One of the more important considerations that aid in calculating the price you pay for insurance is where you keep your car. Cities with more crime and/or more people tend to have higher rates, whereas more rural areas benefit from having to pay less for coverage.
The information below lists the priciest cities in South Carolina in which to buy car insurance. Myrtle Beach is ranked at #8 with an annual cost of $1,210 for the average policy, which is around $101 per month.
|Rank||City||Premium Per Year|
|14||Hilton Head Island||$1,139|
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Information shown are estimated as zip code location can influence prices significantly.
Considering where Myrtle Beach ranks for car insurance prices, shopping around for low-priced auto insurance is easier said than done, and finding out which company offers the cheapest auto insurance rates in Myrtle Beach will require even more perseverance. Each auto insurance company has a proprietary formula to set their prices, so first let's look at the rankings for the auto insurance companies that tend to have lower prices in Myrtle Beach, SC.
Best Cheap Insurance Rates in Myrtle Beach
|Rank||Company||Cost Per Year|
|5||Southern Farm Bureau||$1,260|
|6||SC Farm Bureau Mutual||$1,298|
|7||National Grange Mutual||$1,335|
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The Hartford generally has some of the lowest car insurance rates in Myrtle Beach at around $745 a year. USAA, Auto-Owners, State Auto, and Southern Farm Bureau also rank well as some of the cheaper Myrtle Beach, SC insurance companies.
As illustrated above, if you currently buy coverage from Southern Farm Bureau and switched to USAA, you could earn a yearly price reduction of approximately $235. Insureds with SC Farm Bureau Mutual could save as much as $273 a year, and National Grange Mutual customers might lower prices by up to $310 a year.
To find cheaper insurance rates for your vehicle, click here to start your free quote or visit several of the following companies.
It's important to note that these policy rates are averaged for all insureds and vehicles and are not factoring in a specific zip code in Myrtle Beach. So the company that is best for you may not even be in the top 18 companies in the list above. That helps illustrate why you need to compare prices as often as possible using your own specific driver information and vehicle.
Here's why you should compare rates often
Myrtle Beach auto insurance rates are calculated based on many things that may substantially change the cost of coverage. Improving your credit rating, adding a teenager to your policy, or having an at-fault accident may cause policy rate changes resulting in some companies being cheaper than competitors.
Not only may things change on your end, but car insurance companies file new rates every year as an adjustment for underwriting gains or losses. Heavier than normal losses may cause price increases, while a lower level of claims may cause more affordable Myrtle Beach car insurance rates.
To help illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Myrtle Beach, SC for a 40-year-old female driver with no prior claims, no tickets, and solid credit. If we look at prices based on her current situation, The Hartford has the cheapest car insurance rates in Myrtle Beach at $884 each year. This is $725 less than the average rate paid by South Carolina drivers of $1,609. USAA, State Auto, Auto-Owners, and Southern Farm Bureau round out the rest of the top five cheapest Myrtle Beach, SC auto insurance companies.
Now we will give the driver from the first set of rates an at-fault accident, bad credit, and a speeding ticket. Because each company has a unique approach for setting rates, comparing insurance quotes most likely will result in a significantly different list of the cheapest Myrtle Beach car insurance companies as shown below.
National Grange Mutual now has the lowest price on auto insurance in Myrtle Beach, SC with Travelers, State Farm, USAA, and The Hartford completing the list. This illustrates why South Carolina drivers need to shop around when trying to find the cheapest insurance quotes in Myrtle Beach. Insurance prices are calculated by many things and can change without notice, so the best company when you bought your policy may now be costing you a lot of money.
The vehicle that is being insured is one of the largest considerations when quoting the most economical insurance in Myrtle Beach. Vehicles with reasonable performance levels, good safety features, or low incidents of liability claims will cost substantially less to insure than fast, unsafe models. The data below shows insurance premiums for the most budget-friendly vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Chevrolet Silverado LS Regular Cab 4WD||$1,177|
|Ford Escape XLS 2WD||$1,227|
|Chevrolet Impala LT||$1,269|
|Toyota RAV4 Sport 4WD||$1,277|
|Chevrolet Malibu LS||$1,269|
|Jeep Grand Cherokee Laredo 4WD||$1,276|
|Dodge Grand Caravan Crew||$1,293|
|Ford Explorer Eddie Bauer AWD||$1,298|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,311|
|Honda CR-V EX 2WD||$1,314|
|Hyundai Elantra GLS 4-Dr Sedan||$1,335|
|Ford Edge Sport AWD||$1,343|
|Honda Odyssey Touring||$1,358|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,366|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,382|
|GMC Sierra 2500HD SLT Extended Cab 4WD||$1,424|
|Honda Accord LX-S 2-Dr Coupe||$1,429|
|Chevrolet Equinox LS 2WD||$1,452|
|Ford F-150 Lariat Crew Cab 2WD||$1,481|
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Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and South Carolina minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Premium amounts do not factor in vehicle location which can decrease or increase price quotes considerably.
Looking at the data, we can expect vehicles like the Chevrolet Silverado, Toyota Prius, and Ford Escape are most likely to be the more affordable vehicles to insure for drivers in Myrtle Beach.
Drive responsibly or pay higher rates
The easiest method to earn affordable insurance premiums in South Carolina for drivers in Myrtle Beach is to be a cautious driver and avoid accidents and traffic violations. The chart below demonstrates how traffic citations and at-fault accidents can drive up annual premium costs for each age group. The prices are based on a married female driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.
In the example above, the average cost of a car insurance policy in Myrtle Beach per year with no violations or accidents is $2,009. Get two speeding tickets and the average cost jumps to $2,870, an increase of $861 each year. Then add in one accident along with the two speeding tickets and the 12-month cost of insurance in Myrtle Beach increases to an average of $3,752. That's an increase of $1,743, or $145 per month, just for not keeping your driving record clean!
The chart below shows how choosing a deductible can influence insurance costs when researching cheap insurance in Myrtle Beach. The price estimates are based on a single male driver, full physical damage coverage, and no other discounts are factored in.
The data above shows that a 40-year-old driver could lower their policy premium by $280 a year by increasing from a $100 deductible up to a $500 deductible, or save $424 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old, could reduce their rates $920 or more by choosing larger deductibles on their policy. If you do make the decision to raise your deductibles, it's a good idea to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Discount Myrtle Beach insurance rates
Car insurance companies that offer coverage in Myrtle Beach may also give you discounts that could reduce prices by as much as 35% or more if you qualify for them. Companies and a partial list of their discounts are:
- State Farm has discounts for student away at school, Steer Clear safe driver discount, passive restraint, good student, and multiple policy.
- GEICO offers discounts including five-year accident-free, multi-policy, driver training, federal employee, anti-theft, good student, and membership and employees.
- Progressive may include discounts for multi-vehicle, multi-policy, online quote discount, continuous coverage, and online signing.
- 21st Century offers premium reductions for automatic seat belts, theft prevention, anti-lock brakes, defensive driver, student driver, and homeowners.
- American Family offers discounts for good student, multi-vehicle, TimeAway discount, accident-free, good driver, and mySafetyValet.
- The Hartford may have discounts that include bundle, good student, anti-theft, driver training, vehicle fuel type, air bag, and defensive driver.
- AAA discounts include good driver, multi-car, education and occupation, pay-in-full, good student, and anti-theft.
The chart below shows the difference between insurance prices with and without discounts applied to the policy premium. The data is based on a male driver, a clean driving record, no at-fault accidents, South Carolina state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with multiple policy, safe-driver, accident-free, anti-theft, marriage, and vehicle safety discounts applied. When these discounts are applied to the policy premium, theaverage amount saved on insurance in Myrtle Beach is 28% or $540.
How to find low-cost car insurance in Myrtle Beach
Below you'll find a few penny-pinching solutions that can help drivers quote low-cost coverage.
- Vehicles with good safety ratings are usually cheaper to insure
- Avoid accidents
- Buying car and homeowners insurance together can save money
- Speeding tickets and other violations increase rates
- Try to not file small claims
- Do not insure for full coverage
- Compare quotes from other companies often
That final tip is notably significant, as we noted in the prior information. Insurance rates adjust often, so drivers shouldn't be resistant to change insurance companies if you find a better deal. Brand loyalty is not necessarily bad, but is isn't recommended if it's costing you thousands of dollars over several years. Now is a great time to shop around and find cheaper auto insurance in Myrtle Beach.