Maine has the lowest vehicle insurance rates in the US although it has one of the largest minimum liability requirements. It must be to do with historically less worrisome accident and claim figures. It appears that residents are well educated for the risks of driving without coverage, aware of dangers around them to avoid accidents and don’t cause reckless or drunken accidents. These characteristics make driving pleasure and safe for everyone, as well as ensuring more affordable policies.
Motorists are lucky here because many things are going in their favor. The state has one of the lowest uninsured drivers figures at just 4.5%, which is only 1/3 of national average, and only Massachusetts has better statistics.
The only negative figure for the residents is that living costs are not cheap here. This would probably make vehicle owners feel that they are really getting cheap car insurance in Maine. When the living costs are high it is likely that smaller portion of household budget is spent on premiums.
Maine Liability Laws and Requirements
The authorities here require Uninsured Drivers Coverage to be included in minimum mandatory liability policies, even though numbers don’t appear to be a problem in any way. Here are the limits enforced;
- $50,000 for bodily injury or death per person.
- $100,000 total for bodily injury or death per accident.
- $25,000 for property damage.
- Uninsured Motorist bodily injury of $50/100 or combined single limit of $100,000
- and a minimum of $2,000 for medical payments coverage is also required.
There is a very informative state website. It is a place to check about updates, licensing, and vehicle registration information, as well as checking about providers and intermediaries.
Carriers must love doing business here and that is why they charge less. Who wouldn’t want highly educated customers who don’t need to be persuaded to buy? Also, relatively safe driving conditions and fewer crimes would keep them happy. When you have quite a few keen ones to do business in a state you will have a very competitive environment that benefits everyone further.
Reduced accident risks and relatively more affordable premiums don’t guarantee that everyone would have a good deal automatically. You will still need to check if you are enjoying one of the most comprehensive policies at affordable prices. If you have been auto-renewing for some time you are probably missing out on special discounts and deals. Companies constantly improve products and sharpen prices. However, usually they don’t update existing coverage and offer qualified discounts automatically. Policyholders must ask for it and initiate the upgrade.
When you know there are better policies at much cheaper prices out there you will have strong hand when you are talking to them. Don’t let an agent brush you off with their usual line of “we don’t negotiate”. They do negotiate and you are not actually asking to negotiate. All you are asking them is to offer you the same rates as they are offering to their new customers. As mentioned above, existing customers are kept in their old rates while the new customers enjoy better coverage at a lower price. It really isn’t fair but people let them get away with it as well.
Average Cost of Automobile Insurance in Maine
The premium expenditure in the Pine Tree State is stable and consistently the Lowest in the US. This is probably down to lack of large urban areas throughout. This in turn results in fewer accidents that reduces claims and settlements. Furthermore, it doesn’t suffer from serious weathers like hailstorms or tornadoes even though it may get a lot of snow. Generally, lack of such large claims pushes rates down for everybody.
Average auto insurance cost in Maine is $593, which is around $250 less than the national average. Living in such an economical state is a huge advantage for policyholders because this is a major factor that cannot be influenced individually. It requires collective effort to reduce overall risks. It has this collective awareness and it shows through figures like high policy take-ups.
It has the cheapest full coverage vehicle insurance rates in the US too. The median estimated cost is $808 and once again the lowest in the country. In fact it is over $500 cheaper than the US average of $1,325.
The most striking revelation is that the difference between average premium expenditure and full coverage cost is only $200. This may be because full coverage is very popular here and that is why it is closer to estimated figure for it. That is what concentrated competition in a particular market segment does for you. In any case, you shouldn’t pass the chance to buy good level of protection if you only need to spend few dollars more.
The Most Competitive Auto Insurers in Maine
Where a policyholder lives and parks his vehicle plays an important role in calculations. You need to find the lowest priced companies to have any chance of getting decent rates. You may be paying twice the fair premium for a driver of your particulars if you haven’t been shopping around and auto-renewing with the same company for years. You should get several instant online quotes and make sure you aren’t spending too much. Also, you can have a look at the average costs and see if you are paying a lot more or not.
There are plenty information available to policyholders these days that it is easier to correct a problem. For example, the most competitive companies in your state are listed below. There is no guarantee but you can probably get a decent quote from at least one of them in no time at all.
- GEICO, $431
- Patriot, $526
- Countryway, $570
On the other hand, high-risk drivers shouldn’t expect great quotes each time they apply. Some of them would make their feelings clear by providing deliberately expensive results. In that case, you should try to find the best car insurance for bad driving record. You should at least get 10 quotes and see if any of them is affordable. Also, you should look at the problems that led to such bad history and try to correct them.