By: Madhu Bolagani Oct, 29,2018

Raltin surveyed car insurance prices in Harford, Maryland, and found that the cheapest premiums in the county are paid by unmarried, male drivers aged 65 years and above, at $405. On the other hand the most expensive premiums are paid by families with youthful drivers, at $3,057. 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. Data on car insurance premiums in the county was obtained from the Maryland Insurance Administration.

The survey quoted one of the users as saying: “My auto company was able to provide me with a great bundle price to combine auto and renters insurance”. In order to grab a profitable deal in Maryland, buyers need to analyze insurance policies offered by various companies.This survey studied prices for different customer segments and found that Dairyland Insurance offers the cheapest premium for 65-year-old single male drivers. The median premium for this category of drivers comes from Horace Mann Property and Casualty Insurance, at $933. The second cheapest premium is offered by Peninsula Insurance Company to 50-year-old single female drivers, at $449. Interestingly, the median premium for this cohort of drivers is $1,183 and it is offered by Penn National Insurance Company.

The median premium rates for 50-year-old single male drivers comes from Donegal Mutual Insurance, at $1,508. However,  the most expensive premium for this cohort, at $7,376, is charged by Maryland Auto Insurance. Families without young drivers purchasing insurance from Foremost Insurance pay the second most expensive premiums, at $7,002.The median premium for this category is charged by Metropolitan Casualty Insurance, at $2,010.

The difference between the 75th and 25th percentile gives an indication of the potential savings. The survey finds that families with youthful drivers are likely to make the highest savings (of $4,566) among all the driver categories.

The following graph shows a comparison of premiums across cohorts for Harford, Maryland.

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The following table compares car insurance premiums for key cohorts in Harford, Maryland, and it also lists the difference between the 75th and 25th percentile in premium rates.

CohortCheapest car insurance companies in Harford, MDMost expensive car insurance companies in Harford, MDCar insurance companies offering median premiums in Harford, MD25th percentile of car insurance premiums in Harford, MD75th percentile of car insurance premiums in Harford, MDDollar difference between the 75th and 25th percentilesPercentage difference between the 75th and 75th percentiles
30-year-old single male driversHorace Mann Insurance Co. ($800)Donegal Mutual Insurance Co. ($4,534)Brethren Mutual Insurance Co. ($1,464)Allstate Indemnity Co. ($1,168)Erie Insurance Co. ($1,892)$72461.99%
50-year-old single female driversPeninsula Insurance Co. ($449)Foremost Insurance Co. ($2,877)Penn National Insurance Co. ($1,183)Cincinnati Insurance Co. ($917)Esurance Property and Casualty Ins. Co. ($1,438)$52156.82%
65-year-old single female driversHorace Mann Insurance Co. ($587)Dairyland Insurance Co. ($3,146)Unitrin Auto & Home Insurance Co. ($1,057)Erie Insurance Exchange ($770)Travelers Property Casualty Insurance Co. ($1,299)$52968.7%
Families with youthful driversPrivilege Underwriters Reciprocal Exch. ($3,057)Foremost Insurance Co. ($2,2711)IDS Property Casualty Ins. Co. ($7,452)State Farm Mutual Automobile Ins. Co. ($5,806)Travelers Property Casualty Insurance Co. ($10,372)$4,56678.64%
Families without youthful driversPeninsula Insurance Co. ($944)Foremost Insurance Co. ($7,002)Metropolitan Casualty Insurance Co. ($2,010)American States Preferred Insurance Co. ($1,624)Garrison Property & Casualty Ins. Co. ($2,749)$1,12569.27%
23-year-old single male driversGEICO Casualty Co. ($1,071)Foremost Insurance Co. ($6,849)Old Dominion Insurance Co. ($2,806)Allstate Indemnity Co. ($2,007)Encompass Home/Auto Insurance Co. ($3,490)$1,48373.89%
50-year-old single male driversCSAA General Insurance Co. ($753)Maryland Auto Insurance Fund ($7,376)Donegal Mutual Insurance Co. ($1,508)Pharmacists Mutual Insurance Co. ($1,180)Erie Insurance Co. ($2,007)$82770.08%
30-year-old single female driversPeninsula Insurance Co. ($589)Donegal Mutual Insurance Co. ($3,574)Horace Mann Property & Casualty Ins. Co. ($1,096)Brethren Mutual Insurance Co. ($938)Esurance Property and Casualty Ins. Co. ($1,434)$49652.88%
23-year-old single female driversGEICO Casualty Co. ($1,249)Dairyland Insurance Co. ($5,970)Pharmacists Mutual Insurance Co. ($3,046)Nationwide Affinity Ins. Co. of America ($2,273)Old Dominion Insurance Co. ($4,216)$1,94385.48%
65-year-old single male driversDairyland Insurance Co. ($405)Donegal Mutual Insurance Co. ($2,702)Horace Mann Property & Casualty Ins. Co. ($933)CSAA General Insurance Co. ($703)American States Preferred Insurance Co. ($1,221)$51873.68%


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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