Shopping around for affordable car insurance is not the easiest thing to do, and determining which company quotes the lowest-priced insurance rates for a company car takes even more rate comparisons.
Every auto insurer has their own guidelines to set policy rates, so we need to take a look at the most affordable insurance companies in Baltimore, MD. It’s important to know that Maryland insurance rates are impacted by many things that may substantially change the policy premium. Improving your credit score, getting married, or having a fender bender can trigger changes in premium resulting in some companies being higher when they were quite affordable.
Find the Cheapest Auto Insurance in Maryland
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $930 |
| 2 | Liberty Mutual | $1,114 |
| 3 | Penn National | $1,126 |
| 4 | Erie | $1,127 |
| 5 | State Auto | $1,214 |
| 6 | Amica | $1,295 |
| 7 | MetLife | $1,372 |
| 8 | Nationwide | $1,393 |
| 9 | Travelers | $1,426 |
| 10 | GEICO | $1,472 |
| 11 | California Casualty | $1,499 |
| 12 | Allstate | $1,613 |
| 13 | State Farm | $1,696 |
| 14 | Progressive | $2,086 |
| 15 | Encompass | $2,490 |
| 16 | Victoria | $2,933 |
| View More Rates Go | ||
USAA quotes some of the cheapest car insurance rates in Baltimore at around $930 per year. This is $629 less than the average premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto are also some of the lowest-priced Baltimore, MD auto insurance companies.
As illustrated above, if you currently buy coverage from Erie and switched to Liberty Mutual, you could realize yearly savings of in the neighborhood of $13. Maryland drivers with State Auto may save as much as $100 a year, and Amica policyholders might cut rates by $181 a year.
If you want to find out if you’re overpaying, click here to start your custom quote or click several companies below for low rates.
Remember that these policy prices are averaged across all types of insureds and vehicles and and are not calculated with an exact vehicle garaging location for a company car. So the car insurance company that can offer you the lowest price may not even be in the top 16 companies in the list above. That’s why you need to compare rates from as many companies as possible using your own specific driver information and vehicle.
For your employer’s vehicle, one of the more important factors that are looked at to determine insurance cost is where you live. Cities with larger populations tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents have the benefit of cheaper auto insurance prices.
The illustration below shows the highest-priced places in Maryland for a company car in which to buy car insurance. Baltimore is ranked #1 with an annual rate of $1,742 for the average policy, which is about $145 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Baltimore | $1,742 |
| 2 | Woodlawn | $1,674 |
| 3 | Towson | $1,512 |
| 4 | Dundalk | $1,490 |
| 5 | Essex | $1,459 |
| 6 | Aspen Hill | $1,435 |
| 7 | Silver Spring | $1,417 |
| 8 | Catonsville | $1,417 |
| 9 | Bowie | $1,404 |
| 10 | Waldorf | $1,389 |
| 11 | Wheaton | $1,375 |
| 12 | Glen Burnie | $1,329 |
| 13 | Severn | $1,327 |
| 14 | Germantown | $1,287 |
| 15 | Gaithersburg | $1,265 |
| 16 | Rockville | $1,251 |
| 17 | Bethesda | $1,239 |
| 18 | Columbia | $1,238 |
| 19 | Ellicott City | $1,233 |
| 20 | Annapolis | $1,231 |
| Find Cheaper Insurance Go | ||
Annual rates are approximated as the vehicle garaging location can change premiums greatly.
The car, truck, or SUV requiring insurance is a large consideration when comparing quotes for low-priced coverage for a company car. Vehicles with lower performance, good safety features, or a low likelihood of having liability claims will cost less to insure than fast, unsafe models.
The next list outlines coverage prices for some of the cheaper automobiles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Explorer XLT AWD | $2,845 |
| Ford Escape XLS 2WD | $2,866 |
| Honda CR-V LX 2WD | $2,876 |
| Ford Edge SEL AWD | $2,949 |
| Jeep Grand Cherokee Laredo 2WD | $3,007 |
| Dodge Grand Caravan SXT | $3,064 |
| Toyota Prius | $3,089 |
| Volkswagen Jetta S 2.5 Station Wagon | $3,100 |
| Ford F-150 STX Regular Cab 2WD | $3,154 |
| Chevrolet Impala LTZ | $3,168 |
| Toyota Tacoma 2WD | $3,226 |
| Toyota RAV4 Limited 2WD | $3,290 |
| Nissan Altima 2.5 4-Dr Sedan | $3,296 |
| Chevrolet Malibu Hybrid | $3,290 |
| Jeep Wrangler Unlimited Rubicon 4WD 4-Dr | $3,315 |
| Ford Focus SES 2-Dr Coupe | $3,384 |
| Chevrolet Equinox LT AWD | $3,387 |
| GMC Sierra SL Extended Cab 2WD | $3,392 |
| Honda Accord EX-L 2-Dr Coupe | $3,441 |
| Ford Fusion SEL AWD 4-Dr Sedan | $3,445 |
| Hyundai Elantra GLS 4-Dr Sedan | $3,470 |
| Toyota Camry XLE | $3,476 |
| Kia Optima LX | $3,520 |
| Compare Rates Now Go | |
Prices above based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Price estimates do not factor in specific location which can lower or raise price quotes considerably.
Based upon the rates shown, you can assume that vehicles like the Ford Explorer, Ford Escape, Honda CR-V, Ford Edge, and Jeep Grand Cherokee will definitely be the most economical vehicles to insure for your employer’s vehicle.
The chart below shows how choosing a deductible can affect insurance rates when researching cheap insurance for a company car. The premiums are based on a married female driver, full physical damage coverage, and no policy discounts are applied.
The data above shows that a 40-year-old driver could lower rates by $278 a year by increasing from a $100 deductible up to a $500 deductible, or save $420 by choosing a $1,000 deductible. Even younger drivers, such as the Age 20 example, could possibly save as much as $690 every year just by choosing higher deductibles when buying full coverage.
If you do decide to increase your deductibles, it is essential to have enough funds in savings to satisfy the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Cost of full coverage
Saving on insurance is the goal of most drivers, and one of the fastest ways to find cheap insurance for a company car is to not buy full coverage. The example below shows the difference between insurance costs with and without physical damage coverage. The premiums are based on no violations or accidents, $100 deductibles, drivers are not married, and no discounts are factored in.
If averaged for all ages, physical damage coverage on your policy costs $3,113 per year over and above liability only. At some point, almost every driver questions if you should buy full coverage at all. There is no set rule that works best for making the decision to drop comp and collision coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s say your vehicle’s settlement value is $10,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $9,500 after paying your policy deductible. If premium cost is more than $950 annually for your policy with full coverage, then you might want to think about dropping full coverage.
There are a few cases where eliminating full coverage is not a good idea. If you haven’t paid off your loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage.
Baltimore car insurance rates
Baltimore, MD insurance rates are impacted by many things which can substantially decrease or increase the price you pay for coverage. Simply getting older, having a teenage driver, or getting into an accident may prompt premium changes resulting in some rates now being more affordable than the competition. In addition, companies change the rates they charge in Maryland every year or even multiple times each year to ensure their profitability. A period of increased losses may result in high rates, while lower claims may cause lower-cost Baltimore car insurance rates.
The bar chart below shows which companies have the cheapest car insurance in Baltimore, MD for a 30-year-old male driver with a clean driving record, no accidents, and solid credit. When comparing rates based on his personal risk profile, USAA may offer the cheapest car insurance rates in Baltimore at $1,670 a year. This is $111 more than the average price paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto round out the rest of the best Baltimore, MD auto insurance companies.
The chart below compares rates after we give the driver from the above example a couple of claims, poor credit, and a speeding citation. Since every insurance provider uses their own calculation for determining rates, comparing insurance quotes may now result in a different list of the cheapest companies as shown below.
Nationwide now has the best auto insurance rate in Baltimore, MD with Travelers, MetLife, GEICO, and Liberty Mutual also being competitive. This demonstrates why it is critical to perform an extensive rate comparison when trying to get the most economical auto insurance rates for a company car. Car insurance prices are impacted by many factors and can change without notice, so the best company two years ago may now be priced much higher than other options.
The agencies below are willing to help you decide which auto insurance policy fits you best, since some drivers wish to have professional advice when trying to find the best insurance rates for a company car. It can be hard to find the best rates on your own, and insurance agents licensed in the state of Maryland can bring comfort knowing you have adequate asset protection.
To locate a Baltimore car insurance agency nearest to you, click the button after the list.
- Upper Chesapeake Insurance Agency Inc
900 S Charles St – Baltimore, MD 21230 – (410) 385-0455 - Nationwide Insurance: Rodgers Insurance Agency Inc
6800 Holabird Ave a – Baltimore, MD 21222 – (410) 282-1379 - GEICO Insurance Agent
7915 Belair Rd – Baltimore, MD 21236 – (410) 882-8200