One of Maine's biggest industries is tourism, with people heading there at all times of the year. And if you're lucky enough to live in Maine, you can enjoy the miles of coastline and acres of beautiful forest without traveling too far.
Maine residents also enjoy lower insurance rates than much of the country for both auto and home, despite the higher cost of living typically associated with the East Coast. Knowing the basics of Maine insurance will help you to not only make sure you have the coverage required by law, but also that you're getting Maine insurance rates at a fair price.
Maine Insurance for Autos
As a tort state, Maine requires all drivers carry a minimum amount of liability insurance. But Maine also has other coverage requirements that most other states don't have. Drivers must have uninsured motorist coverage as well as a medical payment policy. Maine also has higher minimum requirements than most other states. To drive legally in Maine, you must have:
- Bodily Injury Liability: $50,000/person and $100,000/accident
- Property Damage Liability: $25,000
- Uninsured/Underinsured Motorist: $50,000/person and $100,000/accident
- Medical Payment: $1,000
This may seem like a lot, but these minimums will actually be used up fast in a serious accident. Not only that, but it doesn't cover your own repair or medical costs if you cause the accident, so comprehensive and collision coverage is also recommended.
Maine Insurance for Homes
Coastal living has a number of considerations for homeowners insurance that people who live inland don't need to worry about. When looking for Maine insurance quotes for your home, you might want to consider the following additional coverages:
- Watercraft. A watercraft endorsement will cover sailboats, motorboats, and a few other specific types of boats or watercraft as well as additional personal liability and medical payments coverage in the event the watercraft is damaged or someone is injured on it and sues you.
- Flood insurance. With so many rivers and lakes, in addition to the ocean nearby, flooding might be a concern to some residents. The National Flood Insurance Program regulates flood coverage, and most lenders require it if you live in a flood plain.
- Renters insurance. Even if you don't own your home, you still want to be covered. Renters insurance will cover your personal belongings as well as liability in the event your home or personal belongings are damaged.
Saving on Maine Insurance Rates
There are many different ways you can save money on your Maine insurance rates. A few of these include:
- Raise deductibles. This applies to both home and car insurance. The higher your out of pocket costs are, the lower you will pay for your premiums.
- Find discounts. A few home insurance discounts include security device or fire protection discounts, and auto discounts include safe driver or multiple car discounts. There are numerous discounts available and are worth looking into.
- Compare rates. Shopping around for low rates is a great way to save. Many people mistakenly believe that all companies will charge the same price, but this is not the case. You can quickly and easily compare Maine insurance rates on localinsurance.com to make sure you are getting the best rates. You can also research requirements and discounts available in your area.
