Retired Marylanders May Want to Move Next Door for Cheaper Car Insurance
Lisa Steuer McArdle
· 4 min read
Recent reports from our
Jerry
users indicate that the state of Maryland
has the most expensive monthly car insurance
premiums for older drivers ages 65 and older. The state is at the top of the list for high car insurance rates for seniors along with New York and New Jersey.In fact, retirees in Maryland pay an average of $285 per month.
What the data says about Maryland car insurance
Maryland drivers do not have to look far for cheap premiums on their car insurance. Right next door towards the west, the state of West Virginia borders Maryland. But West Virginia’s senior premiums are 3.5X less than Maryland, according to our data.
Where one lives can help determine what they pay for car insurance. In fact, areas with high populations tend to have worse road conditions, along with more cases of crimes or vandalism.
When looking at the state of West Virginia in its 2020 census report, its population decreased 3.2%, the largest decrease in the nation, which could explain why car insurance is lower in the state.
Baltimore, the most populated city in Maryland, charges drivers an average of $2,772 annually for full coverage, according to
Bankrate
. That’s 48% more than the state average based on their data.Let Jerry find your price in only 45 seconds
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Why is car insurance high in Maryland?
MORE: East Coast vs. West Coast: Living on One of These Coasts Will Cost You Extra
Are there any other reasons seniors in Maryland could be paying more for car insurance? Are they reckless drivers?
According to our data, this is not the case, which shows the most frequent driving violations in Maryland, along with every other state besides New York, is driving under the speed limit. So, if anything, these 14.93% of reported Maryland drivers are overcautious.
According to
WalletHub,
car insurance in Maryland in general is high because minimum liability requirements are high, and both personal injury protection and uninsured motorist coverage
are required. The report also says that the increasing cost of car repair could also be contributing to the increased car insurance rates. In fact, according to the report, the average cost of car repairs in Maryland was $1,076.56 in 2016, up from $966.29 in 2012.
Also, according to WalletHub, seniors sometimes pay more for car insurance because they are statistically more likely to be involved in serious and fatal accidents.
What Marylanders can do about car insurance
One might assume that the colder weather found in the northeast would contribute to increased premiums. Jerry data shows that when comparing Eastern to Western drivers with no violations, Eastern drivers will end up paying on average 45% more a month than Western drivers.
Knowing these facts, Maryland retirees may want to consider a move to a cheaper location, especially if they still enjoy the freedom of driving.
If Maryland retirees don’t feel like making the move to West Virginia, then they could consider moving to a cheaper and less dense city in Maryland. Bankrate reports that the village of North Bethesda’s average annual premiums for full coverage is only $1,747 which is 7% lower than the state average.
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Jerry will send you quotes that compare to your current coverage—and as a licensed broker, it takes care of your insurance needs from start to finish. The app also monitors your car insurance rate every six months on an ongoing basis.
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