Bash4

I had just bought my Ruby ES with a MSRP of $41,344. So I call my insurance company with vin # and say give me my price. He says $296 every six months. I say wow that is lower than I was quoted a month ago. He says yea I'm suprised as well because that is a $34,000 car. Now I know the msrp and what I paid. So now I'm wondering how he arrived at this number. So when my wife paid the insurance today she asked why he had valued our car so low. We don't want our car under insured if it gets totalled. He said oh I wasn't suppose to tell you that and that nevermind. The car would be replaced at current value. My quetion to everyone is: did my insurance guy slip and tell me my actual invoice price of the car (what dealers pay)? Because it really sounds damm close compared with what I paid. I paid $39249 so the dealer would have made $5000. What does everyone think?

psp

Base price is $33170.00 and delivery is $695.00, ergo a $34,000.00 car.

jeffofla

Do a search here in the forum for "invoice", but you can view the full invoice price of the car with options at kbb.com.

It seems to me that you are probably underinsured.

Kaius88

edmunds.com can give you invoice estimation as well. I agree with PSP. They are not really considering the cost of the options. As along as you have full coverage and they are insuring you at market value of the ENTIRE purchase, you're fine. I think they do ask you what the price was including tax and licensing. That is supposed to be your cost basis.

richbutler

Also, once you drive your car off the dealer's lot, it is a used car. Even a slightly used Lexus will depreciate.

Kaius88

Ya I should know. hahahhaha I wonder if my old MSM became a loaner or not.

jeffofla

Something else, even though it may depreciate once you drive off the lot, many insurers will provide "gap" insurance that will pay you the full value of the vehicle should you suffer a total loss in the first year of service. You really need to know whether you are covered for this or not. Paying a depreciated values could mean a loss of several thousand dollars, even in the first month of ownership.

twister

Forget about Invoice price. Did you just say they quoted your full coverage (liability and collision) for $594 a year?!?!? Are you serious or was that a typo? Here in NJ, with a multiple car discount and me being in Tier 1 top rating with no license point and clean driving record, my ES350 is $2000 a year for a FULL coverage, and its a bargain!!! I mean, its not a surprise about NJ, NY, and probably CA being very expensive for auto insurance coverage, but I didn't realize other states are so significantly cheaper

CyclopStan

I was paying $699 for 6 months for our 1 yr old Accord & 3 yr old Mazda 6. I sold the Mazda when I got the 350 and our policy went up around $80. I have full coverage and neither of us has any points or accidents, tickets...

<VENOM>

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Kaius88

My ES350's full coverage is $740 a year. I have $1000 deductable and no gap insurance tho, so that might be the reason for such low price. If I gotta pay in the thousands to cover this car, I might be hesitant because the cost will add up over the years.

twister

I am so HAPPY I started to talk about insurance on this forum!!! When I got home after work today, I had a letter from AllState (my insurance company) with an adjusted quote since I sold my Altima and multi-car discount needs to be re-adjusted. I'm opening the letter - my insurance just for 2007 ES350 went up to $2,400 per year!!!!!! Can you believe this? This is their Tier 1 customer rate!!!!!

Now, all fueled up inside, I go to Progressive Insurance website, and get a quote for $817 per year!!! Oh, and this is FULL coverage with Liability, Collision, and Comprehensive and $500 deductible!!!! I'm still speechless. Thank you guys for providing these quotes. I can only imagine now that I would of been paying $2,400 per year in this car-insurance-brainwashed Jersey Once again, ClubLexus community rocks!!!

PS: just got a quote from Geico, that one for $704 per year, the same full coverage!!! I'm posting all this info here just for other ES350 drivers to be aware of their rates and insurance companies.

jeffofla

Heaven knows you don't need a 3rd car in as many months.

cocopops

iTrader: (1)

I guess most of the drivers here have a long driving history. I only got 7 years driving experience and my premium for the ES350 with full coverage (500 deductible) is $1250 a year. Thats slightly lower as I had multiple-car discount as well. Couldn't get the good student discount anymore as I am out of college for a year. I'm with AAA.

twister

@ cocopops: you are unmarried in early 20th - its a high risk category. As soon as you turn 25, the rate will go down by a lot. Than, when you get married, it goes down even lower.