Cheap Insurance for a Ford Transit Connect in Baltimore

Amazingly, most drivers kept their policy with the same company for at least the last four years, and roughly 40% of drivers have never compared rates with other companies. Many drivers in Maryland could save up to $750 every year just by shopping around, but they think it’s difficult to shop around.

If you want to find the absolute lowest rates, then the best way to get discount Ford Transit Connect insurance is to do an annual price comparison from insurance carriers that sell auto insurance in Baltimore.

1. Gain an understanding of the different coverages in a policy and the factors you can control to prevent high rates. Many rating factors that are responsible for high rates like accidents, traffic tickets, and a negative credit score can be remedied by making lifestyle changes or driving safer. Later in this article we will cover tips to find cheap prices and find additional discounts.
2. Compare price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only provide price estimates from a single company like GEICO or Allstate, while agents who are independent can provide rate quotes for a wide range of insurance providers. Begin your rate comparison
3. Compare the new rates to the price on your current policy to see if a cheaper rate is available in Baltimore. If you find a better price and decide to switch, verify that coverage does not lapse between policies.
4. Provide adequate notice to your current company to cancel your current car insurance policy. Submit a completed application and payment for the new coverage. As soon as coverage is bound, place the new certificate verifying proof of insurance with the vehicle registration.

A key point to remember is to make sure you’re comparing the same physical damage deductibles and liability limits on each price quote and and to get rates from as many different insurance providers as possible. This guarantees a fair price comparison and a thorough price selection.

Analysis of Ford Transit Connect rates

The data table below outlines different insurance rates for Ford Transit Connect models. Learning a little about how policy rates are established can be useful when making smart policy decisions.

Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate information does not factor in specific Baltimore garaging location which can change auto insurance rates substantially.

Physical damage deductibles

One of the most common car insurance questions is how high should the physical damage deductibles be. The comparisons below may help to conceptualize how much more rates are between low and high policy deductibles. The first set of prices uses a $250 deductible for comprehensive and collision coverage and the second pricing table uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Information does not factor in specific garaging location which can alter auto insurance rates noticeably.

Based on these figures, using a $250 deductible will cost in the ballpark of $27 more each month or $324 a year than opting for the higher $1,000 deductible. Because you would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 28 months between claim filings, you would probably save some money by going with a higher deductible. The table below illustrates the way you can make this decision for your own policy.

One important caveat is that raising deductibles to get cheaper rates means you will have to pay more of your own money when you have a comprehensive or collision claim. That will necessitate some savings in order to pay the deductible.

Full coverage versus liability only rates

The chart below illustrates the comparison of Ford Transit Connect insurance costs with full physical damage coverage compared to only buying liability only. The data is based on no violations or claims, $1,000 deductibles, drivers are single, and no policy discounts are applied.

When to buy liability coverage only

There is no exact rule of when to exclude physical damage insurance, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of replacement cost minus your deductible, then it might be time to buy liability only.

For example, let’s assume your Ford Transit Connect settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $2,000 after the deductible is paid. If premiums are more than $200 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.

There are some situations where removing full coverage is not advised. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage.

Specific coverages for a Ford Transit Connect

Having a good grasp of a auto insurance policy can be of help when determining the best coverages and proper limits and deductibles. Policy terminology can be ambiguous and even agents have difficulty translating policy wording. Listed below are typical coverage types found on most auto insurance policies.

Liability auto insurance

This coverage can cover injuries or damage you cause to other people or property by causing an accident. This insurance protects YOU from claims by other people, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see policy limits of 30/60/15 which stand for $30,000 bodily injury coverage, a limit of $60,000 in injury protection per accident, and $15,000 of coverage for damaged property. Another option is a combined limit which provides one coverage limit with no separate limits for injury or property damage.

Liability can pay for things such as pain and suffering, structural damage and funeral expenses. How much liability coverage do you need? That is a decision to put some thought into, but you should buy higher limits if possible. Maryland requires minimum liability limits of 30/60/15 but it’s recommended drivers buy more coverage.

The illustration below shows why buying low liability limits may not be enough.

Uninsured and underinsured coverage

This coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries as well as damage to your Ford Transit Connect.

Since a lot of drivers carry very low liability coverage limits (30/60/15 in Maryland), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Usually these coverages are set the same as your liability limits.

Collision coverage protection

This coverage pays for damage to your Transit Connect caused by collision with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things such as rolling your car, sideswiping another vehicle and crashing into a ditch. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to raise the deductible on your Transit Connect in order to get cheaper collision rates.

Comprehensive coverages

This coverage will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like falling objects, hitting a deer and damage from flooding. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Coverage for medical payments

Coverage for medical payments and/or PIP provide coverage for bills like X-ray expenses, dental work, ambulance fees and nursing services. They are used in conjunction with a health insurance program or if you are not covered by health insurance. Coverage applies to all vehicle occupants and also covers if you are hit as a while walking down the street. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Persistence is the key to cheaper rates

Some insurance providers may not provide online price quotes and many times these small, regional companies provide coverage only through independent agents. The cheapest Ford Transit Connect insurance in Baltimore is available from both online companies and from local insurance agents, so you need to compare both so you have a total pricing picture.

Throughout this article, we presented some good ideas how to lower your Ford Transit Connect insurance car insurance rates in Baltimore. The key concept to understand is the more rate quotes you have, the better your chances of lowering your premium rates. You may even discover the best car insurance rates are with a small mutual company. Smaller companies may only write in your state and offer lower premium rates compared to the large companies like Allstate and Progressive.

More tips and info about auto insurance can be read at these sites:

• Understanding Car Crashes Video (iihs.org)
• What Car Insurance is Cheapest for State Employees in Baltimore? (FAQ)
• Who Has the Cheapest Auto Insurance for 16 Year Olds in Baltimore? (FAQ)
• What Auto Insurance is Cheapest for Police Officers in Baltimore? (FAQ)
• Who Has Cheap Baltimore Car Insurance for Drivers with a Bad Driving Record? (FAQ)
• What is a Telematics Device? (Allstate)
• Protect Yourself Against Auto Theft (Insurance Information Institute)
• Safety Belts FAQ (iihs.org)