Best Cheap Car Insurance Quotes for a 20 Year Old Male in Maryland

Anytime the topic is car insurance, the word affordable really should not be used anywhere in the article as a descriptor for car insurance rates. It’s just a fact that cheap car insurance for 20 year old guys just does not exist. Don’t let that bother you, though, because there may be ways you can get auto insurance that is affordable.

Performance level and cost of the vehicle you are trying to insure is a large factor when looking for the best cheap auto insurance for 20 year old guys in Maryland. Vehicles with average performance, a plethora of safety features, or a positive history of liability claims will cost substantially less to insure than high performance models.

The next lists illustrates auto insurance premiums for a selection of the cheapest automobiles to insure in Maryland.

Prices based on single male driver age 20, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, and claim-free. Estimates do not factor in specific location information which can change prices substantially.

Above prices assume single male driver age 20, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in specific garaging location which can impact premiums greatly.

Prices based on single male driver age 20, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, and claim-free. Estimates do not factor in specific location information which can influence prices significantly.

Trying to buy budget car insurance is challenging, and finding out which companies quote the cheapest car insurance rates for 20 year old guys will require more quotes for comparison. Coverage prices will be significantly higher than the average policy in Maryland due to the additional risk associated with offering coverage for young men, but competitive coverage should be obtainable with some perseverence.

Every insurance provider has a unique formula for determining prices, so let’s take a look at the car insurance companies with the overall cheapest rates in Maryland. It’s important that readers know that Maryland car insurance rates are determined by lots of factors that may substantially change your annual premium. Improving your financial situation, moving to a different location, or getting into an accident may prompt premium changes that can now make some companies cheaper than competitors.

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USAA may offer some of the lowest car insurance rates in Maryland at around $930 per year. Liberty Mutual, Erie, Penn National, and State Auto also qualify as some of the cheapest Maryland auto insurance companies.

As illustrated above, if you buy coverage from Penn National and switched to USAA, you might achieve annual savings of in the neighborhood of $207. Customers with State Auto may save as much as $284 a year, and Amica insureds might see rate reductions of $417 a year.

These policy rates are averages for all types of drivers and the different vehicles they drive and do not take into consideration a rate increase for 20 year old guys. So the company that fits your age and vehicle best may not even be featured in the rate chart shown above. That points out the importance of why you need to get car insurance quotes using your own individual information.

Responsible drivers pay cheaper car insurance rates

The easiest way to enjoy cheap car insurance rates in Maryland for young men is to be an attentive driver and avoid accidents and traffic citations. The illustration below highlights how speeding tickets and at-fault fender-benders can drive up annual premium costs for different age groups of insureds. The costs are based on a married female driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.

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In the prior example, the average cost of a car insurance policy in Maryland per year with a clean driving record and no accidents is $2,182. Get written up for one speeding ticket and the average cost rises to $2,545, an increase of $363 each year. Now add in one accident along with the one speeding ticket and the yearly cost of car insurance for 20 year old guys increases to an average of $3,571. That’s an increase of $1,389, or $116 per month, just for not driving attentively!

Full coverage versus liability-only in Maryland

Finding the best cheap auto insurance for 20 year old guys in Maryland should be important to most people, and one of the best ways to find cheap insurance is to not buy full coverage. The information below illustrates the comparison of insurance premiums with full physical damage coverage compared to only buying liability only. The costs are based on no tickets, no at-fault accidents, $250 deductibles, single marital status, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 3629,1225],[‘Age 30’, 1905,673],[‘Age 40’, 1873,623],[‘Age 50’, 1707,585],[‘Age 60’, 1651,575],[‘Age 70’, 2007,767]]);var options = {title: ‘Full Coverage Compared to Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Maryland’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If the expense is averaged for all age categories, physical damage insurance costs an extra $2,129 per year more than buying just liability insurance. Many of you may wonder if buying full coverage is a waste of money. There is no clear-cut formula to eliminate comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

For example, let’s assume your vehicle’s settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $7,000 after paying the physical damage deductible. If it’s costing in excess of $700 a year for full coverage, then it could be time to drop full coverage.

There are a few cases where removing full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not consider dropping full coverage.

Is Geico, State Farm, Allstate, or Progressive cheaper?

When shopping around for car insurance for young men in Maryland, the most popular companies are Geico, State Farm, Allstate, and Progressive. When combined, they insure over 45% of the entire U.S. auto insurance market. The following table breaks down price, claims, and customer service ratings, as well as some optional coverages that may be available in Maryland.