For drivers with bad credit in Maryland, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for drivers with bad credit.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Maryland. The following are the best insurance rates from carriers that offer car insurance for drivers with bad credit in Maryland.
There's a price to pay for having bad credit; it's usually due when you're seeking a loan for a house or car. A poor credit score can also affect how much you pay for car insurance. There are a few states where car insurance companies are prohibited from using a driver's credit history as a factor for determining a rate, but Maryland is not one of them. Depending on what insurance company you reach out to for coverage, you'll likely have to go through a credit check.
The good news is that car insurance credit checks in Maryland are considered "soft inquiries." They will not affect your credit score.
Insurify's comparison tool will help you make sure you're getting the best possible quote even with a bad credit rating. You can have peace of mind you're not paying any more than need to, and customers save $48 per month on average.
Drivers with bad credit pay approximately 16 percent more than average for car insurance in Maryland. Car insurance companies will use factors like your payment history and total debt to calculate your insurance credit score, which plays into your risk level, according to the Insurance Information Institute. Your insurance credit score, driving record, and claims history will be used to determine your rate.
It's possible to get car insurance without a credit check in Maryland. The car insurance companies that offer coverage with no credit check often charge more for their premiums than standard insurers, however. The extra cost serves as compensation for the insurers because without looking at your payment history or total debt, they can't fully assess how much of a risk you are to cover.
The credit check might feel like an extra, unnecessary step for getting car insurance. In the long run, it might be worth it because you could end up paying less for your insurance premiums. Be sure to look at car insurance companies that require credit checks so you can get a good comparison.
Having good credit can help keep your car insurance rates down. It's especially important in a state like Maryland, where the average monthly cost for drivers in the excellent credit tier is $236. Meanwhile, Maryland drivers with poor credit pay $331 per month on average for car insurance. That's nearly $100 more. What's surprising is that the gap between Maryland drivers with good and average credit is relatively small—just $8.
Bad credit is costly for Maryland drivers throughout many different parts of the state. Hagerstown, which is deemed more rural, is on the lower end of the average monthly cost for car insurance, at $226. Meanwhile Baltimore, Maryland's most populous city, has an average monthly car insurance cost of $433 for drivers with bad credit. A number of Maryland cities fall in the $200 to $400 per month range.
Insurance prices and policies can vary significantly between companies, and a state like Maryland draws a wide variety of choices when factoring insurance rates for drivers with bad credit.
Insurify's rate comparison tool will help you make sure you're getting the best possible quote based on your needs and location. You can have peace of mind you're not paying any more than you need to, and customers save $585 per year on average.
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.