Maryland Auto Insurance

Maryland Auto Insurance

As an independent insurance agent, Balderson Insurance is focused on providing the best auto insurance coverage and the best prices for all qualified drivers in the state of Maryland. Auto insurance needs vary depending on each individual circumstance, so we will discuss your specific auto insurance needs when you call. Though all Maryland motorists are required to carry auto insurance cards at all times, the level of coverage needed will vary depending on several factors.

Auto Insurance Basics

Auto insurance is required in Maryland because it provides essential protection against various financial losses in the event of an accident. When you take out a policy, it is a contract between you and the insurer; as long as you pay the premium, your insurer will compensate you for any covered loss you incur (according to the definitions within your policy). Most auto insurance policies are valid for a period of either 6 months or one year, though premium payments can often be made on a monthly basis.

There are three primary coverages provided by a Maryland auto insurance policy. These are property, medical and liability:

  • Property means coverage for the damage or theft of your vehicle.
  • Medical means coverage for treatment of injuries, hospitalization, rehab, and in some instances funeral costs and/or loss of wages.
  • Liability means coverage for the property damage and/or bodily injury of others in which you are legally responsible because of the accident.

Parts of an Auto Insurance Policy

There are six general parts of a typical auto insurance policy. Some are required by the state, others are optional. If your vehicle is financed, you may be required to carry some of the optional coverages.

  1. Bodily Injury: Liability coverage for bodily injuries to another party that are caused by the policy holder.
  2. Property Damage: Liability coverage for damage to another party’s vehicle or other personal property that is the fault of the policy holder.
  3. Personal Injury Protection (PIP): Medical treatment coverage for bodily injuries to the driver and/or passengers of the vehicle covered by the policy holder. This may include hospitalization, rehabilitation and loss of wages.
  4. Uninsured/Underinsured Motorist: Coverage for the policy holder in the event of damage/injuries resulting from a driver who is uninsured or does not have enough coverage to adequately compensate for your covered losses.
  5. Collision: Coverage for damage to the policy holder’s vehicle resulting from a collision with another vehicle, telephone pole, guard rail, etc.
  6. Comprehensive: Sometimes referred to as “other than collision”, comprehensive provides coverage damage resulting from so-called “acts of God” such as fires, floods, earthquakes, hailstorms, fallen trees, civil unrest, etc.

Each state has certain minimum coverages you must carry for bodily injury to another party. In Maryland, the state insurance minimums are $30,000 per person and $60,000 per accident. However, it is recommended by the insurance industry that motorists carry at least $100,000 per person and $300,000 per accident.

For questions or to begin your search for Maryland Auto Insurance, give us a call at (301) 874-0772.

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