Trying to find low-cost insurance is challenging, and finding out which company has the most affordable insurance rates for drivers over age 70 in South Carolina will require even more shopping around. Insurance premiums could be somewhat more expensive than the average price in South Carolina, with the higher price attributed to the added risk that comes with selling insurance for older drivers, but competitive insurance should be obtainable if you carefully shop around. Every auto insurer has a unique formula for setting rates, so we'll take a look at the insurance companies that tend to be cheaper in South Carolina.
Find Cheaper Car Insurance for Age 70+
|Rank||Company||Cost Per Year|
|5||Southern Farm Bureau||$1,248|
|6||SC Farm Bureau Mutual||$1,260|
|8||National Grange Mutual||$1,361|
|Find Cheaper Rates Go|
The Hartford may offer some of the lowest car insurance rates in South Carolina at around $752 per year. USAA, State Auto, Auto-Owners, and Southern Farm Bureau also rank well as some of the cheaper South Carolina insurance companies.
In the above example, if you have coverage with Southern Farm Bureau and switched to USAA, you could see an annual premium reduction of approximately $233. Policyholders with SC Farm Bureau Mutual could save as much as $245 a year, and Travelers customers might realize rate reductions of up to $328 a year.
If you want to see how much you could save, click here to start your free quote or feel free to get quotes from the companies below.
Understand that those premiums are averaged across all insureds and vehicles and do not take into consideration a price surcharge for drivers over age 70. So the auto insurance company that can offer you the lowest price may not even be in the top 18 companies shown above. That underscores the importance of why you need to get rate quotes using your own driver information and specific vehicle type.
For older drivers, one of the big criteria that determine the annual cost of car insurance is where you live in South Carolina. Areas with more people or more claims like Florence, Summerville, and Charleston are more likely to have higher rates, whereas areas with less crime or weather claims tend to receive cheaper rates.
The information below rates the priciest cities in South Carolina for drivers over age 70 to purchase car insurance in.
|Rank||City||Average Per Year|
|12||Hilton Head Island||$1,162|
|Compare Prices Now Go|
Table data uses comparative as the vehicle garaging location can increase or decrease price quotes significantly.
Insuring your vehicle with a highly-rated insurance provider can be challenging considering how many companies provide coverage in South Carolina. The rank data below can help you pick which auto insurance companies to look at when comparing insurance rates for drivers over age 70.
These rankings include the largest auto insurers in America, so smaller companies are not taken into consideration for these rankings. To compare prices from the insurers below and more, just click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|Compare Rates Now Go|
Data Source: Insure.com Best Car Insurance Companies
Do you need full coverage?
Paying a lower price for insurance is the goal of most drivers, and one of the quickest ways to find cheap insurance for drivers over age 70 in South Carolina is to buy only liability coverage. The illustration below illustrates the difference between auto insurance costs with and without full coverage. The rate quotes are based on no violations or accidents, $100 deductibles, single marital status, and no discounts are applied to the premium.
If averaged for all ages, full coverage costs $1,957 per year more than insuring for liability only. That may make you wonder if it's a good idea to buy full coverage. There is no set guideline to stop buying comp and collision coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the settlement you would receive from your company, then it's probably a good time to buy liability coverage only.
For example, let's pretend your vehicle's replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $4,500 after the policy deductible has been paid. If you are paying over $450 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are some scenarios where removing full coverage is not financially feasible. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.
Here's why price comparisons are so important
South Carolina insurance rates are determined by lots of factors which can substantially change the policy price. Simply turning a year older, becoming a homeowner, or having a fender bender can produce rate changes that can now make some companies cheaper than others.
Also, insurers change the rates they charge in South Carolina without warning in order to remain profitable. An extended period of higher than normal claims can result in higher priced premiums, while lower claim expenses can result in lower-priced South Carolina car insurance rates.
To illustrate this point, the bar chart below shows the companies that have the cheapest car insurance in South Carolina for a 35-year-old male driver with no violations or accidents, and excellent credit. If we estimate prices based on his personal risk profile, The Hartford might offer the lowest car insurance rates in South Carolina at $768 each year. This is $841 less than the average price paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and Southern Farm Bureau are the rest of the best South Carolina auto insurance companies.
Now let's give the driver from above a claim, slightly worse credit, and a stop sign violation. Due to the fact that each insurance company has a unique approach to set their prices, comparing insurance quotes could now result in a new list of affordable companies as shown below.
National Grange Mutual now has the cheapest auto insurance in South Carolina with Travelers, State Farm, USAA, and State Auto now rounding out the top five. This example proves why South Carolina drivers need to shop around when trying to get affordable car insurance rates for drivers over age 70.
Rates are made up of many things and can increase or decrease at any time, so the cheapest company three years ago may now be costing you a lot of money.
How to find the cheapest auto insurance for drivers over age 70 in South Carolina
The list below details a few money-saving suggestions that can help drivers locate more affordable coverage.
- Increase your credit score
- Ensure your driving record is clean
- Avoid price increases by not filing claims
- Maintain a safe distance and avoid accidents
- Save money by insuring your home and auto with the same company
- Increase deductibles to save money
- Look for cheaper rates once a year by shopping around
The last item on the list is remarkably vital, as we stressed in this article. Auto insurance rates change a lot, so don't hesitate to buy a different policy if a more affordable rate is found.
Sticking with a specific company is fine, but it's not recommended if that faithfulness ends up costing you lots of hard earned cash every month. Now is a great time to compare prices and find cheaper insurance for drivers over age 70.