Car Insurance Calculator – What Factors Affect the Cost of Car Insurance?

Maryland Car Insurance Calculator

Car insurance premiums in Maryland can be costly, but there are ways to keep premiums down. Shopping around and comparing quotes is often enough to save hundreds of dollars annually; common ways include lowering coverage levels or adding GAP and roadside assistance coverages as well as taking advantage of discounts offered by insurers for safety features, being safe drivers or students or belonging to certain affinity groups.

Your car model and type can also have an effect on your rates. In general, newer vehicles tend to cost more than older ones to insure; however, the difference may not be as substantial; for instance a 2022 Acura ILX 2.4L costs only $53 more to insure than a Toyota 4Runner Limited.

Your driving record plays an essential part in determining how much car insurance costs in Maryland. A speeding ticket, accident claim or DUI conviction will all increase rates significantly and cause your premiums to skyrocket even more than usual.

Location and age also play a significant role in determining car insurance rates in Maryland. Younger drivers, particularly teenagers, often pay more due to being seen as more of a risk by insurers based on statistical analysis and risk evaluations.

With the Maryland car insurance calculator, you can estimate how much full-coverage car insurance will cost based on your location and driving history. Compare this figure against average rates in your area to find an insurance policy that best meets both your needs and budget.

Bankrate has developed an example driver profile to accurately determine Maryland car insurance rates: A male in his 20s with an excellent driving history who drives a 2018 Toyota Camry from Leitersburg. He commutes five days per week for 12,000 annual miles driven and his policy offers liability, comprehensive and collision coverage with a $500 deductible.

Factors that influence Maryland car insurance costs include your credit score, marital status and driving record. Married drivers usually pay lower premiums than single ones while those with clean records usually enjoy the lowest premiums; conviction for DUI/at-fault accidents or speeding tickets could significantly raise rates; while speeding tickets might only add 23 percent more.

Maryland requires its drivers to carry at least the state minimum amount of car insurance; minimum coverage includes $25,000 for bodily injury per person and $50,000 in property damage claims. You should consider increasing these amounts to meet your specific needs or reduce Maryland car insurance rates further by opting for optional coverage or opting for higher deductibles.