Confused by the crazy number of insurance providers available to you? There are such a vast assortment of providers available that it can really be a chore to lower your premium rates for Lexus LS 460 insurance in Chicago. If you live there, you know that Chicago is an excellent city in which to live, but high insurance prices can make it very difficult to affordably insure vehicles.
Unbelievable but true, almost 70% of insureds have stayed with the same insurance company for at least four years, and 38% of customers have never taken the time to shop around. With the average premium in Illinois being $1,500, drivers can cut their rates by about 40% a year, but they don’t know how much they could save if they switch to a new company.
When comparison shopping, comparing more quotes will improve the odds of getting better pricing. Some regional insurers cannot provide price estimates online, so you also need to get price estimates from them, too.
The companies in the list below are ready to provide quotes in Chicago, IL. If multiple providers are shown, we suggest you click on several of them in order to get a fair rate comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LS 460 4-Dr Sedan | $238 | $530 | $288 | $18 | $86 | $1,160 | $97 |
| LS 460 4-Dr Sedan | $334 | $800 | $268 | $16 | $80 | $1,498 | $125 |
| LS 460 AWD 4-Dr | $188 | $366 | $222 | $14 | $66 | $856 | $71 |
| LS 460 L 4-Dr Sedan | $184 | $358 | $226 | $14 | $68 | $850 | $71 |
| LS 460 L AWD 4-Dr | $182 | $414 | $288 | $18 | $86 | $988 | $82 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Price information does not factor in the specific area where the vehicle is garaged which can revise insurance rates noticeably.
Should you buy full coverage?
The information below shows the difference between Lexus LS 460 insurance costs with full physical damage coverage compared to only buying liability only. The premium estimates are based on no violations or accidents, $250 deductibles, single male driver, and no additional discounts are factored in.
When to stop paying for full coverage
There is no definitive rule of when to eliminate full coverage, but there is a broad guideline. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s say your Lexus LS 460 replacement cost is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after paying your deductible. If it’s costing you more than $300 annually for full coverage, then it could be time to drop full coverage.
There are some cases where dropping physical damage coverage is not recommended. If you still owe money on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not drop full coverage.
Do you qualify for discounts?
Insuring your fleet can be pricey, but you can get discounts that you may not even know about. Most are applied when you complete an application, but a few need to be asked for before you get the savings.
- Savings for New Vehicles – Adding a new car to your policy may earn a small discount because new model year vehicles have to meet stringent safety requirements.
- E-sign – A handful of insurance companies will give you a small discount just for signing your application on the internet.
- Clubs and Organizations – Being in qualifying employment or professional organizations can get you a small discount on car insurance.
- Discounts for Seat Belt Usage – Forcing all vehicle occupants to fasten their seat belts may be able to save a few bucks off the medical payments premium.
- Senior Citizen Discount – Drivers that qualify as senior citizens could receive reduced rates.
- Defensive Driver – Taking a course teaching driver safety skills is a good idea and can lower rates and also improve your driving technique.
- Payment Discounts – If you pay your bill all at once as opposed to paying monthly you could save up to 5%.
- Drive Less and Save – Keeping the miles down on your Lexus could be rewarded with slightly better prices than normal.
- College Student – Youth drivers who are enrolled in a college that is more than 100 miles from Chicago and don’t have a car could get you a discount.
One thing to note about discounts is that most of the big mark downs will not be given to the entire policy premium. Most cut specific coverage prices like medical payments or collision. So even though it sounds like adding up those discounts means a free policy, nobody gets a free ride.
Car insurance companies that possibly offer most of the discounts above include:
Before buying, ask all the companies what discounts are available to you. Depending on the company, some discounts might not be offered on policies in your state. For a list of providers with the best Lexus LS 460 insurance discounts in Illinois, click this link.
How Insurance Providers Calculate Lexus LS 460 Insurance Rates
One of the most helpful ways to save on insurance is to to have a grasp of the different types of things that come into play when calculating your insurance rates. If you understand what controls the rates you pay, this enables you to make decisions that could result in much lower annual insurance costs.
The list below includes a partial list of the pieces used by insurance companies to determine your premiums.
- Are men or women drivers cheaper? – Statistics show that women are safer drivers than men. Now that doesn’t mean men are worse drivers. Females and males tend to get into auto accidents in similar percentages, but guys cause more damage and cost insurance companies more money. Not only that, but men also have more aggressive citations like driving under the influence (DUI). Young men ages 16 to 20 have the highest risk to insure and therefore pay the highest rates.
- Insurance lapses lead to higher premiums – Having a lapse in insurance coverage is a sure-fire way to bump up your insurance costs. Not only will you pay more, failure to provide proof of insurance could result in a revoked license or a big fine. You will then be forced to prove you have insurance by filing a SR-22 with the Illinois motor vehicle department.
- More stress means more cost – Did you know that where you work can have an impact on rates? Jobs like judges, social workers and accountants tend to have higher rates than the rest of us because of job stress and lots of time spent away from family. On the other hand, careers such as professors, athletes and homemakers have the lowest average rates.
- Insurance prices are higher for high performance vehicles – The make and model of the car, truck or SUV you own makes a big difference in your premium level. Due to the fact that the Lexus LS 460 falls in the luxury sedan class, insuring your vehicle will cost more compared to average rates in Chicago. Lower cost passenger vehicles normally have pretty low rates, but there are many factors that impact the final cost.
- Age of drivers impacts prices – Older drivers are viewed as being more responsible, tend to file fewer claims, and usually have better credit.Youthful drivers have a tendency to be careless and easily distracted when at the wheel of a vehicle so they pay higher insurance rates.
- Incidental coverages are wasting money – There are many extra add-on coverages that sound like a good idea at the time if you aren’t careful. Add-on coverages like coverage for rental cars, towing, and additional equipment coverage may be wasting your money. The coverages may be enticing when discussing your needs, but if you’ve never needed them in the past get rid of them and save.
- Loss statistics for a Lexus LS 460 – Insurance companies include the past claim history for a vehicle to help determine the price you pay. Models that the data determines to have higher claim amounts or frequency will be charged more to insure.
The table below shows the compiled insurance loss statistics for Lexus LS 460 vehicles. For each coverage category, the claim probability for all vehicles averaged together equals 100. Numbers shown that are under 100 indicate better than average losses, while numbers above 100 indicate a higher chance of having a claim or statistically larger losses.
Lexus LS 460 Insurance Loss Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus LS 460 4dr 2WD 155 76 203 52 Lexus LS 460 4dr 4WD 207 102 239 62 Lexus LS 460 L 4dr 2WD 199 Lexus LS 460 L 4dr 4WD 251 324 Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Insurance agent or online?
Many drivers still prefer to visit with an insurance agent and that can be a great decision One of the benefits of getting free rate quotes online is that drivers can save money and get cheap auto insurance rates but still work with a licensed agent. And supporting local insurance agencies is important particularly in Chicago.
To help locate an agent, after submitting this form (opens in new window), your information is submitted to agents in your area who will return price quotes to get your business. It’s much easier because you don’t need to drive around due to the fact that quote results will go to your email. You can most likely find cheaper rates without the usual hassles of price shopping. If you want to quote rates from a specific auto insurance provider, feel free to navigate to their website and complete a quote there.
Pick the best car insurance agent in Chicago for you
When searching for a local Chicago insurance agent, it can be helpful to understand the different agency structures that you can choose from. Auto insurance agents in Chicago can either be exclusive agents or independent agents.
Independent Insurance Agents
Independent agencies are not limited to a single company so they can write business with many different companies enabling the ability to shop coverage around. To transfer your coverage to a different company, your agent can switch companies and you won’t have to switch agencies. When comparing auto insurance prices, it’s a good idea to include price quotes from independent agents so that you have a good selection of quotes to compare. They often place coverage with companies you’ve never heard of which may have better rates.
Shown below is a small list of independent agencies in Chicago that can give you free auto insurance rate quotes.
- Serpe Insurance Agency
2538 N Lincoln Ave – Chicago, IL 60614 – (773) 871-0808 – View Map - Northwest Insurance Network
330 S Wells St #1600 – Chicago, IL 60606 – (312) 427-1777 – View Map - Eagle Insurance Agency
3517 N Spaulding Ave – Chicago, IL 60618 – (773) 463-7576 – View Map
Exclusive Insurance Agencies
Agents that choose to be exclusive can only provide pricing for a single company and some examples include AAA, Allstate, and State Farm. These agents are not able to shop your coverage around so you need to shop around if the rates are high. Exclusive insurance agents are trained well on their company’s products which can be an advantage. Consumers often choose to use an exclusive agent partially due to high brand loyalty and solid financial strength.
Listed below is a short list of exclusive insurance agents in Chicago who can help you get rate quotes.
- Angela Roudez – State Farm Insurance Agent
1505 S State St – Chicago, IL 60605 – (312) 663-1820 – View Map - Allstate Insurance: Maribel Marron
3060 W Armitage Ave – Chicago, IL 60647 – (773) 572-9495 – View Map - Judith Gleason – State Farm Insurance Agent
2643 N Harlem Ave – Chicago, IL 60707 – (773) 637-8547 – View Map
Finding a good insurance agency should include more criteria than just the bottom line cost. A good agent in Chicago will have answers to these questions.
- How are claims handled?
- Are they actively involved in the community?
- What company do they have the most business with?
- Is the agent CPCU or CIC certified?
- Do the companies they represent have a solid financial rating?
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
- Are there any discounts that you might be missing?
- Will the agent or a CSR service your policy?
In the end, you can save money
Consumers switch companies for many reasons like high prices, policy non-renewal, delays in paying claims or even lack of trust in their agent. It doesn’t matter what your reason, switching companies can be pretty painless.
In this article, we presented a lot of ways to find affordable Lexus LS 460 insurance in Chicago. The key concept to understand is the more quotes you get, the more likely it is that you will get a better rate. Drivers may even discover the best prices are with the least-expected company.
Cheap Lexus LS 460 insurance in Chicago is attainable online and with local Chicago insurance agents, and you should compare rates from both to have the best selection. There are still a few companies who don’t offer the ability to get a quote online and usually these small insurance companies provide coverage only through independent insurance agencies.
For more information, link through to the articles below:
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Rates for Safe Drivers in Chicago? (FAQ)
- Who Has the Cheapest Car Insurance Rates for Low Credit Scores in Chicago? (FAQ)
- Who Has Cheap Car Insurance for Uber Drivers in Chicago? (FAQ)
- Who Has the Cheapest Chicago Auto Insurance for Government Employees? (FAQ)
- Information for Teen Drivers (GEICO)
- Keeping Children Safe in Crashes Video (iihs.org)
- Understanding your Policy (NAIC.org)