Life would sure be easier if we could simply give you the name of the one company in South Carolina that has the lowest rates for low income drivers in South Carolina. Regrettably, it's not quite that easy, as there are a ton of unknown factors such as whether you are married or single, the likelihood of vehicle theft where you live, the annual mileage you drive, and if you are a homeowner, that all have an effect on the price. The content below covers the best ways to avoid high prices and also should give you a good start to your coverage search.
The vehicle requiring coverage is a large consideration when trying to find low-priced coverage for low income drivers. Vehicles with limited top-end speed, good safety features, or a low likelihood of liability claims will cost significantly less to insure than fast, unsafe models.
The data below showcases insurance rates for the cheaper automobiles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$821|
|Ford Escape XLT 2WD||$898|
|Ford Edge SE 2WD||$901|
|Honda CR-V LX 2WD||$927|
|Toyota Tacoma 2WD||$954|
|Volkswagen Jetta SE 2.5 Station Wagon||$964|
|Ford Explorer Eddie Bauer AWD||$990|
|Dodge Grand Caravan CV||$1,005|
|Ford F-350 XL Super Cab 2WD||$1,009|
|Toyota Corolla S||$1,025|
|Ford F-150 XL Crew Cab 4WD||$1,032|
|Toyota Camry SE||$1,025|
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and South Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Prices do not factor in specific zip code location which can decrease or increase price quotes considerably.
Looking at the data, we can tell that cars like the Honda Accord, Ford Escape, Ford Edge, and Honda CR-V will be some of the less-costly vehicles to insure for poor drivers.
For poor drivers, one of the more important things that are looked at to determine insurance cost is the neighborhood you call home. Areas with high crime rates or more dense population like North Charleston, Summerville, and Goose Creek will most likely pay more, whereas areas with less people or fewer weather incidents have the benefit of cheaper car insurance.
The following table shows the most expensive places in South Carolina for low income drivers to purchase a policy in.
|15||Hilton Head Island||$1,127|
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Rates are comparative as specific location information can alter prices significantly.
Figuring out which company offers the cheapest insurance rates for low income drivers in South Carolina may require a tad more effort in order to find coverage that fits your budget. Every car insurance company uses a little different formula to determine rates, so we'll take a look at the most budget-friendly insurance companies in South Carolina.
Cheapest Insurance Rates in South Carolina
|Rank||Company||Cost Per Year|
|5||Southern Farm Bureau||$1,248|
|6||SC Farm Bureau Mutual||$1,298|
|7||National Grange Mutual||$1,335|
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The Hartford generally has some of the cheapest car insurance rates in South Carolina at around $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 also qualify as some of the best South Carolina car insurance companies.
As shown in the table above, if you currently buy coverage from Auto-Owners and switched to USAA, you may realize savings of in the neighborhood of $94. Customers with Southern Farm Bureau might save as much as $223 a year, and SC Farm Bureau Mutual policyholders might lower prices by $273 a year.
Bear in mind that those rates are averages for all drivers and vehicles and and are not figured with a rate decrease for low income drivers. So the company that is best for you may not even be in the top 18 companies shown above. That emphasizes why you need to compare rates from multiple companies using your own driver and vehicle profiles.
Comparison of full coverage and liability-only policies
Saving on insurance is important to the majority of drivers, and one of the fastest ways to pay lower rates for insurance for low income drivers in South Carolina is to not insure for full coverage. The illustration below compares insurance prices with full physical damage coverage compared to only buying liability only. The premiums are based on no accidents or driving violations, $100 deductibles, marital status is single, and no additional discounts are factored in.
Averaged out for all age groups, comp and collision coverage costs an additional $1,957 per year more than carrying just liability coverage. Many drivers will wonder if you should buy full coverage. There is no definitive guideline of when to phase out physical damage insurance, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
There are some cases where dropping full coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder's interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not buy liability only.
Buying coverage from the top auto insurance provider can be a challenge considering how many companies sell insurance in South Carolina. The company ratings shown below could help you pick which auto insurers to look at when comparing rate quotes.
These ratings only include companies who write in the majority of U.S. states, so smaller regional companies are not factored into the list. To compare prices from these companies and more, click this link.
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 in South Carolina Ranked by A.M. Best Rating
- Travelers - A++
- USAA - A++
- GEICO - A++
- State Farm - A++
- Titan Insurance - A+
- Esurance - A+
- Progressive - A+
- Nationwide - A+
- The Hartford - A+
- Allstate - A+
Get discount South Carolina car insurance
Insurance companies that offer cheap quotes for low income drivers could also offer special discounts that could potentially reduce rates by as much as 40% or more if you are eligible for them. Larger insurance companies and some of their more popular discounts are detailed below.
- GEICO offers discounts including military active duty, good student, air bags, daytime running lights, and anti-theft.
- Auto-Owners Insurance policyholders can earn discounts including paperless, good student, anti-lock brakes, student away at school, and safe vehicle.
- American Family includes discounts for early bird, TimeAway discount, bundled insurance, good driver, and mySafetyValet.
- Esurance offers premium reductions for Pac-12 alumni, Switch & Save, good driver, renters, paid-in-full, DriveSense, and homeowner.
- Progressive offers discounts for good student, continuous coverage, online quote discount, online signing, and homeowner.
- State Farm has savings for passive restraint, anti-theft, multiple policy, Steer Clear safe driver discount, safe vehicle, and good driver.
- AAA may have discounts that include anti-theft, pay-in-full, multi-car, good driver, good student, education and occupation, and AAA membership discount.
The example below illustrates the comparison of insurance premiums with and without discounts. The rate quotes are based on a male driver, no claims or violations, South Carolina state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with claim-free, multiple vehicle, safe-driver, defensive driving course, marriage, and passive restraint discounts applied. When drivers take advantage of discounts, the average amount saved each year on insurance for low income drivers is 28% or $540.
How to find budget-friendly car insurance for low income drivers
Below you'll find some penny-pinching solutions that can help drivers quote more affordable coverage.
- Avoid speeding and other traffic citations and pay less
- Higher credit scores may earn you cheaper rates
- Avoid having at-fault accidents
- Safer vehicles cost less to insure
- Claim-free drivers earn discounts
- Compare rates and switch if you can find a better deal
That final tip is very vital, as we noted in the prior article. Auto insurance rates vary considerably, so don't be tentative to buy from a different company if a more affordable rate is found. Having a favorite company is great, but it isn't a good idea if it's costing you a considerable chunk of change every month. It only take a few minutes to shop around and find cheaper car insurance for low income drivers.