By: Ishan Mukhopadhyay Nov. 07, 2018
A recent Raltin analysis of car insurance quotes in Calvert, Maryland, found that the lowest premiums are paid by 65-year-old single male drivers, with prices starting as low as $395. On the other hand, the highest premiums are paid by families with young drivers, with rates starting at $3,507. Thus, a driver’s background can lead to a difference of at least $3,112. For this analysis, Raltin sourced data published by the Maryland Insurance Administration. The liability limit chosen for this survey ranges between $50,000 and $500,000. The collision deductible and the comprehensive deductible values are $250 and $500 respectively.
Raltin analyzed drivers in Calvert in terms of population cohorts. For families with young drivers, who usually paid the most expensive premiums, the policy priced at $3,507 is offered by Privilege Underwriters Reciprocal Exchange. The median premium for this cohort comes from AIG Property & Casualty Company, at $7,786. The second-most expensive premiums are paid by 23-year-old single female drivers. Prices start at $1,172, offered by GEICO Casualty Company.
The cheapest premiums are generally paid by 65-year-old single male drivers. Peninsula Insurance Company offers the lowest quote for this cohort, at $395. Meridian Security Insurance Company offers these drivers a median-priced policy, at $967. The second-cheapest premiums are paid by 50-year-old single female drivers, at $437, and again, it’s Peninsula Insurance that offers this policy. Unitrin Auto & Home Insurance offers the median plan, priced at $1,137.
An analysis of the difference between the 75th and 25th percentile of insurance premiums shows that 23-year-old single female drivers a count for , the maximum variation, at 86.85% ($1,982). The second group is 65-year-old single male drivers, at 79.05% ($517). These numbers suggest that the drivers in these categories can earn the biggest savings by shopping wisely for their insurance.
The following chart presents a comparison of prices for each cohort.
The following table compares car insurance premiums for key cohorts in Harford, Maryland, and lists the difference between the 75th and 25th percentile of premium rates.
|Cohort||Cheapest Car Insurance Companies in Calvert,MD||Most Expensive Car Insurance Companies in Calvert,MD||Median Car Insurance Companies in Calvert,MD||25th Percentile of Car Insurance Premiums in Calvert,MD||75th Percentile of Car Insurance Premiums in Calvert,MD||Dollar Difference between 25th and 75th Percentiles||Percentage Difference between 25th and 75th Percentiles|
|50-year-old single female drivers||Peninsula Insurance Co. ($437)||Elephant Insurance Co. ($2608)||Unitrin Auto & Home Insurance Co. ($1137)||Cumberland Insurance Co. Inc. ($956)||Chubb National Insurance Co. ($1411)||$455||47.59%|
|30-year-old single female drivers||Peninsula Insurance Co. ($569)||Donegal Mutual Insurance Co. ($3,420)||Allstate Indemnity Co. ($1,096)||State Farm Mutual Automobile Ins. Co. ($888)||State Farm Fire & Casualty Co. ($1,365)||$477||53.72%|
|50-year-old single male drivers||Old Dominion Insurance Co. ($698)||Maryland Auto Insurance Fund ($6,820)||Donegal Mutual Insurance Co. ($1,540)||Mutual Benefit Insurance Co. ($1,166)||Nationwide Affinity Ins. Co. of America ($1,817)||$651||55.83%|
|30-year-old single male drivers||Horace Mann Insurance Co. ($751)||Donegal Mutual Insurance Co. ($4,512)||Unitrin Auto & Home Insurance Co. ($1,506)||United Services Automobile Association ($1,148)||American States Preferred Insurance Co. ($1,825)||$677||58.97%|
|Families without young drivers||Old Dominion Insurance Co. ($858)||Foremost Insurance Co. ($6,297)||Esurance Property and Casualty Ins. Co. ($1,968)||Travelers Property Casualty Insurance Co. ($1,629)||State Farm Fire & Casualty Co. ($2687)||$1,058||64.95%|
|65-year-old single female drivers||Horace Mann Insurance Co. ($547)||Dairyland Insurance Co. ($3,106)||Garrison Property & Casualty Ins. Co. ($1,042)||Privilege Underwriters Reciprocal Exch. ($791)||Progressive Specialty Insurance Co. ($1,316)||$525||66.37%|
|Families with young drivers||Privilege Underwriters Reciprocal Exch. ($3,507)||Foremost Insurance Co. ($19,970)||AIG Property Casualty Co. ($7,786)||Selective Ins. Co. of South Carolina ($5,824)||Esurance Property and Casualty Ins. Co. ($9,700)||$3,876||66.55%|
|23-year-old single male drivers||GEICO Casualty Co. ($1,014)||Paramount Insurance Co. ($6,376)||Amco Insurance Co. ($2,690)||AIG Property Casualty Co. ($2,035)||Amica Mutual Insurance Co. ($3,475)||$1,440||70.76%|
|65-year-old single male drivers||Peninsula Insurance Co. ($395)||Donegal Mutual Insurance Co. ($2,654)||Meridian Security Insurance Co. ($967)||Erie Insurance Exchange ($654)||Nationwide Affinity Ins. Co. of America ($1,171)||$517||79.05%|
|23-year-old single female drivers||GEICO Casualty Co. ($1,172)||Dairyland Insurance Co. ($5,924)||Cumberland Insurance Co. Inc. ($2,966)||American National Property & Casualty Co. ($2,282)||Selective Ins. Co. of South Carolina ($4,264)||$1,982||86.85%|
“I am satisfied with my insurance company's policy because it offers all the coverage I need at a good price. The policy is easy to understand.”: says one satisfied insurance customer, in the survey. While it is difficult to find a perfect insurance policy, getting a favorable one requires buyers to assess comparative prices offered by multiple companies and evaluating the conclusions carefully.