Except, Whitey, that your 1998 Lexus is going to be totaled out if there’s any significant repair, because insurance companies have a cutoff percentage of the car’s value, above which it’s automatically totaled. This means that your $5,000 Lexus is going to be totaled if you do $3500 in damage to it, so the most the insurance company will pay for it will be around 4 grand. Whereas if I’m driving a 2 year old Lexus, and I get in a wreck that does $15,000 in damage, it probably won’t go over the value percentage cap, which means the insurance company is on the hook for the repair. So, the insurance rate should go down, and does if you insist it does.
OP, start calling around to other insurance companies and get quotes. Then call yours, tell them you’ve got a lower rate from another insurance company. When they ask what it is, don’t tell them, because they’ll just match it when they might be willing to go lower. Tell them “No, tell me what your lowest rate will be for insuring my car at these coverages. If you beat your competitors, you keep my business. Otherwise, I’m leaving.”