The vehicle requiring coverage is probably the biggest factor when trying to find the most affordable coverage for unemployed drivers. Vehicles with lots of speed or power, a lack of modern safety features, or high incidents of liability claims will cost substantially more to insure than safer, lower-performance models. The next list ranks insurance prices for a handful of the most budget-friendly vehicles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $2,506 |
| Hyundai Elantra GLS Touring Station Wagon | $2,809 |
| Chevrolet Impala LS | $2,844 |
| Ford Focus SE 4-Dr Sedan | $2,854 |
| Chevrolet Malibu Hybrid | $2,901 |
| Honda Odyssey EX-L | $3,054 |
| Ford Escape XLT 4WD | $3,079 |
| Toyota Prius | $3,107 |
| Chevrolet Equinox LTZ AWD | $3,111 |
| Chevrolet Silverado LT Extended Cab 2WD | $3,118 |
| Volkswagen Jetta SEL 4-Dr Sedan | $3,111 |
| Ford Fusion SEL 4-Dr Sedan | $3,120 |
| GMC Sierra SLT Extended Cab 2WD | $3,111 |
| Toyota Corolla XRS | $3,118 |
| Jeep Wrangler Sahara 4WD 2-Dr | $3,153 |
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Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rates do not factor in specific location information which can affect prices noticeably.
Looking at the data, we can assume that makes and models like the Honda CR-V, Hyundai Elantra, Chevrolet Impala, and Ford Focus will be some of the most economical vehicles to insure for the unemployed.
For the unemployed, one of the largest things that are looked at to determine the amount you pay each year for auto insurance is the neighborhood you call home. Areas with high crime rates or more dense population are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims have the gratification of cheaper auto insurance rates.
The illustration below shows the most costly cities in Maryland for unemployed drivers to buy car insurance in. Baltimore makes the list at #1 with an annual cost of $1,796 for the average policy, which is approximately $150 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Baltimore | $1,796 |
| 2 | Woodlawn | $1,625 |
| 3 | Towson | $1,527 |
| 4 | Dundalk | $1,505 |
| 5 | Aspen Hill | $1,478 |
| 6 | Catonsville | $1,475 |
| 7 | Silver Spring | $1,460 |
| 8 | Bowie | $1,446 |
| 9 | Essex | $1,416 |
| 10 | Waldorf | $1,389 |
| 11 | Glen Burnie | $1,383 |
| 12 | Wheaton | $1,335 |
| 13 | Severn | $1,327 |
| 14 | Gaithersburg | $1,304 |
| 15 | Rockville | $1,303 |
| 16 | Germantown | $1,287 |
| 17 | Columbia | $1,275 |
| 18 | Ellicott City | $1,271 |
| 19 | Potomac | $1,237 |
| 20 | North Bethesda | $1,219 |
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Price information shown is comparative as vehicle location can modify premium rates substantially.
The diagram below illustrates how your choice of deductibles can affect insurance premiums when trying to find cheap insurance for unemployed drivers. The costs are based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
As shown above, a 40-year-old driver could reduce rates by $278 a year by switching from a $100 deductible to a $500 deductible, or save $420 by selecting a $1,000 deductible. Even younger insureds, like the age 20 example, could save as much as $690 annually just by using higher deductibles. When choosing a higher deductible, it will now be necessary to have enough funds in savings to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Comparison of full coverage and liability-only policies
Finding the cheapest auto insurance is important to the majority of vehicle owners, and one common way to pay lower rates for insurance for unemployed drivers is to only buy liability insurance. The diagram below illustrates the comparison of premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no additional discounts are factored in.
As an average, comp and collision coverage costs an extra $2,129 per year over and above liability coverage. That may make you wonder if you should buy full coverage at all. There is no definitive rule to delete physical damage insurance, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
Low rates can quickly become overpriced
Baltimore, MD auto insurance rates are influenced by many factors which can substantially decrease or increase the cost of having a policy. Turning one year older, adding a teenager to your policy, or having an accident can trigger price changes that may make certain companies much cheaper than others.
In addition, car insurance companies modify rates without warning to adjust for unexpected claims or profits. Larger than normal claims may cause higher rates, while better underwriting can result in cheaper Baltimore car insurance rates.
The graph below analyzes the cheapest car insurance in Baltimore, MD for a 45-year-old female driver with a good driving record, no prior claims, and good financial standing. If we look at prices based on her personal risk profile, USAA may have the lowest car insurance rates in Baltimore at $1,703 annually. This is $144 more than the average rate paid by Maryland drivers of $1,559. Liberty Mutual, Erie, Penn National, and State Auto also make the list of the best Baltimore, MD auto insurance companies.
Now let’s give the driver from the first example an accident surcharge, a lower credit rating, and an imperfect driving record. Since each insurance company has a unique approach for determining rates in each state, getting updated rate quotes may now result in a different list of the cheapest Baltimore car insurance companies as shown below.
Nationwide now has the cheapest car insurance in Baltimore with Travelers, MetLife, GEICO, and Liberty Mutual also having competitive pricing. This example illustrates why it is critical to do a thorough rate comparison to find the most budget-friendly auto insurance quotes for unemployed drivers.
Insurance rates are influenced by many factors and can decrease or increase without notice, so the best company the last time you shopped around may now be quite expensive.
If you have coverage questions and would like to have professional advice when comparing insurance rates for the unemployed, the insurance agencies listed below are a good start to help you decide which insurance coverage will be best for you. To find an auto insurance agency by location nearest to you, click the link after the list or click here to compare price quotes now.
- Raul Braun – State Farm Insurance Agent
8609 Old Harford Rd – Baltimore, MD 21234 – (410) 663-3100 - Nationwide Insurance: Rodgers Insurance Agency Inc
6800 Holabird Ave a – Baltimore, MD 21222 – (410) 282-1379 - Allstate Insurance: Kent Schwab
401 Jefferson Ave – Towson, MD 21286 – (410) 433-4700 - Mindy Andreychek – State Farm Insurance Agent
8502 Harford Rd Ste B – Baltimore, MD 21234 – (410) 668-7600