Astonishing but true according to a recent study, nearly 70% of drivers have remained with the same insurance company for over three years, and 38% of customers have never compared rate quotes at all. The average driver in Oakland could pocket nearly 35% a year, but they don’t want to spend time to compare rate quotes online.
If saving the most money is your goal, then the best way to get low-cost car insurance rates in Oakland is to start doing an annual price comparison from different companies in California.
- Take a few minutes and learn about policy coverages and the steps you can take to prevent high rates. Many risk factors that drive up the price such as at-fault accidents, speeding tickets, and a low credit rating can be eliminated by making lifestyle changes or driving safer.
- Compare price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from one company like Progressive or State Farm, while independent agencies can quote prices for a wide range of companies.
- Compare the new quotes to your current policy premium to see if a cheaper price is available in Oakland. If you find a lower rate quote, make sure there is no lapse in coverage.
- Give notification to your agent or company to cancel your current auto insurance policy. Submit the application along with any required down payment for the new policy. As soon as coverage is bound, store the certificate verifying coverage in an accessible location in your vehicle.
The key thing to know about shopping around is that you’ll want to make sure you compare identical coverages on each quote and and to get rates from as many car insurance companies as possible. This helps ensure the most accurate price comparison and a good representation of prices.
If you’re already insured or just want a better rate, you will benefit by learning to reduce the price you pay without reducing protection. Finding affordable insurance coverage in Oakland is really quite easy. Drivers only have to learn the most effective way to compare insurance rates on the web.
The following companies provide free rate quotes in California. To get cheap auto insurance in Oakland, we suggest you visit several of them in order to get a fair rate comparison.
Why you need insurance for your Lexus vehicle
Despite the potentially high cost of Lexus LC 500 insurance, insurance may be required and benefits you in several ways.
- Most states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability insurance coverage in order to be legal. In California these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If your LC 500 has a loan, it’s most likely the lender will have a requirement that you have insurance to protect their interest in the vehicle. If you do not keep the policy in force, the lender will be forced to insure your Lexus at an extremely high rate and make you pay a much higher amount than you were paying before.
- Insurance protects not only your Lexus but also your financial assets. It also can pay for many types of medical costs for you, your passengers, and anyone else injured in an accident. Liability insurance will also pay attorney fees 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 to repair the damage minus the deductible amount.
The benefits of insuring your car greatly outweigh the cost, especially when you need to use it. On average, a vehicle owner in Oakland is currently overpaying as much as $865 each year so smart consumers compare quotes at every policy renewal to be sure current rates are still competitive.
How Insurance Companies Determine Lexus LC 500 Insurance Prices
Multiple criteria are used in the calculation when you quote your car insurance policy. Some are obvious like your driving record, although some other factors are more transparent like your continuous coverage or your commute time.
The factors shown below are just a few of the factors companies use to determine rates.
Safety first – Cars with high safety ratings tend to be cheaper to insure. The safest vehicles help reduce the chance of injuries in an accident and better occupant protection translates directly to fewer claims which can mean better rates for you.
Liability coverage limits on your policy – A critical coverage on your policy, liability insurance provides coverage when you are determined to be liable for damages from an accident. Liability provides legal defense coverage to defend your case. Liability insurance is pretty cheap compared to physical damage coverage, so insureds should have plenty of protection for their assets.
Your age impacts your costs – More experienced drivers have been proven to be more responsible, cost insurance companies less in claims, and are generally more financially stable. Beginning drivers are known to be inattentive when driving with friends so they pay higher insurance rates.
The higher your credit history the lower your prices – Having a bad credit rating factor in determining premium rates. Drivers with high credit ratings tend to be less risk to insure than those with bad credit. If your credit history can be improved, you could pay less to insure your Lexus LC 500 if you improve your credit rating.
Marriage discount – Having a spouse may cut your premiums on your insurance bill. Having a significant other may mean you are less irresponsible and it’s proven that married drivers tend to file fewer claims.
Your job can affect prices – Occupational choices like lawyers, social workers, and financial analysts usually pay the highest average rates due to high stress levels and lengthy work days. On the flip side, jobs such as actors, engineers and the unemployed get better rates.
It’s not one size fits all
Always remember that when buying proper insurance coverage, there really is not a single plan that fits everyone. Every insured’s situation is different and your car insurance should unique, too.
For instance, these questions might point out whether or not you might need professional guidance.
- Am I covered when delivering products for my home-based business?
- How much liability do I need to cover my assets?
- Do all my vehicles need collision coverage?
- Am I covered when pulling a rental trailer?
- Am I covered when using my vehicle for business?
- When should I remove my kid from my policy?
- Is my nanny covered when transporting my kids?
- Does my policy cover my teen driver if they drive my company car?
- Am I covered if I have no license?
If you’re not sure about those questions but you know they apply to you, you may need to chat with a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and may give you better protection.
In this article, we covered some good ideas how you can save on Lexus LC 500 insurance in Oakland. The key concept to understand is the more providers you compare, the better your comparison will be. You may even find the best price on auto insurance is with a smaller regional carrier. They may have significantly lower rates on certain market segments as compared to the big name companies such as Allstate and Progressive.
Low-cost Lexus LC 500 insurance in Oakland can be purchased online as well as from insurance agents, so you should be comparing quotes from both in order to have the best price selection to choose from. Some companies may not provide online quoting and usually these small insurance companies only sell through independent insurance agencies.
To read more, take a look at the following helpful articles:
- Collision Coverage (Liberty Mutual)
- Who Has Affordable Car Insurance Rates for Hybrid Vehicles in Oakland? (FAQ)
- How Much are Oakland Auto Insurance Quotes for a Nissan Sentra? (FAQ)
- Who Has the Cheapest Oakland Auto Insurance Quotes for Business Use? (FAQ)
- How to Avoid Common Accidents (State Farm)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)