The words "economical" and "insurance" really should not be used together, especially when you are looking for the best car insurance rates for a company car. Let's lead off by showing you some things that have an impact on car insurance premiums, and see if you can slash the price of your next policy.
For your employer's vehicle, one of the more important components that are looked at to help calculate the cost of insurance is your zip code in South Carolina. Larger areas like Florence, Charleston, and Summerville will most likely have higher rates, whereas areas with less crime or weather claims get the luxury of paying less.
The following table lists the highest-priced places in South Carolina for a company car to purchase a policy in.
|15||Hilton Head Island||$1,127|
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Premium amounts are comparative as the specific area where the vehicle is garaged can influence price quotes significantly.
The vehicle model that needs insurance is a large consideration that determines if you can find low-cost car insurance for a company car. Vehicles with average performance, a great safety record, or a low likelihood of having liability claims will cost much less to insure than fast, unsafe models.
The list below outlines auto insurance premiums for the most budget-friendly automobiles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$898|
|Honda Odyssey LX||$901|
|Ford Escape XLT 4WD||$919|
|Ford Explorer XLT 2WD||$925|
|Ford F-150 XLT Regular Cab 4WD||$1,005|
|Ford Edge Limited AWD||$1,025|
|Toyota RAV4 2WD||$1,064|
|Chevrolet Impala LT||$1,069|
|Jeep Grand Cherokee Laredo 4WD||$1,064|
|Nissan Altima 2.5 4-Dr Sedan||$1,072|
|Toyota Tacoma 2WD||$1,072|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,088|
|Ford Focus SE 2-Dr Coupe||$1,095|
|Toyota Camry Hybrid||$1,113|
|Kia Optima SX||$1,122|
|Dodge Grand Caravan SXT||$1,121|
|Hyundai Elantra Blue 4-Dr Sedan||$1,123|
|Chevrolet Silverado 3500HD LTZ Crew Cab Diesel 2WD||$1,131|
|Nissan Rogue SL 2WD||$1,139|
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and South Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Estimates do not factor in vehicle location which can affect rates substantially.
Looking at the numbers, you can presume that makes and models like the Honda CR-V, Honda Odyssey, Ford Escape, Ford Explorer, and Toyota Prius will definitely be the more affordable vehicles to insure for your employer's vehicle.
Types of discounts on South Carolina auto insurance
Insurers that provide policies for a company car could also offer policy discounts that could reduce prices by as much as 25% or more if you meet specific criteria. Large car insurance companies and a summarized list of policyholder discounts are included below.
- State Farm includes discounts for student away at school, defensive driving training, good driver, accident-free, multiple autos, Drive Safe & Save, and safe vehicle.
- Farmers Insurance offers premium reductions for teen driver, pay in full, good student, early shopping, and distant student.
- GEICO may offer discounts for multi-policy, membership and employees, multi-vehicle, good student, military active duty, and daytime running lights.
- American Family offers discounts for Steer into Savings, defensive driver, bundled insurance, accident-free, TimeAway discount, and good student.
- Nationwide discounts include multi-policy, easy pay, defensive driving, anti-theft, and good student.
- Progressive has savings for multi-policy, online quote discount, multi-vehicle, online signing, and good student.
The illustration below illustrates the comparison of auto insurance costs with and without discounts. Data assumes a female driver, no tickets, no at-fault accidents, South Carolina state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple vehicle, homeowner, marriage, multiple policy, vehicle safety, and safe-driver discounts applied. When these discounts are applied, theaverage yearly reduction on car insurance for a company car is 28% or $381.
Best car insurance in South Carolina
Choosing a high-quality insurance provider is hard considering how many companies provide coverage in South Carolina. The ranking data shown next could help you analyze which auto insurance companies you want to consider purchasing from.
The ratings below are only comprised of companies that write coverage in many states, so companies that only write business in South Carolina or surrounding areas are not factored into the list. If you'd like to compare prices from these and other top-rated companies, click here.
Top 10 Large Auto Insurance Providers in South Carolina Ranked by Customer Service
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General
Top 10 Large Auto Insurance Providers 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+
Should you buy full coverage?
Paying less for car insurance is the goal of most drivers, and a great way to find cheaper insurance for a company car in South Carolina is to only buy liability coverage. The chart below visualizes the comparison of insurance rates with full physical damage coverage and with liability coverage only. The price estimates are based on no violations or claims, $100 deductibles, marital status is single, and no discounts are taken into consideration.
If averaged for all ages, comprehensive and collision coverage on your policy costs an additional $2,619 per year more than just insuring for liability. That is a significant amount which raises the question if it's a good idea to buy full coverage. There is no set guideline of when to stop paying for full coverage, but there is a broad guideline. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let's pretend your vehicle's replacement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after the policy deductible has been paid. If you are paying in excess of $200 a year for physical damage coverage, then you might want to consider buying only liability coverage.
There are some conditions where dropping full coverage is not in your best interest. If you still owe a portion of the original loan, you have to maintain full coverage in order to keep the loan. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage in place.
Compare rates to save
South Carolina car insurance rates are influenced by many factors which can substantially change the cost of a policy. Simply having a birthday, moving to a new city, or getting a couple of tickets can cause premium changes resulting in some rates now being cheaper than before. And not only may your rating factors change, but car insurance companies amend pricing every year or even multiple times each year to reflect underwriting profits or losses. Higher than normal claims may cause rate hikes, while less frequent claims may result in cheaper South Carolina car insurance rates.
The graph below shows rates for the cheapest car insurance in South Carolina for a 45-year-old female driver with no accidents, a clean driving record, and great credit. If we look at prices based on her personal risk profile, The Hartford has the lowest 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 SC Farm Bureau Mutual round out the rest of the most affordable South Carolina auto insurance companies.
The next chart shows rates after we give the driver from the first example some claims, slightly worse credit, and an imperfect driving record. Because each company has a different formula to determining premium rates, analyzing rates may result in a new list of the cheapest companies as shown below.
National Grange Mutual now has the best auto insurance rate in South Carolina with USAA, Travelers, State Farm, and The Hartford completing the list. This example proves why South Carolina drivers need to compare rates when trying to find the most affordable auto insurance rates for a company car.
Car insurance prices are calculated by many factors and can increase or decrease at any time, so the cheapest option two years ago may now be quite expensive.