Maryland Automobile Insurance Costs

Average liability only car insurance premiums in the Old Line State are higher than the US figures but lower for full coverage. Densely populated states like Maryland have higher numbers of accidents affecting premiums paid by each policyholder. Usually, they are more likely to be fender benders but sheer number of them results in large overall claim expenditure.

Uninsured Driver rates seem to follow national averages at 15%. It may sound acceptable since it is around the median figure but it is still high. 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, each policyholder will need to pay additional premiums to protect themselves against getting involved in an incident with an uninsured driver.

The state is certainly not one of the cheap areas in the USA to live in. 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.

Collection of Pictures from Maryland

Maryland Car Insurance Laws

Minimum liability 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.

Showing the minimum amounts required in the state does not mean you should be encouraged to just buy the basic policy and be 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.

Motorists can get discounts for things like better credit score, paying in full and even setting up automatic payment with some insurers. You really need to try hard to get as many discounts as possible and find the most competitive company if you want to avoid spending a lot of money here. By just shopping around, a driver with a worse record can achieve better rates than a driver of the same age, gender and background with a clean driving history.

Maryland Vehicle Insurance Prices

The median premium for state required liability car insurance is $815, which is $193 higher than the US average of $622 and full coverage is $1,971, which surprisingly $43 less than the country average. Usually both types of policies are either higher or lower than the US average. You may spend a lot more or slightly less depending on the level of protection you want. It can quickly add up when you start including a few extras like Rental Car Reimbursement.

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 your own vehicles and maybe only good for people with 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. So, you should do your best to find the cheapest auto insurance company for your type of driver. We have already researched and listed them below. Rates would also be influenced by where you live since premiums vary considerably between cities.

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

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.

Premiums in Baltimore, Maryland

It is by far the largest city and it is no surprise that motorists pay a lot more for auto insurance in Baltimore. Prices are about 80% higher than the state average. This is probably the result of city traffic, 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.