By: Madhu Bolagani Nov, 02,2018

Raltin’s recent analysis on car insurance quotes in Allegany, Maryland, shows that drivers save between $365 and $3,034. Families with young drivers report the highest difference of $3,034 between the cheapest and median car insurance prices. For this cohort, United Services Automobile Association offers the cheapest premium of $3,316 and IDS Property Casualty Insurance Company reports the median premium of $6,350.

The Raltin survey quotes one of the users as saying: “I have a normal policy, I have three cars, one has full coverage and the other two have just comprehension (since they are older)”. Maryland’s varying prices require buyers to compare between numerous policies, in order to find the one they are most comfortable with. This study uses data from the Maryland Insurance Administration, and compares insurance policies offered by all the major car insurance providers of Allegany.

Car insurance agreements cover categories such as deductible amounts, coverage limits, and model types, which can influence premium rates. This analysis considers the following parameters: property damage limits between $50,000 and $100,000; personal injury protection limit of $10,000; uninsured motorist limit and bodily injury limit between $25,000 and $100,000; comprehensive and collision deductibles of $250 and $500; and a medical payment limit of $5,000. The survey focuses on the following vehicles: Toyota Camry LE and Toyota Corolla LE.

The difference between the cheapest and median prices indicates potential saving. As mentioned, families with young drivers report the highest savings ($3,034) by investing in the right company. Twenty-three-year-old single female drivers show the second highest savings of $1,439. GEICO Casualty Company offers the cheapest rate for this cohort ($1,018), while Cumberland Insurance provides a median rate of $2,457.

The study also shows a significant difference between the most expensive and median premiums for 50-year-old single male drivers ($5,698). The most expensive premium for this cohort is offered by Maryland Auto Insurance Fund ($6,940) and the median premium is provided by Agency Insurance ($1,242).

The following graph compares the premium rates charged by key companies in Allegany, MD.

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The following table compares the car insurance premiums offered by key companies in Allegany, Maryland. In addition, it lists the differences between the median and cheapest or most expensive rates.

CohortCheapest car insurance companies in Allegany, MDSecond cheapest car insurance companies in Allegany, MDCar insurance companies offering median premiums in Allegany, MDSecond most expensive car insurance companies in Allegany, MDMost expensive car insurance companies in Allegany, MDDifference between the cheapest and median pricesDifference between the most expensive and median prices
30-year-old single male driversHorace Mann Insurance Co. ($676)Peninsula Insurance Co. ($689)Penn National Insurance Co. ($1,230)Response Insurance Co. ($3,117)Donegal Mutual Insurance Co. ($3,888)$554$2,658
50-year-old single female driversPeninsula Insurance Co. ($399)Horace Mann Insurance Co. ($537)Progressive Select Insurance Co. ($926)Donegal Mutual Insurance Co. ($2,438)Maryland Auto Insurance Fund ($2,495)$527$1,569
65-year-old single female driversBrethren Mutual Insurance Co. ($472)Horace Mann Insurance Co. ($483)Erie Insurance Co. ($837)Dairyland Insurance Co. ($2,646)Maryland Auto Insurance Fund ($2,714)$365$1,877
Families with youthful driversUnited Services Automobile Association ($3,316)Privilege Underwriters Reciprocal Exch. ($3,368)IDS Property Casualty Ins. Co. ($6,350)LM Insurance Corp. ($13,954)Foremost Insurance Co. ($18,400)$3,034$12,050
Families without youthful driversOld Dominion Insurance Co. ($754)Peninsula Insurance Co. ($838)Metropolitan Group Property and Casualty ($1,698)Maryland Auto Insurance Fund ($5,893)Foremost Insurance Co. ($5,901)$944$4,203
23-year-old single male driversGEICO Casualty Co. ($904)Horace Mann Insurance Co. ($1,171)Chubb National Insurance Co. ($2,265)Dairyland Insurance Co. ($5,272)Foremost Insurance Co. ($5,568)$1,361$3,303
50-year-old single male driversOld Dominion Insurance Co. ($618)CSAA General Insurance Co. ($623)Agency Insurance Co. ($1,242)Dairyland Insurance Co. ($4,248)Maryland Auto Insurance Fund ($6,940)$624$5,698
30-year-old single female driversPeninsula Insurance Co. ($511)American National Property & Casualty Co. ($552)USAA General Indemnity Co. ($908)Donegal Mutual Insurance Co. ($2,570)Maryland Auto Insurance Fund ($3,270)$397$2,362
23-year-old single female driversGEICO Casualty Co. ($1,018)United Services Automobile Association ($1,217)Cumberland Insurance Co. Inc. ($2,457)Hartford Casualty Insurance Co. ($4,536)Dairyland Insurance Co. ($5,164)$1,439$2,707
65-year-old single male driversDairyland Insurance Co. ($365)American National Property & Casualty Co. ($430)Teachers Insurance Co. ($740)Maryland Auto Insurance Fund ($2,361)Response Insurance Co. ($2,508)$375$1,768


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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