After conducting extensive research and applying our systematic Bankrate Score analysis, Bankrate's insurance editorial team has identified Geico, USAA, and State Farm as some of the finest car insurance companies in Maryland. To initiate our examination, we procured current premium data from the leading insurance providers based on market share in Maryland, sourced from Quadrant Information Services. We then compared these rates with the state's average insurance costs. Our data indicates that the typical annual expense for full coverage car insurance in Maryland is $1,971, while the cost for minimum coverage is approximately $815. Additionally, we took into consideration third-party evaluations, including customer satisfaction ratings from the 2023 J.D. Power Auto Insurance Study and AM Best financial strength assessments.
If you are in search of the most outstanding auto insurance options in Maryland, it would be prudent to obtain quotes from the following insurers:
- Geico
- Bankrate Score: 4.4 out of 5 stars
- Average Full Coverage Rate: $1,727
- Average Minimum Coverage Rate: $603
- USAA
- Bankrate Score: 4.3 out of 5 stars
- Average Full Coverage Rate: $1,544
- Average Minimum Coverage Rate: $545
- State Farm
- Bankrate Score: 4.2 out of 5 stars
- Average Full Coverage Rate: $2,056
- Average Minimum Coverage Rate: $845
- Progressive
- Bankrate Score: 4.2 out of 5 stars
- Average Full Coverage Rate: $1,766
- Average Minimum Coverage Rate: $916
- Erie
- Bankrate Score: 4.1 out of 5 stars
- Average Full Coverage Rate: $1,701
- Average Minimum Coverage Rate: $703
How to Discover the Optimal Car Insurance in Maryland
Unearthing the ideal car insurance in Maryland can be a unique journey for each individual, as everyone has distinct needs and preferences. When embarking on your quest for the best auto insurance in Maryland, consider the following factors to guide your decision-making process.
1. Minimum Insurance Requirements in Maryland
In Maryland, drivers are obliged to maintain a baseline level of car insurance coverages to legally operate their vehicles. These mandatory coverage types include bodily injury liability, property damage liability, uninsured motorist bodily injury, uninsured motorist property damage, and personal injury protection (PIP). While it's not essential to memorize Maryland's car insurance laws, understanding the state's financial responsibility law can be beneficial in determining whether you should opt for higher coverage limits. Most insurance experts concur that minimum limits often fall short of providing adequate protection, urging drivers to consider higher coverage amounts for enhanced financial security.
2. Lender Requirements
If you have a loan or lease for your vehicle, additional car insurance requirements usually come into play. Minimum coverage doesn't extend any protection to your own vehicle, a facet lenders typically mandate to safeguard their financial stake in your automobile. To secure this financial safeguard, you'll need to invest in full coverage, encompassing comprehensive and collision coverage.
Lenders and leasing companies typically specify the acceptable deductibles for your policy. Moreover, it's worth contemplating the acquisition of gap insurance, designed to bridge the gap between your new vehicle's actual market value and the remaining loan amount if your vehicle is declared totaled.
3. Assess Your Individual Needs
Grasping your specific requirements for auto insurance can significantly streamline your selection process. Your budget might be your primary concern, or perhaps you desire a company equipped with robust digital assets and a user-friendly mobile app. In the event of a teen driver in your household, you might be on the lookout for insurers offering various teen discounts. For individuals with a history of accidents, traffic violations, or DUI/DWI convictions, finding an insurer that caters to high-risk drivers may be necessary. Investing the time to comprehend your unique situation, preferences, and needs can help identify the insurance companies that align best with your circumstances.
What's the Cost of Car Insurance in Maryland?
When examining the average cost of full coverage car insurance, Maryland residents find themselves paying a rate that closely aligns with the national average. The typical annual expense for full coverage car insurance in Maryland hovers around $1,971, which is merely 2 percent lower than the U.S. average of $2,014. However, it's important to note that minimum coverage can be considerably more expensive in Maryland. On average, Maryland drivers face an annual premium of $815 for minimum coverage, marking a 31 percent increase compared to the national average annual premium of $622.
There are several factors contributing to the slightly elevated average premiums in Maryland. One notable aspect is that Maryland's mandatory minimum coverage includes uninsured motorist coverage, a component not found in many other states. Additionally, Maryland records an annual average of nearly 110,000 accidents over a five-year span, which may be considered relatively high, particularly when comparing the state's relatively compact geographical size to larger states.