Did you know that your driving record and credit score play a major role in determining the average cost of car insurance in Maryland? Along with these, factors such as your age, gender, and location also affect your car insurance premiums in Maryland. Understanding these elements can help you better estimate what you might pay for coverage.
This article will guide you through the key factors that influence insurance costs and share practical tips on how to save money when shopping for car insurance in Maryland. You’ll also find information on providers offering some of the best rates in the state to help you make an informed decision.
How Much Is the Average Cost of Car Insurance in Maryland?
The average cost of car insurance in Maryland varies based on the coverage selected. Drivers opting for full coverage usually pay around $130 per month, or roughly $1,800 annually. Having a clean driving history can help you secure better rates from insurance providers.
Average Cost of Car Insurance Per Month
For most drivers in Maryland, the average monthly premium ranges from $40 to $100. Insurance providers offer a variety of discounts and coverage options tailored to individual needs. It’s important to choose a premium you can afford, considering your driving record, age, and budget, to ensure you get the best coverage without financial stress.
Who Offers the Best Car Insurance Rates in Maryland
Maryland has many car insurance providers to choose from. For drivers with clean records, Geico is often regarded as offering some of the cheapest rates. USAA stands out for providing the best affordable minimum liability coverage. When it comes to full coverage insurance, popular providers include Travelers, Geico, and Nationwide. It’s wise to compare rates and explore each insurer to find the best fit for your needs.
Average Cost of Minimum Liability Coverage in Maryland
The most basic insurance any driver can choose is third-party minimum liability coverage. This coverage protects the other party in an accident and is one of the most affordable options. In Maryland, USAA offers this minimum liability coverage for as low as $40 per month, making it an economical choice for drivers seeking essential protection.
Average Cost of Full Coverage Car Insurance in Maryland
Full coverage insurance provides the highest level of protection, covering both damages to your vehicle and injuries to all parties involved. Although it tends to be more expensive, it offers peace of mind for comprehensive protection. In Maryland, the average cost for full coverage ranges between $110 and $120 per month.
Factors That Influence Car Insurance Cost in Maryland
Several factors affect how much you pay for car insurance in Maryland, including:
- Gender and Age of the Driver: Younger drivers and males often face higher premiums due to their higher risk profiles.
- Driving History: Maintaining a clean driving record with no accidents or violations can help lower your insurance rates.
- Location: Urban areas with higher traffic and crime rates typically have higher insurance premiums.
- Credit Score: Insurers often use credit scores to gauge financial responsibility; lower scores can lead to higher premiums.
- Vehicle Type: The make, model, and age of your car impact costs — newer or more expensive vehicles generally have higher insurance rates.
Maryland Car Insurance Rates by City
Your location plays a significant role in determining your auto insurance premium. In Maryland, car insurance rates can vary widely depending on the city due to factors like traffic density, accident frequency, and crime rates. Below are five major cities in Maryland and their average monthly and annual premiums for full coverage:
| Cities | Full coverage monthly rate | Full coverage annual rate |
| Rawlings | $169 | $2,031 |
| Centreville | $166 | $1,989 |
| Denton | $164 | $1,969 |
| Ingleside | $165 | $1,985 |
| Neavitt | $166 | $1,991 |
Maryland Car Insurance Costs by Age and Gender
Most insurance companies charge hefty premiums to young male drivers. This is considered a risk because young males have less experience on the road and lack financial independence. Also, most teens end up with speeding tickets, traffic violations, and other fines. Similarly, drivers over 60 pay higher premiums as they have slower reflexes and weaker eyes.
Car Insurance Rates in Maryland by Credit Score
Your credit score is one of the key factors insurance providers use to determine your car insurance premium. A higher credit score indicates financial stability and responsibility, which can lead to lower insurance rates. On the other hand, a poor credit score often results in significantly higher premiums. Here’s what Maryland drivers can expect to pay annually based on their credit score:
- Poor Credit Score: $4,864 per year
- Average Credit Score: $2,783 per year
- Good Credit Score: $2,518 per year
- Excellent Credit Score: $2,165 per year
Improving your credit score can be a long-term strategy to save money on your car insurance.
Maryland Car Insurance Rates by Vehicle Type
The type of vehicle driven has a considerable impact on insurance premiums. Here is an overview of Maryland’s typical annual premiums for many popular vehicle models:
- Vehicles such as the Toyota Camry offer moderate premiums, averaging roughly $2,543 annually.Â
- Luxury car brands such as BMW 330i are slightly more expensive, with an average annual premium price of $2,978.Â
- Some family vehicle models include minivans with lower annual rates of $2,229, the current average for the Honda Odyssey.Â
- Some models, like the Toyota Prius, are slightly higher at $2,620 to account for the extra expenses associated with the different parts used to manufacture hybrid cars.
How to Save Money on Car Insurance in Maryland?
Here are some tips one can follow to save money while looking for the best auto insurance policies:
- Savings are usually offered for maintaining a clean record, insuring specific car models, or bundling policies.
- If one improves their credit score, there is potential for a decrease in insurance rates.
- To reduce the premium payments, opt for a higher deductible; however, settle for an amount that will not strain you when you must present a claim.
- Some insurance companies reward you for being a careful driver by giving you even lower insurance rates if your insurance rate and accident rates are also low.
Conclusion
Finding the right car insurance in Maryland takes more than just picking the lowest price—it’s about understanding what influences your premium and comparing options that suit your needs and budget. With rising insurance costs, it’s essential to make informed choices.
That’s where Beem comes in. Beem helps you compare personalized car insurance quotes from top providers in just minutes. You can track your credit score, manage your bills, and explore financial tools, all in one place. Trusted by over 5 million users, Beem empowers you to make smarter financial decisions and save more. Ready to take control of your car insurance? Get started with Beem today and find a plan that fits your life and your wallet. Download the app here.
FAQs on Average Cost of Car Insurance in Maryland
1. What is basic car insurance in Maryland?
In Maryland, the most basic form of car insurance is minimum liability coverage. This policy covers damages or injuries caused to the other party in an accident but does not cover your own vehicle. It’s also the most affordable option available. Providers like USAA offer some of the lowest rates for minimum coverage in the state.
2. Is car insurance in Maryland expensive?
Yes, car insurance in Maryland tends to be higher than the national average. However, you can lower your premium by maintaining a good credit score, keeping a clean driving record, taking advantage of discounts, and comparing quotes from multiple providers before choosing a plan.
3. How can I find the best car insurance deal in Maryland?
To find the best deal, compare quotes from multiple insurers, look for bundling discounts, consider raising your deductible, and explore options through platforms like Beem. Beem helps you get personalized quotes, track your credit score, and manage your bills, helping you save both time and money.
