What is MAIF Insurance?
The Maryland Auto Insurance Fund aims to provide high-risk drivers with auto insurance. Find out more about MAIF in this article.
MAIF stands for the Maryland Auto Insurance Fund. It was created for high-risk drivers who can’t get auto insurance on the private market. Maryland Auto is an independent state provider that offers auto liability insurance, which is the minimum coverage you need to legally drive in MD. Find out more about MAIF in this article, which includes:
Maryland Auto Insurance Fund (MAIF)
Created by the state legislature in 1972, and beginning operations in 1973, MAIF serves Maryland residents who can’t get auto insurance in the private market. They aim to reduce the number of uninsured motorists in the state. The Maryland Auto Insurance Fund is also referred to as Maryland Auto Insurance.
If you have a bad driving record or have been dropped from auto insurance companies several times, you could have a hard time finding an auto insurance company to insure you. As a high-risk driver and Maryland resident, you may qualify for Maryland Auto Insurance Fund. Costs for MAIF tend to be higher than the average auto insurance. But, it’s a good way to stay insured while you work on cleaning up your driving record.
If you’ve been denied coverage by at least two auto insurance companies, you can pursue coverage through MAIF. Some examples of why you may have been denied or canceled coverage include:
- Bad credit or no credit
- Serious accident on your record
- Speeding tickets and other traffic violations
- History of not paying for auto insurance policies
- Including high-risk drivers on your policy
The only qualifications for MAIF are:
- A valid MD driver's license
- A current vehicle registration
- Proven denial of coverage from at least two insurance carriers, if that denial isn’t because of failure to make payment
- To be a Maryland resident
If you have a bad history with insurance companies, you’re in luck: no one who qualifies is turned down from MAIF. You can shop online, in person, or over the phone.
Minimum Coverage Requirements in Maryland
Maryland Auto’s goal is to reduce the number of uninsured drivers in the state. To do this, they offer the state’s minimum coverage to drivers, no matter their driving history or credit score. These are the minimum auto insurance coverage types you need to legally drive in Maryland:
|Coverage Type||Minimum Requirement|
|Liability Insurance||$30,000 per person, $60,000 per accident for bodily injury, $15,000 per accident for property damage|
|Uninsured Motorist||$30,000 per person, $60,000 per accident for bodily injury, $15,000 per accident for property damage|
|Personal Injury Protection (can be waived)||Up to $2,500 per person|
MAIF also offers additional insurance like collision and comprehensive coverage. Collision coverage pays for damages caused by hitting another car or object. Comprehensive coverage pays for damage to your car from causes other than collision (like theft, hail, or fire). You can also add rental reimbursement coverage and towing coverage to your policy.
MAIF Payment Plans
MAIF offers payment plans for customers. These offer the option for an initial down payment of 20 to 25 percent, depending on your plan’s annual premium amount. If you decide to pay in full, you get a five percent discount.
- Premiums of less than $3,000 require: a 25 percent down payment, six monthly installments and the first payment due 60 days after policy is established. Or three monthly installments, the first payment due 60 days after the policy is established and the remaining two payments due every 60 days.
- Premiums of more than $3,000 require: a 20 percent down payment, with eight monthly installments and the first payment due 45 days after the policy is established. Or four monthly payments due 45 days after the policy is established, with the remaining three payments due every 45 days.
Discounted MAIF Rates
As mentioned earlier, MAIF rates are higher than if you were to get insurance from private companies. But it’s a much better option than driving illegally without insurance. Your policy price depends on the same factors other insurance companies use to determine your premiums. However, MAIF will not consider your credit score. You could qualify for lower MAIF rates with these discounts:
- Safe Driver- If you don’t get into any accidents and have a clean driving record, you could qualify for a safe driver discount.
- Continued Coverage- You could qualify for continued coverage discounts if you have had one year of consecutive coverage through MAIF.
Contact Maryland Auto Insurance Fund
You can shop for Maryland Auto Insurance online, over the phone, or in person. They have locations all over the state, including in Temple Hills and Washington DC.
Contact MAIF by calling them at 800-492-7120.
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