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Bangor is known as the “Queen City of Maine” and is also the third largest city within the state. Bangor has an impressive level of culture, commercial, and financial business operating within its borders and is the economic powerhouse of the north and eastern regions of Maine. Once a major player in the timber industry, Bangor is now a popular destination for outlet retailers and shopping malls.
Driving legally in Bangor requires:
| Coverage | Requirements | Most Common |
| Liability Bodily Injury | 50,000/100,000 | 100,000/300,000 |
| Liability Property Damage | 25,000 | 50,000 |
| Bodily Injury - Motorist Uninsured | 50,000/100,000 | 100,000/300,000 |
| Medical Payments | 1,000 | 5,000 |
| Collision | Not required | 500 deductible |
| Comprehensive | Not required | 100 deductible |
The rumors are true; Maine’s minimum legal requirements are higher and more extensive than in other states. But think about what that extra coverage is protecting you from: if you get hit by an uninsured motorist, or have medical bills you can’t pay, your insurance company will be there to help.
Average monthly rates for Maine are as little as $80/moth for most drivers. This is already delightfully cheap, but it can get even better in Bangor – you can pay as little as $32/mo* if you know how to look for the best deal.
Between Concord, Liberty Mutual, and Nationwide, it’ll be hard to find companies offering lower monthly premiums in your town. But is the absolute lowest rate always the best deal? Or is it worth it to pay a little extra if you get good customer service in return?
Auto insurance companies consider multiple elements when determining insurance quotes, including gender, driving violations, occupation, how far you commute to work each day, and multiple cars and drivers. Also keep in mind that premiums vary from company to company. To find out whether you’re still receiving the most affordable rate, compare cheap Bangor auto insurance quotes online.
There are a number of items which might factor into the rate quotes you are offered. Even though a portion of these details aren’t really something you can do much about, some of them are elements which you can change for the better. Here are a few things which can change your car insurance premium:
The cheapest car insurance is normally found in cities with a lower population density. Because there are fewer cars on the road, there are fewer possibilities for you to get into a major car accident with another driver. The population of Bangor is 32,673 and the median household income is $34,998.
A low rate of deadly accidents in your area is a good thing, and not just for the obvious reasons. It’s also good because that means that Automobile insurance companies in your area are already charging lower premiums than they would in other cities.
Living in a large city (Especially one with a high crime rate) will increase your risk of being a victim of auto theft. If your general location has high rates of theft and claims, you can expect to pay more for auto insurance to offset these costs. The total number of stolen vehicles in Bangor was only 37 back in 2013. This might actually help save you money on your comprehensive insurance – we’ll discuss it further in the “deductibles” section.
Your credit score can have one of the biggest impacts on your overall monthly bills – and not just for your car insurance rates, either. And although having a poor credit score will make things more expensive at first, forking out off your Automobile insurance bill on time every single month (or in 6-month installments) will contribute towards raising your credit score.
If you are a young driver under the age of 25, the unfortunate fact is that you will get charged some of the highest rates available. But you can help yourself by getting a Good Student discount, and/or taking some Driver Education courses. You can also keep your driving record clean, which might help get your parents some discounted rates if they bundle you onto a family policy.
Insurance prices are calculated around risk. The riskier you are, the more likely you will be to file claims with your insurance company, and the less profit they will make off of doing business with you. And having lots of violations on your record, even if none of them resulted in an accident or a claim, will make your insurance rates go up.
In truth, you might have the option to purchase a cheap automobile insurance policy, even if you’re trying to protect a really expensive vehicle. But certain circumstances might prohibit you from choosing state minimums, such as leasing a vehicle or obtaining a bank loan to finance a brand new vehicle. Banks and dealerships want that property protected with as much coverage as possible.
Guess what? There are many other elements which might change the final number on your car insurance bill. And those include:
Bundling policies together is great for married couples, families, or even domestic partnerships. The truth is that, in many cases, the nature of your relationship isn’t as important as the fact that you want to give your insurance company additional business, which they will gladly reward you for with some bundling discounts.
Is gender still important when it comes to riskiness behind the wheel? Well, in truth, many different insurance providers will have many different answers for this exact question. Some say yes, others no; and even those who do believe one gender is riskier to insure than the other don’t vary policies between the two by more than a few dollars (if gender is the only factor, that is).
While it may take the average motorist about 12-16 minutes to drive to work in Bangor, longer drives lasting 28-29 minutes are common for motorists living on the outskirts of the city. Around 75% of residents will drive their own car in to the workplace, while 11-12% will choose to carpool with co-workers.
Insuring a business or commercial vehicle can cost you – somewhere around 10-13% more on average. But driving fewer miles in it, or bundling it with any other vehicles you might own, could potentially help offset that rate increase with some discounts.
Living in a city like Bangor, with low rates of accidents and auto theft, means you probably won’t be making any Comprehensive or Collision claims any time soon. So why not raise your deductible? It’ll help you keep your coverage and lower your monthly rate at the same time.
While the greatest number of drivers in Bangor possess a high school diploma, there is also a large amount of college educated residents – over 16%. For these fortunate motorists, they may be enjoying more than just the typical perks of a higher education; they are also more likely to be offered lower rates by their auto insurance provider. Your education actually matters more than your career or annual salary, as far as providers are concerned.
To the immediate north of Bangor is the University of Maine at Orono, a four-year institution with an impressive library and six different colleges. For a more specialized degree, the Eastern Maine Community College offers degrees for nearly 30 different technology-oriented fields of study. The city is also home to the Bangor Theological Seminary, which offers both graduate and doctoral degrees on the study of religion.
Determining your own financial risk can be extremely confusing or impossible for the typical insurance shopper. Insurance companies have an edge on consumers because of their statistics and experiential knowledge. Learn what insurance companies don’t want you to know.
Sources:
Maine Bureau of Financial Institutions