Figuring out which companies quote the lowest-priced insurance rates in Spartanburg will involve a little more sweat than just comparing a company or two.
Each auto insurer has their own formula to set premium rates, so let's take a look at the most competitive insurance companies in South Carolina.
|Rank||Company||Cost Per Year|
|5||SC Farm Bureau Mutual||$1,260|
|6||Southern Farm Bureau||$1,260|
|7||National Grange Mutual||$1,335|
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The Hartford has some of the most affordable car insurance rates in Spartanburg at around $745 a year. This is $864 less than the average price paid by South Carolina drivers of $1,609. USAA, Auto-Owners, State Auto, and SC Farm Bureau Mutual also qualify as some of the most economical Spartanburg, SC car insurance companies.
In the above example, if you buy coverage from Auto-Owners and switched to The Hartford, you could realize a yearly savings of about $362. Insureds with State Auto might save as much as $393 a year, and SC Farm Bureau Mutual policyholders might cut rates by $515 a year.
It's important to note that these estimates are averages across all drivers and vehicles and do not take into consideration an exact vehicle garaging location in Spartanburg. So the company that fits your age and vehicle best may not even be in the top 18 companies shown above. That point stresses why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
One of the more important considerations that are looked at to determine auto insurance rates is where you live in Spartanburg. Cities with larger populations tend to pay slightly more, whereas areas with less congestion have the luxury of cheap car insurance rates.
The next table sorts the highest-priced areas in South Carolina in which to purchase auto insurance. Spartanburg is ranked #16 with a yearly cost of $1,116 for the average insurance policy, which is approximately $93 per month.
|15||Hilton Head Island||$1,127|
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Rate quotes are approximated as the specific geographic location can decrease or increase premiums substantially.
Spartanburg car insurance rates
Spartanburg insurance rates are determined by lots of factors that may substantially change the cost of coverage. Getting older, filing a claim, or getting a DUI can trigger changes in premium that can cause some rates to be more affordable than competitors. Not only may things change on your end, but auto insurance companies amend premium rates as often as every quarter in order to remain profitable. Larger than normal claims may result in a rate increase, while a lower level of claims may result in cheaper Spartanburg car insurance rates.
To illustrate this point, the graph below shows rates for the cheapest car insurance in Spartanburg, SC for a 30-year-old female driver with a good driving record, no prior claims, and great credit. If we estimate prices based on her current situation, The Hartford may offer the lowest car insurance rates in Spartanburg at $816 a year. This is $793 less than the average policy premium paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and Southern Farm Bureau are also on the list of the best Spartanburg, SC auto insurance companies.
Let's now give the driver from the first set of rates a claim, poor credit, and a speeding ticket. Due to the fact that every insurance company has a different formula to set policy rates, analyzing rates may now present a different set of affordable companies as shown below.
Travelers now has the lowest price in Spartanburg with National Grange Mutual, State Farm, USAA, and The Hartford also having competitive pricing. This shows why Spartanburg drivers need to perform an extensive rate comparison when trying to find affordable auto insurance quotes in Spartanburg. Auto insurance prices are influenced by many risk factors and can increase or decrease at any time, so the best price when you bought your policy may now be quite expensive.
The vehicle model that is being insured is one of the largest considerations that determines if you can find the cheapest car insurance in Spartanburg. Vehicles with economical engines, good crash test ratings, or a low likelihood of liability claims will cost significantly less to insure than high performance models.
The data below illustrates insurance premiums for some of the cheapest automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$997|
|Ford Escape XLS 4WD||$1,005|
|Chevrolet Equinox LS AWD||$1,054|
|Ford F-150 STX Super Cab 2WD||$1,065|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,073|
|Hyundai Elantra GLS 4-Dr Sedan||$1,120|
|Ford Edge SEL AWD||$1,129|
|Jeep Grand Cherokee SRT-8 4WD||$1,131|
|Dodge Grand Caravan CV||$1,135|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,148|
|Ford Focus SE 4-Dr Sedan||$1,161|
|Ford Explorer Eddie Bauer 4WD||$1,175|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,182|
|Toyota RAV4 Sport 4WD||$1,188|
|Chevrolet Impala LT||$1,193|
|Ford Fusion S 4-Dr Sedan||$1,188|
|Hyundai Sonata Limited 4-Dr Sedan||$1,205|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,216|
|Toyota Camry XLE||$1,221|
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Data rating is 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, homeowner, multi-policy, and claim-free. Prices do not factor in the specific area where the vehicle is garaged which can modify auto insurance rates substantially.
Based upon these rates, models like the Honda CR-V, Ford Escape, Chevrolet Equinox, and Ford F-150 are going to be the most affordable vehicles to insure for drivers in Spartanburg.
Liability-only versus full coverage
Reducing the cost of insurance is probably important to most drivers, and one of the easiest ways to pay lower rates for insurance in Spartanburg is to not pay for full coverage. The illustration below shows the difference between premium costs with full physical damage coverage compared to only buying the minimum liability limits required in South Carolina. The rate quotes are based on no claims, a clean driving record, $500 deductibles, single status, and no discounts are applied to the premium.
On average, physical damage coverage costs an extra $2,180 per year more than just buying liability only. Many drivers will wonder if you should buy full coverage at all. There is no clear-cut rule of when to exclude physical damage coverage, but there is a general guideline. If the yearly cost of full coverage is more than around 10% of the vehicle's replacement cost less your deductible, then you may need to consider dropping full coverage.
There are a few cases where dropping full coverage is not advised. If you haven't paid off your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle if your current one is damaged, you should not opt for liability only.
How to find cheaper insurance in Spartanburg
Here are some of the recommended thrifty suggestions that can help you find low-cost coverage.
- Higher credit scores may earn you cheaper rates
- Drive a car with a high safety rating
- Don't have frequent claims
- Bundle home and auto and save
- Increase physical damage deductibles
- Full coverage is expensive so only insure older vehicles for liability only
- Check for cheaper rates once a year
The last item on the list is very crucial, as was emphasized in the prior article. Car insurance rates fluctuate considerably, so drivers shouldn't be resistant to switch companies if you find a cheaper price.
Brand loyalty is great, but it's not a great idea if that loyalty results in overpaying a lot of money. It only take a few minutes to compare rates to find cheaper insurance in Spartanburg.