How Much are Car Insurance Quotes for High Mileage Drivers in Maryland?

Figuring out which companies offer the lowest-priced insurance rates for high mileage drivers takes a tad more effort than just picking a company at random.

Every insurance company has a different formula to set premium rates, so we’ll take a look at the insurance companies with the overall cheapest rates in Maryland.

Best Cheap Insurance Rates in Maryland

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USAA may offer some of the best car insurance rates in Maryland at around $948 each year. Liberty Mutual, Penn National, Erie, and State Auto are also some of the cheapest Maryland car insurance companies.

As the rates illustrate above, if you currently have a policy with Liberty Mutual and switched to USAA, you might realize annual savings of about $133. Drivers with Penn National may save as much as $178 a year, and Erie insureds might lower prices by $213 a year.

Remember that these estimates are averaged across all insureds and vehicles and do not factor in a rate discount for high mileage drivers. So the auto insurance company that fits you best may not even be featured in the list of companies shown earlier. That emphasizes why you need to get car insurance quotes using your own specific driver information and vehicle.

For high mileage drivers, one of the big things that is looked at to help calculate car insurance rates is where your residence is in Maryland. Regions with larger populations or more claims like Baltimore, Towson, and Aspen Hill are more likely to pay higher prices, whereas areas with lower crime rates and fewer weather claims have the luxury of lower rates.

The next table rates the most expensive areas in Maryland for high mileage drivers to buy auto insurance in.

Annual rates are approximated as zip code location can raise or lower rates significantly.

Should you buy full coverage?

Finding cheap auto insurance for high mileage drivers in Maryland is the goal of most vehicle owners, and one of the quickest ways to save on the cost of insurance is to not buy comprehensive and collision coverage. The example below visualizes the comparison of annual premium costs with full physical damage coverage compared to only buying liability only. The rates are based on no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 4429,1621],[‘Age 30’, 2309,887],[‘Age 40’, 2265,821],[‘Age 50’, 2069,769],[‘Age 60’, 2003,755],[‘Age 70’, 2465,1011]]);var options = {title: ‘Full Coverage Rates Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Maryland’,minValue: 0,format: ‘$###,###’},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);}

If averaged for all ages, full coverage costs $2,590 per year more than buying just liability insurance. Many drivers will wonder if physical damage coverage is worth the money. There is no set rule to stop paying for comp and collision coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s say your vehicle’s replacement value is $9,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,500 after paying your policy deductible. If premiums are more than $850 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.

There are a few cases where only buying liability is not in your best interest. If you still have a lienholder on your title, you have to carry 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 case of an accident, you should not consider dropping full coverage.

Careless Maryland drivers pay higher rates

The easiest way to enjoy low insurance premiums for high mileage drivers is to be a safe driver and avoid tickets and accidents. The illustration below demonstrates how speeding tickets and at-fault claims can influence premium costs for each age group. The costs are based on a married female driver, full physical damage coverage, $100 deductibles, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and One Accident’],[‘Age 20’, 2849,3171,4099],[‘Age 30’, 2005,2329,3255],[‘Age 40’, 1975,2301,3225],[‘Age 50’, 1729,2055,2979],[‘Age 60’, 1651,1973,2901],[‘Age 70’, 1767,2093,3015]]);var options = {title: ‘Violations, Accidents, and Maryland Auto Insurance Cost’,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);}

The data above shows the average cost of a car insurance policy in Maryland per year with no violations or accidents is $1,996. Add in one speeding ticket and the average cost surges to $2,320, an increase of $324 each year. Now add in one accident along with the one speeding ticket and the annual cost of insurance for high mileage drivers goes up to an average of $3,246. That’s an increase of $1,250, or $104 per month, just for not being more responsible behind the wheel!

Cheapest insurance quotes for high mileage drivers

There are many different ways to buy insurance in Maryland, but the most preferred methods are from an exclusive insurance agency like Allstate or Auto-Owners, an independent or non-exclusive agent, or from a direct company like Progressive. Each way has the same basic steps, but it’s important to point out the distinctions in how they give price quotes.

Independent agents write for multiple companies and can get policy pricing from all of them. These agents have the option to provide you with more rates, which may provide you with a better chance of saving money. If your premiums go up, your policy can be easily switched to a new company without you having to go to a different agency.

A captive, or exclusive, agent is usually just provide rates from a single insurance company like State Farm and Auto-Owners agents. They usually cannot place coverage with different providers, so if rates are not competitive, they cannot give other choices.

If you buy direct, you bypass an exlusive or independent agent and buy buying direct from a company like Progressive or Geico. Shopping direct can be a good choice for drivers who do not have a lot of assets and know how their policy works.

When shopping for insurance, which way works best to buy cheap auto insurance for high mileage drivers in Maryland? The majority of people assume that buying direct saves the most money since that eliminates agent commissions, but in reality, that argument does not hold true. A good argument could also be made that an independent agency results in the best rates because they can shop around, but again, it’s not necessarily true. In some circumstances, exclusive agencies have very competitive rates that other companies cannot beat.

Since insurance prices vary so much, the only real way to make sure you’re not overpaying for insurance is to get quotes and compare the rates. The best approach is to get price quotes all three ways to have the best rate selection. For a list of companies with online discounts, click here to view.

How to get cheap auto insurance for high mileage drivers in Maryland

The list below details some penny-pinching solutions that can help you locate low-cost car insurance.

• Pay lower rates with good credit
• At-fault accidents can raise rates significantly
• Bundle home and auto and earn a discount
• Drop full coverage on older vehicles
• Lower rates by purchasing a safer vehicle
• Compare rates often to find the best deal

The last tip is incredibly crucial, as was affirmed in this article. Auto insurance rates adjust frequently, so don’t hesitate to switch companies if a more affordable price is available. Many drivers prefer to stick with one company, but is isn’t recommended if your bullheadedness ends up costing you money that could be spent on other things. Now is a great time to compare rates to find cheaper auto insurance for high mileage drivers.