Auto Insurance in Maine
No matter where you live, auto insurance is an important part of life. But depending on where you live, the auto insurance regulations could be extremely different than those in a neighboring state. Consumers searching for auto insurance, or those considering moving to another state, need to understand how auto insurance guidelines can vary from state to state. In fact, the costs associated with meeting state auto insurance laws could affect the types of Maine auto loans you apply for. Be sure to do extensive research and receive competitive quotes before settling on any auto loan or insurance policy.
Maine's auto insurance regulations
Maine is similar to most states in that drivers must obtain auto insurance before they can drive on public roads. The state sets guidelines for minimum coverage. Most experts recommend considering these amounts a starting point for your coverage: If you are insured with just the minimum amount, it's possible that a common accident could cost you several thousands of dollars in out-of-pocket fees. Remember: If your policy covers only $25,000 for property damage, but you are responsible for $50,000 in damages, you will be responsible to pay for the remaining $25,000 out of your own pocket.
In Maine, you must carry insurance that meets these minimum standards:
- $50,000 for injury or death of one person
- $100,000 for injury or death of more than one person in one accident
- $25,000 for property damage
- $1,000 for medical expenses
Make sure you have insurance before you register your vehicle. The state of Maine will not process your registration until you can show proof of insurance.
Carry your insurance card in your vehicle at all times. If you're ever pulled over by a police officer, or are in an accident, you will be asked to provide proof of insurance.
Tips for getting insurance in Maine
Rising auto insurance premiums can be intimidating, especially when researching a new policy. If you're concerned about potential costs, consider these suggestions:
Combine your policies: Insuring your home and vehicle through the same insurance company could result in a multiple-policy discount. Make sure to ask your insurer whether this is possible.
Ask about raising your deductible: By raising your deductible, your premium will go down (how much will vary according to your policy and insurance carrier). But remember that in the event of a claim, your out-of-pocket expenses will rise.
Know your credit score: The higher your credit score, the better deal you will get on auto insurance. Drivers with excellent driving and credit history tend to receive preferential interest rates for auto loans, as well as lower premiums for insurance.
We have provided a frequently asked questions page for more information you can use when looking for a Maine auto loan.
