The average auto insurance cost in Maryland varies significantly depending on the type of coverage you choose. For full coverage, the average cost is $2,698 per year, which translates to approximately $225 per month. If you opt for minimum coverage, the average cost is considerably lower at $1,085 per year, or about $90 per month.
Understanding Auto Insurance Costs in Maryland
The cost of car insurance in Maryland is influenced primarily by the level of coverage you select. There are two main categories of coverage that directly impact your premium: full coverage and minimum coverage.
Average Auto Insurance Premiums in Maryland
Here's a breakdown of the average costs for different types of auto insurance coverage in Maryland:
| Coverage Type | Average Annual Cost | Average Monthly Cost |
|---|---|---|
| Full Coverage | $2,698 | $225 |
| Minimum Coverage | $1,085 | $90 |
Full Coverage Costs
Full coverage typically includes liability insurance, comprehensive, and collision coverage. This level of protection offers broader financial protection against various incidents, including accidents, theft, and damage from non-collision events. While more expensive, it provides peace of mind and is often required if you have a car loan or lease.
Minimum Coverage Costs
Minimum coverage, on the other hand, refers to the lowest amount of auto insurance required by Maryland law. This generally includes liability coverage, which pays for damages and injuries you cause to others in an at-fault accident. It is the most economical option, making it the cheapest policy available for drivers looking to minimize their expenses. However, it provides no coverage for damages to your own vehicle.
It's important to note that individual auto insurance rates can vary based on several factors unique to each driver, such as driving history, age, vehicle type, and specific location within Maryland.
