What factors influence Lexus insurance premiums?
Calculating your insurance premium is far from simple. Insurance companies consider a wide range of factors, such as your age, location, marital status, gender, and more. In addition, insurance providers don’t all weigh these factors equally, which is why it’s so important to obtain multiple quotes in order to get the best rate for your car insurance. To learn more about which details can influence how much you pay for Lexus car insurance, keep reading.
Age
Age is one of the top factors used to calculate insurance premiums. Young drivers tend to pay the most for insurance since they have little to no driving experience and therefore pose a greater risk. Conversely, seniors are another age group who often pay more for insurance, based on statistics.
Location
Where you plan to drive your Lexus can also impact your insurance rate. If you live in a busy metropolitan area like Toronto or Calgary, your car insurance may cost more than if you live in a quiet, rural part of the country. Since there tends to be more traffic on the roads in urban areas, your odds of getting into an accident increase, and often so will your insurance premium. Lastly, if you live in a part of Canada prone to climate related incidents, your insurance premium could also be impacted.
Driving history
When calculating your Lexus car insurance rate, insurance companies will require information about your driving history, including your driving experience and driving record.
Ideally, you want to have several years of driving experience coupled with a clean driving record. Having both indicates that you are a safe and responsible driver, and you may pay less for insurance because of it. In contrast, if you have minimal driving experience (perhaps you are a young driver) or you have a poor driving record rife with speeding tickets, accidents, and DUIs, then your insurance rates may be higher.
Model and year of Lexus
The exact Lexus model you purchase could affect how much you pay for car insurance. Generally speaking, the more expensive the car, the more it will cost to insure, simply because repairs and the cost of parts are typically higher. Though all Lexus models are considered luxury vehicles, some are far more expensive than others. So if you’re looking to spend less money on car insurance, you may wish to purchase one of the cheaper models (like the Lexus UX or IS), or even a used model, which tends to cost less to insure.
