Here’s the latest auto insurance info pertaining to quotes, rates, minimums, state laws and quirky statistics, as well as tips on how to find the Maryland car insurance package that works best for you.
Maryland Minimum Liability Coverage
The minimum required insurance coverage for each owned vehicle in Maryland is 30/60/15. That’s insurance speak for $30,000 in Personal Injury Protection (death or injury to the driver), $60,000 in per-accident coverage (death or injury to others) and $15,000 against property damage. Although these mandated minimums are relatively high as compared to other U.S. states, they still fail to cover the actual costs associated an accident. The Insurance Information Institute recommends 100/300 coverage for all drivers in the United States.
Still, most Maryland drivers remain under-insured, having purchased only the minimum required coverage. What’s more, fifteen percent of cars driven in Maryland are uninsured altogether. For this reason, Uninsured Motorist Insurance (UMI) is generally recommended for Maryland drivers, since Maryland is not a “no-fault” state.
Penalties for Driving Without Insurance in Maryland
The standard penalty for getting caught driving an uninsured vehicle in the state of Maryland is registration suspension for up to one month and a $150 fine. If the vehicle’s insurance remains unpaid, the fine increases by seven dollars each day, with a maximum penalty of $2,500 for a period of one year.
Auto Insurance Rates in Maryland
The average yearly premium for automobile insurance in the state of Maryland was $1,905 in May of 2013. This figure is quite higher than the national average car insurance premium, which was $1,670 at the time.
Low Cost Car Insurance Programs in Maryland
Owning a car in Maryland is less of a headache if you remain aware of available discount options. Insurance carriers offer a broad assortment of discounts for safe drivers, senior citizens, good students, drivers who use anti theft devices, drivers who buy more than one policy and drivers who own more than one car, among others.
Also, the Maryland Automobile Insurance Fund (MAIF) provides assistance to drivers who are unable to get car insurance. Their programs include the Uninsured Division, which pays monetary benefits to Maryland residents who have been injured in an automobile accident. The Uninsured Division is funded mainly by penalties and fines imposed on uninsured motorists ticketed in Maryland.
Obtaining Auto Insurance Quotes in Maryland
Recent consumer reviews indicate that Maryland’s most popular auto insurance providers are ABC, Allstate, Encompass, Liberty Mutual, The Hartford, State Farm and 21st Century Insurance. Still, some Maryland vehicle owners prefer smaller local carriers such as Erie Car Insurance and The Advantage Group. Overall, the state of Maryland is home to several dozen car insurance companies based in hundreds of neighborhood offices staffed by friendly agents who offer coverage at competitive rates. Call around and inquire. Compare rates. Ask about their discount programs.