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Car Insurance Cost Calculator
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Apr, 26, 2024
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For an estimate of how much car insurance will cost you in Maine, MoneyGeek’s car insurance calculator can help. You’ll get a baseline to use in your search for the best insurer for you.
Additionally, we analyzed how insurers calculate car insurance premiums in Maine. Factors are weighted differently; once you know that, you can figure out which are driving your cost. While you can’t alter every element, you can change some (like your credit score).
Maine Car Insurance Calculator: How it Gets You an Instant, Free Estimate
It takes between 10-15 minutes for an insurance provider to develop an accurate, personalized quote because of all the details they need to collect. MoneyGeek’s car insurance calculator for Maine will get you an immediate estimate of how much car insurance may cost for you, based on your age, driving record, coverage level and vehicle type.
Our calculator shows you the company with the cheapest rates in Maine. It also shows the factors that have the biggest impact on your rates. In Maine, those elements are: adding a teen driver to your policy, your age and your credit score.
While the cheapest insurance company in Maine for you depends on the combination of your personal information, driving profile and vehicle type, our calculator can get you a close estimate.
For example, our default driver pays approximately $270 per year for car insurance with GEICO, the cheapest widely-available company in the state.
Of course, price isn’t everything. Aside from cost, you may wish to consider the insurance company’s customer service ratings and make sure they have all the coverages you're interested in.
In addition to using our car insurance calculator for estimates, you can browse our collection of sample drivers in our cheapest car insurance in Maine guide to help you find the most affordable insurance for different driver profiles.
We also gathered quotes from insurance companies across the state to calculate the average cost of car insurance in Maine, which can help when you’re comparing rates from different insurers.
If you’re not looking solely for the cheapest premium, our best car insurance companies in Maine guide may be of use. We scored the state’s insurers based on how they balance quality service with affordability.
How Car Insurance Premiums are Calculated in Maine
Car insurance companies consider a combination of factors when calculating your insurance premiums. The factor in Maine that impacts your costs the most is if you add a teen driver to your family policy. This can increase how much you pay by as much as 3.4x. The other top elements are your age, with a 2.5x difference in rates, and your credit score, which can multiply rates by 2x.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Maine
Insurance companies consider teen drivers as riskier to insure than older drivers, largely due to their inexperience. Research shows that teen drivers aged 16-19 are nearly three times as likely to be involved in a fatal crash than drivers aged 20 or older.
You can therefore expect your rates to increase significantly when you add a teen driver to your car insurance policy. Our research shows that increase can be as much as 3.4x.
How Much Age of Driver Matters in Calculating Car Insurance in Maine
In general, car insurance for young drivers is expensive. Insurance companies structure their rates based on the driver's probability of being in accidents or driving recklessly and incurring violations like speeding.
For example, a 40-year-old driver pays about 2.5x less for car insurance in Maine than 19 or 20-year-olds, just based on age.
How Much Credit Score Matters in Calculating Car Insurance in Maine
A driver’s credit score can say a lot about his reliability. In Maine, it is the third most important factor in Maine when insurers are calculating the cost of your car insurance premiums.
That means drivers with excellent credit history and a driving violation could have lower car insurance premiums than those with a clean driving record but a poor credit history. Drivers with excellent credit can save about twice as much on their premiums compared to drivers with poor credit.
How Much Car Model Matters in Calculating Car Insurance in Maine
The type of car you drive could be another reason your car insurance rates are expensive.
High-end luxury and sports cars are expensive to insure due the cost to repair these vehicles when damaged. Insurers also determine whether your car model is at increased risk of theft. Standard cars like SUVs and sedans are much cheaper to insure.
In fact, your cost of car insurance in Maine can double based on your car model.
How Much Coverage Levels Matters in Calculating Car Insurance in Maine
The amount of coverage you buy also determines your car insurance rates.
The cheapest car insurance in Maine is a state minimum liability only policy, while the most expensive is full coverage. Between the two, rates differ by as much as 1.8x.
How to Calculate How Much Car Insurance You Need in Maine
The amount of coverage you buy is one of the most significant factors affecting the cost of car insurance in Maine. Knowing how to calculate how much car insurance you need in Maine can help you find a balance between cost and coverage.
Car insurance is legally required in Maine. All drivers in the state must carry 50/100/25 liability and uninsured/underinsured motorist coverage, with a minimum of $2,000 in medical coverage. However, you may wish to buy additional liability insurance and comprehensive and collision insurance, depending on your situation.
Understand Maine car insurance requirements
To determine how much car insurance you need, start by looking up Maine’s minimum car insurance requirements.
These requirements are that drivers must have liability coverage, medical payments coverage and uninsured or underinsured motorist (UM) coverage. The required limits are $50,000 per person for bodily injury, $100,000 per accident for bodily injury, $25,000 for property damage, $2,000 per person for medical payments, and $50,000 per person and $100,000 per accident for UM coverage.
If the liability limits with a minimum car insurance policy aren’t enough, you can always increase them to ensure more protection. Your premiums will rise, but you will gain more financial protection.
Similarly, while collision and comprehensive insurance is not required in Maine, it protects you against damages to your car, which could save you a lot of money in the long run.
Consider Purchasing Additional Liability Insurance
As mentioned, you may need liability insurance above the minimum required, especially if you want to ensure protection in case of a major accident.
A state minimum liability insurance policy in Maine costs an average of $341 per year. If you choose to add higher liability coverage of $300,000, it will cost $386 per year on average.
Decide whether or not to buy comprehensive and collision insurance
Full coverage with comprehensive and collision insurance covers both liability costs and the costs of damages to your car. If you choose to add this coverage to your policy, it will cost an additional $189 per year on average in Maine. While state law does not require you to carry such insurance, lenders often do, and you may need full coverage insurance if your car is leased or financed.
One situation where it makes sense to forego full coverage is when you have an older car with a very low replacement value.
Consider buying additional protection besides these core coverages
The rate of uninsured motorists in Maine is one of the lowest in the nation, at about 4.9%. Regardless, Maine requires uninsured motorist insurance (UM) as part of the minimum coverage requirements in the state. This coverage protects you to $50,000 per person and $100,000 per accident.
Maine law also requires a minimum of $2,000 per person in medical payments coverage. This covers medical expenses incurred by you and your passengers in an accident. Medical payments insurance, known as MedPay, is an add-on that can be increased to $25,000 or more.
Frequently Asked Questions About How Car Insurance is Calculated in Maine
You may still have questions regarding how car insurance premiums are calculated in Maine. We answer a few of these frequently asked questions to help you make an educated decision when buying your policy.
You can ask an insurer for a personalized quote directly or use MoneyGeek’s car insurance calculator for Maine to get an instant estimate from several providers.
The factors with the most significant impact on car insurance premiums in Maine are adding a teen driver to your policy, your age and your credit score.
Start with the minimum insurance requirements in Maine. From there, determine whether you want to increase limits, expand coverage or get additional types of insurance.
Methodology
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Maine. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick
sources
- Centers for Disease Control and Prevention. "Teen Drivers: Get the Facts." Accessed February 14, 2022.
- State of Maine Professional & Financial Regulation. "Insurance Required by Law." Accessed October 20, 2023.