The make and model of vehicle you are trying to insure is probably the biggest factor when quoting the most affordable coverage for drivers requiring a SR22. Vehicles with limited top-end speed, advanced safety features, or a positive history of liability claims will cost substantially less to insure than adrenaline junky models. The table below outlines auto insurance prices for a number of the most affordable automobiles to insure in Maryland.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $8,799 |
| Honda CR-V EX-L 4WD | $8,899 |
| Honda Accord LX-P 4-Dr Sedan | $9,164 |
| Ford Escape Limited 2WD | $9,281 |
| Toyota Prius | $9,873 |
| Ford F-150 XLT Crew Cab 2WD | $10,372 |
| Dodge Grand Caravan CV | $10,377 |
| GMC Sierra SLE Crew Cab 2WD | $10,418 |
| Volkswagen Jetta S 4-Dr Sedan | $10,428 |
| Toyota Camry LE | $10,418 |
| Nissan Altima 2.5 4-Dr Sedan | $10,424 |
| Toyota RAV4 4WD | $10,418 |
| Jeep Grand Cherokee Laredo 4WD | $10,427 |
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Premium data assumes single male driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Premium amounts do not factor in specific location information which can change premium rates noticeably.
Looking at the numbers, you can expect makes and models like the Hyundai Elantra, Honda CR-V, Honda Accord, Ford Escape, and Toyota Prius are some of the most economical vehicles to insure for high risk drivers. The price for an auto insurance policy will be more expensive just due to the fact that there is more inherent risk for drivers requiring a SR22, but in general those specific models will have the lowest insurance prices compared to other types of vehicles.
Finding decent, low-priced auto insurance is easier said than done, and finding out which companies quote the best car insurance rates for drivers requiring a SR22 takes more quotes for comparison. Each insurer uses a slightly different approach for setting prices, so first let’s look at the rankings for the car insurance companies that tend to have lower prices in Maryland.
Cheapest Insurance Rates for SR22 Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Liberty Mutual | $1,081 |
| 3 | Penn National | $1,093 |
| 4 | Erie | $1,127 |
| 5 | State Auto | $1,178 |
| 6 | Amica | $1,308 |
| 7 | MetLife | $1,414 |
| 8 | Travelers | $1,426 |
| 9 | Nationwide | $1,435 |
| 10 | GEICO | $1,486 |
| 11 | California Casualty | $1,544 |
| 12 | Allstate | $1,613 |
| 13 | State Farm | $1,646 |
| 14 | Progressive | $2,149 |
| 15 | Encompass | $2,516 |
| 16 | Victoria | $3,053 |
| Compare Rates Now Go | ||
USAA may have some of the most affordable car insurance rates in Baltimore at around $948 each year. This is $611 less than the average premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto also are some of the more affordable Baltimore, MD insurance companies.
As shown in the table above, if you are insured with Penn National and switched to USAA, you could earn yearly savings of approximately $145. Insureds with Erie could save as much as $179 a year, and State Auto customers might lower prices by $230 a year.
To find out how much you can save, click here to get a free quote or feel free to get quotes from the companies below.
Remember that these policy rates are averaged for all drivers and vehicles in Maryland and are not factoring in an exact zip code location for drivers requiring a SR22. So the auto insurance company that has the lowest price for you may not even be in the list above. That points out the importance of why you need to get quotes using your own personal information and vehicle type.
Difference between full coverage and liability only rates
Paying a lower price for car insurance is the goal of most vehicle owners, and one of the best ways to reduce the cost of insurance for drivers requiring a SR22 is to not pay for full coverage. The chart below illustrates the comparison of insurance premiums with liability coverage only compared to full coverage. The information is based on no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.
If we average the cost for all age groups, physical damage coverage on your policy costs an extra $1,842 per year over and above liability only. That is a significant amount which raises the question if you should buy full coverage. There isn’t a steadfast formula for eliminating comp and collision coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after the deductible is paid. If premiums are more than $600 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
The information below demonstrates how deductible levels can change premium costs when searching for cheap insurance for drivers requiring a SR22. The premiums are based on a single female driver, full physical damage coverage, and no discounts are taken into consideration.
As shown above, a 30-year-old driver could lower their car insurance rates by $442 a year by switching from a $100 deductible to a $500 deductible, or save $666 by changing to a $1,000 deductible. Younger drivers, like the 20-year-old category, have the ability to save $980 every year by choosing a higher deductible. If you do make the decision to raise your deductibles, it is essential to have emergency funds available to enable you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Here’s why price comparisons are so important
Baltimore car insurance rates are determined by lots of factors that may substantially change the price you have to pay. Simply getting older, buying a home, or having an at-fault accident may generate price changes resulting in some rates now being cheaper in comparison to the competition.
Not only that, but insurance companies file new Maryland car insurance rates without warning in order to remain profitable. Larger than normal claims can result in rate increases, while a better loss history may produce cheaper Baltimore car insurance rates.
To illustrate this example, the chart below analyzes the cheapest car insurance in Baltimore, MD for a 45-year-old female driver with no prior claims, no tickets, and a high credit rating. If we compare prices based on her current rating profile, USAA might offer the cheapest car insurance rates in Baltimore at $1,696 a year. This is $137 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 top five cheapest Baltimore, MD auto insurance companies.
Now let’s give the driver from the above example an accident surcharge, a lower credit rating, and a few traffic violations. Due to the fact that each insurance company has their own formula to determine rates, getting updated rate quotes could result in a substantially altered list of affordable companies as shown below.
MetLife now has the cheapest auto insurance in Baltimore, MD with Travelers, GEICO, Nationwide, and Liberty Mutual now being in the top five. This shows why Maryland drivers need to compare rates to get the lowest car insurance quotes for drivers requiring a SR22. Insurance rates are influenced by many factors and can increase or decrease at any time, so the best option the last time you shopped around may now not even be in the top five.
How to find more affordable auto insurance for drivers requiring a SR22
It is possible to find better rates, and here are some of the recommended money-saving ideas that can help drivers buy low-cost coverage.
- Discounts for being claim-free can be substantial
- Increase your deductibles
- Avoid accidents
- Assess whether full coverage is needed
- Tickets and violations raise rates
- Compare rates once a year for cheaper prices
That last idea is extraordinarily crucial, as we noted in the article above. Prices charged by companies can change in a short period of time, so drivers shouldn’t be resistant to switch carriers if a lower-cost policy is available.
Many consumers stick with the same company and that’s fine, but it’s not a great idea if your bullheadedness ends up costing you lots of money. Now is a great time to shop around to find cheaper insurance for drivers requiring a SR22 in Baltimore.
The insurance agencies below can help you determine which auto insurance coverages would be the best in your situation, since some drivers have questions and prefer to have the advice of a professional agent when trying to find the best insurance rates for drivers requiring a SR22. It can be challenging to find the best coverage on your own, so using a licensed agent can provide peace of mind knowing your coverage gives you sufficient protection if you have a claim.
To find an auto insurance agency near you, click the link after the list or click here to compare prices now.
- David Rosario – State Farm Insurance Agent
3121 Eastern Ave – Baltimore, MD 21224 – (410) 850-4949 - Rich Garcia State Farm Insurance Agency
9526 Belair Rd – Baltimore, MD 21236 – (410) 248-3276 - Senate Select Insurance
5417 Reisterstown Rd – Baltimore, MD 21215 – (410) 358-0411 - Baltimore Insurance Network
11 E Lexington St – Baltimore, MD 21202 – (443) 869-6424