When it comes to protecting yourself and your vehicle on the road, having the right amount of auto insurance is critical. This is especially true in a state like Maryland, which has specific insurance requirements. But having enough auto insurance cover in Maryland isn’t just about meeting legal standards. It’s about making sure you’re covered to truly protect your finances in the event of an accident.
Understanding Maryland’s Minimum Requirements
First, you should know the bare minimum the state requires. In Maryland, drivers are required to carry at least $30,000 in bodily injury liability per person, $60,000 per accident, and $15,000 in property damage liability. Additionally, drivers must have uninsured motorist coverage that mirrors these amounts. They also need personal injury protection (PIP) coverage of at least $2,500 unless formally waived.
While these numbers might seem sufficient, the reality is that an accident can quickly exceed these limits. This is especially true if it involves serious injuries, multiple vehicles, or expensive property damage. These minimums ensure that you are driving legally. However, they may not protect you from significant out-of-pocket costs if damages exceed your policy’s limits.
Evaluating Your Risk Exposure
Insurance is about risk management. If you own significant assets, a home, savings, or investments, you may want to carry higher liability coverage to protect yourself from potential lawsuits. In a serious accident, if you’re found at fault and the costs exceed your coverage, you could be held personally responsible for the remainder.
Think about your daily driving habits, too. If you have a long commute, drive in heavy traffic, or regularly transport others, your risk of being involved in an accident is naturally higher. These factors suggest a need for more robust coverage. Maryland’s dense traffic corridors, especially around Baltimore and the D.C. metro area, increase the likelihood of fender benders and more serious collisions alike.
The Role of Collision and Comprehensive Coverage
Maryland law doesn’t require drivers to carry collision or comprehensive insurance. However, lenders will mandate it if you’re financing or leasing your car. Even if you own your vehicle outright, this coverage can be worth the cost. Collision insurance helps cover repairs or replacement if your vehicle is damaged in an accident, regardless of who is at fault. Comprehensive covers non-collision events like theft, fire, vandalism, or weather-related damage. If your vehicle is newer or valuable, or if you rely on it heavily for daily life, carrying these types of coverage ensures you aren’t left without transportation or a large repair bill in the event of damage.
Uninsured Motorist Coverage: A Maryland Must-Have
Although Maryland requires uninsured motorist coverage, many drivers still opt for the lowest possible limits. There are still an estimated one in eight drivers nationwide uninsured. Having stronger uninsured motorist coverage could save you financially if you’re hit by someone without sufficient insurance. This coverage kicks in to pay for medical bills, lost wages, and other costs when the at-fault driver can’t.
Consider Medical and Legal Costs
Injuries from car accidents can result in tens of thousands of dollars in medical expenses, not to mention lost income and potential legal costs. Raising your liability and medical payments limits can help ensure you and your passengers receive proper care without incurring personal debt. Remember, health insurance doesn’t always cover all accident-related expenses, particularly rehabilitation or long-term care.
Auto Insurance in Maryland
At Roadway Auto Insurance, our goal is to ensure every Maryland driver meets the minimum legal requirements for insurance coverage. If you struggle to find coverage or are unsure if you’re protected, we are here to help. Contact us today to schedule a consultation and learn more about the insurance policies we could offer you.