The words “economical” and “insurance” probably shouldn’t be used in the same sentence, specifically when you are looking for the cheapest car insurance for homeowners. In an attempt to save some money, let’s teach you some things that determine car insurance premiums, and come up with some ways to reduce the cost of your next policy.
Comparing quotes for reasonably-priced insurance is not easy, and figuring out which company quotes the cheapest insurance rates for homeowners takes even more perseverance. Each insurance company uses a slightly different approach to establish rates, so let’s begin by taking a look at the insurance companies that tend to be cheaper in Maryland.
Find the Best Cheap Insurance for Homeowners
|Rank||Company||Cost Per Year|
|Get a Custom Quote Go|
USAA may offer some of the lowest car insurance rates in Baltimore at around $930 annually. This is $629 less than the average policy premium paid by Maryland drivers of $1,559. Erie, Liberty Mutual, Penn National, and State Auto also are some of the cheapest Baltimore, MD car insurance companies.
As illustrated above, if you buy coverage from Erie and switched to USAA, you might achieve yearly savings of about $185. Maryland drivers with Liberty Mutual may save as much as $195 a year, and Penn National customers might realize rate reductions of up to $196 a year.
Be aware that those policy prices are averaged for all types of insureds and vehicles and do not take into consideration an exact vehicle garaging location for homeowners. So the company that has the cheapest rates for you may not even be in the list above. That affirms the importance of why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.
The make and model of vehicle that needs insurance is probably the most important factor that determines the availability of affordable coverage for homeowners. Vehicles with lots of speed or power, a lack of advanced safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than safer models. The data below outlines auto insurance rates for a handful of the more affordable automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford F-150 XL Super Cab 4WD||$2,591|
|Honda CR-V EX 2WD||$2,642|
|Ford Edge SEL 2WD||$2,680|
|Ford Focus SE 4-Dr Sedan||$2,685|
|Jeep Grand Cherokee Laredo 2WD||$2,732|
|Toyota RAV4 Sport 2WD||$2,738|
|Chevrolet Malibu LS||$2,732|
|Ford Explorer Eddie Bauer AWD||$2,787|
|Dodge Grand Caravan Crew||$2,793|
|Ford Escape XLS 2WD||$2,835|
|Honda Accord EX-L 4-Dr Sedan||$2,867|
|Honda Odyssey EX-L||$2,877|
|Hyundai Elantra GLS 4-Dr Sedan||$2,886|
|Get a Custom Quote Go|
Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Prices do not factor in specific location which can decrease or increase prices substantially.
Looking at the data, we can assume that cars like the Ford F-150, Honda CR-V, and Ford Edge are going to be a few of the most affordable vehicles to insure for people who own their homes.
For people who own their homes, one of the more important considerations that are looked at to determine auto insurance rates is where you choose to live. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with less people or fewer weather incidents get the luxury of paying less.
The next table rates the priciest cities in Maryland for homeowners to purchase auto insurance in. Baltimore ranks #1 with the annual price of $1,742 for the average policy, which is approximately $145 per month.
|Rank||City||Average Per Year|
|23||Bel Air South||$1,186|
|Find the Best Rates Go|
Rate information is comparative as zip code location can affect auto insurance rates significantly.
Poor driving habits will raise your insurance rates
The obvious way to snag low insurance prices for people who own their homes is to be a cautious driver and avoid tickets and accidents. The chart below shows how traffic citations and fender-benders can affect auto insurance rates for each different age category. The rate quotes are based on a single male driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.
The data in the chart shows the average cost of an auto insurance policy in Baltimore per year with no accidents and a clean driving record is $2,587. Factor in one speeding ticket and the average cost increases to $2,912, an increase of $325 each year. Now add in two accidents along with the one speeding ticket and the 12-month cost of insurance for homeowners goes up to an average of $5,554. That’s an increase of $2,967, or $247 per month, just for a couple of infractions!
Types of discounts on Baltimore auto insurance
Car insurance companies that offer cheap quotes for homeowners may also offer special discounts that could potentially reduce rates by 40% or more if you meet the requirements. The best insurance companies and some of the discounts can be read below.
- Progressive offers discounts for good student, online signing, multi-vehicle, continuous coverage, homeowner, and online quote discount.
- Farmers Insurance policyholders can earn discounts including homeowner, switch companies, pay in full, multi-car, business and professional, good student, and electronic funds transfer.
- Farm Bureau has savings for renewal discount, multi-policy, multi-vehicle, driver training, youthful driver, 55 and retired, and good student.
- State Farm has discounts for accident-free, Drive Safe & Save, defensive driving training, multiple policy, anti-theft, and student away at school.
- GEICO may have discounts that include air bags, five-year accident-free, good student, multi-policy, emergency military deployment, anti-theft, and military active duty.
- SAFECO offers premium reductions for multi-car, teen safe driver, homeowner, teen safety rewards, and bundle discounts.
- Liberty Mutual discounts include hybrid vehicle, safety features, new graduate, good student, exclusive group savings, new move discount, and multi-policy.
The information below shows the difference between insurance costs with and without discounts applied. The premiums are based on a female driver, no accidents, no driving violations, Maryland state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with multiple policy, claim-free, marriage, passive restraint, homeowner, and vehicle safety discounts applied. When these discounts are applied to the policy premium, the average savings per year on insurance for homeowners is 28% or $609.
The chart below shows how choosing a deductible can influence insurance prices when getting quotes for cheap insurance for homeowners. The rate quotes are based on a single female driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 50-year-old driver could reduce rates by $436 a year by changing from a $100 deductible up to a $500 deductible, or save $656 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old example, could save as much as $1,118 each year by choosing a larger deductible amount.
When choosing a higher deductible, it will be important to have additional funds squirreled away to be able to cover the extra out-of-pocket expense that is associated with using high deductibles.
How to find the cheapest auto insurance for homeowners
Here are some penny-pinching suggestions that can help Baltimore drivers locate low-cost car insurance.
- Older vehicles may not need full coverage
- You will pay more if you get tickets or have at-fault accidents
- Prevent rate increases by staying accident-free
- Try to pay small claims out-of-pocket
- Raise your deductibles
- Check for cheaper rates once a year
The last idea is particularly critical, as was discussed in this article. Auto insurance rates in Baltimore vary greatly, so drivers shouldn’t hesitate to switch companies if a more affordable rate is found.
Being loyal to a particular company is commendable, but it’s not a great idea if that faithfulness ends up costing you lots of hard earned cash every month. In just a couple of minutes you could compare rates and find cheaper insurance for homeowners.
The insurance agencies below are willing to help you determine which is the best policy, since some drivers wish to get some guidance when buying car insurance for homeowners. It can be time-consuming to find the cheapest rate yourself, and insurance agents can give you comfort knowing you have sufficient coverage at claim time.
To find a Baltimore insurance agent in your neighborhood, click the link after the list or click here to compare rates now.
- Raul Braun – State Farm Insurance Agent
8609 Old Harford Rd – Baltimore, MD 21234 – (410) 663-3100
- State Farm: Scott Garvey
3818 Roland Ave – Baltimore, MD 21211 – (410) 889-5840
- Tamara Thomson – State Farm Insurance Agent
7823 Wise Ave – Baltimore, MD 21222 – (410) 282-7283
- Allstate Insurance: John Fisher
7839 Eastpoint Mall Ste 4 – Baltimore, MD 21224 – (410) 285-8200
- Anthony Walker Sr. – State Farm Insurance Agent
8641 Loch Raven Blvd #2d – Baltimore, MD 21239 – (410) 663-8888