Average annual auto insurance premiums in Maryland are $1,846, far above the national average of $1,440.
Annual Changes
Between the beginning of 2011 and the beginning of 2010, the average annual premium in Maryland showed a decrease of 13%, following an 8% decrease between 2009 and 2010. However, it is not possible to predict whether further reductions will occur in future years. By monitoring rates and obtaining frequent quotes through this site, drivers in Maryland can be sure that they are paying the lowest possible rates for auto insurance.
Seasonal Changes
In 2010, rates remained at roughly the same level until August when rates began to fall, reaching their lowest point in October before rising in November and then dropping yet again in the winter. Rapid changes to auto insurance rates in Maryland clearly do occur, and especially as these changes are unpredictable it is always advised to shop around and monitor prices.
Insurance Requirements
The new, higher, minimum insurance requirements in Maryland call for personal liability coverage of $30,000 per person and a $60,000 limit per accident, and the minimum property damage liability coverage is set at $15,000. There is also a mandatory uninsured and underinsured motorist coverage requirement with a limit of $30,000 per person and $60,000 per accident. Maine also requires purchase of personal injury coverage to pay for driver and passenger medical expenses; the minimum coverage for this mandatory insurance is $2,500. 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
The auto insurance market in Maryland is served by regional and national insurance carriers. Since each company sets its rates as it sees fit, there is no one company or type of company that is known to offer the lowest rates in the state. 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.
Maryland drivers can find the best rates for auto insurance by using this site to monitor prices and obtain multiple quotes at regular intervals.
