The type of vehicle you are seeking coverage for is a large factor when trying to find the best coverage for drivers over age 50. Vehicles with reasonable performance levels, good safety features, or a low likelihood of liability claims will cost quite a bit less to insure than fast, unsafe models. The next table shows insurance premiums for a handful of the most affordable vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$839|
|Hyundai Elantra SE Touring Station Wagon||$892|
|Ford Escape Limited 4WD||$897|
|Volkswagen Jetta S 2.5 Station Wagon||$892|
|Ford Explorer Eddie Bauer 2WD||$919|
|Jeep Wrangler Rubicon 4WD 2-Dr||$928|
|Toyota Tacoma 2WD||$954|
|Ford Edge SEL 2WD||$960|
|Chevrolet Equinox LS 2WD||$972|
|Ford Fusion S 4-Dr Sedan||$981|
|Toyota RAV4 2WD||$972|
|Chevrolet Malibu Hybrid||$981|
|Dodge Ram Quad Cab ST 2WD||$988|
|Ford F-150 XLT Crew Cab 4WD||$990|
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Price 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 homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Rates do not factor in specific location which can modify premium rates greatly.
Based upon these rates, you can expect cars like the Honda CR-V, Hyundai Elantra, Ford Escape, and Volkswagen Jetta are going to be some of the most budget-friendly vehicles to insure for older drivers.
Finding out which company quotes the best auto insurance rates for drivers over age 50 in South Carolina calls for a bit more work in order to find the lowest price quote. Each auto insurance company has their own process for determining rates in each state, so to begin we'll rank the auto insurance companies with the most affordable rates in South Carolina.
It's a good idea to know that South Carolina auto insurance rates are impacted by many things that will increase or decrease the policy price. Getting older, filing a claim, or getting caught speeding can trigger price changes that may make certain companies more affordable than others.
Best Car Insurance Prices for Age 50+
|Rank||Company||Cost Per Year|
|5||SC Farm Bureau Mutual||$1,260|
|6||Southern Farm Bureau||$1,298|
|7||National Grange Mutual||$1,335|
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The Hartford quotes some of the most affordable car insurance rates in South Carolina at around $775 each year. USAA, State Auto, Auto-Owners, and SC Farm Bureau Mutual would also make the list of some of the lowest-priced South Carolina insurance companies.
As shown in the rates above, if you are currently insured with Auto-Owners and switched to The Hartford, you may realize savings of in the vicinity of $366. Insureds with SC Farm Bureau Mutual could save as much as $485 a year, and Southern Farm Bureau customers might lower prices by up to $523 a year.
These policy rates are averages across all types of insureds and vehicles and and are not calculated with a price discount for drivers over age 50. So the insurer that has the cheapest rates for you may not even be in the top 18 companies in the list above. That's why you need to compare prices as often as possible using your own driver and vehicle profiles.
One of the many factors that are looked at to determine insurance cost is your zip code. Areas with more people or more claims like Florence, Charleston, and Summerville will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates profit from lower rates.
The illustration below lists the priciest cities in South Carolina for drivers over age 50 to purchase auto insurance in.
|15||Hilton Head Island||$1,127|
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Rates are approximated as the vehicle garaging location can change premium rates noticeably.
Insuring your vehicle with a good quality auto insurance provider can be challenging considering how many choices drivers have in South Carolina. The company ratings displayed below may help you choose which auto insurers to look at to insure your vehicles. The rankings below only include large, nationwide insurance companies, so smaller companies that only insure vehicles in South Carolina are not factored into the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Rate difference between full and liability-only coverage
Reducing the cost of auto insurance is the goal of the majority of drivers, and one of the easiest ways to reduce the cost of insurance for drivers over age 50 in South Carolina is to not buy full coverage. The illustration below visualizes the comparison of yearly insurance costs when comparing full coverage to liability only. Data assumes no violations or accidents, $500 deductibles, drivers are not married, and no policy discounts are applied.
Averaged for all ages 20 through 70, full coverage on your policy costs $1,610 per year more than just buying liability insurance. At some point, almost every driver questions if buying full coverage is a waste of money. There is no clear-cut rule to stop buying full coverage, but there is a guideline you can use. If the annual cost of coverage is more than 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let's say your vehicle's replacement cost is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $3,000 after paying the physical damage deductible. If it's costing in excess of $300 annually to have full coverage, then you might consider buying liability only.
There are a few cases where dropping physical damage coverage is not advised. If you still owe a portion of the original loan, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
How to get discounts on South Carolina car insurance rates
Insurance companies that sell policies for drivers over age 50 may have special discounts that could reduce prices by as much as 35% if you meet specific eligibility requirements. A list of companies and a summarized list of policyholder discounts are detailed below.
- Progressive offers premium reductions for homeowner, good student, continuous coverage, online quote discount, online signing, and multi-policy.
- SAFECO has savings for accident prevention training, bundle discounts, safe driver, anti-theft, anti-lock brakes, homeowner, and multi-car.
- American Family may have discounts that include bundled insurance, Steer into Savings, mySafetyValet, multi-vehicle, accident-free, early bird, and TimeAway discount.
- MetLife includes discounts for good student, multi-policy, good driver, claim-free, accident-free, defensive driver
- GEICO may include discounts for good student, driver training, multi-policy, five-year accident-free, military active duty, and air bags.
- The Hartford has discounts for air bag, good student, anti-theft, bundle, vehicle fuel type, driver training, and defensive driver.
The illustration below illustrates the difference between annual premium costs with and without some available policy discounts. The premium estimates are based on a female driver, no accidents or driving violations, South Carolina state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with marriage, homeowner, multiple vehicle, anti-theft, defensive driving course, and claim-free discounts applied. When discounts are applied, theaverage yearly reduction on auto insurance for drivers over age 50 is 29% or $490.