The words "affordable" and "insurance" really don't belong together, specifically when you are looking for the lowest insurance rates for drivers with bad credit. Because of the high cost, let's teach you a few of the factors that impact insurance premiums, and find some ways to take a little off your next policy.
Finding out which company quotes the lowest-priced car insurance rates for drivers with bad credit in South Carolina involves a little more effort in order to find the best price. Each auto insurance company has a unique approach to set their prices, so let's examine the most competitive car insurance companies in South Carolina.
Compare Cheap Insurance Quotes with Bad Credit
|Rank||Company||Cost Per Year|
|5||SC Farm Bureau Mutual||$1,248|
|6||Southern Farm Bureau||$1,286|
|8||National Grange Mutual||$1,375|
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The Hartford generally has some of the best car insurance rates in South Carolina at around $768 a year. This is $841 less than the average policy premium paid by South Carolina drivers of $1,609. USAA, Auto-Owners, State Auto, and SC Farm Bureau Mutual would also be considered some of the most economical South Carolina insurance companies.
As depicted above, if you are a policyholder with Auto-Owners and switched to The Hartford, you might achieve savings of around $351. South Carolina drivers with State Auto may save as much as $370 a year, and SC Farm Bureau Mutual insureds might see rate reductions of $480 a year.
If you would like to find cheaper car insurance rates, click here to get quotes or feel free to get quotes from the companies below.
These policy prices are averages across all insureds and vehicles and do not take into consideration a rate increase for drivers with bad credit. So the car insurance company that has the lowest price for you may not even be in the top 18 companies in the list above. That illustrates why you need to compare prices as often as possible using your own driver information and specific vehicle type.
The car, truck, or SUV to be insured is one of the biggest factors when looking for affordable auto insurance for drivers with bad credit. Vehicles with limited speed and performance, excellent safety ratings, or low incidents of liability claims will cost quite a bit less to insure than higher performance models. The next list ranks auto insurance prices for a number of the most affordable vehicles to insure in South Carolina.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$829|
|Hyundai Elantra GLS Touring Station Wagon||$927|
|Chevrolet Equinox LT AWD||$958|
|Dodge Grand Caravan Hero||$963|
|Jeep Wrangler Sport 4WD 2-Dr||$962|
|Ford Escape XLT 2WD||$994|
|Honda Accord LX-P 4-Dr Sedan||$1,002|
|Toyota Corolla XLE||$1,007|
|Toyota Camry SE||$1,012|
|Ford F-150 XLT Regular Cab 2WD||$1,019|
|Volkswagen Jetta SE 4-Dr Sedan||$1,025|
|Honda Odyssey Touring||$1,031|
|Ford Explorer XLT 4WD||$1,039|
|Dodge Ram Quad Cab SLT 2WD||$1,046|
|Chevrolet Impala LS||$1,076|
|Toyota Tacoma 2WD||$1,082|
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and South Carolina minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Table data does not factor in South Carolina location which can impact insurance rates noticeably.
Looking at the data, we can infer that models like the Honda CR-V, Toyota Prius, and Hyundai Elantra should be some of the less-costly vehicles to insure for people with poor credit. The cost of auto insurance will trend higher because of the fact that there is more claim exposure for drivers with bad credit, but generally speaking those makes and models will tend to have the cheapest rates available.
For people with poor credit, one of the largest things that aid in calculating the cost of insurance is where you call home. Regions with more people or even just more weather-related claims like Florence, Goose Creek, and North Charleston will most likely have higher rates, whereas areas with less people or fewer weather incidents have the gratification of cheaper auto insurance rates.
The next table ranks the most expensive cities in South Carolina for drivers with bad credit to buy an auto insurance policy in.
|12||Hilton Head Island||$1,173|
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Rate quotes are estimated as specific location information can alter coverage prices greatly.
Difference between liability only and full coverage rates
Finding the cheapest car insurance is probably important to the majority of people, and one of the best ways to lower the cost of insurance for drivers with bad credit in South Carolina is to not buy comprehensive and collision coverage. The example below compares insurance prices with and without physical damage coverage. The rates are based on no tickets, no at-fault accidents, $1,000 deductibles, single status, and no additional discounts are factored in.
As an average for all age groups, physical damage coverage on your policy costs $1,911 per year more than buying just liability insurance. That proposes the question when is the right time to remove full coverage. There isn't a written rule to stop buying comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than 10% of the vehicle's replacement cost less your deductible, then it might be time to buy liability only.
For example, let's pretend your vehicle's claim settlement value is $3,000 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 $2,000 after paying your deductible. If you are paying over $200 annually for your policy with full coverage, then you might want to think about dropping full coverage.
The diagram below shows how choosing a deductible can change insurance rates when searching for cheap insurance for drivers with bad credit in South Carolina. The data is based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
In the chart above, a 50-year-old driver could lower their car insurance rates by $390 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $588 by using a $1,000 deductible. Even younger drivers, such as the Age 20 example, could roll back prices as much as $1,292 or even more just by choosing larger deductibles.
If you do raise deductibles, it's a good idea to have spare funds to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Picking the top car insurance company can be difficult considering how many companies are available to choose from in South Carolina. The company rank data shown below may help you analyze which insurers to look at when shopping around.
These ratings are only made up of large, nationwide insurance companies, so smaller companies that only insure vehicles in South Carolina are not included in this list. If you wish to compare rates from these and other companies in South Carolina, simply click here.
Top 10 Large Car Insurance Companies in South Carolina Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- Titan Insurance
- AAA Insurance
Top 10 Large Car Insurance Companies Overall in South Carolina
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family