Compare Chevy Malibu Insurance Quotes in Baltimore

Unthinkable but true, 70% of consumers kept buying from the same company for a minimum of four years, and practically 40% of car insurance customers have never compared rates from other carriers. Many drivers in the U.S. could save themselves as much as 46.5% a year by just shopping around, but they just assume it’s a time-consuming process to find affordable insurance by shopping around.

Insurance rates Chevy Malibu in BaltimoreReally, the only way to find the cheapest price for auto insurance rates is to regularly compare price quotes from companies who provide car insurance in Baltimore.

A key point to remember is that you use the same amount of coverage on every price quote and and to compare as many car insurance companies as possible. This ensures an apples-to-apples comparison and a good representation of prices.

Baltimore Insurance Rates are Influenced by These Factors

Lots of factors are used in the calculation when you get a price on insurance. Some of the criteria are obvious like an MVR report, although others are not quite as obvious like where you live and annual miles driven. Smart consumers have a good feel for a few of the rating criteria that play a part in calculating the rates you pay for car insurance. When you understand what positively or negatively impacts your premiums, this empowers consumers to make smart changes that could result in lower rates.

The items below are a few of the “ingredients” car insurance companies consider when setting your rate level.

Cut premiums and deter theft – Purchasing a vehicle with a theft deterrent system can help bring down rates. Advanced theft deterrents like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all hinder car theft.

Pleasure use or commuting – Driving more miles each year the more you will pay for car insurance. Most insurance companies calculate rates based upon how you use the vehicle. Cars and trucks that sit idle most of the time cost less to insure as compared to vehicles used primarily for driving to work. Make sure your declarations sheet correctly shows the correct usage for each vehicle, because improper ratings can cost you money. Having the wrong rating on your Malibu can cost quite a bit.

Where you call home factors in – Having an address in a rural area can save you money when shopping for auto insurance. Lower population means reduced accidents and a lower car theft rate. City drivers have more aggressive driving styles and longer commute times. Spending more time driving translates into higher accident risk.

Marriage discount – Having a spouse helps lower the price when buying car insurance. Having a spouse usually means you are more mature than a single person and it’s proven that married drivers tend to have fewer serious accidents.

Older drivers pay less – More mature drivers have been proven to be more responsible, cause fewer claims and accidents, and are safer drivers. Young drivers have been known to be careless and easily distracted behind the wheel and because of this, their car insurance rates are much higher.

The following chart assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.

Claims statistics for a Chevy Malibu – Companies use statistical claims data when determining insurance costs. Vehicles that the data shows to have higher claim frequency or loss amount will have higher rates for specific coverages.

The table below demonstrates the actual insurance loss data for Chevy Malibu vehicles. For each insurance policy coverage type, the claim probability for all vehicles as a whole is considered to be 100. Percentage numbers below 100 mean the vehicle has better than average losses, while values over 100 indicate a higher chance of having a claim or larger claims.

Auto Insurance Loss Data for Chevrolet Malibu Models
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Chevrolet Malibu 94 100 109 139 145 120

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Facts and figures for Chevy Malibu insurance

The information shown below highlights a range of coverage prices for Chevy Malibu models. Having a good understanding how policy premiums are established can benefit drivers when making smart choices when buying a policy.

Chevrolet Malibu Insurance Rates in Baltimore, MD
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Malibu LS $166 $326 $458 $28 $138 $1,116 $93
Malibu Hybrid $166 $326 $458 $28 $138 $1,116 $93
Malibu LT $188 $326 $458 $28 $138 $1,138 $95
Malibu LTZ $188 $384 $458 $28 $138 $1,196 $100
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Rate quotes do not factor in specific location information which can affect premium rates greatly.

Comparison of policy deductibles

A question often asked by Baltimore drivers is how high should the physical damage deductibles be. The rates shown below may help to conceptualize the rate difference when you buy lower versus higher physical damage coverage deductibles. The first set of prices uses a $250 deductible for physical damage and the second rate table uses a $500 deductible.

Chevrolet Malibu insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Malibu LS $314 $528 $406 $24 $122 $1,419 $118
Malibu Hybrid $314 $528 $406 $24 $122 $1,419 $118
Malibu LT $354 $528 $406 $24 $122 $1,459 $122
Malibu LTZ $354 $624 $406 $24 $122 $1,555 $130
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Chevrolet Malibu insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Malibu LS $256 $426 $406 $24 $122 $1,234 $103
Malibu Hybrid $256 $426 $406 $24 $122 $1,234 $103
Malibu LT $288 $426 $406 $24 $122 $1,266 $106
Malibu LTZ $288 $502 $406 $24 $122 $1,342 $112
Get Your Own Custom Quote Go

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Information does not factor in specific location which can decrease or increase price quotes considerably.

Using the premium rates above, we can conclude that using a $250 deductible could cost the average driver approximately $16 more each month or $192 every year than selecting the higher $500 deductible. Because you would pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you have at a minimum 16 months between claim filings, you would probably save some money by going with a higher deductible. The illustration below shows a better example of how you can perform this determination yourself.

Average monthly premium for $250 deductibles: $122
Average monthly premium for $500 deductibles (subtract): – $106
Monthly savings from raising deductible: $16
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

An important sidenote is that higher deductibles means you will have to pay more of your own money when you have a claim. That will require some extra savings in order to pay the deductible.

Male drivers versus female drivers

The illustration below shows the comparison of Chevy Malibu car insurance rates for male and female drivers. The rates are based on no claims or driving citations, comp and collision included, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.

Rate comparison of full coverage and liability-only

The example below compares Chevy Malibu insurance costs with full coverage compared to only the Maryland minimum liability coverage. The rate quotes are based on no claims or violations, $1,000 deductibles, drivers are not married, and no discounts are factored in.

When to eliminate full coverage

There is no definitive formula of when to drop full coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.

For example, let’s say your Chevy Malibu book value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $8,000 after paying your policy deductible. If it’s costing in excess of $800 a year to have full coverage, then it might be time to buy liability only.

There are some circumstances where only buying liability is not recommended. If you haven’t paid off your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage.

Cheaper Baltimore car insurance quotes with discounts

Some providers don’t always advertise every available discount very clearly, so the list below contains some of the best known in addition to some of the lesser obvious savings tricks you should be using when you buy Baltimore car insurance online.Discount car insurance

As a disclaimer on discounts, most credits do not apply to the entire cost. Most only cut specific coverage prices like physical damage coverage or medical payments. So even though it sounds like you would end up receiving a 100% discount, it just doesn’t work that way. Any qualifying discounts will bring down the amount you pay for coverage.

The illustration below compares Chevy Malibu car insurance rates with and without policy discounts. The premiums are based on a male driver, no violations or claims, Maryland state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, multi-car, homeowner, multi-policy, and marriage discounts applied.

Companies and some of the discounts are detailed below.

When quoting, ask all the companies the best way to save money. A few discounts may not be available everywhere. To see insurance companies with discount car insurance rates in Baltimore, click here.

In Summary

Budget-friendly auto insurance in Baltimore can be purchased online in addition to local insurance agencies, so you should compare both to get a complete price analysis. There are still a few companies who do not provide internet price quotes and these small insurance companies sell through local independent agents.

We just showed you some good ideas how you can lower your Chevy Malibu insurance prices in Baltimore. It’s most important to understand that the more quotes you get, the better likelihood of getting cheaper Baltimore car insurance quotes. Consumers could even find that the most savings is with a smaller regional carrier. These companies can often insure niche markets at a lower cost compared to the large companies like GEICO and State Farm.

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