For college grads, one of the more important considerations that aid in calculating the price you pay for insurance is the neighborhood you call home. Areas with more people or even just a higher incidence of claims are more likely to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of lower rates.
The illustration below sorts the priciest cities in Maryland for college graduates to buy auto insurance in. Baltimore shows up at #1 with the yearly price of $1,814 for car insurance, which is about $151 monthly.
|Rank||City||Premium Per Year|
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Information shown are comparative as the specific zip code location can change prices considerably.
The make and model of vehicle driven is a large consideration when consumers are trying to find low-priced car insurance for college graduates. Vehicles with limited speed and performance, excellent safety ratings, or a low likelihood of having liability claims will cost substantially less to insure than higher performance models. The table below showcases insurance prices for a number of the most affordable automobiles to insure in Maryland.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$2,308|
|Ford F-150 STX Super Cab 2WD||$2,539|
|Ford Escape XLT 2WD||$2,642|
|Honda Civic DX 4-Dr Sedan||$2,680|
|Chevrolet Malibu LS||$2,732|
|Toyota RAV4 Sport 4WD||$2,739|
|Dodge Grand Caravan Crew||$2,787|
|Ford Focus SEL 4-Dr Sedan||$2,825|
|Honda Odyssey LX||$2,908|
|Kia Optima LX||$2,929|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$2,932|
|Volkswagen Jetta SEL 4-Dr Sedan||$2,941|
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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 homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Estimates do not factor in zip code location which can affect auto insurance rates noticeably.
Looking at the data, we can tell that cars like the Honda CR-V, Ford F-150, and Toyota Prius will definitely be the most affordable vehicles to insure for college grads.
Impact of violations and accidents on rates
The ideal way to snag affordable insurance rates in Baltimore for college grads is to drive safely and avoid accidents and violations. The diagram below illustrates how speeding tickets and at-fault fender-benders can increase premium costs for different insured age categories. The premiums are based on a married female driver, comp and collision included, $1,000 deductibles, and no other discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy in Baltimore per year with no violations or accidents is $1,413. Get written up for two speeding tickets and the average cost surges to $2,003, an increase of $590 each year. Then include one accident along with the two speeding tickets and the 12-month cost of insurance for college graduates jumps again to an average of $2,599. That’s an increase of $1,186, or $99 per month, just for not being attentive to the road!
The example below shows how choosing a deductible can influence yearly insurance costs when quoting cheap insurance for college graduates. The rates are based on a married male driver, full coverage, and no discounts are applied.
The data above shows that a 50-year-old driver could lower rates by $382 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $576 by choosing a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could roll back prices $1,284 or even more just by choosing higher deductibles.
When raising deductibles, it is a good idea to have enough savings set aside to be able to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
The importance of comparing Baltimore car insurance rates
Baltimore, MD insurance rates are determined by lots of factors that control the cost of having a policy. Improving your credit score, having a teenage driver, or getting a couple of tickets may generate price changes resulting in some companies being more affordable than the competition. Also, companies change premium rates as often as every three months in order to remain profitable. Significantly higher losses can cause more expensive prices, while profitable underwriting can cause cheaper Baltimore car insurance rates.
For example, the bar chart below analyzes the cheapest car insurance in Baltimore, MD for a 45-year-old female driver with a clear driving record, no claims, and a high credit rating. If we compare prices based on her current risk profile, USAA might offer the cheapest car insurance rates in Baltimore at $1,652 annually. This is $93 more than the average rate paid by Maryland drivers of $1,559. Liberty Mutual, Erie, Penn National, and State Auto round out the rest of the best Baltimore, MD auto insurance companies.
Now let’s give the driver from above a chargeable claim, a lower credit rating, and an imperfect driving record. Due to the fact that every insurance company has their own process for filing rates in each state, comparing prices could now result in a slightly different list of the cheapest car insurance companies in Baltimore as shown below.
Nationwide now has the best price on car insurance in Baltimore, MD with MetLife, Travelers, GEICO, and California Casualty also having competitive pricing. This example illustrates why it is critical to spend some time comparing rates to find the most economical insurance quotes for college graduates. Car insurance prices are determined by many things and can increase or decrease at any time, so the most economical company six months ago may now be priced much higher than other options.
If you aren’t sure which coverage to buy and prefer to have some advice when shopping around for cheaper insurance for college grads, the insurance agencies below are willing to help you determine which car insurance company is the best fit. To locate a Baltimore car insurance agency using an interactive map, click the button below the list or click here to compare rates now.
- Maryland Auto Insurance (the new MAIF)
1215 E Fort Ave #300 – Baltimore, MD 21230 – (800) 492-7120
- Rosasco and Yetter Insurance Agency
8831 Satyr Hill Rd #302 – Baltimore, MD 21234 – (410) 661-1440
- GEICO Insurance Agent
7915 Belair Rd – Baltimore, MD 21236 – (410) 882-8200
- Upper Chesapeake Insurance Agency Inc
900 S Charles St – Baltimore, MD 21230 – (410) 385-0455
How to find budget-friendly car insurance for college graduates
Lowering your rates is not difficult, and here are some money-saving suggestions that can help Baltimore drivers quote low-cost car insurance.
- Save money by bundling your home and auto policies
- Vehicles with safetly features generally cost less to insure
- Don’t waste money on full coverage for older vehicles
- Higher deductibles save money
- Better credit rating means better rates
- Discounts for being claim-free can be substantial
- Shop around once a year for cheaper rates
The final tip is especially significant, as was noted in the prior information. Rates in Baltimore fluctuate considerably, so drivers shouldn’t be reluctant to change insurance companies if a cheaper rate is available.
Having a favorite company is fine, but it’s not recommended if your bullheadedness ends up costing you a lot of money every month. Take a couple minutes and shop around to find cheaper insurance for college graduates.