Auto insurance is in place to protect you and your vehicle in the event of an accident. Most states now require that minimum amounts of auto insurance be carried on any registered vehicle in the state. Maryland law requires a liability policy with a minimum of 20/40/15 coverage. These amounts are what the insurance company is willing to pay in an auto accident. $20,000 is the maximum amount for bodily injury to one person injured in the accident, with a maximum of $40,000 for all parties injured. $15,000 can be paid in property damages resulting after an accident.
Personal Injury Protection (PIP) is also required in the state of Maryland. The PIP coverage helps pay for “reasonable and necessary” medical expenses for you and your passengers. The law requires a minimum amount of $2,500 in PIP coverage be carried. Uninsured/under-insured motorist coverage is also a requirement of the state, with a minimum of $20,000, with a maximum of $40,000, is required. Uninsured motorist coverage protects you in the event of an auto accident with someone who does not have the state required coverage, or the damages exceed the value of the policies.
As a Torte state, Maryland’s law states that someone must be found guilty of causing the accident, and this person along with their auto insurance company are responsible for all damages incurred due to the accident. Torte laws vary from state to state, and knowing the law for Maryland is very important if you become involved in an auto accident.
Auto insurance rates can greatly vary from person to person. Average drivers in Maryland were paying $2,169 in yearly auto insurance premiums in 2010, a considerable amount more than the national average of $1,555. Things such as your age, type of vehicle you are insuring, credit score, driving history, and city all help determine the amount of your auto insurance. It is always a good idea to compare rates from atleast three different companies to ensure you are receiving the best auto insurance at the best price. Using a site such as www.dmv.org is a great tool for quickly finding auto insurance information as well as quotes anywhere in the state of Maryland. Another great site valuable to Maryland drivers is www.esurance.com. This site can offer up to 5 different quotes in a matter of minutes.