Cheap Insurance for the LS430?
#1
Pole Position
Thread Starter
Cheap Insurance for the LS430?
Howdy,
I've been thinking about selling my car for something cheaper, and just playing around with insurance quotes from Geico (I'm a <25 year old unmarried male without traffic citations) and I noticed that nearly every single car I was interested in had more expensive insurance.
A 2005 Prius would be more expensive, a 2001 Camry would be more expensive, and of course a Honda Civic Si and Subaru BRZ would be more expensive. The only vehicle I found that was cheaper to insure was a Toyota Sequoia (too bad I hate paying for gas, thusly hate SUVs)
So I was curious what others' experiences are finding insurance for the LS430? Was your insurance unexpectedly cheap?
I've been thinking about selling my car for something cheaper, and just playing around with insurance quotes from Geico (I'm a <25 year old unmarried male without traffic citations) and I noticed that nearly every single car I was interested in had more expensive insurance.
A 2005 Prius would be more expensive, a 2001 Camry would be more expensive, and of course a Honda Civic Si and Subaru BRZ would be more expensive. The only vehicle I found that was cheaper to insure was a Toyota Sequoia (too bad I hate paying for gas, thusly hate SUVs)
So I was curious what others' experiences are finding insurance for the LS430? Was your insurance unexpectedly cheap?
#3
No - it was age, zip, risk appropriate. The vehicle isn't classified as high volume hence high risk due to commonly driven - like the Camry that is widely commuted in and hence classified as highly probable to be in an accident.
#4
Lexus Fanatic
iTrader: (1)
I'm 36 and I pay about $1100 a year for full coverage 100,000/300,000 - 500 deductible and a bunch of other coverages / no tickets or accidents. USAA is a fantastic insurer if you qualify. Progressive was the closest but around $400 more a year. Geico is not particularly competitive, at least in my area / age.
Last edited by Lavrishevo; 06-13-15 at 11:35 PM.
#5
I'm an insurance broker and use Liberty Mutual I buy on the open market because their rates are good as well as excellent service.
Insurance rates are based on the car, the driver and your locale. Can't change your age or the locale but the car is variable. Generally the LS is good because few people drive them like hot rods. Camry's are more variable since they can be a "cheap" car for the "younger" and the "crazier". USAA has good service and thy're fairly forgiving but their rates aren't the best. Geico is a mid-range choice. AAA is a good second choice.
Insurance rates are based on the car, the driver and your locale. Can't change your age or the locale but the car is variable. Generally the LS is good because few people drive them like hot rods. Camry's are more variable since they can be a "cheap" car for the "younger" and the "crazier". USAA has good service and thy're fairly forgiving but their rates aren't the best. Geico is a mid-range choice. AAA is a good second choice.
#7
Pole Position
Thread Starter
I guess I was just curious whether the LS was a uniquely cheap car to insure.
I certainly understand the parameters that go into insurance pricing - I have a degree in Statistics and many of my former classmates are now actuaries - but I thought it was interesting that a camry costs more to insure, and my hypothesis is that the LS430 is a safer car that's driven more conservatively, to the point that it's a lower insurance risk although it costs so much more to repair and is so much faster.
I definitely shopped around for my insurance, Geico was way less expensive than everyone else. But this has inspired me to keep shopping. Just as a point of reference, I pay $722/year for insurance right now, with a $2000 deductible and higher-than-mandated-minimums on everything else.
I certainly understand the parameters that go into insurance pricing - I have a degree in Statistics and many of my former classmates are now actuaries - but I thought it was interesting that a camry costs more to insure, and my hypothesis is that the LS430 is a safer car that's driven more conservatively, to the point that it's a lower insurance risk although it costs so much more to repair and is so much faster.
I definitely shopped around for my insurance, Geico was way less expensive than everyone else. But this has inspired me to keep shopping. Just as a point of reference, I pay $722/year for insurance right now, with a $2000 deductible and higher-than-mandated-minimums on everything else.
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#8
Pit Crew
iTrader: (2)
Pay $1600 year State Farm Florida, full coverage with comprehensive on the LS and my 300x twin turbo.
No tickets 22 year old male student.
My previous daily driver was a 2009 Mazdaspeed3 that was $400 a year more expensive, I imagine because its a high risk car. I can attest to the dumb amount of torque steer too
No tickets 22 year old male student.
My previous daily driver was a 2009 Mazdaspeed3 that was $400 a year more expensive, I imagine because its a high risk car. I can attest to the dumb amount of torque steer too
#9
Lexus Fanatic
iTrader: (1)
I'm an insurance broker and use Liberty Mutual I buy on the open market because their rates are good as well as excellent service.
Insurance rates are based on the car, the driver and your locale. Can't change your age or the locale but the car is variable. Generally the LS is good because few people drive them like hot rods. Camry's are more variable since they can be a "cheap" car for the "younger" and the "crazier". USAA has good service and thy're fairly forgiving but their rates aren't the best. Geico is a mid-range choice. AAA is a good second choice.
Insurance rates are based on the car, the driver and your locale. Can't change your age or the locale but the car is variable. Generally the LS is good because few people drive them like hot rods. Camry's are more variable since they can be a "cheap" car for the "younger" and the "crazier". USAA has good service and thy're fairly forgiving but their rates aren't the best. Geico is a mid-range choice. AAA is a good second choice.
Best and worst auto insurers
According to Consumer Reports, the top 2 insurers are Amica Insurance and USAA Property & Casualty, two of my longtime favorites. Just a hair behind them is New Jersey Manufacturers Insurance Company, a company that's never much been on my radar. And in the No. 4 spot, you have Erie Insurance.
On the flipside, among the lowest rated auto insurers in the country are Allstate Insurance and Farmers Insurance. Just a hair above them you'll find Travelers, Metlife Auto & Home, and Liberty Mutual, among others.
When it comes to car insurance, be sure the deductible you have isn't too low. Having a low deductible pushes premiums higher. It could also tempt you to make a claim for a small incident that will leave you in trouble with insurers going forward.
According to Consumer Reports, the top 2 insurers are Amica Insurance and USAA Property & Casualty, two of my longtime favorites. Just a hair behind them is New Jersey Manufacturers Insurance Company, a company that's never much been on my radar. And in the No. 4 spot, you have Erie Insurance.
On the flipside, among the lowest rated auto insurers in the country are Allstate Insurance and Farmers Insurance. Just a hair above them you'll find Travelers, Metlife Auto & Home, and Liberty Mutual, among others.
When it comes to car insurance, be sure the deductible you have isn't too low. Having a low deductible pushes premiums higher. It could also tempt you to make a claim for a small incident that will leave you in trouble with insurers going forward.
Last edited by Lavrishevo; 06-13-15 at 11:41 PM.
#11
Lexus Fanatic
iTrader: (1)
One thing to consider is that if you have multiple cars and / or your house insurance through the same company you will get additional discounts vs just a single car policy.
I just jumped on Amica's website to get a quote... OMG. $2800 a year vs my $1100 with USAA. Wow. Makes me appreciate my insurance company all the more.
I just jumped on Amica's website to get a quote... OMG. $2800 a year vs my $1100 with USAA. Wow. Makes me appreciate my insurance company all the more.
Last edited by Lavrishevo; 06-14-15 at 11:33 AM.
#12
Usually it's a good idea to go with the highest deductible that's not going to "break you" financially if you get in an accident.
If you can go with a $1,000 deductible instead of $500 deductible and save $500 a year on your car insurance, you can put those savings aside and keep going with the higher deductible year after year. You just have to compare and contrast and see if it makes sense.
Accidents are pretty rare (hopefully) and if you get in an accident that's your fault, I feel like an extra $500 out of my pocket is a pretty small amount in the scheme of things. I'd rather take the savings on my premiums. I also do the same with my health insurance.
Also, always compare insurance rates, my wife went with Geico and her bill got nearly cut in half for the same insurance.
If you can go with a $1,000 deductible instead of $500 deductible and save $500 a year on your car insurance, you can put those savings aside and keep going with the higher deductible year after year. You just have to compare and contrast and see if it makes sense.
Accidents are pretty rare (hopefully) and if you get in an accident that's your fault, I feel like an extra $500 out of my pocket is a pretty small amount in the scheme of things. I'd rather take the savings on my premiums. I also do the same with my health insurance.
Also, always compare insurance rates, my wife went with Geico and her bill got nearly cut in half for the same insurance.
#15
I pay about $1200/yr for my 2004 LS. I'm 36 and it has a $250 deductible which I have used a few times over the years under the comprehensive coverage...
I took my car in for service at Lexus last year and had a 2014 ES350 loaner. Was minding my own business merging onto the freeway and a rock from a huge truck broke the windshield...luckily I took pictures of the truck and I tracked it back to a rock company!!! State Farm went after them for the subrogation so I didn't have to pay the $250 deductible. Since the loaner was within 2 years of manufacture date they had to go with OEM glass which was a $2000 bill.
I took my car in for service at Lexus last year and had a 2014 ES350 loaner. Was minding my own business merging onto the freeway and a rock from a huge truck broke the windshield...luckily I took pictures of the truck and I tracked it back to a rock company!!! State Farm went after them for the subrogation so I didn't have to pay the $250 deductible. Since the loaner was within 2 years of manufacture date they had to go with OEM glass which was a $2000 bill.