If you want to save the most money, the best way to save on car insurance rates in Colorado Springs is to do a yearly price comparison from companies in Colorado.
- First, get a basic knowledge of what is in your policy and the measures you can take to keep rates low. Many policy risk factors that drive up the price such as your driving record and a not-so-good credit rating can be controlled by paying attention to minor details.
- Second, compare prices from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give prices from one company like GEICO or State Farm, while independent agents can give you price quotes from multiple insurance companies.
- Third, compare the new rate quotes to the price on your current policy to see if a cheaper price is available. If you can save money and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
An important note is to use the same level of coverage on every quote and and to get rates from as many companies as possible. This provides the most accurate price comparison and the best price selection.
It’s hard to believe, but most drivers in Colorado have been with the same company for at least the last four years, and virtually 40% of consumers have never compared rates from other carriers. U.S. drivers could save $859 every year just by comparing rates, but most undervalue how much money they would save if they replace their high priced policy.
Find Lexus IS 350 Insurance More Affordably
Lots of factors are part of the equation when premium rates are determined. Some are obvious like an MVR report, although others are less obvious like your vehicle usage or how financially stable you are.
Pay more for higher performance vehicles – The performance of the vehicle you are trying to find cheaper insurance for makes a significant difference in how high your rates are. The lowest premiums tend to be for small economy passenger vehicles, but the final cost of insurance is determined by many other factors.
The data below uses these assumptions: married male driver age 50, full coverage with $1000 deductibles, and no discounts or violations. The chart compares Lexus IS 350 car insurance rates compared to other makes and models that have a range of risk factors.
Little extras can really add up – Policies have extra bells and whistles that you can buy if you don’t pay attention. Things like vanishing deductibles, accident forgiveness, and Farm Bureau memberships are some examples. These coverages may sound good when talking to your agent, but your money might be better spent on other coverage so think about removing them and cutting costs.
Limits of liability protection – Your auto insurance policy’s liability coverage will afford coverage when you are ruled to be at fault for causing personal injury or damage in an accident. This coverage provides legal defense coverage up to the limits shown on your policy. This coverage is relatively inexpensive as compared to coverage for physical damage, so insureds should have plenty of protection for their assets.
Save by driving less – Driving more miles in a year the higher the price you pay to insure it. A lot of companies calculate prices based on their usage. Cars used primarily for pleasure use receive lower rates than those that get driven frequently. An improperly rated IS 350 is throwing money out the window. Make sure your auto insurance policy reflects the correct driver usage, because it can save money.
Youthful drivers are expensive to insure – Older people tend to be more responsible, file fewer claims, and get fewer tickets. Inexperience drivers are statistically shown to be inattentive and easily distracted when at the wheel of a vehicle so they pay higher auto insurance rates.
The data below is based on a single driver, full coverage with $250 deductibles, and no discounts or violations.
Never let your auto insurance policy lapse – Not maintaining insurance is against the law and your next policy will cost more because you let your insurance expire. Not only will you pay more, the inability to provide proof of insurance could earn you fines and jail time. You will then be forced to file a SR-22 with the Colorado department of motor vehicles.
Driving citations mean higher rates – Attentive drivers tend to pay less for car insurance than their less careful counterparts. Having just one chargeable violation can boost insurance rates by as much as thirty percent. Drivers who get license-revoking citations like reckless driving or DUI may find they need to complete a SR-22 with their state motor vehicle department in order to drive a vehicle legally.
The diagram below highlights how speeding tickets and at-fault collisions can affect Lexus IS 350 insurance costs for different age groups of insureds. The data is based on a single male driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
Raise your comp and collision deductibles for better prices – Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, covers your vehicle from damage. A few examples of covered claims are a broken windshield, damage caused by hail, and rolling your vehicle. The deductibles tell how much you are willing to pay in the event of a claim. The more money the insured has to pay upfront, the less your auto insurance will be.
Lexus IS 350 claim statistics – Insurance companies use historical loss data as a way to help calculate a profitable premium price. Models that the data determines to have higher losses will have higher rates for specific coverages. The next table illustrates the actual insurance loss data for Lexus IS 350 vehicles.
For each insurance policy coverage type, the claim amount for all vehicles, regardless of make or model, is represented as 100. Percentage values below 100 suggest a better than average loss history, while values over 100 show a trend for more claims or a tendency for claims to be larger.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Lexus IS 350 4dr 2WD | 165 | 88 | 186 | 101 | ||
| Lexus IS 350 4dr 4WD | 200 | 72 | 206 | |||
| Lexus IS 350 Convertible | 98 |
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Rates and information analytics
The rate table displayed below showcases a range of policy rates for Lexus IS 350 models. Being able to understand how policy rates are determined can help you make decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $270 | $490 | $358 | $22 | $108 | $1,248 | $104 |
| IS 350 C 2-Dr Convertible | $270 | $490 | $358 | $22 | $108 | $1,248 | $104 |
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Price data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Estimates do not factor in zip code location which can affect insurance rates greatly.
Can higher deductibles save money?
When buying car insurance, a common question is how low should you set your deductibles. The comparison tables below determine the differences in price of buying low and high physical damage coverage deductibles. The first pricing table uses a $100 physical damage deductible and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $380 | $740 | $352 | $20 | $106 | $1,623 | $135 |
| IS 350 C 2-Dr Convertible | $380 | $740 | $352 | $20 | $106 | $1,623 | $135 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| IS 350 4-Dr Sedan | $278 | $500 | $352 | $20 | $106 | $1,256 | $105 |
| IS 350 C 2-Dr Convertible | $278 | $500 | $352 | $20 | $106 | $1,256 | $105 |
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Estimates do not factor in your specific Colorado Springs location which can alter insurance rates substantially.
Based on this data, we can arrive at the conclusion that using a $100 deductible costs about $30 more each month or $360 for a full year than requesting the higher $500 deductible. Because you would pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to average at a minimum 13 months between claim filings, you would save money if you choose the higher deductible.
Men versus women drivers and insurance cost
The information below shows the difference between Lexus IS 350 insurance costs for male and female drivers. The price estimates are based on no accidents, no driving violations, full coverage, $500 deductibles, drivers are single, and no discounts are applied.
Should you buy full coverage?
The information below illustrates the comparison of Lexus IS 350 car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no violations or accidents, $250 deductibles, drivers are single, and no discounts are applied to the premium.
When to drop comp and collision
There is no set guideline of when to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
For example, let’s assume your Lexus IS 350 replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $3,000 after paying your deductible. If premium cost is more than $300 a year for physical damage coverage, then it could be time to drop full coverage.
There are a few cases where buying only liability insurance is not a good idea. If you still have a loan on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Cheap Lexus IS 350 insurance rates in Colorado Springs
Not many people think insurance is cheap, but you may be missing some discounts that could drop your premiums quite a bit. Certain credits will be shown when you complete an application, but some discounts are required to be specially asked for before you will receive the discount. If you’re not getting every credit you qualify for, you’re paying more than you need to.
- Seat Belt Usage – Drivers who require all vehicle occupants to buckle up can save a little off the medical payments premium.
- Employee of Federal Government – Active or former government employment could qualify for a slight premium decrease with select insurance companies.
- Defensive Driving Course – Successfully completing a safe driver course could save 5% or more and make you a better driver.
- Memberships – Having an affiliation with specific professional or occupational memberships or organizations may earn a discount on your bill.
- Discount for New Cars – Insuring a new IS 350 can be considerably cheaper because new vehicles keep occupants safer.
A little disclaimer on discounts, most discount credits are not given to all coverage premiums. A few only apply to the cost of specific coverages such as liability, collision or medical payments. So even though it sounds like you would end up receiving a 100% discount, it doesn’t quite work that way.
The chart below visualizes the comparison of Lexus IS 350 insurance rates with and without policy discounts. The premiums assume a female driver, no accidents, no driving violations, Colorado state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, safe-driver, homeowner, multi-car, and claim-free discounts applied.
A list of companies and their offered discounts are detailed below.
- American Family offers discounts including defensive driver, accident-free, early bird, TimeAway discount, good driver, and good student.
- Farm Bureau has discounts for good student, youthful driver, 55 and retired, renewal discount, multi-vehicle, and safe driver.
- State Farm has savings for student away at school, passive restraint, multiple policy, defensive driving training, anti-theft, and driver’s education.
- Travelers offers premium reductions for student away at school, continuous insurance, early quote, multi-car, and home ownership.
- The Hartford may include discounts for good student, bundle, defensive driver, vehicle fuel type, air bag, driver training, and anti-theft.
- GEICO offers discounts for seat belt use, anti-lock brakes, five-year accident-free, driver training, anti-theft, and federal employee.
- Progressive discounts include online quote discount, continuous coverage, multi-vehicle, homeowner, good student, multi-policy, and online signing.
When comparing rates, check with each company or agent which discounts you may be entitled to. Some credits may not be offered in your state.
Colorado auto insurance companies
Insuring your vehicle with the highest-rated insurer is hard considering how many different companies sell coverage in Colorado Springs. The company information shown below could help you select which companies to look at comparing rates with.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
| Farmers Insurance | 78 | 87 | 88 | 79% | A | 84.3 |
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Data Source: Insure.com Best Car Insurance Companies
More effort can pay off
As you quote Colorado Springs auto insurance, do not sacrifice coverage to reduce premiums. Too many times, an insured dropped comprehensive coverage or liability limits to discover at claim time that saving that couple of dollars actually costed them tens of thousands. Your focus should be to buy enough coverage for the lowest price, but do not skimp to save money.
We just presented quite a bit of information on how to get a better price on Lexus IS 350 insurance in Colorado Springs. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the biggest savings come from a company that doesn’t do a lot of advertising.
People who switch companies do it for any number of reasons including lack of trust in their agent, high rates after DUI convictions, policy non-renewal and even delays in paying claims. It doesn’t matter why you want to switch finding the right insurance provider is pretty easy and you might even save some money in the process.
To read more, feel free to visit the resources below:
- Teen Driving Statistics (iihs.org)
- How Much are Colorado Springs Car Insurance Quotes for Immigrants? (FAQ)
- How Much is Colorado Springs Auto Insurance for Seniors? (FAQ)
- Who Has Cheap Car Insurance Rates for 4×4 Vehicles in Colorado Springs? (FAQ)
- What is a Telematics Device? (Allstate)
- Teen Driving and Texting (State Farm)