Average car insurance cost in Baltimore, MD

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According to data from Insure.com, the average annual cost of car insurance in Baltimore, Maryland is $2,345. The auto insurance rates in Baltimore is $599 more than the state average and $450 more than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Baltimore, the average car insurance rates by age and gender, and how much car insurance cost in Baltimore depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Baltimore. Keep reading to learn more.

Cheap car insurance companies in Baltimore

Geico provides the best value for car insurance in Baltimore with coverage limits of 100/300/100, costing $1,730 annually.

A close second is Travelers, which offers car insurance at $2,063 per year.

Read about the best car insurance companies.

Average car insurance cost in Baltimore by coverage limits

The average car insurance rates in Baltimore by coverage type are as follows:

• State minimum coverage: $1,045 per year (limits of 25/50/25)
• Liability-only coverage: $1,142 per year (limits of 50/100/50)
• Full coverage: $2,345 per year (limits of 100/300/100)
• Non-owners coverage: $538 per year

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Baltimore

Based on an analysis by Insure.com, female drivers in Baltimore, Maryland pay an average annual car insurance premium of $2,332. In comparison, male drivers pay $2,357 annually, which is $25 more than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Baltimore

In Baltimore, car insurance rates are highest for teens, averaging $7,276 per year or $606 per month. According to the Insurance Information Institute, these higher rates for 16- to 19-year-olds are due to their increased likelihood of road accidents due to their lack of driving experience.

Specific teen driving laws have been implemented to help them become better drivers. Additionally, parents can lower teen insurance rates by adding them to their existing auto insurance policy.

As teens grow older and build a positive driving history, their car insurance rates decrease. Young adults usually pay $4,070 annually for their car insurance, which is $3,206 less than what teens pay for their coverage.

In Baltimore, adult drivers pay an average of $2,347 per year for car insurance, while senior drivers pay $2,423 annually.

According to the Insurance Information Institute, rates for adults and seniors are significantly lower than for teens and young adults, as they are more likely to obey speed limits and follow road rules.

Read more on auto insurance for seniors.

The table below lists the average annual rates for drivers of different age groups:

Car insurance rate trends in Baltimore

Examining the trends in car insurance rates in Baltimore, Maryland it was on an downward swing from 2022 to 2023. From 2022 to 2023 rates decrease overall by 2%, or $53.

The table below shows the trend for last four years:

Conclusion

In conclusion, Baltimore’s car insurance rates are higher than the average insurance rates in Maryland. Drivers in Baltimore can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.