The best cheap car insurance in Maryland

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Car insurance is expensive for Maryland drivers. According to the Insurance Information Institute, Maryland ranks as the tenth-most expensive state for car insurance, with the average driver paying $1,149 annually. But, that’s not to say that there aren’t still some ways to save if you’re willing to put in a few minutes of work. 

Shopping around for coverage is the best way to ensure you’re getting the best price for yourself. Car insurance companies consider your location, age, gender, and driving record to calculate rates for premiums. Other factors like credit score, marital status, vehicle type, previous coverage, and miles driven can all play a role in the amount you’ll pay for coverage. 

Every company weighs these factors differently, so getting quotes from different companies and comparing them is the best way to find the most affordable policy for you.  

Minimum car liability insurance requirements in Maryland

In the US, drivers must have liability coverage. If you’re involved in an accident, liability insurance covers damage you cause to the other vehicle, driver, and passengers. If you finance or lease your car, your lender probably requires comprehensive and collision coverage. 

The two main components of liability insurance are bodily injury and property damage, which most states require. Liability insurance also includes uninsured motorist and underinsured motorist coverage to protect you when an at-fault driver hits you and they have no coverage or not enough coverage.

Maryland requires bodily, property, uninsured, and underinsured coverage, according to the Insurance Information Institute. Maryland’s minimum liability requirements are 30/60/15 — up to $30,000 of injury protection for each person involved in an accident, up to $60,000 worth of injuries per incident, and up to $15,000 of property damages per incident. 

Best cheap car insurance in Maryland based on credit score

Consumer Reports compiled a list of all car insurance pricing formulas from all companies in every state. It used an average single adult driver to find the best pricing in each state, and found that three companies came out on top for three different credit levels. Here are the three best companies and their average price for coverage:

Best car insurance for Maryland drivers with a clean record

For a driver in Maryland age 25 or older with no accidents and one vehicle, the following companies provide the best average rates:

*USAA is only for active military, veterans, and their families.

Above data obtained from Savvy, based on 1,624 policyholders in the state of Maryland 

Best car insurance for Maryland drivers with one or more accidents

For a driver in Maryland age 25 or older, with one or more accidents and one vehicle, the following companies provide the best average rates:

Above data obtained from Savvy, based on 1,624 policyholders in the state of Maryland 

Average premiums for seniors and teen drivers in Maryland

The table below shows the average senior and teen drivers can expect to pay in Maryland. Because teen drivers are new drivers with little driving history and more prone to accidents, their rates are high. Most insurance companies offer discounts to teen drivers for good grades or taking driving safety classes.

Senior drivers typically see an uptick in car insurance premiums as they age, but not as much of an increase as new or teen drivers. If you’re still driving in your 60s and 70s, there are ways to negotiate cheaper auto insurance rates, like pay-per-mile usage.

Data provided by Goosehead Insurance

Maryland car insurance rates by city

Below is the estimated average annual premium of auto insurance policies per household in Maryland’s most populous cities:

Data from S&P Global Market Intelligence

Best car insurance in Maryland based on customer satisfaction

Customer satisfaction with car insurance providers may factor into your decision. Five factors make up customer satisfaction: billing process and policy information; claims; interaction; policy offerings; and price. According to a 2021 survey by J.D. Power, a consumer research company that surveys customers, these are the top car insurance companies in the Mid-Atlantic region (which includes Maryland):

Most popular car insurance companies in Maryland based on market share

The following are the most popular car insurance companies in Maryland, based on the percentage of insured Maryland drivers who use them:

*USAA is only for active military, veterans, and their families.

Data from S&P Global Market Intelligence

Who gets the best cheap car insurance in Maryland?

Your credit score is one of the more significant influences on the price you’ll pay for coverage.

Another way to save is to shop around — every insurance company prices policies differently, and no two policies are the same. Prices vary greatly depending on whether you get liability, comprehensive, or collision coverage.

Consider the amount of coverage and the types of coverage listed on your quote. Remember, you’re looking for the most coverage for your money. Don’t forget to look at the deductible or the amount you’ll pay out of pocket if you get into an accident.

This content was originally published here.