In the past I have only had older cars, 1990s and early 2000s about, but recently I've started looking at buying a newer car, a 2021 lexus. I understand lexus is considered a luxury car brand, but in comparison to the 120 a month I pay now, +900 seems absurd. Is there anything I am missing? Is it just the companies I have gone to for quotes? What can lower my rate?
Buying a new car and astounded at prices.
byu/One-Long-Road inInsurance
Posted by One-Long-Road
5 Comments
What is your driving record like?
Call an independent broker for quotes
i went from an old paid off honda to a BMW a few years back and my insurance only went up $150 every 6 months
Is it +900 per month or per 6 months?
A newer Lexus is very expensive to repair compared to an old Honda. And any significant damage on a 30 year old Honda will end up totalling the car for a few thousand dollars at most, greatly limiting the insurer’s downside. Tap the bumper on a Lexus hard enough, and you could quickly be in the $10K+ range to repair. The cost of collision coverage in particular will reflect this.