If you’re considering Maryland car insurance, understanding how much to expect can be invaluable. The state average for annual coverage is currently $1,640 while the national average stands at $1,682. Rates depend on several factors including age group, gender, driving history and credit score – MoneyGeek conducted an analysis to determine average Maryland car insurance premiums to give a ballpark estimate of your potential costs.
Age group is the key determinant of Maryland car insurance rates. Younger drivers, due to their inexperience on the road and increased accident risks, tend to pay the highest rates; adults between 30-60 will typically enjoy lower premiums as do senior drivers.
Gender can also play an impactful role, with male drivers on average paying higher premiums than their female counterparts. Driving history also plays a vital role; any major violations or accidents on your record – especially speeding tickets or DUI convictions – will cause your rates to skyrocket. You can reduce them by keeping a clean driving record and taking any safe driving courses you qualify for.
Location can have a dramatic impact on your rates, as crime, weather and population density all factor into an insurer’s risk analysis process. Baltimore residents usually pay around 7 percent more than state average; drivers in Columbia or Germantown might pay less. Your vehicle type and coverage levels also matter: driving an exotic or rare car may necessitate more comprehensive protection than standard sedan drivers.
Minimum coverage in Maryland includes bodily injury liability insurance and property damage liability coverage to cover expenses caused by accidents in which you were at fault, such as injuries to other drivers and passengers or repairs to their vehicles. You will likely require uninsured/underinsured motorist coverage which pays damages caused to your car when hit by uninsured or underinsured drivers.
Although driving without Maryland auto insurance is illegal, you could save some money by shopping around and comparing quotes from multiple providers before selecting your policy. Some of the more cost-effective providers include USAA, GEICO and Erie.
Bad credit makes obtaining low rates difficult, but some insurers offer special car insurance for high-risk drivers at less than the state average rates. You can improve your credit by making timely payments and decreasing debt levels; furthermore, switching to a safer vehicle or forgoing collision and comprehensive coverages might lower rates and save money overall.