Who Has Cheap Car Insurance Quotes for Homeowners in Maryland?

The vehicle that is being insured is a significant factor when quoting affordable coverage for homeowners. Vehicles with higher performance characteristics, a lack of advanced safety features, or high incidents of liability claims will cost much more to insure than safer models.

The information below illustrates coverage rates for a number of the most cost-effective vehicles to buy insurance for.

Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Price information does not factor in specific Maryland garaging location which can change premium rates substantially.

By looking at the data, vehicles like the Ford Escape, Chevrolet Traverse, Honda CR-V, and Ford Edge will definitely be some of the most budget-friendly vehicles to insure for people who own their homes.

Figuring out which companies have the cheapest auto insurance rates for homeowners may require more time in order to find the lowest price. Each company has a proprietary formula to set premium rates, so to begin we’ll rank the lowest cost auto insurance companies in Maryland.

It’s important that readers know that Maryland auto insurance rates are impacted by many things that control the price you pay for coverage. Improving your credit rating, moving to a new city, or having an at-fault accident can produce rate changes that can make some companies cheaper in comparison to the competition.

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USAA has some of the most affordable car insurance rates in Maryland at around $920 each year. Liberty Mutual, Penn National, Erie, and State Auto are also some of the more affordable Maryland insurance companies.

As shown in the table above, if you have coverage with Erie and switched to USAA, you might achieve an annual premium reduction of in the vicinity of $241. Policyholders with State Auto may save as much as $270 a year, and Amica insureds might reduce prices by as much as $414 a year.

Remember that these rates are averaged for all drivers and vehicles and do not take into consideration a rate decrease for homeowners. So the company that can offer you the lowest price may not even be in the list of companies above. That’s why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.

For people who own their homes, one of the big components that insurance companies take into consideration when calculating auto insurance rates is where you normally keep your vehicle in Maryland. Areas with more people or even just a higher incidence of claims like Baltimore, Dundalk, and Essex are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims benefit from lower coverage costs.

The table below rates the priciest cities in Maryland for homeowners to buy an auto insurance policy in.

Rate quotes are approximated as the vehicle garaging location can change price quotes greatly.

Discounts on cheap auto insurance for homeowners in Maryland

Auto insurance companies that offer quotes for homeowners may also give you premium discounts that can reduce rates by 40% or more if you are eligible. Large auto insurance companies and some of the discounts are detailed below.

The chart below shows the difference between insurance rates with and without discounts applied to the policy rates. The costs are based on a female driver, no accidents, no driving violations, Maryland state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with passive restraint, vehicle safety, claim-free, multiple vehicle, multiple policy, and accident-free discounts applied. When discounts are applied, the average savings per year on auto insurance for homeowners is % or $.

Cheapest insurance quotes for people who own their homes

Due to technology, there are many ways to find cheaper auto insurance in Maryland, but the three most common are through an exclusive insurance agency such as Allstate or Liberty Mutual, a non-exclusive or independent agent, or buying direct from a company like Progressive or Geico. They all have the same basic principle, but buyers should know the differences in how they give price quotes.

Independent insurance agencies are appointed by several companies and can do rate comparisons with each one. Independent agents are able to give you more rates, which can help you get the best chance of saving money. If you are not satisfied with one company, your agent can switch companies which is easy for the insured.

Exclusive agents are restricted to a single company like Allstate and Liberty Mutual agents. Exclusive agents normally do not have the ability to provide a range of price quotes, so you need to shop around if the rates are high.

Choosing to buy auto insurance direct means you bypass an independent or exclusive agent and instead shop direct online or over the phone from a company like Esurance or Geico. Buying direct may be a decent choice families who do not need risk management and have some degree of understanding of what specific coverages they need.

So comparing independent agents, exclusive agents, and direct, which one works best to find cheap auto insurance for homeowners in Maryland? We’d like to say buying direct saves the most money since that eliminates agent commissions, but unfortunately, that is not always true. A valid argument could also be made that going through an independent agent guarantees the best prices since they have more companies to choose from, but that is not necessarily true either. In the right set of circumstances, the exclusive agents may have prices that other auto insurance companies cannot touch.

Because it’s impossible to say who has the best auto insurance rates, the one way to ensure you are not overpaying for auto insurance is to get quotes and compare. Money-saving experts recommend you get prices from all three types to have the best selection of rates to choose from. To see some of the cheapest online companies available, click here to view.

How to find cheap auto insurance for homeowners in Maryland

Below you’ll find some of the better penny-pinching solutions that can help you quote cheap auto insurance.

• Drive attentively and avoid accidents
• Drop full coverage on older vehicles
• Save money by observing traffic laws and speed limits
• Bundle home and auto and save
• Safe vehicles cost less to insure
• Claim-free drivers earn discounts
• Compare prices as often as possible

That last tip is notably vital, as was pointed out in the prior information. Insurance rates can change considerably in a year, so don’t be hesitant to change to a new company if you can find a cheaper rate.

Having a favorite company is fine, but we do not recommend it if that loyalty ends up costing money that could be going to better use. Spend a few minutes and compare rates to find cheaper auto insurance for homeowners.