For the unemployed, one of the big factors that are used to help calculate the annual cost of car insurance is where you keep your car in South Carolina. Cities with larger populations or higher claim trends like Goose Creek, Charleston, and Summerville tend to have higher rates, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The next table lists the most costly cities in South Carolina for unemployed drivers to buy auto insurance in.
|Rank||City||Premium Per Year|
|11||Hilton Head Island||$1,162|
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Prices are approximated as the specific geographic location can impact rates significantly.
The vehicle model you are buying coverage for is probably the biggest factor that determines if you can find the most economical coverage for unemployed drivers. Vehicles with lower performance, modern passenger safety features, or low incidents of liability claims will cost substantially less to insure than fast, unsafe models. The next table estimates insurance prices for a handful of the more affordable automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$898|
|Honda Accord LX-P 4-Dr Sedan||$907|
|Honda CR-V EX 4WD||$952|
|Ford Explorer Limited AWD||$990|
|Chevrolet Silverado LS Regular Cab 4WD||$1,021|
|Toyota Corolla LE||$1,025|
|Ford F-150 Lariat King Ranch 2WD||$1,043|
|GMC Sierra SLE Regular Cab 4WD||$1,052|
|Honda Odyssey EX W/Rear Entertainment||$1,043|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,052|
|GMC Sierra 3500HD SLT Extended Cab 2WD||$1,062|
|Toyota Tacoma Double Cab 4WD||$1,064|
|Toyota Camry LE||$1,071|
|Toyota RAV4 4WD||$1,064|
|Chevrolet Impala LS||$1,072|
|Ford Edge SE AWD||$1,082|
|Honda Civic GX 4-Dr Sedan||$1,076|
|Volkswagen Jetta 2.0T Station Wagon||$1,078|
|Dodge Grand Caravan SXT||$1,121|
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Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and South Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Premium costs do not factor in specific South Carolina garaging location which can change premiums substantially.
By looking at the data, you can presume that makes and models like the Ford Escape, Honda Accord, and Honda CR-V are most likely to be a few of the cheapest vehicles to insure for the unemployed.
The information below shows how choosing a deductible can increase or decrease insurance prices when searching for cheap insurance for unemployed drivers in South Carolina. The rates are based on a married female driver, full physical damage coverage, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could reduce rates by $236 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $354 by switching to a $1,000 deductible. Young drivers, such as the Age 20 example, can cut as much as $580 annually just by using higher deductibles. If you do decide to increase your deductibles, it will now be necessary to have enough in a savings account to be able to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Cost difference between full coverage and liability
Paying less for auto insurance is important to most drivers, and an easy way to reduce the cost of insurance for unemployed drivers in South Carolina is to only buy liability coverage. The information below compares insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no policy discounts are applied.
If averaged for all ages, physical damage coverage on your policy costs an additional $1,763 per year more than buying just liability insurance. That raises the question if buying full coverage is worth the expense. There is no clear-cut formula of when to stop paying for full coverage on your policy, but there is a general guideline. 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.
Ending up with the top insurance provider can be rather challenging considering how many choices there are in South Carolina. The company rank data shown below may help you decide which auto insurance companies to look at comparing rates from. These rankings include companies with a nationwide focus, so smaller regional companies are not factored into the list.
Top 10 Large Auto Insurance Providers in South Carolina Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- Titan Insurance
- AAA Insurance
How to find economical auto insurance for unemployed drivers
It's not impossible to find cheaper rates, and here are some money-saving ideas that can help drivers locate cheaper car insurance.
- Avoid preventable accidents
- Just one traffic violation will increase your rates
- Drive a car with a high safety rating
- Do not file small claims
- Clean up your credit rating
- Comparison shop at least once a year
The last suggestion is very valuable, as we discussed in this write-up. Rates change frequently, so don't be tentative to buy a policy from a new company if a cheaper rate is available.
Many drivers tend to have loyalty to a certain company, but is isn't recommended if that loyalty ends up costing hundreds of dollars a year. In less than five minutes you could compare rates to find cheaper insurance for unemployed drivers.