How Much is Auto Insurance for Drivers Requiring a SR22 in Maryland?

This would be a much shorter article if we could just give you the name of the one auto insurance company that has the best auto insurance prices in Maryland. It’s not that simple, unfortunately, as there are a whole bunch of unknown elements such as the liability claim history for your vehicle model, which neighborhood you live in, and if you own the home you live in, that all influence how much you pay for auto insurance. This article delves into these factors and others that can influence the price of auto insurance and hopefully give you enough understanding to have a good start in finding the cheapest insurance.

Cost and performance of the vehicle on the policy is probably the most important factor when quoting cheap insurance for drivers requiring a SR22 in Maryland. Vehicles with high performance, poor crash test ratings, or a high likelihood of having liability claims will cost more to insure than safer models.

The lists below estimates coverage rates for some of the more afforable automobiles to buy coverage for.

Data based on married male driver age 40, two speeding tickets, two at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Price estimates do not factor in specific Maryland garaging location which can lower or raise coverage rates significantly.

Table data assumes married male driver age 40, two speeding tickets, two at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, homeowner, and multi-vehicle. Information does not factor in Maryland location which can raise or lower rates significantly.

Data based on married male driver age 40, two speeding tickets, two at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Price information does not factor in specific zip code location which can increase or decrease prices significantly.

When shopping for car insurance for high risk drivers, one of the many considerations used to determine the price you pay for insurance is where you normally keep your vehicle in Maryland. Cities with larger populations like Baltimore, Dundalk, and Essex will most likely have higher rates, whereas areas with less traffic congestion and claims have the luxury of lower rates.

The table below displays the highest-priced places in Maryland for drivers requiring a SR22 in which to purchase auto insurance.

Annual rates are comparative as the specific area where the vehicle is garaged can impact insurance rates significantly.

Bad driving habits will cost you more

A great way to earn cheap car insurance premiums in Maryland for high risk drivers is to drive safely and have a clean driving record. The diagram below demonstrates how speeding tickets and at-fault collisions can raise car insurance costs for different ages of insureds. The data is based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘Two Speeding Tickets and No Accidents’, ‘Two Speeding Tickets and One Accident’],[‘Age 20’, 2713,3301,3897],[‘Age 30’, 1405,1993,2591],[‘Age 40’, 1365,1953,2551],[‘Age 50’, 1255,1843,2439],[‘Age 60’, 1229,1821,2419],[‘Age 70’, 1439,2027,2627]]);var options = {title: ‘Impact of Tickets and Claims on Maryland Insurance Premiums’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Maryland’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the chart above, the average cost of car insurance per year with a clean driving record and no accidents is $1,568. Receive two speeding tickets and the average cost increases to $2,156, an increase of $589 each year. Now add one accident along with the two speeding tickets and the yearly cost of car insurance for drivers requiring a SR22 increases to an average of $2,754. That’s an increase of $1,186, or $99 per month, just for being a careless driver!

Should you buy full coverage?

Finding cheap insurance for drivers requiring a SR22 in Maryland is important to most vehicle owners, and one of the best ways to find cheap insurance is to not pay for full coverage. The illustration below compares insurance costs when comparing full coverage to liability only. The price estimates are based on no claims or driving citations, $100 deductibles, marital status is single, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 5461,1621],[‘Age 30’, 2803,887],[‘Age 40’, 2789,821],[‘Age 50’, 2535,769],[‘Age 60’, 2449,755],[‘Age 70’, 2973,1011]]);var options = {title: ‘Full Coverage and Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Maryland’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

Averaged out for all age groups, physical damage coverage costs an extra $3,168 per year more than carrying just liability coverage. That is a large expense and it proposes the question if buying full coverage is a good investment. There is no clear-cut rule for eliminating physical damage coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.

For example, let’s pretend your vehicle’s replacement cost is $11,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $10,000 after the deductible is paid. If you are paying more than $1,000 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.

How to find low-cost car insurance for drivers requiring a SR22

It is possible to find better rates, and here are some thrifty ideas that can help Maryland drivers quote more affordable auto insurance.

• Raise physical damage deductibles
• Choose a safer vehicle and pay lower rates
• Multi-policy discounts save money
• Try to not file small claims
• Do not pay for full coverage if not needed
• Better credit scores save money
• Compare rate quotes frequently

The last tip is remarkably critical, as we emphasized in the article above. Prices charged by car insurance companies in Maryland change frequently, so don’t be tentative to change insurance companies if a better rate can be found.

Having a favorite company is fine, but it’s not a good idea if that inflexibility results in costing you several hundred dollars every year. It takes less than five minutes to compare rates to find cheaper auto insurance for drivers requiring a SR22.

Who has the cheapest insurance quotes for high risk drivers?

Thanks to the internet, there are a lot of ways to compare car insurance quotes in Maryland, but the most common are through a non-exclusive or independent agent, a captive (or exclusive) agency like State Farm or Auto-Owners, or direct from companies such as Progressive or Geico.

You can use whichever method you prefer, but it’s good to know the differences in how they provide price quotes.

Independent insurance agencies write for multiple companies and can compare coverage rates with all of them. These types of agencies are not required to write business for one company and can provide you with more rates, which may provide you with the best idea of how your rates compare. If they find a cheaper price, it’s easy for the agent to move the policy which is easy for the insured.

An agent who is captive is restricted to quoting rates for a single insurance company like a State Farm or Liberty Mutual agent. Exclusive agents generally are unable to provide rates from more than one company, so keep that in mind.

When you buy car insurance direct, you forego the middleman (the agent) and instead shop direct from companies such as Progressive or Esurance. Buying car insurance direct may be preferred by families who have an average risk profile and have knowledge of what specific coverages they need.

So which one of the three ways works best to find cheap insurance for drivers requiring a SR22 in Maryland? We’d like to tell you buying from a direct company yields the cheapest rates since there is no need to pay agent commissions, but in reality, that argument does not hold true. A good argument could also be made that going through an independent agent results in the best rates since they can quote with many companies, but that assumption is also not accurate. In many cases, exclusive agencies have extremely competitive rates that are well below what direct and independents offer.

Due to the large number of rating factors, really the best method to make sure you’re not overpaying for car insurance is to get quotes and compare the rates. In a perfect world, youll get rate quotes from independent agents, exclusive agents, and direct companies to get an idea of which is cheapest. A great place to start is our list of online companies offering discounts: click here to view.