Lexus Ranks Among Most Expensive Brands to Insure

Alarming Trend

Insurance has always represented a fairly significant percentage of vehicle ownership costs, though, in recent months, soaring rates have been prompting many to shop around. Insurance costs continue to rise, which leaves many car shoppers with a bit of a dilemma - in some cases, making it wise to shop around for rates before even buying a specific car. Unfortunately for Lexus owners, that particular brand is currently one of the most expensive to insure, according to new data from Quadrant Information Services.

Photos: Lexus

Pricey Proposition

Lexus currently ranks as the fourth most expensive automotive brand to insure in the U.S., behind only Dodge, Tesla, and BMW, in fact, with an average cost of $189 per month or $2,273 per year, according to this particular report. However, it certainly pays to shop around, as insurance providers tend to vary greatly in their specific rates. 

Photos: Lexus

Big Differences

In fact, USAA provided the cheapest average monthly insurance cost for a Lexus vehicle at $121 per month or $1,454 annually, which is $45 per month or $543 less per year than the most expensive quote in this study - State Farm, which came in last at $166 per month or $1,997 each year. 

Photos: Lexus

Variety of Factors

There are, of course, several reasons why Lexus vehicles are more expensive to insure than most. While risk plays a factor in pricing - and the make and model of a vehicle - other factors include repair costs, the number of liability claims filed, a car's trim level, how much performance it offers, and the prevalence of technology features that are more expensive to replace. 

Photos: Lexus

Pricey Tech

The growing presence of expensive tech is one of the biggest factors behind soaring insurance costs as of late, a problem that was only made worse by supply chain issues over the past few years. However, if we look at data from the Insurance Institute for Highway Safety, we can also see that several Lexus models present owners with higher insurance losses as well, which is also playing a factor in these costs. 

Photos: Lexus

Higher than Average

Several Lexus models have higher than average claims in that regard, including the Lexus ES and IS in the categories of collision and comprehensive claims, which is also true of the Lexus RC and LS - all of which are ranked as experiencing losses that are "substantially" worse than the average vehicle in those areas.

Photos: Lexus

Planning Ahead

This isn't exactly great news for Lexus owners or shoppers, but as is usually the case, it's better to know these types of things ahead of time, rather than be hit with a huge surprise insurance bill after one makes a major purchase of this kind. Luckily, it seems as if shopping around can still save one big bucks, making that extra bit of legwork worth the time and effort. 

Photos: Lexus

>>Join the conversation about Lexus insurance costs right here at ClubLexus.com.

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