Maryland Auto Insurance: What's The Cost?

The cost of auto insurance in Maryland depends on several factors, including age, driving history, and credit score. The average cost of full coverage auto insurance in Maryland is $1,464 per year or $122 per month. For minimum coverage, the average cost is $864 per year or $72 per month. The cheapest car insurance company in Maryland is Geico, with an average annual rate of $1,227 for full coverage. The cost of auto insurance in Maryland is moderate compared to other states, with the national average for full coverage being $1,296 per year.

Full coverage insurance in Maryland is, on average, $1,464 per year

The cost of car insurance in Maryland varies depending on factors such as age, driving record, credit score, and vehicle type. The average cost of full coverage insurance in Maryland is $1,464 per year, but this can range from $1,245 to $2,544, according to different sources.

Full coverage insurance in Maryland includes liability insurance, which is required by law, as well as comprehensive and collision insurance, which are optional but often recommended. The cost of full coverage insurance in Maryland is lower than the national average, which is around $2,278 per year.

The price of car insurance in Maryland also varies depending on the city. For example, drivers in Baltimore pay about 7% more than the state average, while those in Columbia or Germantown pay around 7-8% less.

When it comes to age, younger drivers tend to pay more for car insurance than older adults. For instance, the average cost of car insurance for a 16-year-old driver in Maryland is estimated to be $7,065 per year, while a 35-year-old driver pays around $1,833 per year.

Additionally, factors such as driving record and credit score can impact the cost of car insurance in Maryland. Drivers with a speeding ticket or a recent accident may pay up to 20% more, while those with poor credit history could see their rates increase by 94%.

In summary, while the average cost of full coverage insurance in Maryland is $1,464 per year, this figure can vary significantly depending on personal factors and the level of coverage chosen.

The average cost of minimum coverage in Maryland is $864 per year

The cost of car insurance in Maryland varies depending on the level of coverage, the driver's age, driving history, and location, among other factors. The average cost of minimum coverage in Maryland is $864 per year, though some sources state $906, which is significantly higher than the national average of $621.

The cost of car insurance in Maryland can be influenced by a range of factors, including age, gender, driving history, credit score, and location where you live. For example, Maryland drivers with a speeding ticket pay roughly 20% more, while those with a DUI pay about 97% more. Excellent credit history can generate an average premium 14% lower than the state average, while poor credit history increases rates by 94% on average.

The city you live in can also impact your car insurance rates. Crime rates, weather conditions, population density, and claim frequency are all factors that can affect the cost of car insurance in different cities and ZIP codes within Maryland. For instance, drivers in Baltimore pay about 7% more than the state average, while those in Columbia or Germantown may pay around 7-8% less.

The type of car you drive can also influence your insurance rates. For example, Toyota Prius owners pay 1% more annually in Maryland, while Ford F-150 drivers pay 9% less on average.

When it comes to insurance companies, USAA and Geico are often the cheapest options for minimum coverage in Maryland, with average annual rates of $471 and $1,245, respectively. However, USAA policies are only available to military members, veterans, and their families.

In summary, the average cost of minimum coverage in Maryland is $864 per year, but this can vary significantly depending on individual factors and the insurance company.

The average cost of car insurance for a 22-year-old in Maryland is $1,707 per year

The cost of car insurance in Maryland is influenced by various factors, including age, gender, driving record, credit score, location, and vehicle type. For example, younger and less experienced drivers typically face higher insurance premiums. Additionally, urban areas with high traffic congestion and higher accident rates tend to have more expensive insurance premiums.

When compared to the national average, car insurance in Maryland can be considered moderately expensive. The state's average annual premium for full coverage is $1,464, while the national average is $1,296. Similarly, the state's average annual premium for minimum coverage is $864, higher than the national average of $595.

It is worth noting that car insurance rates can vary significantly between different insurance companies, even within the same state. For example, in Maryland, State Farm offers the most affordable full coverage at an annual cost of $1,191, while Allstate has the highest average premium at $2,189.

To secure more affordable car insurance in Maryland, it is recommended to compare rates from multiple insurers, maintain a clean driving record, bundle insurance policies, increase deductibles, and utilize applicable discounts.

The average cost of car insurance for a 35-year-old in Maryland is $1,833 per year

The average cost of car insurance for a 35-year-old in Maryland is influenced by various factors, including the driver's location, insurance provider, and the level of coverage they choose.

Average Cost of Car Insurance in Maryland by Company

The average cost of car insurance in Maryland differs from one company to another. For instance, State Farm offers the most affordable full coverage at an annual cost of $1,191, while Allstate has the highest average premium at $2,189. Shopping around and comparing rates from multiple insurers can help drivers find the most affordable coverage that meets their needs.

Average Cost of Car Insurance in Maryland by Coverage Level

The cost of car insurance in Maryland is also determined by the amount of coverage selected. Maryland drivers pay approximately $72 per month for state minimum coverage, while 100/300/100 full coverage with a $1,000 deductible costs around $122 per month. Although full coverage insurance is more expensive, it is often recommended as it provides more comprehensive protection in the event of accidents.

Average Cost of Car Insurance in Maryland by City

The cost of car insurance can vary depending on the city in Maryland. For example, the cheapest full coverage rate in Columbia is $1,041, while in Baltimore, it is $1,625. Location plays a significant role in determining insurance premiums, with urban areas typically having higher rates due to increased risks of theft and accidents.

Average Cost of Car Insurance in Maryland by Age

Age is a critical factor influencing car insurance costs in Maryland, with younger drivers usually paying higher premiums. Generally, drivers aged 22 to 29 face the most expensive insurance rates, with the average cost for a 35-year-old being $1,464 annually or $122 monthly. As drivers mature and gain more experience, their insurance rates tend to decrease.

Average Cost of Car Insurance in Maryland for Newer Cars

The average annual cost for full coverage car insurance also depends on the age of the vehicle. For instance, insuring a 2012 car model in Maryland costs approximately $1,163, while the same coverage for a 2022 model climbs to $1,298. The higher cost for newer vehicles is due to their higher actual cash value, more expensive repair costs, and a higher risk of theft.

Average Cost of Car Insurance in Maryland by Driving Record

A driver's history can significantly impact their car insurance payments in Maryland. The average cost for minimum coverage increases for drivers with tickets, accidents, or DUIs. A driver with a clean driving record can expect to pay around $864 per year for state minimum coverage, while a driver with a DUI on their record may pay around $2,145 per year.

Average Cost of Car Insurance in Maryland by Credit Score

In Maryland, the average cost of car insurance also varies based on the driver's credit score. Those with excellent credit may pay around $870 per year, while individuals with poor credit could pay up to $1,684 per year. Insurance companies consider credit score as an indicator of financial stability and reliability when determining insurance rates.

Tips for Saving Money on Car Insurance in Maryland

To secure affordable car insurance in Maryland, it is recommended to compare rates from multiple insurers, maintain a clean driving record, bundle insurance policies, increase deductibles, and take advantage of applicable discounts. By considering these factors, drivers can effectively lower their premiums and find a plan that fits within their budget.

The average cost of car insurance for a 60-year-old in Maryland is $1,403 per year

The average cost of car insurance for a 60-year-old in Maryland is influenced by various factors, including the driver's location, insurance provider, and driving history. While the cost can vary, it appears that a 60-year-old driver in Maryland can expect to pay around $1,403 per year for car insurance, according to the provided information. This translates to approximately $117 per month.

Factors Affecting Car Insurance Rates for 60-Year-Olds in Maryland

• Location within Maryland: The city or area where a 60-year-old lives in Maryland can impact their insurance rates. For instance, drivers in Baltimore tend to pay about 7% more than the state average, while those in Columbia or Germantown may pay around 7-8% less.
• Insurance Provider: The choice of insurance company plays a significant role in determining rates. For example, in Maryland, State Farm offers more affordable full coverage options, with an annual cost of $1,191, while Allstate has the highest average premium at $2,189.
• Driving Record: A clean driving record can result in lower insurance premiums. Maryland drivers with a speeding ticket, an at-fault accident, or a DUI on their record will likely see higher rates, with a DUI having the most significant impact.
• Credit Score: Credit history also influences insurance rates. A 60-year-old with an excellent credit score may pay around $870 annually, while poor credit could increase the rate to approximately $1,684.
• Vehicle Type: The make and model of the vehicle being insured can affect rates. For instance, a Toyota Prius may have a slightly higher premium than a Ford F-150 in Maryland.
• Coverage Level: Opting for higher coverage limits or additional coverage types, such as collision or comprehensive insurance, will generally increase the overall cost of the policy.

Tips for Finding Affordable Car Insurance in Maryland

To secure more affordable car insurance in Maryland, it is recommended to compare rates from multiple insurance providers. Maintaining a clean driving record, bundling insurance policies, and increasing deductibles (if feasible) can also help lower premiums. Additionally, taking advantage of available discounts, such as those for safe driving, good student status, or having anti-theft devices installed in the vehicle, can further reduce costs.

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