MoneyGeek’s calculator helps you get a quick ballpark figure of your car insurance costs in Maryland. Since different factors affect the cost, MoneyGeek also analyzed how car insurance companies calculate car insurance premiums in Maryland. This information will help you determine which factors drive your rates the most.
Maryland Car Insurance Calculator: Estimate Your Car Insurance Costs
Updated: December 20, 2024
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Dec 24, 2024
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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Maryland Car Insurance Calculator: How it Gets You an Instant, Free Estimate
Getting an accurate quote directly from a car insurance provider requires providing various personal information. The process usually takes 10–15 minutes. MoneyGeek’s Maryland car insurance calculator gives you an estimate of your costs, showing how much you need to pay every month or year, based on your age, driving record, vehicle type and coverage levels.
The factors that most affect the cost of car insurance in Maryland are adding a teen driver to your policy, your age and your credit score. But this could be different for you based on your combination of characteristics.
The cheapest car insurance company in Maryland for you may depend on several factors, but our calculator can get you a close estimate. Our default 40-year-old driver pays an average of $888 for car insurance with Erie, the cheapest widely available company in the state.
The cheapest for you may be different depending on your driver profile.
Aside from the cost of your car insurance policy, you may wish to consider whether the insurer you’re considering offers the coverages you want and provides quality customer service.
FACTORS TO CONSIDER WHEN GETTING A CAR INSURANCE ESTIMATE IN MARYLAND
Our calculator and analysis of the cheapest car insurance companies in Maryland can help you find the most affordable policy if you're on a budget.
To compare providers and also get an idea of how your insurance costs stack up nationwide, you can review our guide to the average cost of car insurance in Maryland.
MoneyGeek also scored the best car insurance companies in Maryland based on how insurers balance affordability and quality of service.
How Car Insurance Premiums are Calculated in Maryland
Car insurance companies consider multiple factors when calculating car insurance premiums in Maryland, with some carrying more weight than others.
For example, adding a teen driver to your family car insurance policy in Maryland can increase your rates by 3.2x. Your age can change the rate by 2.4x and your credit by 2.1x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Maryland
Teen drivers are riskier to insure due to their lack of driving experience and likelihood of getting into an accident. Car insurance companies take this into consideration when calculating car insurance rates in Maryland.
Adding a teen driver onto your family car insurance policy is the most impactful factor and can multiply your car insurance rates by as much as 3.2x.
How Much Age of Driver Matters in Calculating Car Insurance in Maryland
A driver's age is the next most important factor when calculating insurance premiums in Maryland. Having more experience behind the wheel makes you less risky to insure.
Your age can multiply your car insurance rates by as much as 2.4x in Maryland. A 40-year-old driver pays the least and a 19- or 20-year-old the most.
How Much Coverage Levels Matters in Calculating Car Insurance in Maryland
The coverage level you select also affects how much you pay for your car insurance.
A liability-only car insurance policy with state minimum limits is the cheapest option in Maryland, while the highest annual rate is for full coverage car insurance with liability limits of 100/300/100.
Your coverage level can impact your car insurance rates by up to 1.6x.
How Much Credit Score Matters in Calculating Car Insurance in Maryland
Auto insurance companies in Maryland may review your credit history when determining your premiums. Your credit score assigns you to a specific risk tier, which affects your car insurance rate.
You can save as much as 2.1x in car insurance rates by keeping an excellent credit score. Having poor credit means you may be charged the most expensive rates based on this factor.
How Much Car Model Matters in Calculating Car Insurance in Maryland
The type of vehicle you drive can also affect your car insurance rates in Maryland. A luxury or sports car is usually more expensive to repair and can be more prone to theft.
You can expect your car insurance premiums to be 2x higher if you’re insuring a high-end luxury or sports vehicle compared to an SUV or sedan.
How to Calculate How Much Car Insurance You Need in Maryland
How much car insurance you buy is one of the most significant factors affecting the cost of car insurance in Maryland. Calculating how much you need can help you find the right balance of price and protection.
Drivers in Maryland are required to carry bodily injury liability with separate limits per person and per accident in addition to property damage liability. While this coverage protects the other driver in an accident, you would need additional coverage to protect your vehicle and yourself.
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Understand Maryland car insurance requirements
The Maryland state minimum policy mandates $30,000 in bodily injury liability per person, $60,000 in bodily injury liability per accident and $15,000 in property damage liability per accident.
While the law does not require collision or comprehensive coverage, having comprehensive and collision insurance can protect you financially in the event your car is damaged.
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Consider Purchasing Additional Liability Insurance
State minimum liability insurance gives you limited protection. If you’re in a major accident, however, you may need more liability insurance to cover the damages. In Maryland, the average cost of minimum liability insurance is $1,474 a year. Your annual premium will increase to roughly $1,783 if you get $300,000 bodily injury liability insurance coverage.
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Decide whether or not to buy comprehensive and collision insurance
You are not required by Maryland to have a full coverage policy with collision and comprehensive insurance. However, it may be a lender requirement if you are leasing or financing your vehicle. You may wish to consider whether you need full coverage insurance for the protection it provides in the event of loss or damage to your car.
On average, the cost of adding collision and comprehensive coverage with a $1,000 deductible is $553 per year. Note that if your car’s replacement value is just a few thousand dollars, you could save a lot by waiving full coverage.
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Consider buying additional protection besides these core coverages
Maryland does not require uninsured/underinsured motorist coverage. However, with some 14.1% of drivers in the state uninsured, purchasing it is an affordable way to protect yourself against these motorists.
Personal injury protection coverage (PIP) is not mandatory in Maryland. However, depending on your needs, it can be wise to include it in your policy. You can also look into purchasing medical payments insurance. Known as MedPay, it’s an add-on that covers your medical expenses in an accident regardless of fault.
Frequently Asked Questions About How Car Insurance is Calculated in Maryland
MoneyGeek answers the following are frequently asked questions to help you better understand how car insurance is calculated in Maryland. If you know what factors go into determining your premium, you may be able to save money on your auto insurance.
How can I estimate how much my car insurance costs in Maryland?
MoneyGeek's car insurance calculator for Maryland can give you an instant estimate for your car insurance costs in Maryland from several providers.
What are the most important factors companies use to calculate auto insurance costs in Maryland?
Adding a teen driver, the driver’s age and credit score are three of the most important factors insurance providers look at when calculating insurance premiums in Maryland.
How do I calculate how much car insurance I need?
Calculating how much car insurance you need starts with knowing the minimum requirements under Maryland law, then adding higher liability coverage and collision and comprehensive insurance as you see fit.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Maryland. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Maryland Insurance Administration. "Use of Your Credit History for Auto Insurance." Accessed December 20, 2024.