By: Madhu Bolagani Oct, 25,2018

In a recent analysis of car insurance premiums in Anne Arundel, Maryland, Raltin found that consumers can potentially save between $456 and $4,535 depending on the insurance company they buy their premiums from. The choice of company can therefore influence savings by up to $4,079. For conducting this study, Raltin analyzed data published by the Maryland Insurance Administration.

There are several factors considered in a car insurance agreement. According to Jack Martin Insurance Advisors, an insurance agency in the city, “Auto or car insurance coverage has two parts. The first is the liability section of the policy. It covers your financial responsibility for injuring others. Some liability coverage is required by most states. The second part of auto insurance covers the car itself: comprehensive coverage reimburses losses from fire, theft or other perils; collision coverage pays to repair losses caused by an accident.”

For this survey, Raltin has considered the following values as reference points: the liability limit ranges between $50,000 and $500,000, the collision deductible is $250, and the comprehensive deductible is $500.

The difference between the median and cheapest premiums gives an indication of the potential savings. This survey found that for families with youthful drivers, savings are the greatest at $4,535. Privilege Underwriters Reciprocal Exchange offers the cheapest premium for this cohort, at $2,790. Teachers Insurance offers the median premium, at $7,325. The second highest savings of $1,744 can be earned by 23-year-old single female drivers. Geico Casualty offers the cheapest premium for this cohort, at $1,179, while the median, by Cumberland Insurance, costs t $2,923.

Of the 10 driver categories analyzed, Peninsula Insurance offers the cheapest premium in four. The lowest premium is $387, and it is for 65-year-old single male drivers. Donegal Mutual Insurance offers the most expensive premium in four out of 10 driver categories. The driver cohort that pays the most expensive premium is families with youthful drivers. Foremost Insurance offers the most expensive premium for them, at $20,448.

The following graph shows a comparison of premiums across companies for Anne Arundel, Maryland.

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The following table compares the car insurance premiums among key companies in Anne Arundel, along with the difference between the median and cheapest or most expensive prices.

CohortCheapest car insurance companies in Anne Arundel, MDSecond cheapest car insurance companies in Anne Arundel, MDCar insurance companies offering median premiums in Anne Arundel, MDSecond most expensive car insurance companies in Anne Arundel, MDMost expensive car insurance companies in Anne Arundel, MDDifference between the cheapest and median pricesDifference between the most expensive and median prices
30-year-old single male driversPeninsula Insurance Co. ($751)Horace Mann Insurance Co. ($830)Cincinnati Insurance Co. ($1,544)Hartford Casualty Insurance Co. ($3,518)Donegal Mutual Insurance Co. ($4,806)$793$3,262
50-year-old single female driversPeninsula Insurance Co. ($425)Mutual Benefit Insurance Co. ($653)Horace Mann Property & Casualty Ins. Co. ($1,138)Elephant Insurance Co. ($2,852)Donegal Mutual Insurance Co. ($3,083)$713$1,945
65-year-old single female driversBrethren Mutual Insurance Co. ($557)Peninsula Insurance Co. ($589)Teachers Insurance Co. ($1,013)Foremost Insurance Co. ($2,653)Dairyland Insurance Co. ($3,342)$456$2,329
Families with youthful driversPrivilege Underwriters Reciprocal Exch. ($2,790)USAA Casualty Insurance Co. ($3,956)Teachers Insurance Co. ($7,325)Foremost Insurance Co. ($20,448)Foremost Insurance Co. ($20,448)$4,535$13,123
Families without youthful driversOld Dominion Insurance Co. ($870)Peninsula Insurance Co. ($892)Agency Insurance Co. ($1,962)Foremost Insurance Co. ($6,375)Foremost Insurance Co. ($6,375)$1,092$4,413
23-year-old single male driversGEICO Casualty Co. ($1,017)Horace Mann Insurance Co. ($1,445)Agency Insurance Co. ($2,594)Foremost Insurance Co. ($6,224)Dairyland Insurance Co. ($6,410)$1,577$3,816
50-year-old single male driversCSAA General Insurance Co. ($701)Old Dominion Insurance Co. ($706)AIG Property Casualty Co. ($1,457)Dairyland Insurance Co. ($5,274)Maryland Auto Insurance Fund ($6,567)$756$5,110
30-year-old single female driversPeninsula Insurance Co. ($553)Cumberland Insurance Co. Inc. ($650)Cincinnati Insurance Co. ($1,111)Maryland Auto Insurance Fund ($3,085)Donegal Mutual Insurance Co. ($3,806)$558$2,695
23-year-old single female driversGEICO Casualty Co. ($1,179)Peninsula Insurance Co. ($1,403)Cumberland Insurance Co. Inc. ($2,923)Elephant Insurance Co. ($5,200)Dairyland Insurance Co. ($6,352)$1,744$3,429
65-year-old single male driversPeninsula Insurance Co. ($387)Dairyland Insurance Co. ($441)Meridian Security Insurance Co. ($926)Response Insurance Co. ($2,371)Donegal Mutual Insurance Co. ($2,882)$539$1,956


ABOUT THE AUTHOR

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Madhu Bolagani

Madhu is a data analyst and engineer at Raltin. His writings are driven by deep data mining and connecting the dots. His areas of expertise include finance, insurance and investing.

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