Maryland Car Insurance
If you are currently living in Maryland, take the time to review your car insurance policy. Compare it with quotes from a variety of insurance providers to ensure you are receiving the best possible rate. Don't risk your financial future by carrying only the minimum amount of insurance. Talk with an insurance professional and determine the best policy for your specific driving habits. The more you research and compare quotes, the better your insurance policy will be.
Maryland is home to over 5.6 million residents with thousands more visiting each year. Many visitors come to Maryland for its famous crab dishes as well as its many water-based activities in Ocean City. Maryland also has the most financially successful residents in America. On average, residents in Maryland earn a median income of $65,144. Maryland residents also enjoy a variety of professional sports franchises including the historic Baltimore Orioles.
Minimum requirements
Drivers in Maryland must first purchase an insurance policy before they can legally register and operate their vehicles. Maryland law requires residents to possess and maintain minimum liability limits of 20/40/15. The first number, $20,000, refers to the maximum paid to a single person involved in an accident. The second number, $40,000, refers to the amount paid to all parties involved in an accident. Finally, the last number, $15,000, refers to the maximum amount of property damage. Maryland law also requires drivers to possess and maintain UM (uninsured/underinsured motorist) protection. The minimums for this form of insurance are the same as the liability limits. UM insurance protects motorists from fellow drivers who do not possess the proper amount of insurance. This form of insurance also protects drivers from hit-and-run accidents.
Although the sate determines the minimum amount of insurance, it is often the best policy to increase the financial limits. For example, medical bills resulting from a collision can quickly skyrocket past $40,000 especially if multiple drivers/passengers were injured.
Statistics
According to the latest published Maryland Department of Transportation Traffic Safety Report, there were 109,130 motor vehicle accidents in 2003. Of that number, 38,710 accidents resulted in injury, 69,824 involved property damage, and sadly 596 involved fatalities. This same report concluded that on an average day in Maryland, there were 300 police reported accidents, 160 people injured and two people dying each day due to motor vehicle accidents.
These disturbing statistics reinforce the fact that driving in Maryland is extremely dangerous. It also reinforces that drivers in Maryland need the optimal amount of car insurance to protect their vehicles, families, and financial future.
Average insurance costs
On average, Maryland drivers pay $556 for liability protection, $331 for collision insurance and $149 for comprehensive insurance. Their average yearly expenditure is $945, which is the twelfth most expensive state to insure a vehicle. As a basis of comparison, the most expensive state for car insurance, New Jersey, saw its residents pay an average of $1,184 a year for insurance premiums.
Additional coverage
Although Maryland does require drivers to carry both liability and underinsured/uninsured motorist protection, it is still a wise to consider additional insurance protection. One of the most common forms of additional insurance is comprehensive coverage. This form of insurance protects drivers from theft, vandalism, and weather related damages. Carrying comprehensive insurance is especially beneficial for new car owners. This is because newer, more expensive cars experience vandalism more often than older, used vehicles. It is also wise to consider comprehensive insurance if your car is routinely parked outside, on a busy city street, or in an unprotected parking area.
Other insurance options include carrying collision protection. Collision insurance, like other forms of car insurance, has set financial limits. However, collision insurance protects drivers in the event of a collision regardless of fault. This form of insurance is also especially beneficial for newer, expensive cars as the cost of collision repair can quickly become unaffordable without the proper amount of insurance.
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