As of 2021, car insurance in Maryland can cost an average of $760per year for state minimum liability. Full coverage costs even more. So how are Maryland residents supposed to save money on their car insurance? Read on to learn how to find the best car insurance in your area and save money.
The first thing to do when looking for any kind of insurance is to get familiar with the policy you already have. What kind of coverage are you paying for, and do you need more or less?
There is a chance you are already saving as much money as possible with your current insurer, but you should never assume. It’s not a bad idea to reevaluate your coverage every time it renews (6 months to a year), but you should be checking around at least every couple of years.
Coverage and premium options are constantly changing, so to make sure you’re getting the best deal, shop around frequently. Some companies offer discounts to new clients while some offer rewards for long-term customers.
Check your policy to see what it covers, what it costs, and what areas you could improve to get a better rate. Then compare your current rate to those offered by other auto insurance companies in your area. Don’t forget to check with local insurance companies, too. The big names don’t always have the best deals.
Bundle your insurance policies.
The best way to save money on your car insurance is to get all your vehicles on the same policy. Most insurance companies offer great rates for coverage for multiple cars. You can also add home or life insurance and get an even better deal.
Bundling is the most consistent money-saving method across most insurance companies, so check with your current provider to see what they offer and how much you can save. Then compare with other companies and see what their bundling offers are.
Don’t forget many insurance companies will also cover your motorcycle, RV, ATV, or boat as well. If you can get all your properties under the same policy, you will certainly be getting the best deal available from that company. This is not to say the rate couldn’t change. It’s still a good idea to shop around every few years or so.
Improve your record.
Another great way to save money on car insurance is to reevaluate your driving history and credit score every few years. If it has been some time since your last traffic ticket, accident, or DUI, you could save money on your premium by taking advantage of good driver discounts.
Similarly, drivers with better credit scores can also save money on their monthly premiums. Simple things like paying your bills on time or following the speed limit can have a major effect on your premium prices.
Check with your providers to see what discounts they offer and what you may be eligible for. Have you taken a defensive driving course? That could get you a lower rate, even after an accident.
If you have young drivers in your home, have they passed the age of accountability? Most insurance companies charge more for younger drivers but drop those rates after a certain age. Also, students with good grades can usually qualify for discounted rates. Check with the company to see where the cutoff is.
If you’re driving a big SUV or van, consider downsizing to a more compact vehicle. The same is true for more expensive vehicles like luxury cars and sports cars. Not only will this save you on gas and maintenance in most cases, but many insurance companies also offer discounts for safer, greener, or more technologically advanced vehicles.
Also, the lower your vehicle’s mileage, the cheaper the premium. This is where the area you live in comes into play. If you have a long commute, consider carpooling or taking public transit at least part of the time.
Lower mileage on your vehicle means you are less likely to get into an accident. The safer your car is considered, the lower your premium will be in most cases. While drivers are not punished for having large or energy inefficient vehicles, in some cases, smaller, safer cars will get you a better premium.
Saving money on car insurance when you live in Maryland takes some research and lifestyle adjustments. However, it’s not an impossible task. Make sure to keep up on Southern Maryland news to learn more about car insurance trends and tips.