New Lexus insurance products designed for the way you drive
- New mileage-based insurance for the all-electric Lexus RZ 450e SUV, with refunds for policyholders who cover less than their declared annual mileage
- Hybrid insurance for the all-new LBX compact crossover offers a discount on policy renewal linked to the mileage the policyholder covers in electric EV driving
Lexus’s commitment to providing the best possible ownership experience for its customers reaches every aspect of its business, including the development of new insurance products. Lexus Insurance Services has designed two new cover packages specifically for owners of the all-electric RZ 450e and the all-new hybrid LBX compact crossover that offer refund and renewal discount opportunities linked to driving performance.
Moving on from the one-size-fits all concepts, the company has tailored these new products to complement its policyholders’ driving styles It has also increased their value proposition by making rewards available, in addition to the comprehensive benefits that are included in all Lexus insurance policies.
RZ 450e mileage-based insurance
Lexus has introduced its first mileage-based insurance with a product that’s designed specifically for the RZ 450e and which offers the potential for an end-of-year refund.
The amount of refund is specific to each individual and is calculated by comparing the policyholder’s declared miles and the actual distance they cover during the policy term. The mileage is accurately monitored (with the owner’s consent) via the car’s data communications module (DCM). This is a standard feature on all new vehicles, so no additional hardware has to be fitted.
When purchasing the insurance, the customer declares the mileage they forecast they will travel in their RZ in the next 12 months and this is factored into the cost of the premium. At the 11th month of the insurance period, the total for the whole year is calculated; if this is less than the declared mileage, a refund is calculated based on what the insurance premium would have been using the lower mileage figure.
Full details and terms and conditions are available at www.lexus.co.uk/insurance/rz.
LBX Hybrid Insurance
Lexus’s LBX Hybrid Insurance is a new kind of cover for an all-new model. It provides all the established benefits of Lexus vehicle insurance but with opportunity for private customers to receive a discount of up to 10 per cent* on their renewal premium, based on the distance they cover driving in their car’s pure electric EV mode during the policy year.
As with the new RZ insurance (see above), the car’s DCM allows for remote monitoring of the car, in this case the miles travelled in EV mode. When the time comes for the policy to be renewed, the EV distance is used to calculate the discount the policyholder may be eligible for on their renewal premium. This can be up to a maximum of 10 per cent, equivalent to a minimum of 57 per cent of the total mileage monitored having been covered in EV mode.
Policyholders can monitor their performance using the Lexus Link+ app. This shows in clear graphics the mileage and percentage of driving in EV mode and the discount expected to be available when their Lexus Insurance policy falls for renewal. The policy period dates are also clearly shown.
Full details and terms and conditions are available at www.lexus.co.uk/insurance/lbx-hybrid-insurance.
Lexus insurance benefits
All Lexus insurance products provide the peace of mind and convenience of a 24-hour emergency claims helpline; the guarantee of Lexus genuine parts* being used for repairs, with work carried out by approved repairers and protecting any existing warranties; and automatic courtesy car cover**, provided by an approved repair centre and with the customer’s insurance cover automatically transferred to the vehicle. In addition, if a claim is made for an accident that is not the customer’s fault and where the driver of the other vehicle is uninsured, there is no loss of no claim discount and no requirement to pay any excess.
More information can be found at www.lexus.co.uk/insurance/car-insurance.
* Excluding windscreen/glass replacement. ** Subject to availability.
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