In 2010, average auto insurance premiums in Maine were $1,128, compared to a national average of $1,528, making Maine one of the least expensive states for auto coverage.
Annual Changes
Between the beginning of 2010 and the beginning of 2009, the average annual premium in Maine was reduced by 20%. This follows a 6% increase in premiums between 2008 and 2009. Monitoring rates and obtaining frequent quotes through this site is the best way for drivers to ensure that they are paying the lowest possible rates for auto insurance in Maine as it is impossible to predict whether rates will rise or fall in the near future. Auto insurance rates in Maine are set and decided by the insurers themselves and there is no state regulation.
Seasonal Changes
In 2010, rates remained at roughly the same level until September when rates dropped sharply, only to be followed by a return to earlier rates by November. Shopping around after obtaining periodic multiple quotes is always recommended as it is not possible to predict how seasonal rate changes will affect future annual premiums.
Insurance Requirements
The minimum insurance requirements in Maine include personal liability coverage of $50,000 per person and a $100,000 limit per accident, and the minimum property damage liability coverage is set at $25,000. There is also a mandatory uninsured and underinsured motorist coverage requirement with a limit of $50,000 per person and $100,000 per accident. Maine also requires purchase of medical payments coverage to pay for driver and passenger medical expenses; the minimum coverage for this mandatory insurance is $1,000. Under the tort system in Maine, one party is judged responsible for all damages that result from an accident so that higher coverage limits are highly recommended to preserve assets in the event of a lawsuit.
Advice for Getting the Best Deals
Both regional and national insurance companies provide auto insurance coverage in Maine. Since each company sets its rates according to its own formulas, there is no one company or type of company that is known to offer the lowest rates in Maine. Obtaining multiple quotes from reliable insurance companies that are rated A or higher by A. M. Best is highly recommended. In addition, it is advised to check the J. D. Power consumer satisfaction ratings for each company.
The easiest way to get the lowest rates for car insurance in Maine is to use this site for obtaining multiple quotes and monitoring prices at regular intervals.
