What Additional Coverage Options Are Available
Even though purchasing only what the state requires from the cheapest car insurance company in town sounds like the best way to save money it could end up costing you in the long run. Sometimes adding just a little more to your policy can go a long way.
One of the options for giving you added protection in Maryland is MedPay. MedPay will pay for medical expenses and costs related to you or others who might be injured or killed while riding in your vehicle.
Some of what MedPay covers includes:
- Dental expenses
- And funeral costs
These are expenses that no one likes to think they will incur as a result of an accident but can end up sending you into financial ruin if you are not prepared.
How do you decide whether or not to pick up additional liability coverage? One of the best things to consider in this decision is the loss ratios of the companies that you are considering. Below are the loss ratio trends for Maryland statewide which can give you an indication of how the overall car insurance market in the state is doing.
The loss ratios for PIP, MedPay, and Uninsured/Underinsured motorist coverage are good news to you as a Maryland driver. Why? Because loss ratio is a good way to determine the overall health of the car insurance market. Specifically:
A car insurance company with a high loss ratio is one that is one who is willing to pay out a claim should you ever need to file a claim.
How Much Does Car Insurance Cost In Maryland
On average, Maryland drivers pay $320 per month for car insurance, exceeding the national average rate by $87 per month. The state is the eighth most-expensive state for purchasing car insurance in the country. Maryland drivers face higher rates than drivers in Virginia, West Virginia, Delaware, and Pennsylvania, but pay less than drivers in Washington, D.C.
Individual factors like driving history, age, credit history, city of residence, and coverage level influence car insurance rates. Industry-wide changes related to inflation, supply chain issues, and driver behavior have also been causing some auto insurers to implement rate changes. Between July 2021 and July 2022, average rates in Maryland increased by around 16%, according to our data.
State Farm: Editors Choice
State Farm offers significant discount opportunities for teen drivers and students, who typically pay the most for auto insurance coverage. For Maryland residents with such motorists in their households, this could be a strong reason to consider State Farm. The companys mobile app also has strong reviews on both Google Play and the Apple Store, with many citing the State Farm apps convenience and user-friendly features as highlights.
State Farm is not accredited by the BBB, but holds an A+ rating from the organization. State Farms A++ financial strength rating from AM Best and its overall popularity and status show its a good choice.
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Factors That Affect Car Insurance Rates In Maryland
Factors are characteristics specific to you that car insurance companies use to set how much youll pay for car insurance. The less risky each of your factors is the less you pay, the riskier you are the more youll pay. Well break down Marylands rating factors to keep in mind.
Do I need SR-22 insurance in Maryland?
No, Maryland is one of a few states that dont require an SR-22 for any violation. However, you may get other penalties for major violations such as getting your license suspended. Also, insurance companies see you as a high risk if you have violations on your driving record. You can expect higher-than-average insurance rates if you do.
Cheapest Car Insurance In Maryland For Minimum Required Coverage
In Maryland, State Farm also offers the most affordable full-coverage insurance. State Farm’s average annual premium is $1,530, which is 21% lower than the statewide average. Erie and Progressive are the next on the list. However, rates vary greatly depending on the car insurance companies, your region, your driving record, and other things. Compare quotes from various insurance to ensure you get the best deal.
See what you could save on auto insurance
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How To Find The Best Car Insurance In Maryland For You
There are many aspects to consider when choosing the best car insurance policy in Maryland. Consequently, you should select a company that strikes the right balance of service quality, affordability and financial stability.
Based on these criteria, MoneyGeek selected the best car insurance companies in the state. However, you should conduct your own research to determine which insurance company and plan best matches your needs.
Research customer service reputations in Maryland
MoneyGeek gathered quotes from multiple insurance providers using a sample driver profile and studied NAIC complaint ratios and J.D. Power’s customer satisfaction ratings to find the best car insurance companies in Maryland. Along with MoneyGeek’s recommendations, you may look at J.D. Power’s ratings and the NAIC’s complaint index to see which provider is the best fit for your needs. Additional information about car insurance can be obtained on the .
Compare quotes for yourself
For this study, MoneyGeek looked at insurance rates for a sample driver rather than the entire state. You should compare quotes from at least three different insurers to obtain a better picture of the state’s average pricing and coverage.
Make sure the company has coverages you want in Maryland
Double-check financial stability ratings
Cheapest Car Insurance Quotes For Maryland Drivers
It’s possible to save money on car insurance without having to compromise on coverage. Low-cost car insurance is available in Maryland from a variety of providers. Using data on average annual rates, we located some of the most cost-effective auto insurance providers in the state of Maryland. According to our in-house market research, these companies offer the best auto insurance in Maryland.
Cheapest Minimum Coverage Car Insurance In Maryland
*USAA is only available to current and former military members and their families.
Minimum liability car insurance policies have the cheapest rates. However, they could cost you more in the long run if you’re in an accident.
A minimum coverage policy in Maryland pays for injuries caused by an accident or damage to the other driver’s car or property. It does not include protection for damage to your own car if you cause an accident.
For this reason, we recommend full coverage car insurance for Maryland drivers with a car less than 10 years old or worth more than $3,000.
How Bankrate Chose The Best Car Insurance Companies In Maryland
The best Maryland car insurance for your needs may be tricky to assess if youre not sure where to start. Bankrate made its selections after analyzing dozens of large and regional car insurance companies. We assessed carriers based on average premium data sourced from Quadrant Information Services as well as coverage availability and mobile app accessibility.
We also considered third-party ratings from agencies like AM Best for financial strength and J.D. Power for customer satisfaction. All of this was consolidated into our Bankrate Score for a maximum score of 5 out of 5 points. Using the Bankrate Score may be useful to get a quick impression of a company, and to compare a carrier with other auto insurance companies in Maryland.
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
These are sample rates and should only be used for comparative purposes.
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Progressive: Low Rates For High
Progressive offers some of the lowest rates on car insurance in Maryland for specific types of motorists. Drivers with poor credit, for example, will find some of their cheapest car insurance premiums with Progressive. While that isnt the case for people in all categories, the company is certainly worth consideration.
Customers in the Mid-Atlantic expressed a high rate of satisfaction with Progressive as their insurer in the most recent J.D. Power Auto Insurance Study. The company scored a solid 834 out of 1,000 points, placing it above many other highly reputable car insurance companies.
Progressive does not have accreditation from the BBB, and the organization gives the company an F rating. You wont have to worry about Progressive being able to pay out claims though, as the company holds an A+ financial strength rating from AM Best.
Cheapest Minimum Coverage Car Insurance In Maryland For 50
Drivers in Maryland who opt for the state minimum coverage may want to consider the following companies, with the lowest average rates:
Geico: $514 per year, or about $43 per month.
Erie: $613 per year, or about $51 per month.
Donegal: $650 per year, or about $54 per month.
Nationwide: $761 per year, or about $63 per month.
State Farm: $862 per year, or about $72 per month.
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Cheapest Auto Insurance In Maryland For 50
Drivers with poor credit in Maryland can check with the following companies, which showed the lowest average rates for full coverage:
Nationwide: $1,781 per year, or about $148 per month.
Geico: $1,986 per year, or about $166 per month.
Progressive: $2,517 per year, or about $210 per month.
Encompass: $2,727 per year, or about $227 per month.
Penn National: $2,775 per year, or about $231 per month.
Cheapest Full Coverage Car Insurance In Maryland For 40
Drivers in Maryland with clean driving records may want to think about the following companies, which had the lowest average rates:
Geico: $1,382 per year, or about $115 per month.
Nationwide: $1,410 per year, or about $118 per month.
Erie: $1,539 per year, or about $128 per month.
Penn National: $1,569 per year, or about $131 per month.
State Farm: $1,836 per year, or about $153 per month.
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Looking For Maryland Auto Insurance
Looking for auto insurance in Maryland? You can get a free car insurance quote online or by calling a SafeAuto customer service representative at . Our team is ready to assist you with your quote or answer any insurance questions you may have.
SafeAuto offers affordable Maryland auto insurance throughout the entire state! If you are looking for more information across the state of Maryland, more material can be found below.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Coverage.com, LLC is a licensed insurance producer . Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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Finding The Best Car Insurance Companies In Maryland
You may have a good idea on how much coverage you need, and the features you want included in your policy, but how do you choose which among the car insurance companies in Maryland are reliable? The most important question to ask is how will your insurer treat you in case you need to file an insurance claim?
To help make sure that you only choose the right insurer that will pay you in full and on time from your shortlist of prospective insurers, here are a few tips.
What Is The Average Cost Of Car Insurance In Maryland
The average cost of car insurance in Maryland is $1,4402 per year according to thezebra.com.3 Thats 3% lower than the national average. Of course, your auto insurance cost will depend on many different factors including your age, where you live, and your driving history.
Some people get the bare minimum coverage, while others prefer the comfort and security of more protection. Liberty Mutual customizes your Maryland auto insurance, so you only pay for what you need.
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Cheap Maryland Car Insurance For Good Drivers
USAA offers the cheapest car insurance rates for good drivers in Maryland, among companies we evaluated. However, USAA offers car insurance only to veterans, military members and their families. Travelers and Unitrin also have average rates for good drivers and are below the state average.
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How To Get Cheap Car Insurance In Maryland
Many of the factors that go into calculating your car insurance rate are beyond your control, but discounts can help you save on your policy. Some of the most common car insurance discounts include:
Safe driver discount: For drivers with no recent accidents
Low mileage discount: For drivers who drive less than 7,500 miles annually
Loyalty discount: For drivers who have been with the same company for a set number of years
Bundling discount: For getting more than one insurance policy from the same company
Military discount: For drivers who are active-duty service members and their families
Find car insurance in your city:
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Its All About You We Want To Help You Make The Right Coverage Choices
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single provider.
Our insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about car insurance. Our goal is to be an objective, third-party resource for everything car insurance related. We update our site regularly, and all content is reviewed by car insurance experts.
Driving along Marylands 4,431 miles of shoreline or through some of its 2.7 million acres of forest can make a person feel like theyve stepped back in time.
With so much to see its no wonder that approximately 42 million visitors chose to visit the Old Line State annually. Unfortunately, this can lead to more than a few headaches for drivers on Marylands roadways.
With tourists adding confusion to Marylands already congested roadways it is even more important to have the right car insurance company on your side. That is where we come in. This Maryland car insurance guide gives you all you need to know about Maryland auto insurance laws and regulations.
Doesmaryland Have High Car Insurance
Yes, many carinsurance companies charge more premium for Maryland citizens than an averagepremium rate for the United States. The Maryland car insurance rate is almost12% higher than the national average rate of car insurance in the UnitedStates. There can be multiple reasons behind this. Most expected reasons arehigher traffic density and a higher accident rate in Maryland as compared toother states. Thats why people are always asked to consult the before putting theircars on the road for long trips.
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Cheap Car Insurance In Maryland For Drivers With A Speeding Ticket
The average car insurance rate increase for a Maryland driver following a speeding ticket is more than $2,200. However, USAA offers rates nearly half that amount to veterans, military members and their families. Travelers and Erie can also be good bets for Maryland drivers with a speeding ticket.
Insurance companies use different methods to calculate rates and not all assess risk the same way, so costs vary significantly. That means you can still save money by comparison shopping, even after a moving violation.
Cheapest Car Insurance Quotes In Maryland: Geico
Geico has the best cheap minimum coverage insurance in Maryland. Quotes from Geico average $55 per month, or $657 per year 27% lower than the state average.
The average cost of Maryland car insurance is $75 per month, or $897 per year, for minimum liability.
Military members, veterans and their families can take advantage of even cheaper rates from USAA, which charges $32 per month for a minimum coverage policy. That’s $23 cheaper per month than a policy from Geico.
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Minimum Car Insurance Requirements In Maryland
Maryland requires insurance for all motor vehicles operated or parked on the states roadways. You must carry proof of insurance in your car at all times and must have it available when:
Requested by law enforcement
The vehicle is involved in a car accident
The minimumliability insurance requirements for private passenger vehicles in Maryland are: