MAIF stands for Maryland Auto Insurance Fund. It was first established in Maryland in 1972. MAIF insurance is designed for Maryland residents who have been unable to get automobile insurance through a private carrier. In order to qualify for this insurance, you must be a Maryland resident and possess a valid Maryland license or registration. You must also be unable to get auto insurance with a private carrier.
Below are some tips for lowering the cost of MAIF insurance:
The number one thing that will increase the MAIF insurance cost is a traffic violation or accident. That is why you want to make sure that you drive carefully. If you have a good driving record, then you will be able to qualify for discounts.
Your insurance rate will be cheaper if you raise the deductible. Getting rid of the coverage for small loses can help you save a lot of money in the long run. However, you want to make sure that you have enough money to cover the out-of-pocket expense if you were to get into an accident.
You are required by most auto insurance companies to carry full coverage on your vehicle. However, if you own your vehicle, then you probably do not need comprehensive coverage. You can just carry the minimum coverage that is required by the state. In the state of Maryland, the minimum required coverage is 30/60/15. This means $30,000 for bodily injury per person, $60,000 for total bodily injury and $15,000 for property damage.
Keep in mind that physical damage coverage is usually not considered cost-effective for older vehicles. You should consult with a MAIF agent to find the type of coverage that is best for you.