Driving in MD becoming unaffordable?

[Anonymous]

Why are MD’s car insurance rates insane?

Our 8 year old car that only cost ~$20k now costs almost $2k per year to insure. It’s absolutely insane. 8 years ago we lived in Baltimore, and even there our premiums were less than $1400. How does a car with 130k more miles that has been relocated to an area with far less crime now cost 30+% more to insure? It’s ridiculous.


I can’t imagine how much higher premiums are going to be when we have to buy a new car. And how much is it eventually going to cost to insure cars costing $50k now? $5k per year at this rate? At those prices, owning a new car is an epically stupid financial decision. So many people are going o be burdened with $1000 per month car payments and $5000 per year insurance. It is highway robbery.

[Anonymous]

It's unaffordable because of so many unlicensed and uninsured drivers on the road

[Anonymous]

Mine kept going up as the car was getting older too. I called them and asked to look at rate as if I was a new person with this older car. They said that I would lose my 5 year good driver deal etc etc… I said I don’t care, look anyway. Turned out to be lower because cos of the car much lower to replace. So I switched the policy. It’s crazy.
Call and ask.

[Anonymous]

We pay $1500 a year for two cars, one of which is two years old. Doesn't seem crazy to me.

[Anonymous]

Car insurance, and pretty much all insurance, is up this year.

It's not just a MD thing.

https://www.cbsnews.com/news/auto-insurance-rates-increase-inflation-rate/

[Anonymous]

Its not just MD.

[Anonymous]

Anonymous wrote:Car insurance, and pretty much all insurance, is up this year.

It's not just a MD thing.

https://www.cbsnews.com/news/auto-insurance-rates-increase-inflation-rate/

You missed the part where MD rates are some of the highest. If they keep rising at this rate, driving in MD becomes unsustainable.

[Anonymous]

We just moved out from wa state. Our car insurance doubled.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Car insurance, and pretty much all insurance, is up this year.

It's not just a MD thing.

https://www.cbsnews.com/news/auto-insurance-rates-increase-inflation-rate/

You missed the part where MD rates are some of the highest. If they keep rising at this rate, driving in MD becomes unsustainable.

Blame the accident rates in maryland

[Anonymous]

You have to shop around. Agree it's the accident rates. Terrible, it makes my stomach hurt to think of my young adult drivers out there. You have always be reactionary around here.

[Anonymous]

Anonymous wrote:Why are MD’s car insurance rates insane?

Our 8 year old car that only cost ~$20k now costs almost $2k per year to insure. It’s absolutely insane. 8 years ago we lived in Baltimore, and even there our premiums were less than $1400. How does a car with 130k more miles that has been relocated to an area with far less crime now cost 30+% more to insure? It’s ridiculous.


I can’t imagine how much higher premiums are going to be when we have to buy a new car. And how much is it eventually going to cost to insure cars costing $50k now? $5k per year at this rate? At those prices, owning a new car is an epically stupid financial decision. So many people are going o be burdened with $1000 per month car payments and $5000 per year insurance. It is highway robbery.

someone has to pay for all the car thefts in baltimore? who did you think it was going to be?

[Anonymous]

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

[Anonymous]

Anonymous wrote:We pay $1500 a year for two cars, one of which is two years old. Doesn't seem crazy to me.

Same.

[Anonymous]

Anonymous wrote:We just moved out from wa state. Our car insurance doubled.

Our WA state rates went up 30% this year. We have never had an accident. It's like that for everyone

[Anonymous]

I’m in MD and I pay $1200/year for two cars? These numbers seem suspect to me. They’re normal cars, a Subaru and a Honda. Both less than ten years old.