By: Madhu Bolagani Nov, 20,2018

In a study on car insurance premiums based on data published by the Maryland Insurance Administration, Raltin compared insurance policies offered by major car insurance providers in Carroll County.

In a study on car insurance premiums based on data published by the Maryland Insurance Administration, Raltin compared insurance policies offered by major car insurance providers in Carroll County.

The following top four car insurance companies with the highest market share are identified from the 2016 NAIC annual report: Allstate Indemnity, Erie Insurance, State Farm Fire & Casualty, and Nationwide Affinity Insurance Company of America. The study shows that 65-year-old single male drivers incur the lowest median premium at $574.

The following table compares premiums offered by the top four companies across the four driver segments. The values in each box reflect the difference between the offered and median price. The boxes highlighted in pink represent values greater than the median and those in pale green denote values less than the median.

CohortMedian RateErie Insurance Co.Allstate Indemnity Co.State Farm Fire & Casualty Co.Nationwide Affinity Ins. Co. of America
Families without youthful drivers$1,940 $981 $343 $1,343 $454
Families with youthful drivers$5,362 $2,549 $3,329 $4,395 $61
65-year-old single male drivers$574$330 $535 $735 $518
65-year-old single female drivers$609$350 $563 $836 $444
50-year-old single male drivers$1618$113 $158 $327 $56
50-year-old single female drivers$2098$968 $903 $223 $1,084
30-year-old single male drivers$1,673 $33 $529 $8 $641
30-year-old single female drivers$3,574 $2,524 $2,530 $2,177 $2,596
23-year-old single male drivers$2,569 $482 $575 $686 $702
23-year-old single female drivers$2701$102 $682 $762 $775

State Farm offers premiums that are greater than the median for all but three driver cohorts. The lowest, at $4,395 less than the median, is reported for families with young drivers and the highest, at $1,343 more than the median, is for families without young drivers.

Erie Insurance offers lower-than-median premiums to the following driver cohorts:  30-year-old single male drivers, 30-year-old single female drivers, and 50-year-old single female drivers, respectively, at $33, $2,524, and $968 less than the median prices. The most expensive premium it offers is for families with young drivers, at $2,549 greater than the median.

Allstate offers premiums that are less than the median for 50-year-old drivers ($158). The highest rate it offers is to families with young drivers, at $3,329 greater than the median.

Nationwide also offers a premium at $61 less than the median for families with young drivers. The difference from the median is the highest for 50-year-old single female drivers ($1,084).

The following chart compares car insurance premium rates charged by the top four companies by market share in Carroll, Maryland.

No-image



ABOUT THE AUTHOR

No Image

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.

Linkedin