Finding decent, low-cost auto insurance is confusing at best, and deciding which company quotes the most affordable auto insurance rates for drivers over age 60 in South Carolina involves even more shopping around. Rates may be somewhat cheaper than the state average, with the decrease attributed to the lower likelihood of claims that comes with selling coverage for older drivers. Reasonable coverage should be readily available without having to search too hard. Every insurance company has a proprietary formula for establishing rates, so first we will examine the auto insurance companies that tend to have lower prices in South Carolina.
It's important to know that South Carolina auto insurance rates are impacted by many things that may substantially change the policy premium. Price variation is why South Carolina drivers need to compare as many rates as possible when trying to get affordable car insurance quotes for drivers over age 60. Auto insurance prices can be determined by many things and can decrease or increase without notice, so the most economical option six months ago may now be one of the higher cost companies.
Find the Best Cheap Insurance for Age 60+
The Hartford has some of the lowest car insurance rates in South Carolina at around $745 a year. This is $864 less than the average policy premium paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and Southern Farm Bureau also are some of the cheaper South Carolina insurance companies.
As shown in the rates above, if you are a customer of State Auto and switched to The Hartford, you may realize an annual premium reduction of around $393. Drivers with Auto-Owners could save as much as $396 a year, and Southern Farm Bureau policyholders might reduce prices by as much as $515 a year.
Remember that these policy rates are averages for all drivers and vehicles in South Carolina and do not factor in a rate decrease for drivers over age 60. So the insurer that has the lowest price for you may not even be in the top 18 companies shown above. That points out the importance of why you need to quote rates from as many companies as possible using your own personal information and vehicle type.
One of the more important factors that determine the price you pay for insurance is your zip code in South Carolina. Larger areas like Summerville, Florence, and Charleston tend to pay slightly more, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of lower rates.
The following table rates the priciest cities in South Carolina for drivers over age 60 to buy auto insurance in.
|12||Hilton Head Island||$1,139|
|Start a Quote Go|
Premium amounts are estimated as the specific zip code location can decrease or increase auto insurance rates noticeably.
How accidents and tickets impact rates
A great way to earn the cheapest auto insurance rates for older drivers is to be a careful driver and not have accidents or get tickets. The example below shows how speeding tickets and at-fault collisions can drive up insurance costs for different ages of insureds. The information is based on a single female driver, full physical damage coverage, $100 deductibles, and no policy discounts are applied.
In the previous chart, the average cost of an auto insurance policy per year with no violations or accidents is $2,480. Get written up for two speeding tickets and the average cost jumps to $3,341, an increase of $861 each year. Now add in two accidents along with the two speeding tickets and the yearly cost of auto insurance for drivers over age 60 in South Carolina increases to an average of $6,421. That's an increase of $3,941, or $328 per month, just for not being more responsible behind the wheel!
Difference between full coverage and liability only rates
Finding the cheapest auto insurance is probably important to most vehicle owners, and a good way to save on the cost of insurance for drivers over age 60 in South Carolina is to not buy full coverage. The chart below shows the difference between auto insurance rates with liability coverage only compared to full coverage. The information is based on a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
If we average all the age groups together, full coverage on your policy costs $1,937 per year more than just insuring for liability. That proposes the question when is the right time to remove full coverage. There isn't a steadfast formula for excluding comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let's assume your vehicle's book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $8,000 after paying your policy deductible. If premium cost is more than $800 annually to have full coverage, then it may be the right time to buy liability only.
Here's why you should compare rates often
South Carolina auto insurance rates are impacted by many factors which can significantly increase or decrease the policy price. Simply having another birthday, moving to a new city, or getting a ticket for running a stop sign can trigger rate changes that can make some companies more affordable than competitors. In addition to those changes, car insurance companies change their prices as needed in order to remain profitable. Unexpectedly high claims may cause higher priced premiums, while long-term profits may cause cheaper South Carolina car insurance rates.
To illustrate this point, the graph below compares the cheapest car insurance in South Carolina for a 35-year-old male driver with a good driving record, no prior claims, and solid credit. If we look at prices based on his personal profile, The Hartford may offer the lowest car insurance rates in South Carolina at $775 annually. This is $834 less than the average policy premium paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and Southern Farm Bureau are the remaining top five cheapest South Carolina auto insurance companies.
Now we will give the driver from the first set of rates a claim surcharge, a lower credit rating, and a traffic ticket or two. Since every car insurance company has their own guidelines for setting rates, getting updated rate quotes will most likely result in a different ranking of affordable companies as shown below.
National Grange Mutual now has the best insurance rate in South Carolina with State Farm, Travelers, USAA, and State Auto completing the list. This shows why South Carolina drivers need to perform an extensive rate comparison when trying to find affordable insurance rates for drivers over age 60.
Auto insurance prices are impacted by many different factors and can change substantially, so the most economical option the last time you shopped around may now be one of the higher cost companies.
How to find economical auto insurance for drivers over age 60 in South Carolina
The list below details a few penny-pinching suggestions that can help drivers buy low-cost coverage.
- Higher comprehensive and collision coverage deductibles will save money
- Pay for smaller claims out-of-pocket
- Bundle car and home insurance and save money
- Do not get traffic citations
- Remain accident-free and save
- Improve your credit score
- Comparison shop at least once a year
The last tip is remarkably critical, as was stressed in the article above. Auto insurance prices fluctuate considerably, so don't be afraid to switch to a new company if a more affordable rate is found.
Staying with the same company for years is fine, but it's not a good idea if that inflexibility results in costing you a lot of money every month. Now is a great time to compare rates and find cheaper car insurance for drivers over age 60.