It’s a fact that auto insurance companies want to keep your business as long as possible. People who get comparison quotes once a year will, in all likelihood, buy a new policy because there is a good chance of finding a policy with more affordable rates. A study showed that drivers who shopped around annually saved as much as $3,400 over four years as compared to drivers who never shopped around for lower prices.
If finding the best rates on insurance in Baltimore is the reason you’re reading this, then having some knowledge of the best ways to find and compare insurance can make shopping around easier.
It takes a little time, but the best way to find cheaper Lexus ES 350 insurance is to compare prices annually from different companies in Baltimore.
- Read and learn about policy coverages and the modifications you can make to keep rates low. Many risk factors that result in higher prices like distracted driving and a low credit rating can be rectified by making minor changes to your lifestyle. Read the full article for instructions to get affordable coverage and find missing discounts.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from one company like Progressive or Farmers Insurance, while independent agents can give you price quotes for a wide range of insurance providers.
- Compare the new rate quotes to your existing rates to see if a cheaper rate is available in Baltimore. If you find a better price and change companies, make sure coverage is continuous and does not lapse.
- Provide proper notification to your current company to cancel your existing policy. Submit payment and a completed application for the new coverage. Be sure to put the proof of insurance certificate in your vehicle.
An important part of this process is to make sure you’re comparing the same amount of coverage on each price quote and and to get rate quotes from as many auto insurance providers as possible. This provides a level playing field and a complete price analysis.
Seven discounts for cheap insurance quotes
Insurance is easily one of your largest bills, but you might find some hidden discounts that you may not know about. Certain reductions will be credited when you purchase, but occasionally some discounts must be asked for prior to getting the savings. If you don’t get every credit you qualify for, you could be paying more than you need to.
- Discount for Home Ownership – Owning your own home or condo can save you money because owning a home requires a higher level of personal finance.
- Discounts for Government Workers – Active or former government employment can earn a discount up to 10% with some insurance companies.
- Military Deployment Discount – Having an actively deployed family member could trigger a small discount.
- Save with a New Car – Insuring a new ES 350 can save up to 30% since new model year vehicles have better safety ratings.
- Air Bag Discount – Options like air bags or motorized seat belts could see savings of 20 to 30 percent.
- Senior Citizen Rates – Drivers that qualify as senior citizens are able to get a slight reduction on a Baltimore car insurance quote.
- Sign Online – Some larger companies will provide an incentive just for signing your application over the internet.
Don’t be shocked that many deductions do not apply to the entire cost. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. Just because you may think you would end up receiving a 100% discount, companies wouldn’t make money that way. But any discount will bring down your overall bill.
The diagram below shows the difference between Lexus ES 350 car insurance rates with and without discounts applied to the rates. The premiums assume a male driver, no tickets, no at-fault accidents, Maryland state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, multi-policy, homeowner, marriage, and multi-car discounts applied.
If you would like to view companies with the best Lexus ES 350 insurance discounts in Baltimore in Maryland, click here.
The quickest way to compare insurance rates from multiple companies is to understand most of the larger companies provide online access to provide you with free rate quotes. To start a quote, the only thing you need to do is take a few minutes to give details like if you lease or own, marital status, if it has an alarm system, and whether or not you need a SR-22. Your information gets transmitted to insurance carriers in your area and you should receive rate quotes quickly.
To compare rates for your Lexus ES 350 now, click here and complete the quick form.
The following companies have been selected to offer free rate quotes in Baltimore, MD. If your goal is to find cheaper car insurance in Maryland, we recommend you visit several of them to get a more complete price comparison.
Lexus ES 350 insurance rate analysis
The data table displayed below outlines a range of insurance coverage prices for Lexus ES 350 models. Being able to understand how insurance premiums are formulated can aid in making smart choices when selecting a coverage provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $430 | $984 | $418 | $24 | $126 | $1,982 | $165 |
| Get Your Own Custom Quote Go | |||||||
Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Maryland minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Prices do not factor in specific zip code location which can impact coverage prices significantly.
Policy deductible comparison
The hardest decision when buying coverage is how low should you set your deductibles. The figures shown below may help to illustrate the difference in cost when you choose different physical damage deductibles. The first rate table uses a $250 comprehensive and collision deductible and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $394 | $718 | $346 | $20 | $104 | $1,607 | $134 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| ES 350 | $244 | $452 | $346 | $20 | $104 | $1,166 | $97 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Premium costs do not factor in specific zip code location which can impact coverage prices substantially.
We can estimate from the data above that using a $250 deductible costs about $37 more each month or $444 for a full year than opting for the higher $1,000 deductible. Because you would pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you normally go at a minimum 20 months between claim filings, you would save more money by going with a higher deductible.
The chart below illustrates how your choice of deductibles and can affect Lexus ES 350 insurance prices for different ages of insureds. The data is based on a single female driver, comp and collision included, and no other discounts are factored in.
Lexus ES 350 insurance premiums by gender and age
The diagram below illustrates the comparison of Lexus ES 350 insurance costs for male and female drivers. The costs are based on no tickets, no at-fault accidents, comp and collision included, $500 deductibles, marital status is single, and no discounts are taken into consideration.
Full coverage versus liability-only in Baltimore
The diagram below shows the comparison of Lexus ES 350 insurance costs when comparing full coverage to state minimum liability only. The prices are based on no driving violations, no at-fault accidents, $100 deductibles, single status, and no discounts are applied to the premium.
When to stop buying comprehensive and collision coverage
There is no set guideline that works best for making the decision to drop physical damage coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let’s say your Lexus ES 350 book value is $8,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $7,000 after the policy deductible has been paid. If you are currently paying more than $700 annually for full coverage, then you might want to consider buying only liability coverage.
There are a few cases where dropping full coverage is not advised. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle in case of an accident, you should maintain full coverage.
Comparing rates from local Baltimore auto insurance agents
Some consumers would prefer to go talk to an agent. Insurance agents can help determine the best coverages and help file insurance claims. An additional benefit of comparing insurance prices online is that drivers can save money and get cheap rate quotes but still work with a licensed agent.
To help locate an agent, after submitting this quick form, your coverage information is immediately sent to companies in Baltimore who want to provide quotes for your car insurance coverage. It makes it easy because there is no need to find an agent on your own since price quotes are sent directly to you. If for some reason you want to compare prices from one company in particular, you can always search and find their rate quote page and fill out the quote form the provide.
Selecting an provider should depend on more than just a cheap quote. These are valid questions to ask:
- Are they actively involved in the community?
- How long has their agency been open in Baltimore?
- How long have they worked with personal auto insurance coverage?
- Does the agent have a valid license to sell insurance in Maryland?
- Can they help ensure a fair claim settlement?
- Do they write coverage based solely on cost?
If you want to buy car insurance from a reputable agency, it can be helpful to understand the types of insurance agents and how they can write your policy. Agents can either be independent agents or exclusive agents. Either can sell and service car insurance coverage, but it’s worth mentioning the difference in how they write coverage since it may influence the kind of agent you use.
Exclusive Agencies
Agents of this type normally can only provide a single company’s rates and some examples include Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents are unable to provide other company’s prices so you need to shop around if the rates are high. Exclusive insurance agents are highly trained in insurance sales which helps offset the inability to provide other markets.
Listed below is a short list of exclusive insurance agents in Baltimore that are able to give price quote information.
Bob Duda – State Farm Insurance Agent
7939 Honeygo Blvd #105 – Baltimore, MD 21236 – (410) 529-2523 – View Map
Valerie Cherry – State Farm Insurance Agent
6800 York Road – Baltimore, MD 21212 – (410) 435-6600 – View Map
Tamara Thomson – State Farm Insurance Agent
7823 Wise Ave – Baltimore, MD 21222 – (410) 282-7283 – View Map
Independent Agents (or Brokers)
Agents of this type are not employed by one company and that gives them the ability to insure amongst many companies and potentially find a lower price. If premiums increase, the agent simply finds a different carrier which requires no work on your part. When comparing car insurance rates, you will want to get insurance quotes from a few independent agents for maximum quote selection.
The following is a list of independent agents in Baltimore willing to provide price quotes.
Baltimore Insurance Network
11 E Lexington St – Baltimore, MD 21202 – (443) 869-6424 – View Map
Concrete Insurance
6405 Belair Rd – Baltimore, MD 21206 – (410) 433-0313 – View Map
Goad Insurance Agency
3229 Erdman Ave – Baltimore, MD 21213 – (410) 558-0396 – View Map
The coverage is in the details
Learning about specific coverages of insurance helps when choosing the best coverages for your vehicles. Insurance terms can be confusing and even agents have difficulty translating policy wording. Below you’ll find the normal coverages available from insurance companies.
Medical payments and PIP coverage – Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses like ambulance fees, dental work and EMT expenses. They can be utilized in addition to your health insurance policy or if you are not covered by health insurance. Coverage applies to you and your occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage
Comprehensive auto coverage – Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive insurance covers claims such as vandalism, falling objects, damage from a tornado or hurricane, hitting a bird and fire damage. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
UM/UIM (Uninsured/Underinsured Motorist) coverage – This coverage provides protection when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your Lexus ES 350.
Since many Maryland drivers only purchase the least amount of liability that is required (30/60/15), it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important.
Collision coverage – Collision insurance pays for damage to your ES 350 resulting from a collision with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision insurance covers claims such as hitting a parking meter, colliding with another moving vehicle and sideswiping another vehicle. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. Another option is to choose a higher deductible on your ES 350 to get cheaper collision coverage.
Auto liability insurance – Liability insurance will cover damage or injury you incur to people or other property. This insurance protects YOU against other people’s claims, and does not provide coverage for damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 30/60/15 which stand for a limit of $30,000 per injured person, a per accident bodily injury limit of $60,000, and $15,000 of coverage for damaged property.
Liability can pay for claims such as structural damage, medical expenses, legal defense fees and emergency aid. The amount of liability coverage you purchase is your choice, but you should buy as large an amount as possible. Maryland requires drivers to carry at least 30/60/15 but you should think about purchasing more coverage.
The illustration below demonstrates why low liability limits may not be enough.
Cheap insurance premiums are out there
Budget-friendly insurance in Baltimore is possible from both online companies and from local agencies, so you should compare both to have the best selection. Some insurance companies may not provide online quoting and usually these regional carriers provide coverage only through independent agents.
As you prepare to switch companies, don’t be tempted to reduce needed coverages to save money. In too many instances, drivers have reduced full coverage only to discover later that the small savings ended up costing them much more. The aim is to get the best coverage possible at the best possible price and still be able to protect your assets.
More tips and info about insurance can be found by following these links:
- Older Driver Statistics (Insurance Information Institute)
- How Much are Baltimore Car Insurance Rates for Low Income Drivers? (FAQ)
- What Car Insurance is Cheapest for Seniors in Baltimore? (FAQ)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- Credit and Insurance Scores (Insurance Information Institute)