By: Madhu Bolagani Oct, 31,2018

Raltin’s analysis of the 2016 NAIC Annual Report reveals that car insurance premiums in Howard County, Maryland can vary by up to $3,457 from the median prices. The greatest deviations from the median are observed for families with youthful drivers. The report lists the following companies as top four insurance providers by market share: Allstate Indemnity, Erie Insurance, State Farm Fire & Casualty, and Nationwide Affinity Insurance Company of America.

“I shopped around and this was the best price going”, says one of the buyer’s in Raltin’s survey. In order to access the best priced insurance policies, Maryland buyers will do well to compare the rates offered by several top companies. Raltin accessed information about car insurance premiums from 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.

The following table compares the premiums offered by the four companies with the median price for each driver category. Each box shows the difference between the offered price and the median. The values higher than the median are in pink. Those lower than the median are in light green.

CohortMedian RateAllstate Indemnity CompanyErie Insurance CompanyState Farm Fire & Casualty CompanyNationwide Affinity Insurance Company of America
65-year-old single male drivers$928$360$125$506$374
23-year-old single female drivers$3,126$751$152$687$812
65-year-old single female drivers$1,031$364$101$558$230
30-year-old single male drivers$1,508$174$417$335$294
50-year-old single male drivers$1,551$172$496$571$407
30-year-old single female drivers$1112$103$120$418$46
Families without youthful drivers$2,010$663$1,410$1,610$815
23-year-old single male drivers$2,846$499$717$739$635
50-year-old single female drivers$1,191$215$141$859$18
Families with youthful drivers$7,275$3,457$1,954$3,452$894

Of all the 10 driver cohorts analyzed, Allstate offers lower than median prices in only three. The lowest it offers is for 23-year-old single female drivers, at $751 less than the median. For families with youthful drivers, it offers an exorbitantly high premium, at $3,457 higher than the median.

Erie Insurance offers higher than median prices for all the 10 driver categories. Families with youthful drivers bear the highest expenditure at $1,954 higher than the median. 65-year-old single female drivers pay a relatively cheaper premium, which is $101 higher than the median.

State Farm also offers premiums that feature in the higher-than-median category. Unsurprisingly, perhaps, families with youthful drivers pay the most expensive rates at $3,452 higher than the median. The company’s lowest premium is for 30-year-old single female drivers, at $418 higher than the median.

In as many as four of the driver cohorts Nationwide offers lower than median prices. In a somewhat major departure from the other top companies, they offer the lowest prices for the families with youthful drivers cohort, at $894 less than the median. Their most expensive premiums are for families without young drivers, at $815 more than the median.

The following chart compares car insurance premium rates charged by the four companies with the highest market share in Howard County, Maryland.

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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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