Auto Insurance Quotes for a Lexus RX 350 in Baltimore

A recent study showed that about 70% of customers have remained with the same insurance company for more than four years, and virtually 40% of consumers have never shopped around. Many drivers in Baltimore could cut their rates by nearly 55% a year by just comparing quotes, but they think it’s difficult to shop around.

If you want to save the most money, the best way to get more affordable auto insurance rates is to regularly compare prices from insurance carriers who sell insurance in Baltimore. Drivers can shop around by following these guidelines.

1. Try to understand the coverage provided by your policy and the changes you can make to prevent expensive coverage. Many risk factors that increase rates like speeding and your credit history can be improved by being financially responsible and driving safely.
2. Obtain price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from one company like Progressive or Allstate, while independent agents can give you price quotes from multiple sources.
3. Compare the new quotes to your existing rates and see if there is a cheaper rate. If you find a better price and change companies, make sure coverage does not lapse between policies.

An important note is to compare identical deductibles and limits on every quote and and to get rates from as many different insurance providers as possible. This guarantees the most accurate price comparison and the most accurate and complete price analysis.

Insurance statistics and figures

The price information displayed below highlights a range of prices for Lexus RX 350 models. Having a good understanding how rates are figured can assist in making decisions on the best policy to buy.

Data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Maryland minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Information does not factor in your specific Baltimore location which can alter prices noticeably.

Policy deductibles

One of the hardest decisions when shopping for insurance is where should you set your physical damage deductibles. The premium rates below lay out the rate fluctuation of buying low and high comp and collision deductibles. The first rate quote example uses a $250 deductible for comprehensive and collision coverage and the second price grid uses a $500 deductible.

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Premium amounts do not factor in vehicle location which can influence coverage prices considerably.

We can derive from the above data that using a $250 deductible will cost in the ballpark of $20 more each month or $240 a year averaged for all RX 350 models than choosing the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to go more than 13 months between claim filings, you would probably save some money if you choose the higher deductible.

How accidents and violations affect rates

The example below demonstrates how speeding tickets and accident claims can increase Lexus RX 350 insurance costs for different age categories. The data assumes a single male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.

Full coverage versus liability-only

The example below visualizes the comparison of Lexus RX 350 yearly insurance costs with and without physical damage coverage. The price estimates are based on no claims or driving violations, $1,000 deductibles, single status, and no additional discounts are factored in.

When to drop comprehensive and collision coverage

There is no set guideline that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let’s say your Lexus RX 350 replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $5,000 after paying your policy deductible. If you are currently paying more than $500 annually for full coverage, then it might be time to buy liability only.

There are some cases where buying only liability insurance is not in your best interest. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.

Learn How to Lower Your Insurance Costs

An important part of buying insurance is that you know some of the things that aid in calculating the level of your policy premiums. If you have a feel for what impacts premium levels, this allows you to make educated decisions that will entitle you to much lower annual insurance costs.

The following are some of the most rate-impacting factors companies use to determine prices.

Do you work long hours in a demanding job? – Occupations such as fire fighters, architects, and miners generally pay the highest rates due to intense work requirements and lots of time spent at work. On the flip side, careers like professors, students and homemakers have lower than average premiums.

Cars with good safety ratings cost less to insure – Vehicles with high crash test scores can get you lower premiums. Vehicles built for safety protect occupants better and any reduction in injury severity translates directly to fewer claims and lower rates for you.

File policy claims and pay more – If you are a frequent claim filer, you should expect higher premiums or even policy non-renewal. Insurance companies in Maryland give most affordable rates to insureds who do not rely on their insurance for small claims. Your car insurance is intended to be relied upon for the large, substantial claims.

Marriage is a bonus – Walking down the aisle actually saves money on auto insurance. It translates into being more stable financially and statistics prove married drivers tend to file fewer claims.

Lexus RX 350 claim probability – Auto insurance companies use past insurance losses when they set coverage costs for each model. Models that the statistics show to have higher losses will have higher rates. The next table illustrates the actual insurance loss data for Lexus RX 350 vehicles.

For each coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, is considered to be 100. Percentages below 100 suggest a positive loss record, while values over 100 show a trend for more claims or an increased chance of larger losses than average.

Ratings for Baltimore auto insurance companies

Selecting a good quality company can be a challenge considering how many choices there are in Maryland. The company ratings in the next section may help you choose which car insurance companies to look at when comparing rates.

Top 10 Baltimore Car Insurance Companies Overall

1. Travelers
2. USAA
3. Mercury Insurance
4. AAA Insurance
5. Nationwide
6. Allstate
7. State Farm
8. The Hartford
9. Safeco Insurance
10. Progressive

Top 10 Baltimore Car Insurance Companies Ranked by Customer Satisfaction

1. USAA – 91%
2. AAA Insurance – 90%
3. Esurance – 90%
4. Mercury Insurance – 89%
5. Nationwide – 89%
6. Travelers – 88%
7. Progressive – 88%
8. Safeco Insurance – 88%
9. State Farm – 88%
10. Allstate – 88%

Shop around and save

Throughout this article, we presented some good ideas how you can get a better price on Lexus RX 350 insurance in Baltimore. The key concept to understand is the more quotes you get, the higher your chance of finding low cost Baltimore auto insurance quotes. Consumers could even find that the lowest prices are with the least-expected company.

Drivers who switch companies do it for a number of reasons such as unfair underwriting practices, an unsatisfactory settlement offer, high prices and being labeled a high risk driver. Regardless of your reason, choosing a new insurance company is less work than it seems.

Cheaper Lexus RX 350 insurance in Baltimore can be found online in addition to local insurance agencies, and you should compare rates from both in order to have the best price selection to choose from. Some insurance providers may not provide rates over the internet and many times these small, regional companies sell through independent agencies.

More tips and info about insurance can be read in these articles:

• Teen Driving Statistics (iihs.org)
• How Much is Auto Insurance for Drivers Requiring a SR22 in Baltimore? (FAQ)
• Who Has Affordable Baltimore Car Insurance Rates for Lyft Drivers? (FAQ)
• Who Has the Cheapest Baltimore Car Insurance Quotes for a Toyota Highlander? (FAQ)
• What Insurance is Cheapest for Used Cars in Baltimore? (FAQ)
• Who Has the Cheapest Car Insurance Rates for Immigrants in Baltimore? (FAQ)
• Five Tips to Save on Auto Insurance (Insurance Information Institute)
• Understanding Your Insurance Deductible (Insurance Information Institute)