Financing & Insurance Guide for Maryland Buyers
Maryland law requires minimum liability limits commonly described as 30/60/15 ($30,000 per person, $60,000 per accident for bodily injury, $15,000 for property damage), but that legal minimum offers thin protection in a serious modern collision — a state-minimum policy can be exhausted quickly against a $60,000 EV or significant medical bills, so most financial guidance recommends carrying substantially more.
Financing and insurance specifics for Maryland buyers
Consider increasing your liability limits well above Maryland's 30/60/15 minimum — analysts commonly recommend 100/300/100 as a more realistic protection level, with high-net-worth buyers layering on a personal umbrella policy. Also confirm your Uninsured/Underinsured Motorist (UM/UIM) coverage and understand Personal Injury Protection (PIP) options, since Maryland allows buyers to waive PIP to save a small premium amount, though keeping it is generally advised for faster medical-cost coverage after an accident.
How this compares nearby
Virginia and Pennsylvania have different minimum liability structures than Maryland's 30/60/15, so a policy priced for one state doesn't directly translate if you're registering your vehicle in Maryland.
Frequently asked questions
What does Maryland's 30/60/15 minimum insurance requirement actually mean?
It breaks down to $30,000 in bodily injury coverage per person, $60,000 per accident, and $15,000 for property damage — the legal minimum, though many financial advisors recommend significantly higher limits like 100/300/100 given how quickly a minimum policy can be exhausted in a serious accident.
Can I waive Personal Injury Protection (PIP) in Maryland to save money?
Yes, Maryland allows buyers to waive PIP for a modest premium savings (typically $30–$60 annually), but keeping it is generally advised since it covers your medical expenses and lost wages regardless of fault, without waiting for a fault determination.
Should I get pre-approved for financing before visiting a Maryland dealership?
Yes — a credit union or bank pre-approval gives you a real interest rate to negotiate against and prevents the dealership's finance office from marking up your rate on a loan you haven't independently priced.