Cheap Car Insurance Companies In South Carolina

The average semiannual cost of car insurance in the state of South Carolina is $862.42. An insured premiums are influenced by more variables than purely their place of residence. Car insurance underwriters calculate auto insurance rates after assessing a range of criteria such as the policyholder’s age, driving record, marital status, and credit rating. We examined typical car insurance costs in South Carolina across each of the predominant rating factors. We aim to provide consumers insight to identify a car insurance policy that meets their needs and budget.

*Data Methodology – Updated 3/3/2024

The South Carolina car insurance rates are based on a 35-year-old male with the most popular car (Honda Accord) living in SC. The Quote is for full coverage with comprehensive at $500 deductible and collision at $500 deductible.

South Carolina Minimum Liability Coverage

South Carolina has minimum liability coverage requirements that all drivers must maintain. Liability insurance helps cover costs if you damage someone else’s vehicle or property or cause injury to another person. The minimum coverage levels in South Carolina are:

• Bodily Injury Liability – $25,000 per person and $50,000 per accident. This covers medical expenses, lost wages, and pain and suffering for people injured in an accident you cause.
• Property Damage Liability – $25,000. This covers damages to someone else’s vehicle or property that you cause in an accident.

This means that all car insurance policies in South Carolina must provide at least $25,000 of bodily injury coverage for each injured person, up to $50,000 for all injured parties in a single accident. The policy must also provide $25,000 in coverage for damage to property.

Penalties for Driving Without Insurance in South Carolina

Driving without insurance in South Carolina is illegal and can result in hefty penalties if you are caught. Not having insurance does not just put yourself at risk but also other drivers on the road if you cause an accident. South Carolina requires all drivers to have minimum liability insurance coverage.

If you are caught driving without insurance in South Carolina, you will first receive a ticket with a fine between $200 to $400. You will also receive 4 points on your driver’s license. After receiving 6 points within a 3 year period, your license will be suspended for 90 days.

In addition to the fine and points on your license, your vehicle may also be impounded. You will be responsible for all towing and storage fees to get your vehicle back, which can be several hundred dollars. If you do not claim your vehicle within 30 days, it will be auctioned off.

Your vehicle registration and license plates may also be revoked until you show proof of insurance to the DMV. You will have to pay a reinstatement fee to the DMV, typically $100, to get your license and registration reinstated once you purchase insurance.

In the event of an accident, you could face stiff penalties if the other driver or their insurance company decides to sue you. Without insurance, you would be responsible for paying for all damages, injuries, and legal costs out of pocket, which could easily run into the tens or even hundreds of thousands of dollars.

Auto Insurance Rates in South Carolina

Auto insurance rates in South Carolina can vary widely depending on several factors. One of the biggest factors is your driving record. If you have any violations, accidents, or claims on your record, your rates will likely be higher. Your credit score can also impact your auto insurance rates in South Carolina. Insurers view a good credit score as an indicator of lower risk, so those with higher credit scores tend to get lower rates.

The type of vehicle you drive also matters. Sports cars and luxury vehicles tend to have higher insurance rates due to their higher repair costs and risk of theft. Your age, gender, and marital status are other factors. Younger drivers under 25 and single males typically pay the highest rates. Married drivers, especially those over 40, tend to see the lowest rates.

Where you live and how you use your vehicle also impact your auto insurance rates in South Carolina. Urban areas tend to have higher rates due to higher collision and theft risks. If you commute long distances for work, use your vehicle for ridesharing, or have a teenage driver on your policy, your rates may also increase.

The amount of coverage you choose matters too. The more coverage you purchase, like higher liability limits or comprehensive and collision coverage, the higher your premiums will be. Shopping around and comparing rates from multiple insurers is a good way to find the best deal. Insurers use different rate calculation methods, so what may be a good rate for one person at one company may not be the best for another.

Low Cost Car Insurance Programs and Discounts in South Carolina

There are several options available to help drivers in South Carolina get lower car insurance rates. Companies typically offer multiple discounts and programs to qualifying customers. While each insurer has their own specific discounts and eligibility requirements, there are some common ways to potentially lower your premiums.

Safety course discounts are available to drivers who complete an approved driver safety course. These programs teach defensive driving techniques to help reduce the likelihood of accidents. Discounts of up to 10% are common for completing one of these multi-hour courses.

Good student discounts are available for students maintaining a B average or higher. Teen drivers with consistently good grades typically qualify, with discounts ranging from 15% to 25%.

Multi-policy discounts are offered when you insure multiple types of policies with the same company, such as bundling your auto and homeowners insurance. These multi-line discounts can save you 5% to 15% on your auto premiums.

Low-mileage discounts are offered to drivers who travel fewer annual miles. If you drive 7,500 miles or less per year, you may qualify for a discount of up to 10%.

Anti-theft devices like immobilizers, alarm systems and tracking devices may reduce your rates by 5% or more when installed in your vehicle. Insurers recognize these devices lower the risk of theft.

South Carolina Car Insurance Statistics

South Carolina has some interesting statistics when it comes to car insurance. Let’s look at a few of the key points:

• South Carolina has some of the lowest car insurance rates in the country. The average annual premium in South Carolina is $841, which is well below the national average of $1,470. There are a few reasons for this, including lower traffic congestion and fewer accidents compared to other states.
• South Carolina has a “tort threshold” law, which means you cannot sue for pain and suffering from a car accident unless your medical bills exceed $3,500. This helps keep insurance costs lower for drivers.
• Around 15% of drivers in South Carolina are uninsured. This is one of the highest uninsured motorist rates in the U.S. However, South Carolina does not require drivers to purchase car insurance, so uninsured driving is legal in the state.
• Teenage drivers, ages 16 to 19, make up only 5% of South Carolina licensed drivers but account for over 14% of all car crashes. This highlights the risk associated with younger, inexperienced drivers.
• South Carolina has a higher than average fatality rate from car accidents, around 17 deaths per 100,000 people compared to the national average of 11 per 100,000. However, this includes motorcycle fatalities which are relatively high in the state.

The 10 Largest South Carolina Car Insurance Companies

There are many car insurance companies operating in South Carolina. However, some insurance providers have a larger market share than others. Here are the 10 largest car insurance companies in South Carolina based on the number of insured drivers:

1. State Farm – State Farm insures more drivers in South Carolina than any other company. It offers a wide range of coverage options and is known for competitive rates and good customer service.
2. Allstate – Allstate is another large national insurance provider with a significant presence in South Carolina. It offers many discounts and coverage options for customers.
3. GEICO – GEICO is well-known for offering affordable rates. The company has grown rapidly in South Carolina in recent years thanks to its competitive prices and online services.
4. Progressive – Progressive is another major national insurance provider that has grown its customer base in South Carolina. It is popular for its wide range of coverage options and online services.
5. Farm Bureau Insurance – Farm Bureau Insurance is a South Carolina-based insurance company. It insures many drivers in rural areas of the state.
6. Liberty Mutual – Liberty Mutual is a large national insurance provider that offers good coverage options and customer service. It has a notable market share in South Carolina.
7. USAA – USAA specializes in providing insurance for military members, veterans, and their families. The company has a large customr base in South Carolina due to the military bases located in the state.
8. Nationwide – Nationwide is another large national insurance provider. It is known for offering many discounts and good customer service.
9. MetLife – MetLife Auto & Home is the auto insurance division of MetLife. It provides standard auto insurance coverage options.
10. Travelers – Travelers is a major insurance provider that offers standard auto insurance coverage options.