How long have you put off shopping around for lower-priced insurance rates in Denver, CO? Denver shoppers have lots of choices when shopping for affordable Lexus RX 450h insurance. You can either waste hours calling around getting price quotes or save time using the internet to make rate comparisons. There are both good and bad ways to find insurance online and we’ll show you the proper way to get price quotes for a new or used Lexus and locate the cheapest rates either online or from Denver insurance agents.
Amazingly, most insurance policyholders kept their coverage with the same insurance company for over three years, and roughly 40% of drivers have never taken the time to shop around. Colorado drivers could cut their rates by approximately $600 a year by just shopping around, but they just don’t understand how much money they would save if they replace their high priced policy.
Smart consumers take time to shop coverage around as often as possible because prices change quite often. If you had the lowest rates on Lexus RX 450h insurance in Denver a year ago the chances are good that you can find a lower premium rate today. Forget anything you know (or think you know) about insurance because you’re going to learn the best methods to save on insurance.
Finding affordable auto insurance coverage in Denver is much easier if you know where to start. If you are insured now, you should be able to find better prices using the techniques presented in this article. Smart shoppers only need to know the best way to compare rate quotes from many different companies.
Buy Cheap Auto Insurance with These Tips
Many things are used in the calculation when you get a price on insurance. Most are fairly basic such as your driving record, but others are less obvious like your vehicle usage or how safe your car is.
The itemized list below are some of the most rate-impacting factors auto insurance companies consider when setting your rates.
- Don’t abuse claims – If you file claims often, you shouldn’t be surprised to get increased rates or even have your policy non-renewed. Companies in Colorado award most affordable rates to policyholders that do not abuse their auto insurance. Your car insurance is designed for claims that pose a financial burden.
- Discounts for alarm systems – Selecting a car model with an alarm system can help bring down rates. Theft prevention features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar help track and prevent your car from being stolen.
- Get a ticket, pay higher rates – Your driving citation history impacts your car insurance rates tremendously. Attentive drivers get better prices compared to bad drivers. Getting just one speeding ticket can bump up the cost substantially. Drivers with license-revoking violations like hit and run, DWI or reckless driving convictions may find that they have to to maintain a SR-22 with their state motor vehicle department in order to continue driving.
- Is you occupation costing you more? – Careers like judges, executives and stock brokers usually pay higher premiums than the average policyholder because of intense work requirements and lots of time spent at work. On the other hand, occupations such as farmers, historians and performers pay the least.
- Liability coverage is important – Your auto insurance policy’s liability coverage will protect you if a jury decides you are liable for causing personal injury or damage in an accident. Your policy’s liability insurance provides for a legal defense which can cost thousands of dollars. Liability insurance is pretty cheap when compared with rates for comp and collision, so do not cut corners here.
- Rental and towing coverage may not be needed – There are quite a few additional extra coverages you can purchase if you aren’t diligent. Insurance for things like coverage for rental cars, towing coverage, and additional equipment coverage may be costing you every month. You may think they are a good idea when talking to your agent, but your money might be better spent on other coverage so get rid of them and save.
- Lexus RX 450h claim probability – Companies take into consideration insurance loss statistics for every vehicle when they set coverage costs for each model. Vehicles that the data determines to have a trend towards higher claim severity or frequency will cost more to insure. The information below illustrates the historical insurance loss data for Lexus RX 450h vehicles.
For each coverage category, the loss probability for all vehicles combined as an average is a value of 100. Values under 100 suggest a positive loss record, while percentages above 100 show a trend for more claims or statistically larger losses.
Lexus RX 450h Insurance Claim Statistics
Specific Lexus Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus RX 450h Hybrid 4dr 2WD 125 119 110 60 Lexus RX 450h Hybrid 4dr 4WD 144 112 136 79 57 84 Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Reducing your Lexus RX 450h insurance rates can be quick and easy. The only requirement is to take a couple of minutes to get quotes online from several insurance companies.
The companies shown below have been selected to offer comparison quotes in Denver, CO. If multiple companies are listed, it’s highly recommended you get rate quotes from several of them in order to get a fair rate comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX 450H Hybrid 2WD 4-Dr | $210 | $390 | $396 | $24 | $118 | $1,138 | $95 |
| RX 450H Hybrid 4WD 4-Dr | $368 | $726 | $404 | $24 | $122 | $1,644 | $137 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Prices do not factor in your specific Denver location which can affect premiums considerably.
Impact of age and gender on car insurance rates
The diagram below visualizes the comparison of Lexus RX 450h premium costs for male and female drivers. The premium estimates are based on no tickets, no at-fault accidents, comprehensive and collision coverage, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
Rate comparison of full coverage and liability-only
The illustration below illustrates the difference between Lexus RX 450h insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The information is based on no accidents or driving violations, $100 deductibles, single female driver, and no additional discounts are factored in.
Should you pay for full coverage or liability only?
There isn’t a steadfast formula of when to eliminate comp and collision coverage, but there is a general guideline. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s pretend your Lexus RX 450h claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $8,000 after paying your deductible. If it’s costing in excess of $800 a year for comprehensive and collision coverage, then it could be time to drop full coverage.
There are a few situations where only buying liability is not recommended. If you still have a lienholder on your title, you have to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not buy liability only.
An analysis of deductible level
The diagram below shows how choosing a deductible and can influence Lexus RX 450h premium costs for each age group. The premiums are based on a married male driver, full coverage, and no other discounts are factored in.
Why do I need car insurance?
Even though Denver RX 450h insurance rates can get expensive, paying for insurance is most likely required but also gives you several important benefits.
- Most states have minimum mandated liability insurance limits which means state laws require a minimum amount of liability insurance if you don’t want to risk a ticket. 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 vehicle has a lien holder, almost all lenders will require that you buy full coverage to ensure the loan is repaid in case of a total loss. If you default on your policy, the bank may insure your Lexus at a much higher premium rate and force you to pay for the expensive policy.
- Insurance safeguards not only your car but also your assets. It will also reimburse you for many types of medical costs for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses in the event you are sued. If your car is damaged in a storm or accident, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of carrying enough insurance definitely exceed the price paid, especially with large liability claims. Unknowingly, the average driver overpays more than $830 a year so it’s recommended you shop around every year to be sure current rates are still competitive.
Denver car insurance discounts
Car insurance is not cheap nor is it fun to buy but there could be available discounts that could drop your premiums quite a bit. Certain discounts will be triggered automatically when you purchase, but a few need to be asked for before you get the savings. If you check and find you aren’t receiving every discount available, you are paying more than you should be.
- New Vehicle Savings – Adding a new car to your policy can save up to 30% since newer models have better safety ratings.
- One Accident Forgiven – This one is not really a discount per se, but companies like State Farm and GEICO will allow you to have one accident before hitting you with a surcharge if you are claim-free prior to being involved in the accident.
- ABS Braking Discount – Cars, trucks, and SUVs with ABS and/or traction control can stop better under adverse conditions so you can save 10 percent or more.
- Policy Bundle Discount – When you combine your auto and home insurance with the same company you could earn a discount of up to 20% off your total RX 450h insurance premium.
- College Student – College-age children who attend college more than 100 miles from Denver and won’t have access to an insured vehicle can be insured at a reduced rate.
- Payment Method – If you pay your entire premium ahead of time instead of paying each month you can actually save on your bill.
- Senior Discount – Drivers over the age of 55 may be able to get a slight reduction on a Denver car insurance quote.
- Military Rewards – Being on active duty in the military may lower your premium rates slightly.
- Early Signing – A few car insurance companies give discounts for buying a policy early. It could save around 10% when you buy Denver car insurance online.
As a sidenote, some credits don’t apply to the whole policy. Most only cut specific coverage prices like medical payments or collision. If you do the math and it seems like all the discounts add up to a free policy, insurance companies wouldn’t stay in business.
Large car insurance companies and a summarized list of policyholder discounts are included below.
- State Farm offers premium reductions for Steer Clear safe driver discount, passive restraint, student away at school, safe vehicle, driver’s education, and good student.
- Farmers Insurance has discounts for bundle discounts, multi-car, homeowner, teen driver, pay in full, early shopping, and alternative fuel.
- Progressive includes discounts for homeowner, continuous coverage, online quote discount, good student, multi-policy, online signing, and multi-vehicle.
- GEICO may offer discounts for defensive driver, anti-lock brakes, federal employee, multi-vehicle, driver training, and membership and employees.
- Auto-Owners Insurance discounts include group or association, paid in full, anti-lock brakes, teen driver, and multiple vehicles.
- The Hartford offers discounts for good student, driver training, bundle, anti-theft, defensive driver, air bag, and vehicle fuel type.
- Farm Bureau may have discounts that include youthful driver, renewal discount, good student, driver training, multi-policy, multi-vehicle, and safe driver.
- USAA may include discounts for loyalty savings, vehicle storage, annual mileage, military installation, multi-vehicle, driver training, and safe driver.
Before purchasing a policy, check with each insurance company which discounts you qualify for. Some of the earlier mentioned discounts might not be offered on policies in Denver. If you would like to see a list of car insurance companies that offer the discounts shown above in Denver, click this link.
Auto insurance agents near you
Many drivers still prefer to get professional advice from a licensed agent and that is OK! Insurance agents are very good at helping people manage risk and give you someone to call. One of the best bonuses of comparing auto insurance online is the fact that drivers can get better rates and still buy from a local agent.
Upon completion of this short form, your insurance coverage information is emailed to insurance agents in Denver that provide free Denver car insurance quotes for your coverage. You never need to leave your house since rate quotes are delivered to you directly. If you wish to compare prices from a specific insurance company, feel free to jump over to their website to submit a rate quote request.
Choosing a insurance company should depend on more than just the premium amount. The questions below may impact your decision as well.
- Is there a 24/7 contact number?
- Will they make sure you get an adequate claim settlement?
- Will their companies depreciate repairs to your car based on the mileage?
- What is their Better Business Bureau rating?
- Is there any savings for paying the full premium?
Exclusive and independent Denver car insurance agents
If you are wanting to purchase auto insurance from a good Denver insurance agent, it helps to know the two different types of agencies and how they are distinctly different. Agents are considered either independent or exclusive. Both can sell auto insurance policies, but it’s important to point out the differences since it may influence which agent you choose.
Exclusive Agencies
Agents that elect to be exclusive write business for a single company and some examples include State Farm, AAA, and Liberty Mutual. Exclusive agents are unable to shop your coverage around so you need to shop around if the rates are high. Exclusive insurance agents receive extensive training on what they offer which helps overcome the inability to quote other rates. Consumers frequently buy insurance from these agents mainly due to the brand instead of buying on price only.
Shown below are Denver exclusive insurance agencies willing to provide price quotes.
- Allstate Insurance: Eddie W. Pacheco
6200 E Yale Ave – Denver, CO 80222 – (303) 788-0777 – View Map - Todd Savage – State Farm Insurance Agent
2401 E 6th Ave – Denver, CO 80206 – (303) 722-1139 – View Map - Kelly Wells – State Farm Insurance Agent
1855 S Pearl St Ste 100 – Denver, CO 80210 – (303) 862-4579 – View Map
Independent Agents (or Brokers)
Agents that elect to be independent often have many company appointments so they can insure your vehicles through lots of different companies and find you cheaper rates. If you are not satisfied with one company, the business is moved internally and you stay with the same agent.
When comparing rate quotes, it’s recommended you get several quotes from multiple independent agents to ensure the widest selection of prices. Most can insure with companies you’ve never heard of that may provide cheaper auto insurance rates.
Shown below are Denver independent agents who can help you get price quote information.
- All Insurance Agency
67 Knox Ct – Denver, CO 80219 – (303) 935-3661 – View Map - Longevity Insurance Brokers
100 Fillmore St – Denver, CO 80206 – (720) 209-4598 – View Map - Mile High Insurance Agency
4704 Harlan St #360 – Denver, CO 80212 – (303) 237-5445 – View Map
Frequent quotes can save
Cheaper Lexus RX 450h insurance in Denver is possible both online in addition to local insurance agencies, and you need to price shop both so you have a total pricing picture. A few companies may not have the ability to get quotes online and many times these small, regional companies sell through local independent agents.
Insureds switch companies for any number of reasons including high rates after DUI convictions, denial of a claim, high prices and an unsatisfactory settlement offer. Whatever your reason, switching companies is actually quite simple.
When shopping online for auto insurance, it’s very important that you do not buy less coverage just to save a little money. In too many instances, an accident victim reduced uninsured motorist or liability limits and learned later they didn’t purchase enough coverage. Your strategy should be to buy the best coverage you can find for the lowest cost and still be able to protect your assets.
More information can be found on the following sites:
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)
- Vehicle Insurance (Wikipedia)
- Child Safety Seats (Insurance Information Institute)
- Airbag FAQ (iihs.org)