How Much are Auto Insurance Quotes for Business Use in Maryland?

Trying to buy budget auto insurance is not always easy, and determining which company offers the best insurance rates for business use will require a bit more work. Prices will be somewhat pricier than the state average attributed to the higher likelihood of claims related to offering insurance for using your car for business, but reasonable insurance may be achievable if you look hard enough.

Each auto insurance company uses a little different formula to establish rates, so let’s take a look at the insurance companies that tend to be cheaper in Maryland. It’s important that you understand Maryland insurance rates are based on many factors that can increase the price of your policy. This price variation is why Maryland drivers need to compare as many rates as possible to find cheap insurance quotes for business use. Auto insurance prices are determined by many different factors and can decrease or increase without notice, so the lowest-price company the last time you compared rates may now be wasting a lot of money.

Cheap Insurance Rates for Business Use

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USAA generally has some of the best car insurance rates in Maryland at around $958 per year. Liberty Mutual, Penn National, Erie, and State Auto also are some of the cheaper Maryland auto insurance companies.

In the rate table above, if you are currently insured with State Auto and switched to Liberty Mutual, you may realize an annual savings of roughly $98. Drivers with Amica might save as much as $242 a year, and MetLife insureds might see rate reductions of $336 a year.

If you want to see how much you could save, click here to start your custom quote or visit several of the following companies.

Understand that those estimates are averages for all drivers and vehicles and are not factoring in a rate surcharge for business use. So the company that can offer you the best rate may not even be featured in the list of companies above. That illustrates why you need to get rate quotes from many companies using your own driver data and vehicle information.

One of the key criteria that help determine the annual cost of car insurance is your zip code in Maryland. Cities with larger populations like Baltimore, Dundalk, and Aspen Hill tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims enjoy lower auto insurance rates.

The following table displays the most costly cities in Maryland for business use in which to buy car insurance.

Rate quotes are estimated as the specific Maryland residence address can revise premiums considerably.

The illustration below illustrates how your choice of deductibles can increase or decrease insurance premiums when quoting cheap insurance for business use. The costs are based on a married female driver, comp and collision included, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 2849,2593,2303,2025],[‘Age 30’, 2005,1821,1607,1401],[‘Age 40’, 1975,1795,1591,1393],[‘Age 50’, 1729,1575,1397,1227],[‘Age 60’, 1651,1503,1333,1169],[‘Age 70’, 1767,1609,1431,1265]]);var options = {title: ‘Effect of Higher Deductibles on Insurance Rates in Maryland’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

The data above shows that a 40-year-old driver could lower rates by $332 a year by switching from a $100 deductible up to a $500 deductible, or save $502 by switching to a $1,000 deductible. Young drivers, like the 20-year-old category, could roll back prices $824 or even more by choosing a larger deductible amount. When raising deductibles, it’s a good idea to have emergency funds available to allow you to cover the extra out-of-pocket expense associated with higher deductibles.

How to find budget-friendly auto insurance for business use

It’s not impossible to find cheaper rates, and here are some of the better thrifty suggestions that can help you find lower-cost coverage.

• Increase your comprehensive and collision deductibles
• Ensure your driving record is clean
• Avoid having at-fault accidents
• Save money by only buying liability coverage for older vehicles
• Lower rates by purchasing a safer vehicle
• Drivers with good credit ratings often pay less
• Compare rate quotes frequently

That final tip is highly critical, as we stressed in this article. Auto insurance prices in Maryland change constantly, so don’t be unwilling to switch to a new company if a better rate can be found.

Many drivers tend to have loyalty to a certain company, but it’s not a good idea if that loyalty ends up costing a lot of money every month. Take a couple minutes and compare prices and find cheaper insurance for business use.