Best Cheap Insurance for a Chevrolet Malibu in Maryland

Our editors always tell us that when writing about car insurance, the word cheap really shouldn’t be used anywhere in the article as a descriptor for car insurance rates. It’s just reality that cheap car insurance for a Chevrolet Malibu is not easy to find. Don’t let that discourage you, because we will tell you how you can still get car insurance that doesn’t break your budget.

Your chances of finding the cheapest auto insurance for a Chevrolet Malibu in Maryland depends upon a lot of different factors such as whether you are single or married, where your vehicle is garaged, and physical damage deductibles. Drivers will pay on average $1,120 annually to buy insurance for a Chevrolet Malibu, but that is an estimate based on cost data for a 30-year-old single female that includes comprehensive and collision coverage and $1,000 policy deductibles.

There is a good probability you are not 30 years old and maybe not even female, married instead of single, or maybe you prefer liability limits higher than required by Maryland state law. Making minor changes in rating criteria can make a big difference in the cost of insurance for a Chevrolet Malibu.

There is no one cookie-cutter policy that works for everyone, so the way we recommend to find cheap insurance prices for your Chevrolet is to just take the time to compare rates yourself. Quotes only take a few minutes and you will receive rate quotes from the best auto insurance companies that sell coverage in Maryland.

Compare Chevrolet Malibu Insurance Rates

The trim level of your Chevrolet will influence the insurance rate, so the rate you pay to insure a Malibu LS will be $98 cheaper than the cost to insure the higher-end Malibu LTZ version, as demonstrated by the prices below.

Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Prices do not factor in specific zip code location which can lower or raise premium rates considerably.

Insuring your vehicle with the highest-rated car insurance provider can be challenging considering how many companies are available to choose from in Maryland. The company information displayed below could help you select which car insurance providers to look at when comparing rates. The ratings below are only comprised of large insurance companies, so companies without a large exposure will not be included in this list.

Top 10 Major Auto Insurance Companies in Maryland Ranked by Claims Service

1. Travelers
2. Nationwide
3. Allstate
4. State Farm
5. Liberty Mutual
6. GEICO
7. American Family
8. Esurance
9. Titan Insurance
10. AAA Insurance

Top Companies for Chevrolet Malibu Insurance in Maryland

Full coverage versus liability-only in Maryland

Finding the best cheap insurance for a Chevrolet Malibu in Maryland should be important to the majority of people, and one of the best ways to pay lower rates for insurance is to buy only liability coverage. The illustration below illustrates the comparison of yearly insurance costs with and without physical damage coverage. The prices are based on no tickets, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are applied.

If averaged for all ages, comp and collision coverage costs $2,011 per year more than carrying just liability coverage. That is a significant amount which raises the question if it’s worth it to buy full coverage. There is no definitive rule for eliminating physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of replacement cost minus your deductible, then it may be the right time to buy liability only.

There are some conditions where only buying liability is not recommended. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

Why you should compare rates

Maryland insurance rates are impacted by many factors which can significantly increase or decrease the price you have to pay for coverage. Simply having another birthday, adding a teenager to your policy, or having an at-fault accident may prompt premium changes that can make some companies cheaper than competitors. Not only may your risk profile change, but companies change premium rates every year or even multiple times each year in order to offset underwriting gains or losses. Significantly higher losses can cause increased rates, while lower claims may produce lower-cost Malibu insurance rates.

To help illustrate this point, the graph below analyzes the cheapest car insurance in Maryland for a 40-year-old female driver with no accidents or violations, and a good credit rating. If we estimate prices based on her current risk factors, USAA offers the most affordable car insurance rates in Maryland at $920 each year. This is $639 less than the average policy premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto are also included in the top five cheapest Maryland auto insurance companies.

The next chart shows rates after we give the driver from above a claim, a lower credit score, and a blemish on her driving record. Since each insurance company has their own unique process to determing premium rates, comparing prices could now result in a new list of the cheapest Maryland car insurance companies as shown below.

Nationwide now has the best price in Maryland with Travelers, MetLife, GEICO, and California Casualty now rounding out the top five. This example shows why it is crucial to spend some time comparing rates to get the cheapest car insurance quotes for a Chevrolet Malibu.

Prices are calculated by many risk factors and can change substantially, so the cheapest rate a year ago may now be one of the higher cost companies.

How to find the best cheap insurance for a Chevrolet Malibu in Maryland

It is possible to find better rates, and here are a few money-saving suggestions that can help you get the cheapest auto insurance.

• Increase your credit score
• Violations like speeding or DUI increase rates
• Save money by staying claim-free
• Avoid at-fault accidents and claims
• Raise deductibles
• Buy your auto and home insurance from the same company and save
• Compare quotes from other companies often

That last idea is very necessary, as was noted in the prior article. Rates fluctuate constantly, so don’t be tentative to change to a new company if you can find a cheaper rate. Many drivers have brand loyalty and that’s fine, but is isn’t recommended if it’s costing you a fortune every year. It only take a few minutes to compare prices to find cheaper insurance for a Chevrolet Malibu.

Best cheap Chevrolet Malibu insurance quotes

There are many different ways to shop for and buy insurance in Maryland, but the most common ways are through a non-exclusive or independent agent, an exclusive insurance agency like Allstate or State Farm, or buying direct from a company like Progressive or Geico.

Each way has the same basic steps, but it’s important to understand the differences in how they price policies.

Independent agencies can place your business with multiple companies and can get rate quotes from all of them. These types of agents are not locked into one company and can give you more rates, which can give you a better comparison. If you want to switch companies, your agent can just switch to a different company which makes it easier to save money.

An exclusive ageny is usually just provide rates from one company, a couple examples are a Liberty Mutual or State Farm agent. They generally cannot quote prices from more than a single company, so it’s a take it or leave it situation.

Insurance from a direct company means you skip local insurance agents and buy from a direct company like Esurance. This option may be the best choice people who do not need advice for risk management and know what limits they need.

When shopping for insurance, which way works best for finding the best cheap insurance for a Chevrolet Malibu in Maryland? The quick answer would be shopping direct saves money since no commissions are paid to an agent, but that does not always hold true. It could also be said using an independent agent can save the most money because you have more choices, but that assumption is also not necessarily accurate. In many cases, the exclusive agents have really good rates that independents and direct companies can’t touch.

Due to the fact that insurance rates vary so much, the one way to get rock-bottom rates is to compare, compare, and compare some more. Take some time and get quotes from all three to give yourself enough choices. For a list of companies with online discounts, click here to view.