Who are the biggest writers of car insurance policies in Maryland and where do they rank? And do the largest companies offer the cheapest rates? Biggest is often the best, but not 100% of the time, as you quickly see with our free quote request. Compare multiple companies in minutes and view your personalized price report for all vehicles and carriers. Our side-by-side comparisons instantly show you how you can save money on your current coverage. The helpful and accurate reviews will show you which policies are the most budget-friendly.
We have listed below the 50 (We expanded our Top-40 list) insurers that issue the most auto policies in the state (based on premium dollars). There are about 160 companies that write business, although most carriers outside of the Top-50 do not issue a significant number of contracts. We utilize information from J.D. Power, consumer rating agencies, and claim data reports to help determine your best options. We also update information biannually for single, couple, family, and self-employed policies.
1. State Farm Mutual
2. Geico Casualty
3. Erie
4. Geico General
5. Allstate Indemnity
6. Government Employees
7. Allstate Insurance
8. Nationwide Affinity
9. USAA
10. Progressive Select
11. Nationwide Mutual
12. USAA Casualty
13. State Farm Fire And Casualty
14. LM General
15. MAIF
16. Geico Indemnity
17. Nationwide General
18. Progressive Specialty
19. USAA General
20. Liberty Mutual Fire
21. American States Preferred
22. Allstate Property And Casualty
23. Encompass Home And Auto
24. Garrison Property And Casualty
25. Trumbull Insurance
26. Progressive Advanced
27. Travelers Home And Marine
28. Agency Insurance Co Of MD
29. Elephant Insurance
30. Amica Mutual
31. Metropolitan Group Property And Casualty
32. Esurance
33. CSAA General
34. Peninsula
35. Progressive Direct
36. Travelers Property And Casualty
37. CSAA Affinity
38. Brethren Mutual
39. Mid Century
40. State Auto Mutual
41. Amco
42. IDS Property And Casualty
43. Pennsylvania National Mutual
44. Progressive Classic
45. Selective Insurance
46. Encompass Insurance
47. State Auto Property And Casualty
48. Mutual Benefit
49. Cincinnati Financial
50. Unitrin Auto And Home
Each year, the Maryland Insurance Commissioner must publish a written report detailing the impact that both auto and homeowner’s prices have on consumers in the state. The General Assembly and Governor receive the findings, and typically, the results are made available to the general public. Brokers and reputable websites (like us) utilize this information to help customers find the best offers in their areas. We customize proposals so they can match your personal budget and benefit needs. If vehicles or drivers in your household change, the cost of coverage will also change.
Pay-Per-Mile
If you move, change vehicles, add or subtract drivers, or change coverage, we can easily adjust our quotes to maximize savings. Prices can increase (or decrease) if you move to a different county. Note: “Pay-Per-Mile” companies are becoming more popular. The driver pays a low monthly per-mile rate that can often save hundreds of dollars per year in premiums. This low-mileage coverage may be ideal for Seniors who rarely operate a vehicle. Pay-as-you-drive (PAYD) plans determine pricing on how you drive, along with how far you drive.
Telematics is the current technology that tracks your driving habits, including speed length of trips, quick accelerating, sudden braking, and other habits. Coverage without a plug-in device may be available, although the savings won’t be as substantial.
College students, persons that work from home, and persons that regularly utilize mass transit systems, are often ideal candidates for this type of coverage. You can also use a separate policy if its cost-effective to use just one vehicle for these types of benefits. Calculating your cost is very simple so you can determine potential savings before you sign up.
“Pay-Per-Mile” policies are often available through the following companies:
Esurance
MetroMile
Mile Auto
MileWise (Allstate)
Noblr
SmartMiles (Nationwide)
Quick Observations About Several Carriers On The List
Elephant Insurance Really Owns An Elephant!
Elephant doesn’t write business in many states. But this British-domiciled company is expanding, and we expect them to offer coverage in twice as many states within 10 years. And yes, they really do own an elephant! And they are also annually recognized for treating employees well. The parent company (Admiral Group) is one of the biggest insurers in the United Kingdom, so the financial backing is available. Expansion to all parts of the US is unlikely, although additional states will be added by 2024.
Amica is one of the oldest and most established companies, although not as well-known as some of the other “name” options. They systematically maintain high ratings for customer-service and financial safety (J.D. Power and A.M. Best) and tend to avoid major price fluctuations. They offer “no-frills” policies in may areas. Typically, you can only purchase coverage online, but their internet quoting system is very functional. 24/7 customer service is available, and consumer satisfaction for claims is generally very positive. The Baltimore Regional office is located on Columbia Gateway Drive.
Erie is another “quiet” company that doesn’t have a large advertising budget. But in many pockets of the state, they have very low rates. Their offices are often smaller 1-2 person operations, but it doesn’t impact their service. While Northwestern is the “Quiet Company” for life insurance, Erie is the “Quiet Company” in the property and casualty business. They also offer competitive term life insurance coverage for face amounts of $250,000 and less. Often, their term rates are competitive with major carriers such as Protective Life and Banner Life. There are many Erie agents conveniently located throughout the state. Erie writes business in 12 states (including Maryland) and is the 15th-largest property and casualty carrier in the US.
Geico has terrific commercials, although their prices aren’t so terrific in all areas of the state. And in case you were wondering, “G-E-I-C-O” stands for Government Employees Insurance Company. The original owner sought to cover as many government employees as possible, so the name has not changed. Berkshire Hathaway owns Geico, and the world headquarters are located in Chevy Chase. Coverage is offered countrywide and in many areas, the prices are the lowest among major carriers. Boat coverage is available for all state waterways.
Metropolitan, perhaps better known as MetLife, is the nation’s largest life insurance company. Although they no longer utilize agents, their group property and casualty business is quite active, especially through large companies. “Met P&C” offers attractive payroll-deduction options to many corporate clients. Reductions are often as much as 10%, along with getting an easy payment method. Many retired MetLife employees continue to payroll-deduct auto and home premiums through their pension checks. Although Farmers recently purchased the auto and home business, coverage is still offered.
State Farm lives up to their “Good Neighbor” nickname since they seem to be on every corner! Always verify you are getting their discounts since there are many. In the past their offices have sold health insurance (not their own product), although an experienced broker is a much better choice for purchasing Exchange plans. Their investment and rental property rates are also very competitively priced. Additional commercial plans are available through local brokers and corporate offices. Small business and banking products are also offered.
Zurich may not be a familiar name, but you probably recognize the Farmers Group (and their catchy commercials). Zurich is the parent company to Farmers, who happens to be the parent company to 21st Century. The combination of their assets and market-share propels them to the Number 12 spot. Farmers commercials are very popular and easily-recognized. Farmers agents typically work very closely with the local community, and offer extremely competitive rental property rates in many areas.
Ameriprise (no longer in the top 50) offers lifetime renewals (subject to certain conditions). Also, if you are a member of Costco, a small discount applies to your premium. Ameriprise also provides financial planning through their field force of brokers. 401k and IRA rollovers are popular products offered along with many retirement-oriented products for Seniors. Individual stocks can also be purchased and sold from certified financial planners. Fidelity, Ameritrade, and other investment companies can also provide excellent investment advice. Self-management is also a popular option through their many online tools.
Brethren Mutual is a 100-year-old company that provides coverage in Maryland, District Of Columbia, Delaware, Pennsylvania, and Virginia. The main office is in Hagerstown on North Edgewood Drive. Along with the standard auto and home policies, Brethren Mutual also offers personal umbrella, commercial umbrella, commercial auto, workers’ compensation, farm auto, and farm umbrella policies.
Allianz (also no longer in the top 50) insures more than 70 million persons (mostly outside the US) and was founded more than 100 years ago. They own Fireman’s Fund, which is a large property and casualty insurer, and provide investment products for many financial planners. Their tax-deferred annuities have been very popular since the 1990s.
Cincinnati Financial is, of course, based in Ohio. But they offer respectable rates in many states, including Maryland. Mostly available through independent brokers (and our website), they also offer a wide range of, as you may expect, financial products! CinFin (their industry-recognizable name) was named by Forbes Magazine as one of the 50 most trustworthy financial companies in the US. When bundling their auto and home policies, rates are very competitive.
Encompass is marketed through 2,600 independent brokers. Coverage is offered in 39 states, and market share has been slowly expanding. A,M. Best has assigned an “A+” rating to the carrier and several of its subsidiaries. Along with auto and home insurance products, additional lines of business include personal umbrellas, home businesses, motorcycles, RVs, boats and watercraft, and identity theft.
A “Lifestyle Endorsement” provides the following benefits: extended care facility coverage, cost of alternative school (if needed), advanced payment reimbursement, traveler’s coverage, live-in home care reimbursement, open peril coverage for sports and hobby equipment, and increased jewelry coverage.
Maryland Department Of Insurance Monitors Companies
Reform Act Of 1995
The Reform Act of 1995 requires that companies must offer pricing that is not unfairly discriminatory or excessive. If a Maryland car insurance rate is high, unless it is considered unfair and unjustified, it will remain in place. Normal competition among carriers will also naturally force down any unnatural pricing. If a rate is artificially-priced too low in an effort to secure market-share, generally, the premium will come back up quickly. The concept of “competitive rating” eliminates the process of requesting prior approval of rate changes.
If an insurer wishes to increase or decrease rates, they are no longer required to wait to receive approval after officially filing a request. This allows companies to react quicker to changes to market, economic or natural conditions that impact claims and expenses. Presumably, when less claims are filed than originally estimated, often we will see a small rate reduction. However, the competitiveness of other companies in that zip code (or county) will have an impact. Also, it’s possible that a period of low claims will be a result of unseasonably-favorable weather, instead of underwriting reasons.
Often, a “holding company” owns several insurance companies that offer similar but different products. Several of the larger holding companies include State Farm, Geico, Allstate, and Nationwide. The 10 largest companies generally represent 80%-85% of all policies written in the state. These carriers typically feature separate companies for their preferred, high-risk, and commercial business.
This legislation also applies to homeowner’s insurance in the state. About 120 companies write this type of business, although the biggest 10 carriers account for about 80% of market share. When companies are not willing to offer competitive pricing in some areas, it’s important that the reason is justified and backed up by financial loss-ratio data. To maintain a competitive environment, typically, products and carriers must be able to easily enter the market, and the number of writers and their concentration of policies must be monitored.
The Administration monitors homeowner’s prices to ensure “healthy” competition. Obviously, there are going to be differences in premiums from one carrier to another. Almost always, this is entirely justified. The old practice of redlining (more popular in the 1980s and 1990s) is of course, illegal. This occurred when carriers were extremely reluctant to write business in specific areas. Often, it was urban areas with higher crime rates.
Future Changes To Top-50
Over the next decade, it is unlikely that you will see major changes to the list. Although some of the larger carriers, such as Geico, USAA, Allstate, and Progressive may shift several positions, it’s unlikely that one specific company will leapfrog five spots and gather a significant increase in market share. The exception occurs when corporate takeovers, mergers, or sales quickly move one company above many others.
However, Elephant Insurance (part of Admiral Group) could become a viable force in the state in about 5-10 years. Although their home office is not in the US, they have slowly been expanding and gaining market share. If they do start writing policies in Maryland, we’ll publish an in-depth analysis about their initial rates, and the way they have conducted business in other states. So far, in other areas, their pricing is competitive, but brokers and agents are more comfortable recommending other companies.
Elephant offers some unique discounts for their policyholders. We published an article detailing the best discounts for your car insurance that will help anyone, regardless of which company provides their coverage. While some discounts are automatic, there are several you should ask for, including “good credit,” “good student,” and “55 and retired.” Headquartered in Richmond, they offer 10-minute online quotes, and a “repair Assistance Program” that offers a streamlined process.
What About The Companies With The Lowest 2023 Rates?
Save Money On Your MD Car Insurance And Be Happy!
Prices, of course will dramatically vary, depending on age, where you live, how many tickets you have, the type of vehicle you drive and several other factors. However, we created a few scenarios (below) that provide a baseline comparison of rates among different companies licensed and approved to write business in the state.
The MD Insurance Administration provided the raw data. Premiums shown are for a six-month period. Seven random companies were chosen among the carriers offering the most competitive offers. In future years, more companies will be participating. Also, additional age and vehicle scenarios will be used. Newer vehicles will also be used in the quoting process.
Situation 1 – 30 Year-old Male in Hagerstown area. Vehicle is 2006 Subaru Forester with $100,000/$300,000 liability and $250 and $500 deductibles on comprehensive and collision:
$814 – AIG
$978 – Allstate
$765 – Amco
$967 – Amica
$810 – Cincinnati
$771 – Cumberland
$916 – Encompass
$944 – Erie
$1132 – Farmers
$734 – Geico
$643 – Horace Mann
$1224 – Metropolitan Group Property & Casualty
$961 – Nationwide
$675 – Peninsula Insurance
$1341 – Travelers
$1037 – USAA
Situation 2 – 50 Year-old Female in Cumberland area. Vehicle is 2010 Ford Explorer with $250,000/$500,000 liability and $250 and $500 deductibles on comprehensive and collision:
$796 – Amco
$983 – Amica
$815 – Cincinnati
$647 – CSAA
$791 – Cumberland Insurance
$665 – Erie
$676 – Geico
$537 – Horace Mann
$774 – Meridian
$794 – Metropolitan
$650 – Mutual Benefit
$893 – National General
$1012 – Nationwide
$674 – Old Dominion
$851 – Travelers
$839 – Unitrin
$597 – USAA
Situation 3 – Married couple (ages 35 and 32) with two non-driving children in Oakland area. Vehicles are 2005 Nissan Altima and 2010 Dodge Dakota with $250,000/$500,000 liability and $250 and $500 deductibles on comprehensive and collision:
1422 – Allstate
1377 – Amco
1018 – American National
1112 – CSA General
1252 – Encompass
$1213 – Erie
$1513 – Farmers
$1430 – Foremost
$1254 – Geico
$764 – Harleysville
$951 – Horace Mann
$1416 – Meridian Security
1308 – Metropolitan Direct
$774 – Old Dominion
$806 – Peninsula
$1189 – Selective Insurance of SC
$1496 – State Farm
$1536 – Travelers
$1037 – Unitrin
$1313 – USAA
Situation 4 – Married couple (ages 29 and 29) with two non-driving children in the Annapolis area. Vehicles are 2011 Chevrolet Silverado and 2007 Ford Taurus with $30,000/$60,000 liability and $250 and $500 deductibles on comprehensive and collision:
$1495 – AIG
$1204 – American National
$1626 – Cincinnati
$1977 – Erie
$1500 – Geico
$1848 – Horace Mann
$1562 – IDS
$2229 – Meridian Security
$2230 – Metropolitan Direct
$2015 – Mutual Benefit
$2610 – Nationwide
$2408 – Old Dominion
$2612 – Progressive
$2243 – State Farm
$2565 – Teachers Insurance
$2380 – Unitrin
$1992 – USAA
Situation 5 – 65 Year-old Male in Queen Anne’s County. Vehicle is 2012 Ford Escape XLS with $100,000/$300,000 liability with $250 and $500 deductibles on collision and comprehensive.
$745 – AIG
$951 – Allstate
$452 – American National
$632 – Cincinnati
$664 – CSAA
$890 – Encompass
$591 – Erie
$471 – Geico
$462 – Horace Mann
$606 – IDS
$670 – Metropolitan Direct
$545 – Mutual Benefit
$548 – Old Dominion
$596 – Penn National
$716 – State Farm
$521 – USAA
Buying Business
Sometimes, business is “bought,” by artificially and temporarily lowering rates. When this phenomena occurs, initially, prices decrease, and new policy written business often sharply increases. Of course, liberal underwriting can also contribute to many policies being written that should have been declined or charged a higher rate. Ultimately, much of the business falls by the wayside, but just enough is kept in-force to make the process somewhat profitable. Retaining the most profitable business is critical to the insurer to maintain competitive rates.
Within the next 12 months, we will also be publishing our customized ratings, based on customer comments and experiences, proposed rate changes, past fluctuations in prices, and anticipated changes in policy and coverage. We will be utilizing written and voicemail responses from 500 random Maryland residents recently contacted. No names, personal, or financial data will be requested or used.
Maryland All-Terrain Vehicle Coverage – Companies Offering Policies
Agency Insurance
AIG Property Casualty
Allstate Property And Casualty
Amco
American National Property And Casualty
American Property And Casualty
Amica Mutual
Chubb National
Cincinnati Insurance
Donegal Mutual
Encompass
Erie
Esurance
Foremost
Geico Indemnity
Hartford Casualty
Markel American
Meridian Security
Metropolitan Casualty
National General
Nationwide
Pharmacists Mutual
Privilege Underwriters
Progressive Casualty
Rider Insurance
Selective Insurance
State Farm Mutual
Travelers Property Casualty
Additional Information:
Speaking of lists…A recent study revealed the states with the rudest drivers. Maryland was rated 32nd (above average) well behind nearby New Jersey and Washington DC. Interestingly, MD drivers seem to despite Pennsylvanians the most while DC drivers list Maryland residents their biggest nemesis on the road. By the way, North Dakota and Maine were determined to be the the most well-behaved states.
Not a positive ranking, but you should still know. Baltimore was selected as one of the 10 most dangerous cities when driving in rain or snow. The study, released by Allstate, highlights areas of the country with a combination of bad weather and high incidences of accidents. Certainly, this season’s snowfall is not helping, especially in Eastern cities that are experiencing record snowfalls.