Maryland Car Insurance Policy
Finding a Maryland auto insurance policy is easy if you use our free search tool. To compare policies from top auto insurance companies online just enter your zip into the tool at the top of the page. Get started finding Maryland auto insurance now!
Maryland Auto Insurance
Policy:
State Regulation By The MIA
A Maryland car insurance policy is issued by an approved Maryland car insurance company. The approval of car insurance companies is done by the Maryland Insurance Administration (MIA). The MIA regulates and prevents car insurance policies from giving excessive or inadequate coverage and ensures that the policy is not unfairly discriminatory.
Maryland Auto Insurance Policies:
Required By Law
To own a car and drive in the State of Maryland you need insurance coverage under law. A Maryland insurance certification FR-19 proof should be with you when you drive in Maryland. Driving without insurance attracts penalties and in some cases even a jail term.
Maryland Auto Insurance Policy:
Minimum Coverage Requirements
The laws of the State of Maryland mandate that a MD car insurance policy has to contain certain minimum covers below which the policy will be deemed to be inadequate. The minimum liability cover legally mandated in the State of Maryland is a sum of $20,000 for bodily injury for a single person, $40,000 for bodily damage per accident, and $15,000 for property damage.
Maryland recognizes no fault liability and a PIP ( Personal Injury Protection) cover of $2,500 is required to be paid by the insurance company immediately when an accident takes place to pay for immediate medical expenses. Uninsured/Underinsured Motorist (UM/UIM) property damage cover is mandatory and a minimum deductible of $250 has to be paid toward uninsured/underinsured property damage.
The above mandatory minimums are typically not sufficient when you take into consideration the actual amounts you will have to pay if an accident takes place towards medical and repair expenses. You should therefore wisely take a higher cover for liability insurance or cover for bodily injury and property damage.
What You Should Know When Shopping
For Your Maryland Car Insurance Policy
Here are a few things that you should know when shopping for your MD car insurance policy:
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You can limit your PIP cover in the State of Maryland if your health insurance covers accident related medical costs.
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Physical damage coverage is required by finance companies if your car is being financed. Some finance companies will also require collision insurance coverage.
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Comprehensive insurance coverage will pay for damages to the car by natural calamities and vandalism.
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If your car is old you can waive collision and comprehensive insurance covers.
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Ancillary coverage options offered under the policy like towing and highway repairs may unnecessarily increase the premium.
Maryland Car Insurance Policies:
Read The Fine Print
Reading the fine print in the policy is a cautionary measure you should take so that you do not overburden your monthly budget with a large car insurance premium payment. Find out other incentives and discounts the insurance company gives you for driving a sensible car and leading a regulated lifestyle. If at any time you have questions about your policy then ask your Maryland auto insurance agent or other licensed professional.
Compare Maryland Auto
Insurance Policies Now!
Our Free Maryland Car Insurance Quote tool will help you find inexpensive yet adequate insurance premium quotes from multiple insurance companies giving you the best bet for your budget. Get started comparing Maryland auto insurance policies from top companies now!