How to Insure Your Lexus Hybrid
01-12-10, 08:34 AM
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How to Insure Your Lexus Hybrid
The 2010 Lexus HS Hybrid is a dedicated all-hybrid, complete with plant-based eco-plastic throughout the interior and the same sleek exterior Lexus fans love. Make no mistake, hybrid or not, Lexus still delivers on excitement, efficiency, and safety. In fact, with features such as driver attention monitor and lane keep assist, the HS Hybrid is one of the most technologically advanced hybrids on the market today. So, Lexus has you covered from the inside out when it comes to being green, stylish, and safe, but who has you covered if a collision comes knocking at your door? The GAP insurance program might be one option.
When you purchase your new Lexus HS Hybrid, you should consider the Lexus Guaranteed Auto Protection program (GAP). Why? Most new car buyers might be surprised to learn that no matter what happens to your new car, whether it gets stolen within the first few months of ownership or it is damaged beyond repair somewhere down the line, you will still have to fulfill the financial terms of your contract or agreement.
According to the official Lexus website (www.lexus.com), the GAP program is designed to protect Lexus owners from financial burden if the vehicle is declared a total loss. Most traditional auto insurance policies will not cover your outstanding balance to the lease or finance company in case of a total loss. This means, after the auto insurance company grants the payout and it has been applied to your outstanding balance, there will be a difference. GAP offsets the difference between the auto insurance payout and the balance due on your contract agreement.
In addition to paying the difference, GAP will cover your auto insurance deductible up to $1,000. This option is available in most states. Lexus HS Hybrid owners may pay for GAP upfront or have it added to the monthly car note. As stated earlier, GAP is only available at the time of purchase. GAP is automatically included in Lexus Financial Services Lease Agreements.
The Lexus GAP program is not a traditional insurance policy. It doesn't cover fender benders, dents, vandalism, etc. It just helps you out in the unfortunate event of a total loss. This means you will have to purchase a separate policy to meet your states minimum auto liability insurance requirements and to protect yourself and your vehicle against the risks associated with driving your car on a daily basis.
Luxury Hybrids like the Lexus HS are quite special when it comes to auto insurance. We've heard rumors that plenty of auto insurance providers offer discounts for hybrids, but so far we haven't found any. What we did find are several reasons why auto insurance companies do not offer plenty of discounts for hybrids and why auto insurance might cost even more for luxury hybrids.
First, luxury vehicles cost more to insure overall, so although the Lexus HS is a hybrid, its a luxury vehicle first and foremost. Next, luxury hybrids are more expensive to maintain and some are more likely to be stolen. In addition, hybrids overall are heavier than non-hybrids. As a result, hybrids cause more damage in accidents.
Auto insurance companies also list other reasons hybrids cost more to insure:
When you're ready to purchase a policy for your Lexus HS Hybrid, shop around. Compare policies and prices from several luxury auto insurance providers. Check out which providers are willing to offer discounts and which ones wont. And finally, when shopping for hybrid auto insurance, never ever purchase a policy based on price alone. Cutting corners could end up costing you more than you can imagine in the long run.
Michelle Burton is a published author and contributing editor for Auto Insurance Tips, Trouvé Media, Internet Brands, and Publications International, Ltd.
When you purchase your new Lexus HS Hybrid, you should consider the Lexus Guaranteed Auto Protection program (GAP). Why? Most new car buyers might be surprised to learn that no matter what happens to your new car, whether it gets stolen within the first few months of ownership or it is damaged beyond repair somewhere down the line, you will still have to fulfill the financial terms of your contract or agreement.
According to the official Lexus website (www.lexus.com), the GAP program is designed to protect Lexus owners from financial burden if the vehicle is declared a total loss. Most traditional auto insurance policies will not cover your outstanding balance to the lease or finance company in case of a total loss. This means, after the auto insurance company grants the payout and it has been applied to your outstanding balance, there will be a difference. GAP offsets the difference between the auto insurance payout and the balance due on your contract agreement.
In addition to paying the difference, GAP will cover your auto insurance deductible up to $1,000. This option is available in most states. Lexus HS Hybrid owners may pay for GAP upfront or have it added to the monthly car note. As stated earlier, GAP is only available at the time of purchase. GAP is automatically included in Lexus Financial Services Lease Agreements.
The Lexus GAP program is not a traditional insurance policy. It doesn't cover fender benders, dents, vandalism, etc. It just helps you out in the unfortunate event of a total loss. This means you will have to purchase a separate policy to meet your states minimum auto liability insurance requirements and to protect yourself and your vehicle against the risks associated with driving your car on a daily basis.
Luxury Hybrids like the Lexus HS are quite special when it comes to auto insurance. We've heard rumors that plenty of auto insurance providers offer discounts for hybrids, but so far we haven't found any. What we did find are several reasons why auto insurance companies do not offer plenty of discounts for hybrids and why auto insurance might cost even more for luxury hybrids.
First, luxury vehicles cost more to insure overall, so although the Lexus HS is a hybrid, its a luxury vehicle first and foremost. Next, luxury hybrids are more expensive to maintain and some are more likely to be stolen. In addition, hybrids overall are heavier than non-hybrids. As a result, hybrids cause more damage in accidents.
Auto insurance companies also list other reasons hybrids cost more to insure:
* Hybrids have sophisticated systems, which require expensive (hard to find) parts
* Hybrid owners drive an average of 2,000 miles more each year than non-hybrid owners. Auto insurance companies say added mileage and more pleasure trips increase the chances of an accident or collision
* Collision loss costs are much higher for hybrids than non-hybrids. Hybrids have a comprehensive coverage loss of 15%- 17% higher than the average, which costs insurance providers up to 75% more
Although it may feel like the cards are stacked against all you Lexus HS owners out there, relax. There are a few ways to save on auto insurance for your HS. You can provide proof of intended use to obtain a discount or a certificate of completion from a safe driver program. You may qualify for lower rates if you have a clean driving record or if you are willing to install additional safety features. * Hybrid owners drive an average of 2,000 miles more each year than non-hybrid owners. Auto insurance companies say added mileage and more pleasure trips increase the chances of an accident or collision
* Collision loss costs are much higher for hybrids than non-hybrids. Hybrids have a comprehensive coverage loss of 15%- 17% higher than the average, which costs insurance providers up to 75% more
When you're ready to purchase a policy for your Lexus HS Hybrid, shop around. Compare policies and prices from several luxury auto insurance providers. Check out which providers are willing to offer discounts and which ones wont. And finally, when shopping for hybrid auto insurance, never ever purchase a policy based on price alone. Cutting corners could end up costing you more than you can imagine in the long run.
Michelle Burton is a published author and contributing editor for Auto Insurance Tips, Trouvé Media, Internet Brands, and Publications International, Ltd.
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