The best way we recommend to get low-cost Lexus LFA insurance is to compare prices once a year from different companies in Colorado Springs. You can compare prices by following these steps.
- Step 1: Try to learn a little about car insurance and the modifications you can make to prevent expensive coverage. Many policy risk factors that cause high rates such as traffic violations and poor credit rating can be controlled by making minor changes in your lifestyle. Continue reading for additional tips to help keep rates affordable and find available discounts that you may qualify for.
- Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or State Farm, while independent agencies can quote prices from multiple insurance companies.
- Step 3: Compare the new quotes to the price on your current policy and see if there is a cheaper rate in Colorado Springs. If you can save some money and switch companies, make sure coverage does not lapse between policies.
The most important part of this process is to make sure you’re comparing the same amount of coverage on every quote request and and to get prices from as many auto insurance providers as possible. This provides a level playing field and a better comparison of the market.
Smart shoppers know that car insurance companies don’t want you comparing rates. Insureds who rate shop once a year will most likely switch to a new company because there is a high probability of finding coverage at a more affordable price. A study discovered that drivers who compared prices once a year saved an average of $3,400 over four years compared to drivers who don’t make a habit of comparing rates.
If finding the lowest price on insurance in Colorado Springs is why you’re here, knowing how to shop and compare insurance can save time and make the process easier.
The goal of this article is to help educate you on how to compare rates easily and also save some money in the process If you’re already insured, you will surely be able to save money using the concepts you’re about to learn. Drivers only need an understanding of the most efficient way to compare rates from many different companies.
Finding low cost car insurance prices is actually quite simple. Just take a couple of minutes comparing rates from different insurance companies.
The companies shown below can provide comparison quotes in Colorado Springs, CO. If you want the best auto insurance in Colorado Springs, we suggest you visit as many as you can to find the most competitive auto insurance rates.
Colorado Springs auto insurance discounts
Car insurance companies don’t always list the entire discount list very well, so the below list has a few of the more well known and also the lesser-known credits that you can use to lower your rates. If you do not double check each discount available, you’re just leaving money on the table.
- Low Miles Discount – Fewer annual miles on your Lexus can qualify you for discounted rates on garaged vehicles.
- Service Members Pay Less – Having a family member in the military could mean lower prices.
- Renewal Discounts – Some larger companies give discounts for signing up prior to your current LFA insurance policy expiration. You could save around 10% when you buy Colorado Springs car insurance online.
- Anti-lock Brake Discount – Vehicles that have anti-lock braking systems can reduce accidents so companies give up to a 10% discount.
- Defensive Driver Discount – Passing a defensive driving course could possibly earn you a 5% discount depending on where you live.
As a disclaimer on discounts, some credits don’t apply to your bottom line cost. Most cut individual premiums such as liability, collision or medical payments. Even though it may seem like you can get free auto insurance, you aren’t that lucky.
Larger auto insurance companies and some of the discounts are outlined below.
- State Farm may include discounts for good driver, Drive Safe & Save, student away at school, anti-theft, and multiple policy.
- GEICO offers premium reductions for daytime running lights, federal employee, military active duty, seat belt use, five-year accident-free, and defensive driver.
- Liberty Mutual offers discounts including newly retired, new vehicle discount, preferred payment discount, safety features, exclusive group savings, multi-policy, and multi-car.
- The Hartford has discounts for driver training, bundle, anti-theft, air bag, good student, and defensive driver.
- MetLife may have discounts that include good student, claim-free, good driver, accident-free, multi-policy, defensive driver
- Progressive may offer discounts for multi-vehicle, online signing, multi-policy, homeowner, good student, continuous coverage, and online quote discount.
When getting a coverage quote, ask every prospective company to apply every possible discount. Savings may not be offered in your state. If you would like to choose from a list of providers that offer some of these discounts in Colorado Springs, follow this link.
Why you need to buy insurance
Despite the high cost of buying insurance for a Lexus LFA in Colorado Springs, insurance is required in Colorado but also provides important benefits.
- Just about all states have mandatory insurance requirements which means it is punishable by state law to not carry a minimum amount of liability protection in order to be legal. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your Lexus has a lienholder, it’s most likely the lender will force you to carry insurance to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Lexus for a lot more money and require you to fork over the higher price.
- Insurance preserves not only your car but also your financial assets. It will also cover all forms of medical expenses for not only you but also any passengers injured in an accident. Liability coverage also pays for attorney fees and expenses if anyone sues you for causing an accident. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of buying insurance definitely exceed the price paid, especially for larger claims. Unknowingly, the average driver is overpaying more than $810 a year so it’s important to compare rates once a year at a minimum to save money.
When should I discuss my situation with an agent?
When it comes to a policy for your vehicles, there isn’t really a cookie cutter policy. Everyone’s situation is unique.
For instance, these questions can aid in determining if your situation would benefit from an agent’s advice.
- Does my medical payments coverage pay my health insurance deductible?
- What are the financial responsibility laws in my state?
- What policy terms are available?
- What does medical payments cover?
- Should I have combined single limit or split liability limits?
- Are my friends covered when driving my car?
- What is the ISO rating for a Lexus LFA?
- What happens if I owe more than my Lexus LFA is worth?
- Do I need special endorsements for business use of my vehicle?
- What if I don’t agree with a claim settlement offer?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to an agent. To find an agent in your area, fill out this quick form. It’s fast, free and can provide invaluable advice.
Can’t I compare rate quotes from local Colorado Springs car insurance agents?
A small number of people still prefer to buy from a licensed agent and doing that can be a smart decision Most agents are highly skilled in risk management and help in the event of a claim. The biggest benefit of comparing rate quotes online is that drivers can save money and get cheaper auto insurance rates and still have a local agent. Supporting neighborhood agents is especially important in Colorado Springs.
For easy comparison, once you complete this simple form, the quote information gets sent to local insurance agents who will gladly provide quotes for your coverage. It simplifies rate comparisons since you won’t have to contact any insurance agencies because prices are sent to you directly. If you have a need to get a comparison quote from a particular provider, don’t hesitate to visit that company’s website and fill out the quote form the provide.
Insurance agent types
If you need to find a local insurance agency, you need to know there are two types of agencies and how they work. Insurance agencies in Colorado Springs can either be exclusive agents or independent agents. Either one can insure your vehicles properly, but it’s good to learn how they differ since it can impact which type of agent you select.
Independent Agencies or Brokers
These type of agents can quote rates with many companies so as a result can place your coverage through lots of different companies and find you cheaper rates. If prices rise, they can switch companies in-house and you don’t have to find a new agent. If you are trying to find cheaper rates, you absolutely need to get rate quotes from several independent agencies so that you have a good selection of quotes to compare. Most also have access to smaller mutual companies who may have lower rates.
Below are independent insurance agents in Colorado Springs that may be able to give you free price quotes.
- WIN Insurance Agency
3485 Academy Blvd N Ste 101 – Colorado Springs, CO 80917 – (719) 599-9494 – View Map
- Benson Insurance Group, LLC
5155 N Academy, #110 – Colorado Springs, CO 80918 – (719) 622-3079 – View Map
- Mary Beth Stiltner Insurance Agency
1880 Dublin Blvd # C – Colorado Springs, CO 80918 – (719) 528-1555 – View Map
Exclusive insurance agents generally can only insure with one company and examples are State Farm, Allstate and AAA. Exclusive agents are unable to compare other company’s rates so they really need to provide good service. Exclusive agents are trained well on what they offer which helps overcome the inability to quote other rates. Some insured continue to purchase coverage from exclusives primarily because of the prominent brand name rather than having low rates.
Below are exclusive agencies in Colorado Springs willing to provide price quotes.
- Jeff Schmidt – State Farm Insurance Agent
1230 Tenderfoot Hill Rd Ste. 200 – Colorado Springs, CO 80906 – (719) 445-0070 – View Map
- American Family Insurance – Jim Whitlock Agency LLC
8540 Scarborough Dr Ste 220 – Colorado Springs, CO 80920 – (719) 591-6336 – View Map
- Allstate Insurance: Dave Lohman
76 S Sierra Madre St b – Colorado Springs, CO 80903 – (719) 471-9271 – View Map
Deciding on an auto insurance agent requires you to look at more than just a cheap quote. Any agent in Colorado Springs should be willing to answer these questions.
- Did they already check your driving record and credit reports?
- How experienced are they in personal risk management?
- Which companies can they place coverage with?
- Are you getting all the discounts the company offers?
- Can you choose the body shop in case repairs are needed?
- Does the company have a local claim office in Colorado Springs?
Having a good grasp of car insurance can help you determine the right coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and reading a policy is terribly boring.
Auto liability insurance
Liability coverage can cover damage that occurs to people or other property by causing an accident. This coverage protects you against claims from other people. Liability doesn’t cover your injuries or vehicle damage.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 25/50/15 which stand for $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a limit of $15,000 paid for damaged property. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit and claims can be made without the split limit restrictions.
Liability can pay for claims such as bail bonds, emergency aid and pain and suffering. The amount of liability coverage you purchase is a personal decision, but you should buy as large an amount as possible. Colorado requires drivers to carry at least 25/50/15 but you should think about purchasing more liability than the minimum.
The chart below shows why minimum state limits may not be high enough to cover claims.
This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things like damage from a tornado or hurricane, damage from getting keyed, vandalism and damage from flooding. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
Collision coverage pays to fix your vehicle from damage resulting from a collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for claims such as rolling your car, damaging your car on a curb, crashing into a ditch, hitting a parking meter and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. You can also raise the deductible on your LFA in order to get cheaper collision rates.
Med pay and Personal Injury Protection (PIP)
Medical payments and Personal Injury Protection insurance pay for immediate expenses such as prosthetic devices, rehabilitation expenses, nursing services, pain medications and funeral costs. They are often used to fill the gap from your health insurance plan or if you are not covered by health insurance. It covers all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay
Uninsured/Underinsured Motorist (UM/UIM)
This provides protection when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants and damage to your Lexus LFA.
Since a lot of drivers only carry the minimum required liability limits (Colorado limits are 25/50/15), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Normally the UM/UIM limits are similar to your liability insurance amounts.