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• MD Car Insurance Rates

Maryland Auto Insurance Rates

Factors That Affect Your Maryland Auto Insurance Rates

There are plenty of factors that affect your Maryland auto insurance rate. We have a few points that you may want to consider depending on whether you are single, your age, and whether you do or do not have other family members on your plan.

• Young and Single
• Young Family
• Established Family
• Seniors (and/or Empty Nesters)

Young and Single

You are eligible to stay our your parents’ policy if you live with them and do not own your own car. This will most likely lower your insurance rate because young drivers are put into higher risk pools. If you purchase your own vehicle, you will need your own insurance policy.

When you are ready to buy your own car, consider the vehicle you buy carefully because the cost of
insurance varies depending on the type and model of your car. SUV’s, convertibles and high performance vehicles
usually cost more to insure than other cars.

Don’t go overboard purchasing liability coverage that you do not need. If you do not own many assets, then you should not be paying for more coverage than what your assets are worth.

If you do purcahse comprehensive and collision coverage, then use may want to raise your detuctible. A higher deductible will lower your premium cost.

If you are a student and have good grades, you should inform your insurance every semester as they often offer preferred rates and discounts to young people who do so.

Young Family

If you are carpooling with other parents to drive your children to and from playdates, school, or other activities, you may want to seriously consider purchasing more liability insurance in case of an accident. You may also want more insurance since you are most likely aquiring more assets at this point in your life.

If you haven’t already, now is a good time to combine auto insurance policies with your spouse. It helps because consolidation can offer you a decreased rate or allow you to acquire more insurance at the same price.

Established Family

Adding your new teenage driver to your insurance policy is not a bad idea, but it is most likely going to raise your insurance rate, and boys tend to cost more than girls. This is based on statistics that show that young drivers tend to cause more accidents and boys tend to cause more than girls.

You will probably want to increase your insurance coverage at this point in your life, as you probably have more assets to protect and you may also be driving more kids around to various activities.

Encourage your teen(s) to maintain good grades and participate in a driver’s education course. Both actions may decrease your auto insurance policy.

You may be entitled to discounts if your child lives at least 100 miles away at school (and therefore has less access to the insured vehicle.)

Seniors (and/or Empty Nesters)

Drivers between 55-70 years of age are often entitled to discounts because that age group is less likely to be involved in an auto accident than most other drivers.

You should inform your insurer of major life changes (like retirement or job chagnes) that do not demand as much time in a car driving as before. Insurers will lower your car insurance rate if you drive your car less often or only during daylight hours.

If you’ve maintained a job with the same employer for several years, let your insurer know as it implies stability and may lower your premium.

Consider taking a senior driving refresher course (try AARP’s 55Alive,a program run by the National Institute of Highway Safety or AAA.) You may qualify for a discount upon completion.

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