Maine is an at-fault car insurance state, meaning the driver who causes an accident is financially responsible for both bodily injury and property damage. To be covered under state requirements for bodily injury liability coverage of $50,000 per person and $100k per accident. Also required in Maine: $25,000 in property damage liability and medical payments or personal injury protection (PIP). Adding collision and comprehensive coverage could increase the price of Maine auto insurance premiums but could provide added peace of mind when driving. To find the best price possible on car insurance policies available to you: shop around and consider all available options carefully to you before making a final decision on policy purchase decision.
Insurance providers consider various factors when calculating Maine car insurance rates, such as your vehicle type, year and make, location and driving history to arrive at their premium estimates. Here are some common elements which could alter your premium:
Your Age: Younger drivers tend to be involved in more car accidents than older adults and therefore pay higher insurance premiums; this is especially true of teenage drivers – their rates can often be 2.5x that of an adult their same age! Luckily, as time progresses your rates will begin to decrease.
Credit Score: Securing affordable car insurance rates depends heavily on having a high credit score. Conversely, those with poorer credit may end up paying more because insurers view you as high risk; as people with lower scores tend to file claims more frequently.
Driving Record: Maintaining a clean driving record is the cornerstone of finding affordable Maine car insurance rates. Traffic tickets, at-fault accidents and DUI convictions will cause your rates to increase significantly – up to 42 percent more if it includes alcohol!
Location: Your neighborhood plays an integral role in determining your auto insurance rates, as different areas present different risks to insurers such as crime rate, traffic congestion and population density. As shown below in Table 2, costs may differ based on where you reside – see this table as an illustration for Maine car insurance premiums that could vary based on neighborhood.
Maine auto insurance policies come in various varieties; liability is the cheapest option with basic policies costing only $502 annually or $77 monthly. As another option to reduce Maine car insurance rates, raising your deductible can help to bring down costs; however, this step should only be used as an absolute last resort as doing so will lessen financial protection in case of an accident. Consider parking your vehicle in a garage as some insurance providers provide discounts for doing so. A car insurance calculator can also help you find coverage that suits both your budget and needs – simply enter your zip code to compare quotes from top providers in your area, saving time and money by bundling both auto and home policies together under one provider.