It’s astonishing, but 70% of consumers kept their policy with the same company for more than four years, and nearly the majority have never shopped around. Albuquerque drivers could pocket about 40% a year by just comparing quotes, but they underestimate how much they could save if they changed companies.
The preferred way to find affordable Lexus IS 250 insurance in Albuquerque is to compare quotes annually from companies that insure vehicles in New Mexico.
- Step 1: Try to comprehend how your policy works and the factors you can control to keep rates low. Many things that drive up the price like traffic tickets, fender benders, and a not-so-good credit score can be amended by making minor changes to your lifestyle. Read the full article for more information to help prevent expensive coverage and get additional discounts that may have been overlooked.
- Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like Progressive and State Farm, while independent agents can provide rate quotes for a wide range of companies.
- Step 3: Compare the quotes to your existing rates to see if a cheaper rate is available. If you find a lower rate quote and decide to switch, ensure coverage does not lapse between policies.
- Step 4: Provide adequate notice to your current company to cancel your existing policy. Submit payment along with a signed and completed policy application to the new insurer. When you receive it, put the proof of insurance certificate somewhere easily accessible.
An important note is to compare the same physical damage deductibles and liability limits on every quote and to quote with every insurance company. Doing this guarantees the most accurate price comparison and a good representation of prices.
How to shop Lexus IS 250 insurance online
Most major insurance companies like State Farm, Allstate and GEICO allow consumers to get price estimates from their websites. Comparing Lexus IS 250 insurance rates online is quite simple as you simply type in your personal and coverage information as detailed in the form. After you submit the form the company’s rating system obtains credit information and your driving record and gives you a price quote determined by many factors.
Getting online quotes for Lexus IS 250 insurance in Albuquerque makes it a lot easier to compare rates and it’s very important to do this if you want to get lower-cost rates.
In order to compare rates using this form now, take a look at the companies shown below. If you have your current policy handy, we recommend you type in your coverages identical to your current policy. This way, you will have rate quotes based on identical coverages.
The car insurance companies shown below are ready to provide free rate quotes in Albuquerque, NM. To find cheap car insurance in Albuquerque, it’s highly recommended you visit two to three different companies in order to get a fair rate comparison.
Don’t overlook these Lexus IS 250 insurance discounts
Not too many consumers would say insurance is affordable, but there may be some discounts that you may not even know about. Certain discounts will be triggered automatically at the time of purchase, but a few need to be asked for before they will apply.
- Good Student Discount – This discount can save 20 to 25%. The discount lasts well after school through age 25.
- Government Employee Discount – Employees or retirees of the government could cut as much as 10% off but check with your company.
- Active Military Service – Being on active deployment in the military can result in better prices.
- Renewal Discounts – Some larger companies provide a discount for switching to them before your current expiration date. It’s a savings of about 10%.
- No Accidents – Drivers who don’t have accidents have much lower rates as opposed to insureds who have frequent claims or accidents.
- Low Mileage Discounts – Low mileage vehicles could be rewarded with lower premium rates on the low mileage vehicles.
- Responsible Driver Discounts – Accident-free drivers can save as much as half off their rates compared to rates paid by drivers with frequent claims.
- Own a Home – Owning a home in Albuquerque may earn you a small savings because owning a home means you have a higher level of financial diligence.
As is typical with insurance, some of the credits will not apply to the overall cost of the policy. Most only reduce the price of certain insurance coverages like liability and collision coverage. If you do the math and it seems like you can get free auto insurance, you won’t be that lucky. But any discount will bring down your insurance premiums.
The information below shows the difference between Lexus IS 250 premium costs with and without policy discounts. The price estimates are based on a female driver, no violations or accidents, New Mexico state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, claim-free, marriage, homeowner, and multi-car discounts applied.
To locate companies who offer insurance discounts in New Mexico, click this link.
Lexus IS 250 coverage analysis
The coverage information displayed next showcases different policy rates for Lexus IS 250 models. Being able to understand how premiums are established can assist in making decisions on which coverage to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|IS 250 4-Dr Sedan||$220||$518||$356||$22||$106||$1,222||$102|
|IS 250 AWD 4-Dr||$244||$518||$356||$22||$106||$1,246||$104|
|IS 250 C 2-Dr Convertible||$244||$518||$418||$24||$126||$1,330||$111|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Rates do not factor in Albuquerque location which can influence auto insurance rates greatly.
Auto insurance premiums by gender
The diagram below compares Lexus IS 250 insurance costs for male and female drivers. The information is based on no violations or claims, full coverage, $100 deductibles, drivers are single, and no discounts are factored in.
Cost of full coverage in Albuquerque
The information below visualizes the comparison of Lexus IS 250 insurance rates with full coverage compared to only the New Mexico minimum liability coverage. The premiums are based on no claims, a clean driving record, $500 deductibles, single marital status, and no discounts are applied to the premium.
Guidelines for eliminating full coverage
There is no clear-cut rule for dropping physical damage coverage on your policy, but there is a general convention. If the annual cost of coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s say your Lexus IS 250 replacement cost is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after paying your policy deductible. If it’s costing you more than $800 annually for your policy with full coverage, then it might be time to buy liability only.
There are some situations where dropping physical damage coverage is not recommended. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
Seven factors that determine insurance costs
An important part of buying insurance is that you know the factors that come into play when calculating your policy premiums. When you understand what determines premiums, this allows you to make good choices that may result in cheaper rates.
The list below includes a few of the things auto insurance companies consider when setting prices.
- High insurance claims frequency drives up rates – If you file claims often, you can expect increased rates or even have your policy non-renewed. Car insurance companies in New Mexico generally give cheaper rates to insureds who do not rely on their insurance for small claims. Your insurance policy is meant to be used in the event of more catastrophic claims.
- Pay less with a high crash test rating – Vehicles with high crash test scores get lower rates. Safer cars protect occupants better and fewer serious injuries means lower claim amounts and more competitive rates for policyholders. If your Lexus IS 250 has at least four stars on Safercar.gov you may qualify for a discount.
Premiums increase with driving tickets – Whether or not you get tickets has a huge affect on how much you pay. Good drivers pay less for auto insurance compared to drivers with tickets. Just one chargeable violation can boost insurance rates forty percent or more. Drivers with serious violations like reckless driving or DUI might be required by their state to file a proof of financial responsibility form (SR-22) with their state’s licensing department in order to prevent a license revocation.
The example below shows how speeding tickets and fender-benders raise Lexus IS 250 car insurance rates for each different age group. The premiums assume a single male driver, full coverage, $250 deductibles, and no discounts are applied to the premium.
- Why do you need liability? – The liability section of your policy will provide protection if ever you are found to be at fault for personal injury or accident damage. It will provide you with a defense in court which can cost a lot. This coverage is very inexpensive compared to comp and collision, so insureds should have plenty of protection for their assets.
- Lower miles driven equals lower premium – Driving a lot of miles every year the higher your rates will be. A lot of insurance companies charge to insure your cars based upon how the vehicle is primarily used. Cars and trucks left parked in the garage can be on a lower rate level compared to those used for work or business. Improper usage on your IS 250 may be costing you higher rates. Double check that your auto insurance coverage properly reflects the correct usage, because it can save money.
The type of car makes a difference – The performance of the car, truck or SUV you drive makes a huge difference in the rate you pay. The cheapest insurance rates will normally be found when insuring low performance passenger cars, but the final cost of insurance is determined by many other factors.
The chart below uses these assumptions: single female driver age 30, full coverage with $250 deductibles, and no discounts or violations. It compares Lexus IS 250 insurance premiums compared to other models of vehicles that have a range of performance risks.
- Never go without auto insurance – Driving any period of time without insurance can get you a ticket and companies may charge more for letting your insurance expire. Not only will you pay higher rates, not being able to provide proof of insurance could earn you a steep fine or even jail time. You will then be forced to submit proof of financial responsibility or a SR-22 with the New Mexico motor vehicle department.
Insurance loss data for a Lexus IS 250 – Auto insurance companies analyze claim trends for every vehicle to help calculate a profitable premium rate. Models that the statistics show to have higher loss trends will have higher rates for specific coverages.
The data below shows the loss history for Lexus IS 250 vehicles. For each type of coverage, the loss probability for all vehicles averaged together is represented as 100. Values below 100 represent a good loss history, while numbers that are greater than 100 point to more losses or larger claims.
Auto Insurance Loss Data for Lexus IS 250 Models Specific Lexus Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus IS 250 4dr 2WD 179 103 177 116 146 115 Lexus IS 250 4dr 4WD 177 87 186 118 Lexus IS 250 Convertible 135 80 84BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Local insurance agents
Some consumers just want to buy from a local agent and there is nothing wrong with that. Insurance agents can make sure you are properly covered and help submit paperwork. One of the great benefits of comparing auto insurance online is you can get lower prices and still have a local agent. Buying from neighborhood agents is important particularly in Albuquerque.
To help locate an agent, after submitting this form (opens in new window), your information is sent to local insurance agents who will give competitive quotes for your coverage. You don’t have to visit any agencies because prices are sent immediately to you. If you have a need to compare prices from a specific insurance company, just navigate to their website and fill out their quote form.
The following are agents in Albuquerque that may be willing to give comparison quotes for Lexus IS 250 insurance in Albuquerque.
- Allstate Insurance: Valerie Muldez
8101 San Pedro Dr NE, Ste C1 – Albuquerque, NM 87113 – (505) 881-5056 – View Map
- Rick Buckner – State Farm Insurance Agent
9601 Sage Rd SW d – Albuquerque, NM 87121 – (505) 833-9596 – View Map
- John Marcelli – State Farm Insurance Agent
12611 Montgomery, Ste A3 – Albuquerque, NM 87111 – (505) 293-0100 – View Map
- Francis Harding – State Farm Insurance Agent
4420 4th St NW – Albuquerque, NM 87107 – (505) 242-6231 – View Map
Choosing the best provider requires more thought than just a low price. Any agent in Albuquerque should have no problem answering these questions:
- When do they do a full risk review?
- Will the company cover a rental car if your car is getting fixed?
- Do they reduce claim amounts on high mileage vehicles?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- Is the agency involved in supporting local community causes?
- Are they able to provide referrals?
- Which insurance company do they prefer to write with?
After talking to the agent and getting positive responses to these questions in addition to an acceptable price estimate, it’s possible that you found a company that is a good match to properly insure your vehicles.
One last thing to lower rates
Cheap Lexus IS 250 insurance in Albuquerque can be sourced from both online companies in addition to many Albuquerque insurance agents, so you need to shop Albuquerque car insurance with both in order to have the best chance of saving money. Some insurance providers may not offer the ability to get quotes online and most of the time these small, regional companies prefer to sell through independent insurance agencies.
Throughout this article, we presented some good ideas how to compare Lexus IS 250 insurance prices in Albuquerque. The key concept to understand is the more rate quotes you have, the better your comparison will be. Consumers could even find that the most savings is with the smaller companies.
Insureds who switch companies do it for any number of reasons including poor customer service, questionable increases in premium, denial of a claim and even delays in responding to claim requests. Regardless of your reason for switching companies, finding a new company can be easier than you think.
More learning opportunities
- Prepare your Teens for Safe Driving (InsureUonline.org)
- What Insurance is Cheapest for High School Students in Albuquerque? (FAQ)
- Who Has the Cheapest Albuquerque Car Insurance Quotes for a 20 Year Old Female? (FAQ)
- Who Has the Cheapest Albuquerque Auto Insurance for a GMC Sierra? (FAQ)
- Think You’re a Safe Driver? (State Farm)
- Teen Driving and Texting (State Farm)
- Five Mistakes to Avoid (Insurance Information Institute)