Searching for better insurance prices for a new or used Lexus ES 350 in New Jersey can turn out to be a painful process, but you can follow a few tricks and make it easy. There is a right way and a wrong way to find car insurance online so we’re going to tell you the quickest way to get price quotes for a new or used Lexus and locate the lowest possible price.
Smart consumers take time to compare prices before your next renewal since insurance prices change frequently. Even if you think you had the best deal on Lexus ES 350 insurance in Newark last year a different company probably has better rates today. Ignore everything you know about car insurance because we’re going to demonstrate the fastest way to eliminate unnecessary coverages and save money on Lexus ES 350 insurance in Newark.
If you are insured now or need new coverage, use these money-saving tips to find the best rates without sacrificing coverage. Getting quotes for affordable auto insurance coverage in Newark is not as hard as you may think. Comparison shoppers only need an understanding of the proper methods to shop instantly.
The car insurance companies shown below have been selected to offer quotes in Newark, NJ. To buy cheap car insurance in Newark, we suggest you click on several of them to get the best price comparison.
Lexus ES 350 insurance charts and tables
The rate information below outlines estimates of insurance prices for Lexus ES 350 models. Being able to understand how car insurance premiums are established can assist in making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $432 | $684 | $536 | $32 | $160 | $1,844 | $154 |
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Prices above based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Rate information does not factor in specific Newark garaging location which can impact insurance rates considerably.
The illustration below highlights how deductible choice and can impact Lexus ES 350 insurance costs for each different age group. The costs are based on a married male driver, full coverage, and no discounts are applied to the premium.
Impact of speeding/accidents on car insurance rates
The illustration below highlights how speeding tickets and accidents raise Lexus ES 350 insurance costs for different insured age categories. The rate quotes are based on a married female driver, full physical damage coverage, $100 deductibles, and no discounts are taken into consideration.
Comparison of car insurance rates by age and gender
The example below shows the difference between Lexus ES 350 insurance rates for male and female drivers. The information is based on no accidents or driving violations, comprehensive and collision coverage, $100 deductibles, single marital status, and no discounts are applied to the premium.
Full coverage rates compared to liability-only
The example below illustrates the difference between Lexus ES 350 insurance prices with liability coverage only compared to full coverage. Data assumes no claims, a clean driving record, $100 deductibles, single status, and no discounts are applied to the premium.
When to switch to liability coverage only
There is no specific rule of when to phase out physical damage coverage on your policy, but there is a general school of thought. If the annual cost of coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.
For example, let’s assume your Lexus ES 350 settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $5,000 after paying the physical damage deductible. If it’s costing you more than $500 annually for full coverage, then you may need to consider dropping full coverage.
There are a few situations where dropping physical damage coverage is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not drop full coverage.
Buying the right Lexus vehicle insurance in New Jersey is an important decision
Despite the high insurance cost for a Lexus ES 350 in Newark, maintaining insurance may be required for several reasons.
- Most states have minimum mandated liability insurance limits which means the state requires specific limits of liability coverage if you don’t want to risk a ticket. In New Jersey 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 Lexus ES 350 has a loan, almost every bank will stipulate that you buy insurance to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the lender may insure your Lexus at a significantly higher premium and require you to fork over much more than you were paying before.
- Auto insurance preserves both your car and your personal assets. It will also pay for medical bills that are the result of an accident. Liability insurance, one of your policy coverages, also pays for attorney fees and expenses if anyone sues you for causing an accident. If your Lexus gets damaged, comprehensive and collision coverage will pay to repair the damage.
The benefits of insuring your car more than offset the price you pay, particularly for liability claims. According to a recent study, the average American driver is overpaying more than $850 per year so shop around every year to be sure current rates are still competitive.
Insurance coverages and their meanings
Knowing the specifics of a insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. The terms used in a policy can be ambiguous and reading a policy is terribly boring.
Comprehensive insurance
Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive coverage pays for claims such as rock chips in glass, falling objects and damage from a tornado or hurricane. The maximum amount a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
Collision insurance
Collision insurance covers damage to your ES 350 resulting from a collision with another car or object. A deductible applies then your collision coverage will kick in.
Collision coverage protects against things like scraping a guard rail, backing into a parked car, sideswiping another vehicle, colliding with a tree and damaging your car on a curb. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible on your ES 350 to bring the cost down.
Liability insurance
This coverage provides protection from damage or injury you incur to people or other property by causing an accident. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 15/30/5 that translate to $15,000 in coverage for each person’s injuries, $30,000 for the entire accident, and a limit of $5,000 paid for damaged property.
Liability insurance covers things like attorney fees, legal defense fees and loss of income. The amount of liability coverage you purchase is a decision to put some thought into, but buy higher limits if possible. New Jersey requires minimum liability limits of 15/30/5 but drivers should carry higher limits.
The illustration below demonstrates why the minimum limit may not provide you with enough coverage.
Coverage for medical expenses
Personal Injury Protection (PIP) and medical payments coverage kick in for immediate expenses for chiropractic care, pain medications, EMT expenses and doctor visits. They are utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover both the driver and occupants as well as any family member struck as a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay
Coverage for uninsured or underinsured drivers
This provides protection from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants and also any damage incurred to your Lexus ES 350.
Because many people have only the minimum liability required by law (which is 15/30/5), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family.