For drivers in Greenwood, one of the big considerations that help determine the amount you pay for auto insurance is the neighborhood you call home. Areas with more people or even just a higher incidence of claims tend to have more expensive car insurance rates, whereas areas with less crime or weather claims benefit from lower prices.
The table below ranks the highest-priced places in South Carolina to buy auto insurance in. Greenwood shows up at #13 with a yearly premium of $1,132 on average, which is approximately $94 per month.
|Rank||City||Premium Per Year|
|16||Hilton Head Island||$1,127|
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Rates are estimated as the vehicle garaging location can increase or decrease premium rates substantially.
Now that we know where Greenwood ranks on price, finding budget car insurance is tough enough, and finding out which insurers offer the best auto insurance rates in Greenwood requires a bit more work. Each insurer uses their own formula for filing rates in each state, so let's rank the overall cheapest auto insurance companies in Greenwood.
It's important that you understand Greenwood, SC auto insurance rates are based on many factors which can significantly increase or decrease the price of your policy. Things like having a birthday, adding a teenager to your policy, or getting a reckless driving citation can cause premium changes that may make certain companies more affordable than competitors.
Cheapest Insurance Rates in Greenwood
|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 may offer some of the most affordable car insurance rates in Greenwood at around $775 a year. This is $834 less than the average price paid by South Carolina drivers of $1,609. USAA, Auto-Owners, State Auto, and SC Farm Bureau Mutual would also be considered some of the cheapest Greenwood, SC auto insurance companies.
As illustrated above, if you currently have coverage with SC Farm Bureau Mutual and switched to USAA, you may realize yearly savings of in the vicinity of $245. South Carolina drivers with Southern Farm Bureau might save as much as $283 a year, and National Grange Mutual customers might reduce prices by as much as $320 a year.
It's important to note that these estimates are averaged across all drivers and vehicles in South Carolina and do not take into consideration a specific location in Greenwood. So the car insurance company that fits your situation best may not even be in the top 18 companies shown above. That point stresses why you need to get rate quotes from many companies using your own individual information.
The make and model of vehicle you are trying to insure is a large factor when consumers are trying to find low-cost auto insurance in Greenwood. Vehicles with higher performance, a lack of advanced safety features, or a high likelihood of having liability claims will cost quite a bit more to insure than safer, lower-performance models.
The next table shows coverage costs for a selection of the cheaper vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$796|
|Ford Escape XLT 4WD||$816|
|Jeep Wrangler Sport 4WD 2-Dr||$933|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$959|
|Dodge Grand Caravan SXT||$964|
|Honda Odyssey LX||$988|
|Ford Edge Sport AWD||$990|
|Chevrolet Impala LTZ||$997|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,008|
|Ford Explorer Eddie Bauer 2WD||$1,014|
|Nissan Rogue S 2WD||$1,008|
|Ford F-150 Lariat King Ranch 4WD||$1,027|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,036|
|Honda Civic GX 4-Dr Sedan||$1,041|
|GMC Sierra SLE Crew Cab 2WD||$1,067|
|Chevrolet Malibu Hybrid||$1,077|
|Toyota RAV4 2WD||$1,067|
|Chevrolet Equinox LS 2WD||$1,074|
|Toyota Camry Hybrid||$1,082|
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Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and South Carolina minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Rates do not factor in the specific area where the vehicle is garaged which can affect coverage prices considerably.
Based upon these rates, you can assume that models like the Honda CR-V, Ford Escape, Jeep Wrangler, and Toyota Tacoma are likely to be the most affordable vehicles to insure for drivers in Greenwood.
The chart below illustrates how your deductible choice can raise or lower insurance costs when getting quotes for cheap insurance in Greenwood. The prices are based on a married male driver, full coverage, and no policy discounts are applied.
The chart above illustrates that a 40-year-old driver could lower rates by $318 a year by changing from a $100 deductible up to a $500 deductible, or save $482 by using a $1,000 deductible. Even younger insureds, like the 20-year-old example, could possibly save $1,080 every year by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it will now be necessary to have additional savings on hand to be able to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Rate comparison of full coverage and liability-only
Saving on car insurance is the goal of most vehicle owners, and one of the easiest ways to pay less for insurance in Greenwood is to not buy full coverage. The diagram below illustrates the comparison of insurance costs with full physical damage coverage and with liability coverage only. The information is based on a clean driving record, no at-fault accidents, $500 deductibles, single status, and no discounts are applied to the premium.
As an average for all age groups, physical damage coverage costs an additional $1,610 per year more than buying just liability insurance. At some point, almost every driver questions if buying full coverage is a waste of money. There is no set rule for excluding comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let's pretend your vehicle's book value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $2,000 after you pay the deductible. If you are currently paying more than $200 a year for your policy with full coverage, then it might be time to buy liability only.
There are some circumstances where dropping full coverage is not advised. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can't afford to buy a different vehicle in the even your car is totaled, you should not opt for liability only.
Get discount Greenwood car insurance rates
Car insurance companies that offer cheap quotes in Greenwood could also offer discounts that could lower prices by 35% or more if you meet eligibility requirements. Large car insurance companies and their possible discounts are included below.
- Farmers Insurance has discounts for switch companies, bundle discounts, youthful driver, pay in full, homeowner, and good student.
- Esurance policyholders can earn discounts including homeowner, claim free, defensive driver, renters, anti-theft, online quote, and good student.
- State Farm may offer discounts for Steer Clear safe driver discount, anti-theft, student away at school, good student, good driver, and defensive driving training.
- GEICO may include discounts for emergency military deployment, anti-lock brakes, daytime running lights, five-year accident-free, and seat belt use.
- Allstate offers premium reductions for EZ pay plan discount, premier discount, eSmart discount, farm vehicle, defensive driver, and good student.
The chart below shows the comparison of auto insurance costs with and without some available policy discounts. Data assumes a male driver, no claims or driving violations, South Carolina state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with anti-theft, multiple policy, accident-free, vehicle safety, claim-free, and passive restraint discounts applied. When these discounts are applied to the policy premium, theaverage amount saved on car insurance in Greenwood is 28% or $400.
How to find more affordable auto insurance in Greenwood
It is possible to find better rates, and here are a few thrifty solutions that can help Greenwood drivers buy low-cost coverage.
- Improve your credit
- Bundle home and auto and save
- Try to remain claim-free
- Increase deductibles to save money
- Do not waste money insuring older vehicles for full coverage
- Choose a safer vehicle and pay lower rates
- Shop around once a year for cheaper rates
That last idea is especially significant, as was stressed in the article above. Auto insurance rates adjust often, so drivers shouldn't be resistant to buy from a different company if you find a better deal.
Staying with the same car insurance company is fine, but we do not recommend it if that stubbornness costs you a small fortune year after year. It takes less than five minutes to compare prices to find cheaper insurance in Greenwood.