Top four car insurance companies in Baltimore charge rates that vary widely from the median

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Zimlon referred to the 2016 NAIC report to identify the four car insurance companies with the highest market share in Baltimore County, MD: Travelers Property Casualty Insurance Corporation, Farmers Insurance Exchange Company, Chubb National Insurance Company, and Hartford Casualty Insurance Company. After studying their premium rates closely, Zimlon reports that in 8 out of the 10 segments analyzed, Farmers Insurance Exchange Company has lower than median car insurance premiums. In contrast Hartford Casualty Insurance Company offers higher-than-median premium rates in 9 out of 10 segments.

The following table shows the 10 car insurance segments analyzed, the median premium rate for each segment, and the premiums charged by companies with the highest market share in Baltimore County, Maryland. The boxes in light red represent the difference between the premium and the median price, for premiums priced higher than the median. The boxes in light green represent the same difference, for prices that are lower than the median.

CohortMedian Car Insurance RatesTravelers Property Casualty Insurance CorporationFarmers Insurance ExchangeChubb National Insurance CompanyHartford Casualty Insurance Company
Family with youthful drivers$14,472$908$8,159$3,552$3,452
Family without youthful drivers$3,582$1,039$40$367$1493
65-year-old single male$1662$143$538$288$537
65-year-old single female$1910$3$1820$214$210
30-year-old single female$1923$436$469$281$1,944
50-year-old single female$2077$416$1,553$6$396
30-year-old single male$2670$280$49$351$3,965
50-year-old single male$2642$598$310$58$1428
23-year-old single female$4959$762$475$534$3257
23-year-old single male$5255$620$4,651$176$4,294

Travelers Property Casualty Insurance Company: This company charges the lowest premium rates for the cohort of older married drivers, at $1,039 less than the median. However, for families with youthful drivers, their premium rates are the highest, at $908 more than the median. This cohort of drivers comprises of young, male drivers — either married or unmarried— and young, married female drivers.

Farmers Insurance Exchange: For families without youthful drivers, their premium rate is closest to the median—only $40 more than the median. But for the families with youthful drivers, this company charges the highest premium rate, which is $8,159 more than the median value.

Chubb National Insurance Company: Their cheapest premium—$534 less than the median— is for 23-year old single female drivers. The most expensive insurance premium is for families with youthful drivers, at $3,552 more than the median.

Hartford Casualty Insurance Company: Most premiums offered by this company are on the higher side. However, their premium for 65-year-old single males is $537 less than the median value. Their most expensive premium, at $4,294 more than the median, is for 23-year-old single male drivers.

The following chart compares car insurance premium rates of the four companies with the highest market share in Baltimore County, Maryland