’s most likely the lender will make it a condition of the loan that you have insurance to guarantee their interest in the vehicle. If the policy lapses, the bank or lender will purchase a policy for your Lexus at a much higher premium rate and make you pay for the much more expensive policy.
- Auto insurance preserves not only your Lexus ES 350 but also your assets. Insurance will pay for most medical and hospital costs for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, will also pay for a defense attorney if you are named as a defendant in an auto accident. If you have damage to your Lexus as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.
The benefits of insuring your car greatly outweigh the cost, especially if you ever need it. According to a survey of 1,000 drivers, the average driver overpays more than $865 each year so shop around at every renewal to ensure rates are competitive.
Honolulu auto insurance companies
Finding the right company is hard considering how many different companies sell coverage in Hawaii. The information in the lists below may help you decide which insurers you want to consider comparing rates with.
Top 10 Honolulu Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 94%
- AAA Insurance – 91%
- State Farm – 90%
- Nationwide – 90%
- The Hartford – 89%
- GEICO – 89%
- Liberty Mutual – 88%
- Allstate – 88%
- Esurance – 87%
- Progressive – 87%
Top 10 Honolulu Car Insurance Companies by A.M. Best Rank
- USAA – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Progressive – A+
- The Hartford – A+
- AAA Insurance – A
- Liberty Mutual – A