Living in Maryland means many things for residents. It means beautiful summers and bitter cold winters. It means living close to the nation’s capital, but also having access to farmland and rural communities where life is simple and enjoyable. It also means the cost of car insurance varies significantly. Data shows living in Maryland means you could spend as little as $800 per year or as much as $4,100 per year for an insurance policy. It’s a big difference, and many people are uninterested in paying the premiums when they’re on the high end.
It’s not uncommon to want to save on your insurance, which is why so many Maryland residents are interested in learning what they can do to help lower their premium and help their budget stick a little easier. It’s not always easy or possible for some people to lower their rates, but it’s sometimes much easier than you think.
Know Where to Start
If you’re serious about a lower rate in Maryland, you’re going to shop around for a great policy. The best way to do this is to compare quotes from at least three different companies. Some of the best include Geico, USAA, Selective Insurance, Nationwide, and Cumberland Insurance. They’re rated the most affordable in the state for most policyholders, but your personal situation is a different story.
How Your Life Affects Your Insurance
It’s been mentioned you can’t always lower your rate. The reason has to do with how risky an insurance company views you in comparison to others. They want to know the people they’re insuring are reliable, and they want to know they are doing what they can to save money when possible. The riskiest drivers are those who have a poor driving record and a poor credit score. These people are viewed as bad drivers as well as financially irresponsible, which means they’re not getting the best insurance rates. If this is you, now is a good time to start making better driving decisions and to get your financial life in order. It might not help you right now, but it can help you in the future. Additionally, it’s just a good idea to improve your driving record and your credit no matter what you do.
If you live in a neighborhood where the crime rate is high or the economic status of most residents is low, you’ll pay more. It’s because your car is somewhere break-ins and theft happen more often, and it’s because many people who live in areas like this don’t pay for their own insurance.
How to Ask for Lower Rates
Before you being shopping around, you might just all your own insurance company and ask for a lower rate. It might seem like a long shot, but customers who’ve been with the company for many years with a great record are going to see this one result in big changes. If you have not needed your insurance to pay a deductible for an accident and if you always pay on time, your insurance company wants to keep you. You’re low-risk, and they don’t want to lose you. This means they’re more likely to pay for you to stick around with a discount, and all you have to do is ask.
You can also let the company know of any major life changes, if you have any safety features on your car you’re not getting a discount for, and if you have received lower rates from other companies. There is no guarantee you can find a lower rate this way, but it’s always worth asking. If your company won’t work with you, go ahead and look around for a new policy.
Maryland residents might find insurance is more expensive if they live in Baltimore or one of the other biggest cities. It’s a lot more affordable in rural communities, and you should try to find out if there’s anything you can do to get a lower rate when you have the chance. You’re not guaranteed one, but you can ask and see what that gets you.