Erie has emerged as the clear winner in Waldorf for providing the most affordable rates for minimum coverage. It’s important to note that the state of Maryland sets these minimum coverage requirements, which are as follows:
- $60,000 per accident for bodily injury liability
- $15,000 per accident for property damage liability
- $30,000 per person for bodily injury liability
In Waldorf, every car insurance provider is mandated to provide at least $2,500 in personal injury protection (PIP) coverage to their customers, though drivers have the option to opt-out of this coverage if they wish to do so.
Apart from this mandatory coverage, Erie offers a diverse range of coverage options to its policyholders, such as gap insurance, new car replacement coverage, rideshare insurance, and much more. One of the significant advantages of choosing Erie is that you can lock in your rate until you make any policy changes, such as adding a new driver or vehicle or relocating. This feature can help you avoid potential rate increases in the future.
It’s important to keep in mind that opting for minimum coverage is generally recommended only if your vehicle’s value is lower than the cost of obtaining full coverage. Nevertheless, choosing the minimum coverage option can increase your financial risk substantially compared to higher limits, especially if you are involved in a severe accident that results in significant bodily injury or property damage.