Automobile insurance is a requirement before you can put a vehicle on the road. The state of Maryland requires you to have 30/60/15 minimum liability insurance coverage. This pays a maximum of $30,000 for any bodily injury to a single person. If two or more people are involved in an accident the maximum that can be paid out is $60,000. Property damage has a maximum coverage of $15,000 at the minimum state level.
Numerous factors go into determining whether an insurance company will insure you or how much money they will charge to provide coverage. The first factor, which cannot be changed, is age. Statistically, younger drivers pose a greater risk to insurance companies and are charged a higher rate. Sex is also another factor to consider. Teenage males are charged higher premiums than teenage females since they’re more likely to get into accidents.
A factor that you can control that helps determine the cost of your automobile insurance policy is your accident record. If you have multiple at-fault accidents your insurance company needs to pay more money out and will charge you a higher rate because it’s likely that they will have to pay again in the future. You can get yourself a lower premium by keeping a clean driving record and not filing claims unless you absolutely need the services.
Many companies try to encourage loyalty by offering a discount in exchange for having multiple policies through the same provider. You may want to consider grouping your home or renter’s insurance, life insurance and automobile insurance with the same company to get a certain percentage off the premium for all policies.
If you aren’t able to get automobile insurance coverage from a traditional provider due to your personal circumstances, you may consider getting coverage from the Maryland Automobile Insurance Fund. They offer the same coverage that is mandated by the state to register a vehicle even if traditional insurance companies won’t offer a policy.