One of the many things that aid in calculating the cost of insurance is your zip code. Areas with a lot of weather claims or more people tend to pay more, whereas areas with less people or fewer weather incidents have the gratification of cheaper auto insurance rates.
The following table ranks the most costly cities in Maryland for low credit scores to buy an auto insurance policy in. Baltimore is ranked #1 with an annual cost of $1,742 on average, which is around $145 per month.
|22||Bel Air South||$1,222|
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Rate quotes are comparative as the specific geographic location can affect price quotes greatly.
Buying low-priced insurance is confusing at best, and finding out which insurers offer the best insurance rates for low credit scores will require even more diligence. Each insurance company uses their own calculation to set premium rates, so let’s begin by examining the most budget-friendly insurance companies in Baltimore.
Keep in mind that Maryland insurance rates are determined by lots of factors that can increase the cost of having a policy. This price variation is why consumers need to take the time to take the time to shop around when trying to find the most budget-friendly auto insurance rates for low credit scores. Auto insurance prices are made up of many risk factors and can change without notice, so the cheapest rate the last time you shopped around may now be one of the more expensive options.
Find the Cheapest Auto Insurance in Maryland
|Rank||Company||Cost Per Year|
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USAA may offer some of the best car insurance rates in Baltimore at around $948 a year. Liberty Mutual, Penn National, Erie, and State Auto also rank well as some of the lowest-priced Baltimore, MD car insurance companies.
As illustrated above, if you buy coverage from Penn National and switched to USAA, you could realize a yearly price reduction of in the vicinity of $178. Policyholders with Erie may save as much as $179 a year, and State Auto insureds might cut rates by $278 a year.
Bear in mind that those estimates are averaged across all ages of drivers and types of vehicles and are not factoring in an exact location for low credit scores. So the company that can offer the best rates for your situation 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 specific driver information and vehicle.
The example below illustrates how your deductible choice can change insurance prices when searching for cheap insurance for low credit scores. The rates are based on a single male driver, full physical damage coverage, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could pocket $452 a year by increasing from a $100 deductible up to a $500 deductible, or save $680 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old, could roll back prices up to $1,508 or more just by choosing higher deductibles when buying full coverage.
When increasing deductibles, it will now be necessary to have additional savings on hand to be able to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Get discount Baltimore auto insurance
Insurers that offer cheap quotes for low credit scores may also offer discounts that may potentially lower prices by 40% or more if you are eligible to receive them. The best insurance companies and their possible discounts are outlined below.
- GEICO may include discounts for defensive driver, anti-lock brakes, seat belt use, anti-theft, and emergency military deployment.
- USAA includes discounts for new vehicle, safe driver, family discount, military installation, loyalty savings, and defensive driver.
- Progressive discounts include continuous coverage, homeowner, multi-vehicle, multi-policy, and online signing.
- American Family may offer discounts for good driver, Steer into Savings, early bird, mySafetyValet, defensive driver, and air bags.
- Esurance offers premium reductions for defensive driver, multi-policy, online quote, anti-theft, and safety device.
- Farmers Insurance offers discounts for teen driver, good student, alternative fuel, youthful driver, and distant student.
- State Farm has discounts for multiple policy, multiple autos, passive restraint, accident-free, Steer Clear safe driver discount, and good driver.
The chart below illustrates the difference between insurance costs with and without discounts applied to the rates. The costs are based on a male 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 average annual price with no discounts. The second bar shows the rates with multiple policy, anti-theft, vehicle safety, claim-free, marriage, and multiple vehicle discounts applied. When drivers qualify for the discounts, theaverage amount saved on insurance for low credit scores is 28% or $513.
What aren’t you shopping around?
Baltimore insurance rates are impacted by many things which can substantially decrease or increase the cost of having a policy. Improving your credit rating, getting married, or getting caught speeding can produce rate changes that may make certain companies more affordable than others.
And not only may your rating factors change, but auto insurance companies file new Maryland car insurance rates as often as every three months in order to maintain liquidity for claims. Larger than normal claims may cause a rate increase, while a profitable period may cause lower-priced Baltimore car insurance rates.
The graph below shows which company has the cheapest car insurance in Baltimore, MD for a 40-year-old female driver with a clean driving record, no accidents, and a good credit rating. When comparing rates based on her personal risk profile, USAA might offer the best car insurance rates in Baltimore at $1,636 per year. This is $77 more than the average premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto are also on the list of the best Baltimore, MD auto insurance companies.
The next chart shows rates after we give the driver from above a claim, poor credit, and a blemish on her driving record. Since every car insurance company has a proprietary formula to determine rates, comparing insurance quotes will most likely result in a new list of the cheapest Baltimore car insurance companies as shown below.
MetLife now has the best auto insurance rate in Baltimore with Nationwide, Travelers, GEICO, and California Casualty now being in the top five. This demonstrates why it is important to compare rates when trying to find the lowest insurance rates for low credit scores. Insurance prices can be determined by many different factors and change dramatically, so the cheapest company the last time you shopped around may now cost much more than other companies.
The Baltimore car insurance agencies listed below can probably provide answers to your questions and help you determine which coverages are best, as many people would rather get some help when buying car insurance for bad credit. It’s not always simple to find the cheapest rate yourself, and insurance agents can provide you satisfaction knowing your coverage gives you adequate coverage if you have an accident or claim.
To locate a Baltimore insurance agent closest to you, click the button following the list or click here to compare prices now.
Farmers Insurance – Charles Connolly
6719 York Rd – Baltimore, MD 21212 – (443) 863-7733
Rosasco and Yetter Insurance Agency
8831 Satyr Hill Rd #302 – Baltimore, MD 21234 – (410) 661-1440
Nationwide Insurance: Rodgers Insurance Agency Inc
6800 Holabird Ave a – Baltimore, MD 21222 – (410) 282-1379
Allstate Insurance: John Fisher
7839 Eastpoint Mall Ste 4 – Baltimore, MD 21224 – (410) 285-8200