The average cost of full coverage car insurance fin Maryland is $1,877 per year. That is actually cheaper than the national average cost of car insurance, which is about $1,935 per year.
Of course, the rate you pay may be higher or lower than the state average. This is because your premium is calculated based on different factors that include your zip code. How much insurance you have also affects your premium, with full coverage car insurance being the most expensive, but also the highest level of protection.
What Is the Average Premium in Maryland for Full Coverage Car Insurance?
Full coverage insurance is the best protection for your vehicle, but it is also the most expensive. In Maryland, the average cost of full coverage car insurance is $1,877 per year. This means the average driver with full coverage insurance pays $156 per month.
Full coverage car insurance refers to having three different types of coverage. This includes liability insurance (which pays for damage you cause during an accident), collision (which helps pay for damage to your car during an accident), and comprehensive (which helps pay for damage to your car from things other than accidents).
Chances are that this is higher (maybe much higher) than what you currently pay. But compared to the cost of repairing or replacing a car if you only have liability insurance and an accident is your fault, the cost of higher coverage may just pay for itself.
How Much Is It for Just the Minimum Required Car Insurance in Maryland?
On average, drivers pay $64 a month for liability coverage in the state. Keep in mind, though, that liability insurance only pays out when you are at fault in an accident, and it only pays to cover damage to the other driver’s person and property.
One very popular question we get is, “how much insurance should I get?” It is up to each driver to figure this out for themselves for the most part. However, every state establishes a minimum level of insurance coverage that each driver must have on their vehicle.
In other words, should you end up causing an accident, this minimum coverage will not pay anything towards repairing or replacing your car. For peace of mind, we recommend adding collision coverage so that your vehicle will be adequately protected.
Another factor to consider is that the minimum requirements are generally not enough when today’s vehicles are damaged in an accident. You could very well be left owing money out of pocket after your insurance company has settled with the other driver.
How Do Rates Compare Across Major Cities in Maryland?
As we indicated before, where you live can have an impact on how much you pay for car insurance. In some cases, there may be large variations within the same state. To help you understand how this works, we have a breakdown below of the average monthly car insurance prices across different Maryland cities.
Unless otherwise specified, we use the following methodology to arrive at our average cost: male, age 30, lowest possible legal coverage allowed by state. Your rates will be determined by several factors, including your age, your gender and the amount of coverage you want to purchase.