Trying to buy budget auto insurance is easier said than done, and deciding which companies quote the cheapest car insurance rates in Baltimore takes even more diligence. Each company has their own guidelines for filing rates in each state, so first we will examine the car insurance companies with the overall best prices in Baltimore.
|Rank||Company||Cost Per Year|
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USAA quotes some of the lowest car insurance rates in Baltimore at around $930 annually. This is $629 less than the average rate paid by Maryland drivers of $1,559. Penn National, Liberty Mutual, Erie, and State Auto would also be considered some of the lowest-priced Baltimore, MD car insurance companies.
In the above example, if you have coverage with Erie and switched to USAA, you could see a yearly savings of about $185. Customers with State Auto could save as much as $248 a year, and Amica insureds might see rate reductions of $417 a year.
Understand that those prices are averaged for all insureds and vehicles and do not take into consideration a vehicle location in Baltimore. So the auto insurance company that has the cheapest price for you may not even be in the top 16 companies shown above. That underscores the importance of why you need to compare as many prices as possible using your own personal information and vehicle type.
One of the more important considerations that are looked at to determine the cost of insurance is where you live in Baltimore. Areas with high crime rates or more dense population tend to pay slightly more, whereas areas with less people or fewer weather incidents receive better rates.
The next table rates the most expensive cities in Maryland in which to purchase auto insurance. Baltimore makes the list at #1 having an annual price of $1,742 for coverage, which is around $145 monthly.
|Rank||City||Average Per Year|
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Rate quotes are estimated as the specific garaging location can raise or lower rates considerably.
The make and model of vehicle you are seeking coverage for is a significant factor in finding affordable auto insurance in Baltimore. Vehicles with high performance, poor passenger safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer models. The information below shows car insurance premiums for a number of the most economical vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$2,563|
|Ford Escape XLT 2WD||$2,646|
|Honda CR-V LX 4WD||$2,653|
|Ford Edge Limited 2WD||$2,722|
|Toyota RAV4 Limited 2WD||$2,773|
|Chevrolet Equinox LT 2WD||$2,779|
|Honda Odyssey LX||$2,808|
|Ford Explorer XLT 4WD||$2,870|
|Dodge Grand Caravan SE||$2,876|
|Hyundai Elantra SE 4-Dr Sedan||$2,925|
|Nissan Rogue S 2WD||$2,970|
|Toyota Corolla XRS||$2,980|
|Jeep Grand Cherokee Laredo 4WD||$3,039|
|Ford Focus S 4-Dr Sedan||$3,056|
|Chevrolet Impala LS||$3,061|
|Hyundai Sonata SE 4-Dr Sedan||$3,122|
|Nissan Altima 2.5 4-Dr Sedan||$3,125|
|Kia Optima EX||$3,177|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$3,194|
|Ford F-150 FX2 2WD||$3,204|
|Chevrolet Silverado 3500HD LTZ Crew Cab Diesel 2WD||$3,232|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$3,263|
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Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Premium amounts do not factor in garaging location in Baltimore, MD which can decrease or increase prices greatly.
Looking at the rates, cars like the Honda Accord, Ford Escape, Honda CR-V, and Ford Edge are going to be some of the less-costly vehicles to insure for drivers in Baltimore.
Impact of violations and accidents on rates
The common sense way to score affordable insurance premiums in Baltimore for drivers in Baltimore is to drive safe and not have accidents or get tickets. The illustration below demonstrates how citations and accidents can increase premium costs for different ages of insureds. The data assumes a single male driver, full physical damage coverage, $100 deductibles, and no additional discounts are factored in.
The data above shows the average cost of auto insurance in Baltimore per year with no accidents and a clean driving record is $2,587. Add in two speeding tickets and the average cost jumps to $3,443, an increase of $856 each year. Then include one accident along with the two speeding tickets and the 12-month cost of insurance in Baltimore jumps again to an average of $4,302. That’s an increase of $1,715, or $143 per month, just for not keeping your driving record clean!
Liability-only versus full coverage
Reducing the cost of insurance should be important to most drivers, and one easy way to reduce the cost of insurance in Baltimore is to not pay for full coverage. The information below compares car insurance rates with and without full coverage. The rates are based on no claims, a clean driving record, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
On average, full coverage costs $1,842 per year more than just buying liability only. That is a significant amount which raises the question when is it a good idea to stop buying full coverage. There is no definitive rule that works best for making the decision to drop physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $7,000 after paying the physical damage deductible. If you are paying more than $700 a year to have full coverage, then it might be time to buy liability only.
Shop around and save
Baltimore insurance rates are impacted by many factors which can substantially change the price of your policy. Simply having a birthday, moving across town, or having a fender bender may cause policy rate changes that can cause some rates to be more affordable than others. In addition to those changes, insurance companies change premium rates as needed to adjust for unexpected claims or profits. Significantly higher losses may result in more expensive prices, while less frequent claims can produce lower-cost Baltimore car insurance rates.
For instance, the chart below shows a variety of companies that have the cheapest car insurance in Baltimore, MD for a 30-year-old female driver with no prior accidents, a clean driving record, and a high credit rating. When comparing rates based on her current situation, USAA offers the best car insurance rates in Baltimore at $1,587 annually. This is $28 more than the average price paid by Maryland drivers of $1,559. Liberty Mutual, Erie, Penn National, and State Auto round out the rest of the most affordable Baltimore, MD auto insurance companies.
In this next rate comparison, we will give the driver in the first example a claim surcharge, a lower credit rating, and a stop sign violation. Due to the fact that every auto insurer uses their own method to set policy rates, analyzing rate quotes may result in a new list of the cheapest companies as shown below.
MetLife now has the cheapest rate in Baltimore with Travelers, Nationwide, California Casualty, and GEICO completing the list. This example demonstrates why it is crucial to shop around with many companies when trying to get the most affordable auto insurance rates in Baltimore. Insurance rates are determined by many things and change dramatically, so the cheapest company the last time you shopped around may now cost much more than other companies.
Tips for buying economical car insurance in Baltimore
It’s not impossible to find cheaper rates, and here are many thrifty solutions that can help Baltimore drivers quote lower-cost auto insurance.
- Safe vehicles cost less to insure
- Prevent price hikes by avoiding at-fault accidents
- Increase your credit score
- Keep your driving record clean
- Claim-free drivers earn discounts
- Compare quotes from other companies often
The last suggestion is extremely important, as was emphasized in this write-up. Coverage prices change constantly, so don’t be unwilling to switch carriers if a cheaper price is available. Having brand loyalty is commendable, but it’s not a good idea if that loyalty ends up costing money that could be going to better use. It only takes a couple minutes to compare rates to find cheaper auto insurance in Baltimore in Baltimore.
The insurance agencies listed below are a good start to aid you in deciding which insurance coverage you need, as many people would rather get some help when shopping for cheaper insurance for drivers in Baltimore. It can be complicated to find coverage yourself, and insurance agents licensed in the state of Maryland can give comfort knowing you have decent coverage if you have a claim.
To locate a Baltimore auto insurance agent in your neighborhood, click the button at the bottom.
Joe Lawton – State Farm Insurance Agent
9008 Harford Rd – Baltimore, MD 21234 – (410) 665-0243
Anthony Walker Sr. – State Farm Insurance Agent
8641 Loch Raven Blvd #2d – Baltimore, MD 21239 – (410) 663-8888
Allstate Insurance Agency: Abernathy Michael
7696 Belair Rd – Baltimore, MD 21236 – (410) 426-5500
Allstate Insurance: Kent Schwab
401 Jefferson Ave – Towson, MD 21286 – (410) 433-4700