Cheap Car Insurance: What You Need to Know
When cheap car insurance in South Carolina is needed, there are a few things to consider when selecting a plan. Where you are located, your driving history, and your age are a few of the factors insurance companies consider that can influence your rates. The average rates for car insurance in South Carolina can fluctuate significantly by hundreds of dollars for minimum coverage or full coverage.
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What Type of Insurance Is Required in South Carolina?
There are a few minimum insurance limits required by the state, according to Nerdwallet. In South Carolina, drivers must have uninsured motorist bodily injury coverage, liability coverage, and uninsured motorist property damage coverage. The limits range between $25,000 to $50,000 for the coverage.
What Is the Cost of Cheap Insurance in South Carolina?
There are numerous insurance companies in South Carolina providing drivers with vehicle coverage, from single drivers and those with a clean driving record to senior citizen drivers and teens new to driving. Each insurance company can provide a quote based on whether you want minimum coverage or full coverage along with a variety of deciding factors, such as where you live, the type of vehicle you drive, at-fault crashes, older drivers, and those with driving infractions.
Cheap Car Insurance for Drivers in South Carolina
According to ValuePenguin, drivers in South Carolina with a good driving record usually receive lower car insurance rates. For affordable auto insurance, the average cost is $63 per month for a total of $752 per year. The following is a list of some of the insurance companies in South Carolina offering affordable car insurance.
- State Farm
- Farm Bureau
For current members and former members of the military, along with their families, cheap car insurance in SC is available from USAA. Their estimated annual rate is $463 with $39 per month payments.
What Does Cheap Car Insurance Cover?
Whatever the reason for purchasing cheap insurance with minimum coverage, policyholders should be sure their policy covers the minimum amounts that their state requires. While minimum coverage offers a way to be insured in compliance with state requirements and at an affordable monthly and yearly cost, the amount may not be enough to cover costs if involved in an accident.
There is also the option of adding comprehensive or collision coverage to the policy that covers damage from situations, such as theft or inclement weather that you have no control over or damage when the vehicle is under your control. If a driver chooses only the minimum coverage required by the state, they are responsible for any damage incurred by their vehicle. If full coverage is selected versus minimum coverage, drivers can expect an increase in the cost of the insurance.
Full Coverage Versus Minimum Coverage
From ValuePenguin, the following are annual rates for some of the insurance companies in South Carolina offering full-coverage insurance:
- GEICO – $1,186
- State Farm – $1,343
- Auto-Owners – $1,590
- Farm Bureau – $1,795
- Travelers – $1,812
- Nationwide – $1,893
- Allstate – $2,050
- Progressive – $2,339
- USAA – $1,168 (Coverage only for current and former military personnel and their family members.)
According to WalletHub, there are five insurance companies in South Carolina offering cheap full coverage. These include American National Insurance, GEICO, Travelers, State Farm, and Nationwide. The annual rate ranges from $672 per year with American National Insurance to $1,632 annually with Nationwide.
The following chart from ValuePenguin shows the estimated annual rates for some of the companies in South Carolina providing minimum liability car insurance:
- GEICO – $460
- State Farm – $578
- Auto-Owners – $582
- Farm Bureau – $782
- Allstate – $860
- Nationwide – $895
- Travelers – $1,017
- Progressive – $1,127
Insurance Coverage for Drivers With a History
Not every driver has a clear and clean driving record, which can affect the cost of insurance. According to WalletHub, in South Carolina, an increase of 24% in insurance rates is possible for a speeding ticket. For more serious incidents, such as an at-fault accident, the rate for insurance can increase by as much as 43%.
For those who have a history of incidents, such as singular or multiple accidents, speeding tickets, driving while intoxicated, or other traffic violations, there are several insurance companies that offer affordable coverage. For a speeding ticket violation, according to ValuePenguin, GEICO offers the least expensive coverage with an annual rate of $1,186. For drivers who have been involved in an accident, State Farm has the cheapest annual rate of $1,609.
Information from ValuePenguin notes that Farm Bureau offers the cheapest rates for drivers cited for driving under the influence, with an annual rate of $2,105. Travelers is second with an annual rate of $2,440, while Progressive is in third place at $2,839.
A driver’s credit rating is also a factor in determining the cost of insurance. The average cost in South Carolina for drivers with poor credit is $2,785, according to ValuePenguin. GEICO is the cheapest with an annual rate of $2,204, which is 21% cheaper than the state average. Coverage for drivers who have a poor credit rating is 65% more expensive than the cost for drivers with an average rating.
Cheap Insurance for Married Couples and Young Drivers
Married drivers, according to ValuePenguin, also get a break with cheaper insurance rates in South Carolina than single drivers. GEICO offers the lowest rate of $1,137 per year, which is 26% lower than the average for the state. State Farm is second with an annual rate of $1,343, and Progressive is third with an annual rate of $1,561. The most expensive annual rate is $1,921 from Allstate.
According to ValuePenguin, young drivers who are not covered by the insurance policy their parents have in place will pay an estimated three times more than an older driver in their 30s. The three insurance companies with annual rates less than $2,000 per year for young drivers are GEICO at $1,477, Farm Bureau at $1,829, and State Farm at $1,906. For former and current military personnel, USAA is $1,952.
Cheap Car Insurance in South Carolina
There are plenty of choices when it comes to insurance companies offering competitive rates for cheap car insurance in South Carolina. Do your research, ask questions, and check with multiple insurers to find the most reasonable rate that works for you. Keep in mind that rates can change over time and on the insurer’s specific criteria when determining premiums.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.