It’s shocking but nearly 70% of consumers have purchased from the same company for more than four years, and 38% of customers have never taken the time to shop around. With the average premium in North Carolina being $1,000, drivers could save themselves almost 10% a year, but they don’t want to spend time to find cheap auto insurance rates.
It takes a few minutes, but the best way to find affordable quotes for car insurance rates is to compare prices regularly from companies in Charlotte. Price quotes can be compared by completing these steps.
- Step 1: Spend a few minutes and learn about the coverage provided by your policy and the things you can change to prevent expensive coverage. Many risk factors that result in higher prices like accidents, traffic violations, and a not-so-good credit score can be amended by improving your driving habits or financial responsibility. This article provides ideas to keep prices down and get bigger discounts that may have been overlooked.
- Step 2: Quote rates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive and State Farm, while independent agencies can quote prices from multiple insurance companies. Start a quote
- Step 3: Compare the new rate quotes to your existing policy to see if a cheaper price is available. If you find better rates and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
- Step 4: Provide notification to your current company to cancel your current coverage. Submit payment and a completed application for the new policy. When you receive it, put the proof of insurance paperwork along with the vehicle’s registration papers.
An important part of this process is that you’ll want to make sure you compare similar limits and deductibles on every quote and and to compare as many auto insurance providers as possible. Doing this enables a level playing field and the best rate selection.
If you are insured now, you will definitely be able to reduce premiums using this information. Our objective in writing this article is to familiarize you with how insurance works and how you can save the most money. But North Carolina drivers need to learn the way insurance companies price insurance differently and use this information to your advantage.
The fastest way that we advise to compare insurance rates from multiple companies is to know most of the bigger providers provide online access to compare their rates. The one thing you need to do is take a few minutes to give details including whether you have decent credit, what your job is, whether you are single or married, and the ages of drivers. That rating data is instantly sent to insurance companies and they respond with quotes with very little delay.
To start a quote now, click here and see if a lower rate is available in Charlotte.
The following companies can provide price quotes in Charlotte, NC. If you want to find the cheapest car insurance in NC, we recommend you compare several of them to get a more complete price comparison.
Statistics and details
The information displayed next covers estimates of insurance coverage prices for Lexus LX 570 models. Having a better idea how premiums are formulated can help guide drivers when making smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $272 | $544 | $282 | $16 | $84 | $1,198 | $100 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Price estimates do not factor in specific zip code location which can influence prices significantly.
Deductible analysis
One frequently asked question is the level to set your comp and collision deductibles. The data tables below may aid in understanding the cost difference between high and low physical damage coverage deductibles. The first data set uses a $100 deductible and the second set of rates uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $352 | $662 | $250 | $14 | $74 | $1,377 | $115 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| LX 570 4WD 4-Dr | $196 | $350 | $250 | $14 | $74 | $884 | $74 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Price estimates do not factor in garaging location in Charlotte which can modify premiums greatly.
We can estimate from the data above that using a $100 deductible would cost the average driver about $41 more each month or $492 every year across all Lexus LX 570 models than selecting the higher $1,000 deductible. Since you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to have at least 22 months between claims, you would probably save some money going with the higher deductible.
How to calculate deductible break even point
| Average monthly premium for $100 deductibles: | $115 |
| Average monthly premium for $1,000 deductibles (subtract): | – $74 |
| Monthly savings from raising deductible: | $41 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $41 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 22 months |
Accidents and violations increase rates
The chart below shows how traffic citations and fender-benders can impact Lexus LX 570 insurance rates for each age group. The premiums assume a married male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
Does full coverage make sense?
The diagram below compares Lexus LX 570 auto insurance rates with full coverage and liability only. The premiums are based on no claims or driving citations, $250 deductibles, single status, and no other discounts are factored in.
When to eliminate full coverage
There isn’t a written rule that is best for determining when to drop full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your Lexus LX 570 claim settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $4,000 after paying the physical damage deductible. If you are currently paying more than $400 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are some conditions where removing full coverage is not advised. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not drop full coverage.
Choosing the best Lexus vehicle insurance in North Carolina is an important decision
Despite the potentially high cost of Lexus LX 570 insurance, insuring your vehicle is a good idea for several reasons.
- The majority of states have minimum liability requirements which means you are required to carry a specific level of liability coverage in order to drive the car. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your Lexus LX 570 has a lienholder, most banks will require that you have comprehensive coverage to guarantee payment of the loan. If you cancel or allow the policy to lapse, the bank may buy a policy for your Lexus at a much higher premium rate and require you to pay much more than you were paying before.
- Insurance safeguards your Lexus and your assets. Insurance will also pay for medical transport and hospital expenses for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, also covers legal expenses if anyone sues you for causing an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of having auto insurance more than cancel out the cost, particularly when you have a large claim. According to a survey of 1,000 drivers, the average driver is overpaying over $869 every year so shop around at least once a year to be sure current rates are still competitive.
Smart Choices Result in Lower Insurance Premiums
When buying auto insurance it’s important to understand some of the elements that aid in calculating the price you pay for auto insurance. When you understand what controls the rates you pay, this enables informed choices that can earn you big savings.
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Guys tend to take more risk – Over the last 30 years, statistics show women tend to be less risk to insure than men. However, this does not mean men are WORSE drivers than women. Women and men have fender benders at a similar rate, but the males cause more damage. Not only that, but men also receive more costly citations like DUI and reckless driving.
The illustration below shows the difference between Lexus LX 570 annual premium costs for male and female drivers. The rates are based on no driving violations, no at-fault accidents, comp and collision included, $100 deductibles, drivers are not married, and no discounts are applied.
- Safeguard your assets with liability – The liability section of your policy is the coverage that protects you in the event that you are found liable for causing damage or personal injury in an accident. Liability insurance provides for a legal defense which can be incredibly expensive. It is affordable coverage as compared to coverage for physical damage, so buy as much as you can afford.
- Vehicle features that cut rates – Driving a car that has an advanced theft prevention system can earn a premium discount. Theft prevention features such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems can help prevent vehicle theft.
- Safer occupants lowers prices – Safer cars tend to have better insurance rates. Safe vehicles result in less severe injuries and lower rates of occupant injuries means lower claim amounts and thus lower rates.
- Eliminate extra coverages – There are many optional add-on coverages you can purchase if you don’t pay attention. Insurance for things like roadside assistance, better glass coverage, and term life insurance may not be needed and are just wasting money. You may think they are a good idea at first, but if you’ve never needed them in the past get rid of them and save.
- Cheaper rates by bundling – Some companies will give a discount for people who consolidate policies with them such as combining an auto and homeowners policy. The amount of the discounts can be five, ten or even twenty percent. Even if you’re getting this discount it’s still a good idea to compare other company rates to make sure you are getting the best deal.
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Lexus LX 570 insurance loss statistics – Insurers use claims history when setting premium rates. Vehicles that have a trend towards higher claims will have a higher premium rate.
The table shown below demonstrates the historical loss data for Lexus LX 570 vehicles. For each coverage type, the loss probability for all vehicles compiled together is considered to be 100. Numbers under 100 suggest a positive loss record, while percentage values above 100 indicate higher probability of having a loss or tendency to have larger claims.
Lexus LX 570 Insurance Loss Statistics Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus LX 570 4dr 4WD 140 96 217 49 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Charlotte insurance discounts for a Lexus LX 570
Car insurance is expensive, but there may be some discounts that you may not even be aware of. A few discounts will be applied at the time of quoting, but once in a while a discount must be inquired about before they will apply. If you’re not getting every credit you deserve, you could be getting lower rates.
- Telematics Devices – Policyholders that allow driving data submission to monitor when and where they use their vehicle by using a telematics device such as Snapshot from Progressive or Drivewise from Allstate may see discounts as long as the data is positive.
- Safety Restraint Discount – Drivers who always wear seat belts and also require passengers to buckle up before driving may be able to save a few bucks off PIP or medical payments premium.
- Accident Forgiveness Coverage – This one is not really a discount per se, but companies like GEICO and Liberty Mutual will allow you to have one accident without raising rates if your claims history is clear for a set time period.
- Government Employee Discount – Federal government employees could cut as much as 10% off but check with your company.
- Paperwork-free – A few larger online companies will give a small break for buying a policy and signing up on the internet.
- Discounts for Safe Drivers – Drivers without accidents can pay as much as 50% less compared to rates paid by drivers with frequent claims.
Remember that most discounts do not apply to the entire policy premium. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. If you do the math and it seems like you can get free auto insurance, companies wouldn’t make money that way. Any amount of discount will cut the cost of coverage.
The information below shows the comparison of Lexus LX 570 insurance rates with and without discounts applied. The rates are based on a male driver, no driving violations, no at-fault accidents, North Carolina state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, multi-car, multi-policy, safe-driver, and claim-free discounts applied.
A list of car insurance companies and their possible discounts are shown below.
- 21st Century offers discounts including theft prevention, 55 and older, early bird, air bags, teen driver, and student driver.
- Progressive offers discounts for online signing, continuous coverage, online quote discount, multi-policy, multi-vehicle, and good student.
- State Farm includes discounts for multiple autos, driver’s education, safe vehicle, good driver, Drive Safe & Save, and student away at school.
- Nationwide may offer discounts for family plan, Farm Bureau membership, accident-free, business or organization, and defensive driving.
- Esurance has savings for multi-policy, homeowner, safety device, renters, defensive driver, and multi-car.
- The Hartford discounts include air bag, defensive driver, vehicle fuel type, good student, driver training, and anti-theft.
It’s a good idea to ask every company how you can save money. Some of the discounts discussed earlier may not be available in Charlotte. To view companies that can offer you the previously mentioned discounts in North Carolina, click here to view.
You are unique and your auto insurance should be too
When quoting and choosing a policy, there really is no perfect coverage plan. Your financial needs are unique so your insurance should reflect that
For instance, these questions might point out if you would benefit from professional advice.
- If my pet gets injured in an accident are they covered?
- Do I need roadside assistance coverage?
- Is business property covered if stolen from my car?
- Can my teen drive my company car?
- Is a blown tire covered by insurance?
- Am I covered if I hit someone who is not insured?
- How do I buy GAP insurance?
- What is an umbrella policy?
- How high should deductibles be on a Lexus LX 570?
If you can’t answer these questions then you might want to talk to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.
Exclusive versus independent insurance agencies
Some people still like to sit down and talk to an agent and that is not a bad decision The best thing about comparing insurance prices online is the fact that drivers can get cheap auto insurance quotes and also buy local.
Once you complete this form (opens in new window), your insurance data is immediately sent to insurance agents in Charlotte who will give you bids for your insurance coverage. It simplifies rate comparisons since you won’t have to visit any agencies due to the fact that quote results will go to your email. Get lower rates and a licensed agent to talk to. If for some reason you want to get a comparison quote for a specific company, don’t hesitate to navigate to their website and fill out their quote form.
Choosing the best provider shouldn’t rely on just a cheap price quote. Any good agent in Charlotte should know the answers to these questions.
- Is the agency involved in supporting local community causes?
- Can you get a list of referrals?
- Do they regularly work with personal auto policies in Charlotte?
- What insurance companies do they work with in Charlotte?
- Who is covered by the car insurance policy?
- How does the company pay claims for a total loss?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- Is the quote a firm price?
When finding a good insurance agency, you must know there are a couple different types of agencies to choose from. Auto insurance policy providers are either independent or exclusive.
Exclusive Auto Insurance Agents
Agents that elect to be exclusive generally can only insure with one company like State Farm or Allstate. Exclusive agents cannot place coverage with different providers so you might not find the best rates. Exclusive insurance agents receive extensive training on their company’s products which can be an advantage. Consumers sometimes choose to use a exclusive agent partially due to the brand and solid financial strength.
Listed below is a list of exclusive agencies in Charlotte that can give you price quotes.
- Daniela Hernandez – State Farm Insurance Agent
5811 Fairview Rd Ste 102 – Charlotte, NC 28209 – (704) 733-9022 – View Map - Howard Johnson Jr – State Farm Insurance Agent
5342 Docia Crossing Rd a – Charlotte, NC 28269 – (704) 947-7233 – View Map - Sarah Highfill – State Farm Insurance Agent
7845 Colony Rd – Charlotte, NC 28226 – (704) 541-9999 – View Map
Independent Auto Insurance Agents
Independent insurance agents are not required to write business for one company so they can insure your vehicles with any number of different companies and get you the best rates possible. If your agent finds better pricing, they simply move the coverage in-house and you don’t have to find a new agent. When comparing auto insurance prices, it’s a good idea to get rate quotes from several independent insurance agents to ensure the widest selection of prices. Most independent agents also contract with companies you’ve never heard of that may have much lower rates than larger companies.
Listed below are Charlotte independent agents that are able to give price quote information.
- Nationwide Insurance: Michael Bare Agency
2300 Sardis Rd N a – Charlotte, NC 28227 – (704) 248-8000 – View Map - Pegram Insurance Agency
9010 Glenwater Dr #103 – Charlotte, NC 28262 – (704) 494-9495 – View Map - Biggs Insurance Group
13850 Ballantyne Corporate Pl #500 – Charlotte, NC 28277 – (704) 369-5270 – View Map
Cheaper auto insurance rates are possible
When buying insurance coverage, do not buy less coverage just to save a little money. In many instances, someone dropped liability limits or collision coverage only to regret at claim time that the small savings ended up costing them much more. Your goal is to buy enough coverage for the lowest cost while still protecting your assets.
We just presented a lot of techniques to get a better price on Lexus LX 570 insurance in Charlotte. It’s most important to understand that the more companies you get premium rates for, the higher your chance of finding inexpensive Charlotte car insurance quotes. Consumers could even find that the best car insurance rates are with some of the smallest insurance companies. These companies can often insure niche markets at a lower cost as compared to the big name companies such as Progressive and GEICO.
Helpful articles
- Your Car has been Stolen: Now What? (Allstate)
- Who Has Affordable Car Insurance for Infrequent Drivers in Charlotte? (FAQ)
- How Much are Car Insurance Quotes for a Ford Explorer in Charlotte? (FAQ)
- How Much are Car Insurance Quotes for a Toyota Corolla in Charlotte? (FAQ)
- Who Has the Cheapest Car Insurance for High Mileage Drivers in Charlotte? (FAQ)
- Who Has the Cheapest Charlotte Car Insurance for Drivers with a DUI? (FAQ)
- Who Has Cheap Charlotte Auto Insurance for a Nissan Rogue? (FAQ)
- Car Insurance for Teen Drivers with Divorced Parents (Allstate)
- Help Your Teen Be a Better Driver (State Farm)
- Insurance Losses by Make and Model (iihs.org)