Every state has its own set of guidelines regarding car insurance. For complete information on Maryland’s requirements consumers can contact the Maryland Insurance Administration in Baltimore at 1-800-492-6116 or by visiting their website, http://www.mdinsurance.state.md.us.
Maryland is one of the few no fault states that requires its residents to carry PIP, or Personal Injury Protection, coverage. Personal injury protection will help pay for medical expenses, lost wages and funeral expenses if necessary following an accident. In addition to PIP it is required that all residents carry liability insurance. Liability will pay for damages to the other driver, any passengers and the other vehicle in the event of an accident for which the insured is responsible. MD allots up to twenty thousand dollars for the medical expenses of a single occupant, forty thousand dollars the combined medical expenses of all of the individuals in the vehicle and fifteen thousand to pay for any property damages resulting from the accident. This includes repairs to the other vehicle.
Although it is not required it is strongly recommended that all individuals maintain a collision/comprehensive coverage on their vehicle. Liability will only pay for the vehicle damages of the person not responsible for the accident; the other driver will be left solely responsible for repairs to their own vehicle. Comprehensive coverage will pay for necessary repairs, as well as total the vehicle if repairs exceed the vehicle’s blue book value. Comprehensive coverage will also be applied to any vehicular damages inflicted by running into a stationary object, such as a parked car or guardrail, and for any incidents involving the local forest residents.
Uninsured/underinsured motorist coverage is required for all MD drivers. Not every state in the US requires that its drivers carry a liability policy, as foolish as that may seem. As a result it is inevitable that at some time a driver with no insurance will be on Maryland roads and cause an accident, particularly because its neighbor, the state of Virginia, is among the states that do not require a driver to carry liability. In the event that a Maryland resident is involved in this accident, uninsured/underinsured motorist coverage will facilitate repairs to their vehicle and any medical expenses incurred. This also applies to a driver whose insurance is insufficient to cover the amount of damages or any resident that finds themselves the victim of a hit and run.
Once you've decided on what coverage you need for your car or cars, its time to shop for the best deal.
If your driving history is a reasonably safe one, make a list of the types of coverages you want, and shop at least five companies. For the same vehicle in the same place, you may find variations of $600 a year among companies.
Companies sell in one of three ways:
- Through independent agents who sell policies from various companies. The Independent Insurance Agents & Brokers of America can help you locate an agent in your area.
- Through their own agents, such as those employed by Allstate, Farmers, Nationwide and State Farm, among others.
- Direct to the consumer with toll-free phone numbers
The direct sellers are usually the least expensive but tend to accept only drivers with near-pristine records. Addiitonally thier customer service is often questionable. Companies with their own agent network are often the next most affordable.
Additionally, your state's insurance department may offer price comparisons that show what different companies will charge for various types of coverage. Though these comparisons probably won't fit your situation exactly, they can give you a good idea about which company's premiums are the cheapest.
Online Shopping
Buying auto insurance online can work well, but its no magic path to savings, says Robert Hunter of the Consumer Federation of America. Just like when you use the phone and shop with agents, be sure to get comparative quotes.
The lowest quotes, as with phone shopping, are likely to come from direct sales firms. The major drawback is that these firms want your business only if you are a very good risk with no violations or accidents. If you fit the profile, buying from them on the internet can work for you. Often there is a "bait and switch" that results in your renewals costing more.
Such quotes will usually be lower than any from an agent, but double-check an agent's quote if you qualify for special discounts, especially if you're insuring your home and car with the same company. In that case, you might do better with an agent than anywhere online.
Weve blown the whistle.
Sadly hundreds, if not thousands, of agents and advisors, have been screwed by online lead companies claiming to get you quality, exclusive leads.
We recently published a report, called the Lead Company Expose, where we reveal …
- How lead companies are ripping agents off
- The villainous way lead companies generate leads
- Why you’re wasting your time and money buying online leads
You likely have bought online leads in the past. You wasted thousands of dollars and tons of hours chasing crappy leads down. Almost every time, you would call and they had already been called by 4 other agents.
It made you feel really good I was paying per lead and it was getting resold to more than one agent. The lead companies have to do that or they won’t make any money. Plus you would be appalled to know how they generate the leads and then sell them to you.
How do we know?
Well, we tested it ourselves. We saw first hand what they do to generate a “so-called” quality lead, and then sell it to multiple different agents.
Now, I know of agents who make money buying online leads, but it’s a rough game. They are a quoting machine, working 7 days a week. Not my idea of a fun way to build a business and have quality of life.
Sure, I understand you have to work hard, especially if you’re starting out from scratch. But you may be working just as hard as an industry veteran who has tried lead company after lead company … only to still feel frustrated and worn out.
A smarter way does exist. You must attract your own leads. I am not saying it doesn’t require work either. It does. But why not work to achieve freedom from the feeling you have to buy online leads? Why not work to build a system that attracts your own leads each month? Why not build a system that allows you to focus more on selling instead of prospecting?
You see … when you attract your own leads and set it up on a system, you…
- Establish yourself as the trusted expert advisor in your niche
- Can put all your marketing on a system
- Can focus 100% of your time on selling instead of prospecting
- Can achieve freedom from the villainous lead companies and programs stealing your money
Imagine the peace of mind knowing you have a constant stream of leads each month calling you. Imagine the comfort you would feel bringing in an extra $5,000, $10,000 or $15,000 a month attracting your own leads.
Recently we interviewed a few 7 figure producers. Funny thing … they DON’T buy online leads. They worked to establish themselves in a niche and developed systems to attract their own leads. Need I say more?
Maybe I’ll let some real agents do the talking. Last week, we opened the doors to our Alliance Program. We asked agents and advisors to comment on their experiences buying online leads. You will see that I am not the only one saying lead companies are taking advantage of agents and advisors…
View past blog entries.
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