Lexus Insurance Cost: Everything You Need to Know

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When determining Lexus insurance costs, you might believe you’ll be stuck paying an exorbitant amount of money. Luckily, that’s not the case, as long as you arm yourself with plenty of knowledge, have decent credit, and maintain a good driving record. Even if you don’t have the latter two, working to improve them can help lower costs.

What Makes a Lexus?

Known as Toyota Motor Corporation’s luxury brand, Lexus has its headquarters in Nagoya, Japan. It also has manufacturing facilities in Belgium, Brussels, and Torrance, California.

Officially established in 1989, Lexus actually began in 1983 under Toyota’s project called “Flagship One.” This project focused on increasing Toyota’s fleet by creating the world’s best vehicle. It resulted in one of the first Lexus models.

The first two Lexus vehicles to enter the U.S. market in 1989 were the LS 400 and ES 250 sedans. After its successful launch, Lexus outsold BMW and Mercedes-Benz within two years and became the best-selling imported luxury brand in the country.

It wasn’t until 2005 that Lexus separated itself from Toyota and became its own brand. From there, Lexus expanded its brand globally and became the first Japanese luxury car company to launch in Japan.

Lexus has come a long way from its inception, and it now has more than 225 dealerships in the United States. Its vehicle fleet features a variety of sedan sizes, including the compact IS and HS models, midsize ES and GS models, and the full-size LS.

Lexus also manufactures sport vehicles, including the NX models, RX crossover, and full-size LX. If you’re looking for a high-performance model, look to the F marque. Some of the manufacturer’s most popular models include:

  • ES.
  • GX.
  • IS.
  • LS.
  • RX.

    Since 2006, Lexus has sought to create environmentally friendly vehicles. As a result, it has developed hybrid versions of some of its best-selling vehicles.

    When looking at design, Lexus vehicles have almost 500 detailed standards, also known as the “Lexus Musts.” Some of these features include leather seat stitching and smart key entry.

    How Do the Average Lexus Insurance Rates Vary?

    According to CarEdge.com, the average car insurance cost for a Lexus is approximately $2162 annually. This number is based on a 40-year-old driver in good standing who has full coverage and good credit. This driver also travels about 13,000 miles annually. The policy is a single-car policy that doesn’t qualify for any multi-vehicle discounts.

    Keep in mind that other factors contribute to these rates. Variables include the type of vehicle and its mileage, as well as the driver’s age, location, credit history, and driving record. Examine the chart from comparethemarket.com to determine Lexus insurance rates:

    • Lexus ES 300h: Good driver cost is $2192, while a driver with poor credit pays $3859.
    • Lexus ES 350: Good driver cost is $1938, while a driver with poor credit pays $3412.
    • Lexus GS 350: Good driver costs is $2307, while a driver with poor credit pays $4062.
    • Lexus GX 460: Good driver cost is $1915, while a driver with poor credit pays $3371.
    • Lexus IS 350: Good driver cost is $2242, while a driver with poor credit pays $3948.
    • Lexus LX 570: Good driver cost is $2346, while a driver with poor credit pays $4131.
    • Lexus NX 300: Good driver cost is $1870, while a driver with poor credit pays $3293.
    • Lexus RC F: Good driver cost is $3052, while a driver with poor credit pays $5374.
    • Lexus RX 350: Good driver cost is $1814, while a driver with poor credit pays $3194.
    • Lexus RX 450h: Good driver cost is $1939, while a driver with poor credit pays $3413.

      What Role Does Credit Play in Lexus Insurance Costs?

      In most states, credit plays a huge role in the costs of premiums. Drivers 25 and under typically don’t have much established credit, so it might be best for them to hop onto their family’s multi-vehicle policy. This option gives them more affordable rates, and once they get a little older and maintain a decent driving record, they can get their own policy.

      During this time, they can also build up their credit. Although paying car insurance doesn’t improve credit by itself, using a credit card to make your monthly payments can. Just make sure you pay your bill off in full every billing cycle.

      What Else Factors Into Lexus Insurance Costs?

      Lexus insurance costs vary depending on the driver’s age. It costs more to insure younger drivers because they don’t have experience on the road and are more likely to cause an accident. By the time they turn 25, that probability decreases drastically, as do the premiums. Insurance costs continue to decline based on age until age 60.

      CarEdge.com created a chart that breaks down Lexus insurance costs by age and driving history. These include:

      • Age 17: $7321.
      • Age 18: $6823.
      • Age 19: $6030.
      • Age 20: $5258.
      • Age 21: $4409.
      • Age 22: $4294.
      • Age 23: $3757.
      • Age 24: $3569.
      • Age 25: $3080.
      • Age 30: $2399.
      • Age 35: $2247.
      • Age 40: $2162.
      • Age 45: $2103.
      • Age 55: $1929.
      • Age 65: $2012.
      • Age 75: $2540.

        Your Lexus auto insurance premium also depends on where you live. In Michigan, rates are higher because the state mandates higher coverage levels. In Hawaii, California, and Massachusetts, providers don’t adjust rates based on credit.

        How Can You Lower Your Lexus Insurance Cost?

        Just because you drive a Lexus doesn’t mean you don’t appreciate discounted car insurance. Follow these steps to reduce your insurance costs:

        • Limit your annual mileage.
        • Park overnight in a secure location.
        • Limit your claims filed.

          In addition to these steps, if your Lexus has certain features, you might qualify for other discounts:

          • Passive restraint systems, including motorized seatbelts and airbags.
          • Anti-lock brakes.
          • Anti-theft devices.

            Just because you own a luxury vehicle doesn’t mean insuring it has to break the bank. Do a little research to find the best insurance prices, and work on improving your credit. These steps can help you secure some of the best Lexus car insurance rates.

            Sources:

            https://www.comparethemarket.com/car-insurance/makes-and-models/lexus/

            https://www.cheapcarinsurance.net/rates/lexus

            https://caredge.com/lexus/insurance

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