Buying the best cheap auto insurance for a Toyota Camry in South Carolina can be pretty simple, but it is dependent upon a lot of things such as the safety rating for your Camry, your occupation, and if you have tickets or violations. Drivers in South Carolina pay on average $689 per year for Camry insurance, but that cost is an estimate calculated using a 50-year-old married male driver with full coverage and $1,000 deductibles.
The issue that arises when projecting rates is that it's very likely that you are not 50 and maybe not even a male, maybe you are single instead of married, or maybe you have a speeding ticket that needs to be factored in. Just a very minor change in rating factors or requested coverage amount can make a big difference in policy price.
Every driver's needs are different, and that is why the only real way to find cheap insurance rates for your Toyota is to compare as many rates as possible.
The trim level of your Camry will influence the coverage cost, so the cost to insure a Camry LE trim level will be $114 cheaper than the insurance cost for the more expensive Camry Hybrid trim level, as shown in the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and South Carolina minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Rate information does not factor in specific South Carolina garaging location which can impact premiums significantly.
Finding good, budget car insurance is hard enough, and finding out which companies offer the lowest-priced insurance rates for a Toyota Camry in South Carolina will involve even more shopping around. Each insurer has a unique formula for establishing rates, so first we will examine the insurance companies with the most affordable rates in South Carolina.
Find Cheaper Auto Insurance for Your Camry
|Rank||Company||Cost Per Year|
|5||SC Farm Bureau Mutual||$1,248|
|6||Southern Farm Bureau||$1,248|
|7||National Grange Mutual||$1,321|
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The Hartford generally has some of the lowest car insurance rates in South Carolina at around $768 each year. This is $841 less than the average rate paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and SC Farm Bureau Mutual also make the cut as some of the cheapest South Carolina insurance companies.
In the above example, if you currently buy coverage from State Auto and switched to The Hartford, you might realize an annual savings of about $359. Policyholders with Auto-Owners may save as much as $385 a year, and SC Farm Bureau Mutual insureds might realize rate reductions of up to $480 a year.
If you would like to find cheaper car insurance rates, click here to start a quote or feel free to get quotes from the companies below.
Bear in mind that those prices are averages across all insureds and vehicles and and are not calculated with a specific rate value for a Toyota Camry. So the insurer that has the cheapest rates for you may not even be in the list above. That point stresses why you need to get rate quotes from many companies using your own individual information.
Does it make sense to buy full coverage?
Saving money on insurance should be important to the majority of people, and one easy way to find cheaper insurance for a Toyota Camry in South Carolina is to only buy liability coverage. The chart below illustrates the difference between annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in South Carolina. The rates are based on no claims or driving violations, $500 deductibles, marital status is single, and no other discounts are factored in.
As an average for all age groups, physical damage insurance costs $2,024 per year more than insuring for liability only. At some point, almost every driver questions when is it safe to stop buying full coverage. There is no clear-cut rule for phasing out physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let's say your vehicle's claim settlement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $9,000 after paying your policy deductible. If premiums are more than $900 a year for physical damage coverage, then it's probably a good time to buy liability coverage only.
There are a few situations where eliminating full coverage is not financially feasible. If you haven't paid off your loan, you are required to maintain full coverage as part of the loan conditions. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Shop around and save
South Carolina insurance rates are calculated based on many things which can significantly increase or decrease the cost of coverage. Simply having another birthday, becoming a homeowner, or getting a speeding ticket can trigger price changes that may make certain companies cheaper than competitors.
Not only that, but insurers change prices without warning in order to remain profitable. Larger than normal claims may result in additional premium costs, while profitable underwriting can result in lower-priced Camry insurance rates.
For example, the graph below shows which companies have the cheapest car insurance in South Carolina for a 40-year-old male driver with no accidents or violations, and solid credit. Based on his current situation, The Hartford may offer the best car insurance rates in South Carolina at $752 each year. This is $857 less than the average rate paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and Southern Farm Bureau are the remainder of the top five cheapest South Carolina auto insurance companies.
In the next rate comparison, we'll give the driver from the first set of rates an at-fault accident, a lower credit score, and a traffic ticket or two. Since every car insurance company has a different formula to determine rates, comparing insurance quotes could now result in a substantially altered list of affordable companies as shown below.
National Grange Mutual now has the cheapest rate in South Carolina with Travelers, State Farm, The Hartford, and USAA completing the list. This example demonstrates why consumers need to compare lots of rates when trying to find the lowest car insurance rates for a Toyota Camry. Insurance rates can be altered by many risk factors and change frequently, so the cheapest company the last time you shopped your coverage around may now be an over-priced policy.