Average premiums in the Old Line State are higher than the US figures that it becomes extra important to search for cheap auto insurance quotes. Expensive rates affect everyone and there is not much an individual policyholder can do about it. There could be many reasons for it but it is usually accidents and claims that force companies pay out large sums of money. It is not surprising to see increased number of accidents in densely populated states like Maryland and New Jersey. Usually, they are more likely to be fender benders but sheer number of them results in large overall settlements.
Uninsured Driver rates seem to follow national averages at 15%. It may sound all right since it is around the median figure. However, it is a pretty concerning number for a developed country. Unfortunately, the rest of the motorists will have to pay for the losses they cause since they increase the risk levels in the region. Also, they will need to pay additional premiums to protect themselves against getting involved in an incident with one of them.
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. Also, congestion would be an obvious problem in such places.
Maryland Car Insurance Laws
- $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 at 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. You should always determine the level of protection you need first and then start shopping around for the best prices. It is essential that you get the coverage right to make sure your claims are paid in the future. You need to think what would you do if the worst happens on the roads and prepare for it.
Certainly there are a few external factors that affect premiums like living in a high-risk zip code or being penalized for age and gender. Nevertheless, there are a few ways of bringing them down no matter where you live in the country. There are plenty chances to qualify for discounts. Large portion of these are offered based on traffic 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 a worse record 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 in full and having a better education. You really need to try hard to get as many discounts as possible and find the cheapest company if you want to avoid spending truck load of money here.
Traditional factors that affect premiums are becoming less and less important as more and more factors squeezed in the calculations. There may be a few more things you didn’t know. You should spend a little time figuring out what they are looking for to give you the best rates.
Maryland Vehicle Insurance Costs
The median premium expenditure is $979, which is $138 higher than the US average of $841. It is the total spending divided by number of participants. It takes every type of policy into the equation including liability only and full coverage. You may spend a lot more or slightly less depending on the level of protection you want to have. It can quickly add up when you start including a few extras like Rental Car Reimbursement.
One of the best ways of getting as much coverage as possible is to find a policy that already has decent provisions, instead of trying to tailor a typical one. That is why you should try to find a few cheap full coverage quotes and see if they have what you need. These days, companies come up with good offerings to attract more new customers.
The average for full coverage automobile insurance is $1,610. Again, it is $285 higher than the country average. The price difference between a basic liability and full policy appear to be large but the protection offered is much better. Liability coverage doesn’t pay for damages to own vehicle and maybe only good for people with very tight budgets and old vehicles.
Best-Priced Car Insurance Companies in Maryland
Quotes can vary considerably depending on zip codes and the source. The real impact is the carrier because their prices fluctuate substantially. Not bothering to check and go for the first one you come across may cost you as much as 5 times more in the Free State. So, use your freedom to choose and find that cheapest auto insurance company for your type of a driver. We have already researched for you and listed them below. Rates would also be influenced by where you live since premiums vary considerably between cities.
- Liberty Mutual
- Penn National
You have a few choices of automobile insurers here. GEICO is probably the most competitive throughout for a mature, good driver. It consistently comes up with the lowest quotes in almost every city, including Baltimore.
Vehicle Insurance in Baltimore, Maryland
It is by far the largest city and it is no surprise that motorists pay a lot more here. Prices are about 80% higher than the state average. This is probably the result of city traffics, congestion, increased number of incidents, auto theft and crimes. Parking cars on the roads at night doesn’t help either. They are left to the elements.
Of course, this isn’t conciliation for Baltimore drivers. They can probably reduce premiums if they follow at least some of the tips on the ways of saving money. There are so many ways of finding reasonably priced cover. Some of them may not apply to you. But the ones that work for you will be enough to reduce costs a bit.