Best car insurance in Maryland for 2023

Best car insurance companies in Maryland

Based on our extensive research and systematic Bankrate Score analysis, Bankrate’s insurance editorial team has determined that Geico, USAA and State Farm are among the best car insurance companies in Maryland. To begin our analysis, we first obtained current premium information from the largest insurance providers based on market share in Maryland from Quadrant Information Services and compared those rates with the state average. The average cost of car insurance in MD is $1,971 per year for full coverage and $815 per year for minimum coverage. Third-party ratings were also considered, such as customer satisfaction scores from the 2022 J.D. Power Auto Insurance Study.

If you are looking for the best auto insurance in Maryland, you might want to get quotes from these five major carriers:

How Bankrate chose the best car insurance companies in Maryland

The best Maryland car insurance for your needs may be tricky to assess if you’re not sure where to start. Bankrate made its selections after analyzing dozens of large and regional car insurance companies. We assessed carriers based on average premium data sourced from Quadrant Information Services as well as coverage availability and mobile app accessibility.

We also considered third-party ratings from agencies like AM Best for financial strength and J.D. Power for customer satisfaction. All of this was consolidated into our Bankrate Score for a maximum score of 5 out of 5 points. Using the Bankrate Score may be useful to get a quick impression of a company, and to compare a carrier with other auto insurance companies in Maryland.

How much is car insurance in Maryland?

When it comes to full coverage car insurance, Maryland drivers typically pay roughly the same amount as the national average. On average, Maryland drivers pay $1,971 annually for full coverage, which is just 2 percent less than the U.S. average of $2,014. Minimum coverage tends to be significantly more expensive in Maryland, though, with an average annual premium of $815, which is 31 percent more than the national average annual premium of $622.

Average premiums in Maryland may be higher for a number of reasons. Maryland’s state minimum coverage includes uninsured motorists coverage, which isn’t included in many other states. The state has a five-year average of over 110,000 crashes per year, which could be considered high, especially when the state’s small geographic footprint is compared to much larger states.

How to find the best car insurance in Maryland

Everyone may have different car insurance needs and preferences, so finding the best car insurance might not look the same for everyone. During your search for the best auto insurance in Maryland, the following considerations could be useful.

Consider minimum insurance requirements in Maryland

In Maryland, motorists are required to carry at least minimum levels of some car insurance coverages to drive legally. Bodily injury liability, property damage liability, uninsured motorist bodily injury, uninsured motorist property damage and personal injury protection (PIP) are all required coverage types. While you do not need to memorize Maryland’s car insurance laws — you will not be able to buy a policy with limits lower than the state minimum — understanding the state’s financial responsibility law could help you decide if you need higher limits. Most insurance experts agree that minimum limits do not provide sufficient coverage and encourage drivers to purchase higher amounts for greater financial protection.

Consider lender requirements

If you have a loan or lease on your vehicle, you likely have additional car insurance requirements to think about. Minimum coverage does not provide any coverage for damage to your own vehicle, which lenders typically require to protect their financial stake in your auto. You would need to purchase full coverage, which includes comprehensive and collision coverage. Typically, lenders and leasing companies require full coverage and may also stipulate how high your deductibles can be. You may also want to consider purchasing gap insurance, which is designed to pay the difference between your new vehicle’s actual market value and your loan amount if your vehicle is totaled.

Consider your individual needs

Understanding what you are looking for in your auto insurance could help you narrow down your options. Budget may be your primary concern, or maybe you want a company with strong digital assets and a user-friendly mobile app. You might also have a teen driver and be looking for companies that offer numerous teen discounts. If you have accidents, tickets or DUI convictions on your record, you may need to find a company that will insure high-risk drivers. Taking the time to understand your unique situation, wants and needs could help you determine what companies best fit your circumstances.