Maryland Auto Insurance

Average premiums in the Old Line State are higher than the US average that it becomes extra important to search for cheap auto insurance in Maryland. When a state has high insurance rates it affects everyone and there is not much an individual policyholder can do about it. There could be many reasons for high costs but it is usually accidents and claims that force insurers pay out large sums of money. It is not surprising to see high number of accidents in densely populated states like Maryland and New Jersey

Uninsured Driver rates seem to follow national averages at 15%. It may sound alright since it is around the national average. However, 15% is a pretty high number for a developed country like the United States of America. Unfortunately, rest of the motorists will have to pay for those drivers since they increase the risk in the state. Also, they will need to pay additional premiums to be insured against uninsured drivers.

The state is certainly not one of the cheap areas in the USA to live in. It comes towards the expensive range on the table. It has fairly good automobile ownership per capita with nearly 800 cars per 1000 people. Higher living costs and vehicle ownership would place extra strain on household budgets. It is not cheap to keep cars when you take insurance, maintenance and gas costs into account.

Maryland Car Insurance Laws

Maryland Auto InsuranceMinimum liability auto insurance coverage requirements are;

  • $30,000 for bodily injury or death per person.
  • $60,000 total for bodily injury or death per accident.
  • $15,000 for property damage.

These figures and updates can be confirmed here at Maryland Motor Vehicle Administration page.

Showing the minimum amounts required in the state does not mean that you should be encouraged to just buy the basic policy and done with it. If you asking yourself how much auto insurance do I need you should perhaps read the post first. It is essential that you get the coverage right to make sure your claims are paid in the future. We have a few more posts that can help you find cheap auto insurance in Maryland for the same or better coverage.

Certainly there are a few external factors that affect your premiums like living in a high risk zip code or being penalized for your age and gender. Nevertheless, there are a few ways of pulling premiums down no matter where you live in the country. Insurers offer plenty chances to qualify for discounts. Large portion of these savings offered based on your driving and claim history and experience. However, these lesser-known discounts can help you reduce car insurance costs as well.

Make no mistake that a driver with worse driving records can achieve better rates than a driver of same age, gender and background with a clean history. Many people don’t realize that they can get discounts for things like better credit score, paying the premium in full and having a better education.

Traditional factors that affect premiums are becoming less and less important as more and more factors squeezed in the premium calculations. There may be a few more things you didn’t know about vehicle insurance. You could spend a little time finding out more about what automobile insurers are looking for to give you the best rates at your next renewal.

How Much Does Car Insurance Cost in Maryland

Average premium expenditure is $979 in Maryland, which is $138 higher than the US average of $841. This figure is reached by dividing the total premiums by number of insured automobiles. It takes every type of policy into the equation including liability only and full coverage. Your premium can be a lot higher or slightly lower depending on the coverage you want included in your policy. Your premium can quickly add up when you start including a few additional covers onto your policy.

One of the best ways of getting as much coverage as possible is to find a policy that is already providing the coverage you want, instead of trying to tailor an average policy offering into a policy you like. That is why you should try to find a few cheap full coverage auto insurance quotes and see if they have what you need.

The average for full coverage auto insurance is $1,610. Again, it is $285 higher than the country average. The price difference between a basic liability policy and full coverage policy appear to be large but the protection offered by full coverage policies is much better. Liability coverage doesn’t pay for damages to your own vehicle if you remember what does liability car insurance cover.

Cheapest Car Insurance Companies in Maryland

Premium quotes can vary considerably depending on your zip code and the insurer you choose to get quotes from. The real impact is the insurer because the price difference between the cheapest and most expensive can be 5 times in the Free State. So, use your freedom to choose your insurer and find that cheapest auto insurance company for your type of a driver. Your rates would also be influenced by where you live since average premium quotes vary considerably between cities of Maryland.

  1. GEICO
  2. Nationwide
  3. Liberty Mutual
  4. Penn National
  5. Erie

You have a few choices of insurers in this state. GEICO is probably the cheapest throughout the state for a mature, good driver. It is consistently the cheapest company in almost every city in MD, including Baltimore.

Auto Insurance in Baltimore, MD

Baltimore is by far the largest city in MD and it is no surprise that motorists pay a lot more here to insure their vehicles. Car insurance in Baltimore is about 80% higher than the state average. This is probably the result of city auto insurance costs, which are usually much higher due to higher rates of accidents, auto theft and crimes.

Of course, this isn’t a conciliation for Baltimore MD drivers. However, they can probably reduce their premiums if they follow at least some of the tips on how to save money on car insurance. There are so many ways of finding cheap auto insurance in Baltimore, MD. Some of them may not apply to you. But the ones that work for you will be enough to reduce your premium a bit.

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