Lexus GS 350 Insurance Rates in Albuquerque

Insurance quote for Lexus GS 350 in AlbuquerqueThe recommended way to get discount Lexus GS 350 insurance in Albuquerque is to regularly compare quotes from insurers who provide car insurance in New Mexico. Rate comparisons can be done by following these steps.

An essential thing to point out is to compare the same level of coverage on every price quote and and to get rate quotes from as many car insurance companies as possible. Doing this provides a fair price comparison and the best price quote selection.

It’s an obvious assumption that insurance companies don’t want you to look at other companies. Consumers who compare rates once a year will presumably switch to a new company because there is a high probability of finding more affordable rates. A study discovered that drivers who faithfully checked for cheaper rates saved over $3,500 over four years compared to drivers who never compared prices.

If finding the lowest rates on Lexus GS 350 insurance in Albuquerque is why you’re here, understanding how to shop and compare insurance rates can help simplify the process.

Keep in mind that having more price comparisons helps locate more affordable rates.

The car insurance companies shown below are our best choices to provide free quotes in Albuquerque, NM. If multiple companies are listed, it’s a good idea that you visit several of them to find the most affordable car insurance rates.

Facts and figures for Lexus GS 350 insurance

The premium information displayed below showcases detailed analysis of policy rates for Lexus GS 350 models. Learning how auto insurance premiums are established can help drivers make informed decisions.

Lexus GS 350 Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $290 $458 $358 $22 $108 $1,236 $103
GS 350 AWD $320 $520 $358 $22 $108 $1,328 $111
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Estimates do not factor in your specific Albuquerque location which can influence coverage prices greatly.

Physical damage deductibles

One of the more difficult decisions when buying insurance is where should you set your physical damage deductibles. The rates below sum up the rate difference of buying low and high coverage deductibles. The first price estimate table uses a $250 physical damage deductible and the second price chart uses a $1,000 deductible.

Lexus GS 350 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $314 $570 $274 $16 $82 $1,281 $107
GS 350 AWD $346 $644 $274 $16 $82 $1,387 $116
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Lexus GS 350 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
GS 350 $194 $358 $274 $16 $82 $924 $77
GS 350 AWD $214 $406 $274 $16 $82 $992 $83
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Estimates do not factor in the specific area where the vehicle is garaged which can raise or lower coverage prices noticeably.

We can estimate from the data above that using a $250 deductible will cost you approximately $32 more each month or $384 every year averaged for all GS 350 models than quoting the higher $1,000 deductible. Because you would be required to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go at least 23 months between claims, you would come out ahead if you decide on a higher deductible. Here is a better example of how you can make your own decision.

Average monthly premium for $250 deductibles: $112
Average monthly premium for $1,000 deductibles (subtract): – $80
Monthly savings from raising deductible: $32
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $32
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 23 months

One important note is that raising deductibles to save money means you will have to pay more out-of-pocket when you do file a claim. That will require some savings in the bank in the event you have to pay the deductible for vehicle repair.

Full coverage versus liability-only

The chart below shows the difference between Lexus GS 350 annual premium costs with and without physical damage coverage. The premiums are based on no violations or claims, $1,000 deductibles, single marital status, and no other discounts are factored in.

When to drop comprehensive and collision

There is no exact formula to eliminate full coverage, but there is a guideline you can consider. If the annual cost of coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your Lexus GS 350 replacement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after paying the physical damage deductible. If you are paying over $700 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are some situations where buying only liability insurance is not recommended. If you haven’t satisfied your loan, you have to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.

Why Your Insurance Prices might be higher

An important part of buying insurance is that you know some of the factors that aid in calculating your premiums. If you have some idea of what determines base rates, this empowers consumers to make smart changes that will entitle you to cheaper rates. Many things are part of the equation when quoting car insurance. Some are obvious such as your driving history, but some are more obscure like where you live or your commute time.

Insurance is an important decision

Despite the high cost, insurance serves a purpose in several ways.

First, most states have minimum liability requirements which means the state requires a specific level of liability insurance if you don’t want to risk a ticket. In New Mexico these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you have a lien on your GS 350, it’s most likely the lender will require that you carry insurance to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender may insure your Lexus for a lot more money and make you pay a much higher amount than you were paying before.

Third, insurance preserves both your assets and your vehicle. It also can pay for hospital and medical expenses for not only you but also any passengers injured in an accident. Liability insurance also covers legal expenses if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, your insurance policy will cover the damage repairs after a deductible is paid.

The benefits of carrying enough insurance are without a doubt worth the cost, especially if you ever need it. The average driver in America is wasting up to $869 every year so it’s recommended you shop around at every renewal to save money.