You have most likely watched the captivating ads from companies like Nationwide, The General, and Allstate that guarantee the cheapest price, so you just need to choose the one with the flashiest ad, right?
It’s just not that simple, as there are a whole slew of unknown elements like what liability limits you need, your financial stability, and your marital status, that all influence how much you pay for auto insurance. Car insurance is kind of a dry topic, but this article will explain these factors and others that can influence the price of auto insurance and will hopefully give the reader a good start to your coverage search.
The vehicle you are trying to insure is one of the main factors that determines whether or not you find cheap insurance for electric cars. Vehicles with high performance, a lack of modern safety features, or a high likelihood of having liability claims will cost more to insure than more economical and safe models. The list below presents car insurance prices for some of the most affordable automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $2,597 |
| Ford F-150 XL Regular Cab 4WD | $2,656 |
| Honda Accord EX 4-Dr Sedan | $2,680 |
| Honda CR-V EX-L 2WD | $2,749 |
| Ford Focus SE 4-Dr Sedan | $2,756 |
| Chevrolet Equinox LT 2WD | $2,808 |
| Toyota RAV4 Limited 4WD | $2,818 |
| Hyundai Elantra SE Touring Station Wagon | $2,826 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $2,909 |
| Honda Odyssey EX-L W/Navigation | $2,958 |
| Toyota Prius | $2,968 |
| Nissan Rogue SL 2WD | $3,010 |
| Toyota Corolla XRS | $3,019 |
| Chevrolet Impala LS | $3,013 |
| Ford Edge Limited 2WD | $3,020 |
| Toyota Camry LE | $3,076 |
| Dodge Ram 3500 Crew Cab ST 2WD | $3,117 |
| Toyota Tacoma Double Cab 4WD | $3,135 |
| Chevrolet Malibu LT | $3,141 |
| Ford Explorer Limited 2WD | $3,135 |
| Volkswagen Jetta S 4-Dr Sedan | $3,166 |
| Toyota Camry Hybrid | $3,211 |
| GMC Sierra Denali Crew Cab 4WD | $3,218 |
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Above prices assume 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, homeowner, multi-vehicle, multi-policy, and claim-free. Price information does not factor in vehicle location which can influence insurance rates noticeably.
Based on these rates, we can expect models like the Ford Escape, Ford F-150, Honda Accord, Honda CR-V, and Ford Focus are a few of the cheapest vehicles to insure for eco-friendly vehicles.
One of the more important factors that help determine the annual cost of car insurance is where you live in Baltimore. Larger areas tend to have more expensive auto insurance rates, whereas more rural areas benefit from lower rates.
The next table sorts the most costly cities in Maryland for electric cars in which to buy car insurance. Baltimore shows up at #1 with a yearly premium of $1,742 for the average insured, which is around $145 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Baltimore | $1,742 |
| 2 | Woodlawn | $1,657 |
| 3 | Dundalk | $1,490 |
| 4 | Towson | $1,467 |
| 5 | Aspen Hill | $1,435 |
| 6 | Catonsville | $1,432 |
| 7 | Silver Spring | $1,417 |
| 8 | Essex | $1,416 |
| 9 | Bowie | $1,390 |
| 10 | Waldorf | $1,375 |
| 11 | Glen Burnie | $1,370 |
| 12 | Wheaton | $1,321 |
| 13 | Gaithersburg | $1,304 |
| 14 | Rockville | $1,290 |
| 15 | Severn | $1,288 |
| 16 | Annapolis | $1,268 |
| 17 | Columbia | $1,263 |
| 18 | Bethesda | $1,252 |
| 19 | North Bethesda | $1,243 |
| 20 | Potomac | $1,237 |
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Price information shown is comparative as the specific zip code location can change rates noticeably.
Deciding which company offers the lowest-priced car insurance rates for electric cars may require a tad more effort than just comparing rates from one or two companies. Each insurer has their own unique process for determining prices, so let’s take a look at the most competitive car insurance companies in Baltimore.
We do need to point out that Maryland car insurance rates are impacted by many factors which can significantly increase or decrease the price you pay for coverage. Simply having another birthday, buying higher coverage limits, or having an at-fault accident can trigger changes in premium that can make some companies much cheaper than others.
Find the Best Cheap Insurance for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $948 |
| 2 | Liberty Mutual | $1,081 |
| 3 | Erie | $1,115 |
| 4 | Penn National | $1,126 |
| 5 | State Auto | $1,214 |
| 6 | Amica | $1,347 |
| 7 | Travelers | $1,384 |
| 8 | MetLife | $1,386 |
| 9 | Nationwide | $1,421 |
| 10 | GEICO | $1,472 |
| 11 | California Casualty | $1,484 |
| 12 | Allstate | $1,596 |
| 13 | State Farm | $1,696 |
| 14 | Progressive | $2,065 |
| 15 | Encompass | $2,566 |
| 16 | Victoria | $3,053 |
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USAA quotes some of the most affordable car insurance rates in Baltimore at around $948 per year. Liberty Mutual, Erie, Penn National, and State Auto would also make the list of some of the cheapest Baltimore, MD insurance companies.
As shown in the table above, if you currently buy coverage from State Auto and switched to Liberty Mutual, you might achieve an annual premium reduction of in the vicinity of $133. Customers with Amica could save as much as $266 a year, and Travelers insureds might realize rate reductions of up to $303 a year.
Remember that these prices are averages for all drivers and vehicles and are not factoring in an exact location for electric cars. So the car insurance company that has the cheapest rates for you may not even be in the top 16 companies in the list above. That affirms the importance of why you need to compare prices as often as possible using your own driver and vehicle profiles.
The diagram below highlights how deductible selection can raise or lower annual premium costs when searching for cheap insurance for electric cars. The prices are based on a single female driver, comp and collision included, and no discounts are applied to the premium.
The data above shows that a 50-year-old driver could cut expenses by $436 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $656 by changing to a $1,000 deductible. Youthful drivers, like the Age 20 category, have the ability to save up to $1,118 each year by choosing a higher deductible.
If you do make the decision to raise your deductibles, it will be important to have plenty of money set aside to enable you to pay the extra out-of-pocket expense that is associated with using high deductibles.
Discount Baltimore insurance rates
Insurance providers that provide policies for electric cars could also offer rate discounts that could lower prices by 25% or more if you are eligible to receive them. Companies and a partial list of their discounts can be read below.
- Farmers Insurance offers discounts including mature driver, teen driver, youthful driver, early shopping, bundle discounts, switch companies, and homeowner.
- State Farm has savings for driver’s education, accident-free, Steer Clear safe driver discount, safe vehicle, student away at school, and defensive driving training.
- Liberty Mutual discounts include multi-policy, preferred payment discount, new move discount, multi-car, newly retired, hybrid vehicle, and new vehicle discount.
- MetLife has discounts for defensive driver, multi-policy, good driver, good student, accident-free, and claim-free.
- Progressive may offer discounts for online quote discount, multi-vehicle, multi-policy, homeowner, good student, online signing, and continuous coverage.
The example below shows the comparison of premium costs with and without discounts. The information is based on a female driver, no violations or claims, Maryland state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with defensive driving course, vehicle safety, passive restraint, multiple vehicle, anti-theft, and multiple policy discounts applied. When these discounts are applied, the average amount saved each year on car insurance for electric cars is 28% or $821.
Why you should compare rates
Baltimore car insurance rates are based on many factors that can increase the price you have to pay. Simply improving your credit, marrying your spouse, or getting a DUI can trigger rate changes that can cause some rates to be more affordable than the competition.
Not only may your situation change, but insurers file new Maryland car insurance rates as often as every quarter in order to maintain liquidity for claims. Unexpectedly high claims may result in a rate increase, while a better claims history can cause cheaper Baltimore car insurance rates.
To illustrate this point, the chart below shows which companies have the cheapest car insurance in Baltimore, MD for a 40-year-old female driver with a clean driving record, no accidents, and good credit. If we estimate prices based on her personal profile, USAA has the most affordable car insurance rates in Baltimore at $1,597 each year. This is $38 more than the average price paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto are also on the list of the most affordable Baltimore, MD auto insurance companies.
Let’s now give the driver from above an accident claim, bad credit, and a few traffic violations. Due to the fact that each insurance company has a unique approach to set their prices, analyzing rates may now present a completely different list of affordable companies as shown below.
Travelers now has the best price on car insurance in Baltimore with Nationwide, MetLife, GEICO, and Liberty Mutual also having competitive pricing. This example shows why it is so important to shop around with many companies to get cheap auto insurance quotes for electric cars. Auto insurance prices consist of many things and change substantially, so the best option two years ago may now not even be in the top five.