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What’s the Average Cost to Insure a Lexus?

average cost to insure a lexus

If you are purchasing a vehicle and considering a new or used Lexus; congratulations on your choice. It’s a good one.

Lexus is a well-established luxury vehicle that is manufactured by Toyota. The brand was introduced to U.S. car buyers in 1989 with its LS 400 and ES 250 models. Lexus’ launch was probably one of the most successful launches in the luxury car market and sales of Lexus have exploded over time.

In 2005 Toyota and Lexus split operations allowing Lexus to become an independent operation which opened the door for the car company to launch more models to sell and many more dealerships to sell them. Since the company has significantly increased its footprint globally, the ES sedans have become the bestsellers in the marketplace. The sales of Lexus vehicles are quite impressive when you consider the sticker prices for 2019.

Lexus Models for 2019

If you’re a Lexus fan, there’s no shortage of models and sub-models. Lexus offers several sedans and sedan hybrids, more than a half a dozen SUVs with hybrids, and three awesome coupes and a hybrid coupe as well. All of the Lexus coupes are considered performance cars and their sticker prices reflect that.


Lexus Sedans


Lexus sedans


Lexus SUVs


Lexus SUVs


Lexus Coupes


Lexus coupes


What Coverages do I Need for My Lexus?

Unless you are paying cash for your Lexus, your lender will require you to carry comprehensive and collision coverage to protect their collateral. The state you live in and plan to register your car will also require you to carry bodily injury liability coverage and they also have minimum limits that you must purchase.

Some states require vehicle owners to carry uninsured/underinsured and medical payments as well. If you are new to your state or unfamiliar with the rules regarding auto insurance, you can check here to find your state’s liability coverage requirements and the minimum limits you must carry.

If you’re wondering how much liability coverage you should purchase to cover for bodily injury liability and property damage that you would be responsible for after an at-fault accident, by as much as you can afford.  Additionally, if your assets total more than the liability limits the insurance company offers, you’ll need a personal umbrella as well.


How much should I expect to pay to Insure a Lexus?

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All insurance rates are based on risk. No matter if it’s life insurance, health insurance, home insurance, or car insurance, your insurance rate will be based on the risk you present to the insurance company.

Your cost to insure your Lexus will depend on many underwriting factors such as:

  • The year, make, and model of your vehicle
  • The value of your vehicle
  • The number of safety features
  • The number of miles you’ll drive your car each year
  • What you will primarily use your car for (commute, pleasure, business)
  • Age, gender, and marital status of each driver listed on your policy
  • The driving record of each driver for the last 3 to 5 years (depending on the company)
  • The claims history of each driver listed on the policy (including unreported claims)
  • How much driving experience each driver has
  • Yours and your spouse’s credit score if married
  • How your car is garaged (on the street, in an open lot, or a locked garage)

Once your insurance agent or broker receives all the above-listed information, they can offer a firm quote for your Lexus insurance policy.

It’s important to understand if you get a quote from an agent or broker who hasn’t received all of the underwriting information required by the auto insurance company, your final cost of insurance could be higher than the quote because of underwriting information found after you received your quote.

Before the internet became available to insurance companies and agents, many applicants would receive a notice from the insurance company that their rates are going up because of information that was provided by the DMV or information found on a CLUE report (Comprehensive Loss Underwriting Exchange). Now, agents and brokers can usually get this information instantly when you speak with them after getting your quote.

The good news is that the insurance rates for a Lexus are pretty reasonable when compared to other luxury or performance cars because the newer models are chock full of safety devices and receive high ratings from the Insurance Institute for Highway Safety (IIHS). In fact, the 2019 ES 350 was designated the TOP SAFETY PICK.

How do I find the Best Insurance Company for my Lexus?

First of all, seldom does the lowest rate correlate with value. Certainly, you want to pay as little as possible for car insurance but are you willing to sacrifice outstanding customer service and claims service to shave a few dollars off your insurance bill? jd power image

There are so-so insurance companies, good insurance companies, and great insurance companies. The insurance companies that are considered great by rating companies like J.D. Power and Consumer Reports are highly respected by their customers and non-customers that have settled claims with them.

The three words that no policyholder wants to hear after an accident, whether it was their fault or someone else’s is “out-of-pocket.”

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