Why is Car Insurance So Expensive in South Carolina
In today’s world, insurance plays a vital role in everyone’s life, but many people still can not afford insurance. There are several reasons behind unaffordability, and the primary reason is that the incidents of road accidents are increasing daily, so the insurance policy charges have also increased.
Thus, here in this article, we are going to share about one such place, South Carolina, which also charges expensive insurance policies from their policyholders; not only that, but here we also share with you the average cost, as well as how to lower it, and more.
Average Car Insurance Costs in South Carolina?
We all know that the average insurance costs depend on various state policies, your chosen insurance company, and more. In the same way, South Carolina’s policy rates also influenced various factors: coverage levels and driving histories.
Now, here, if we look at the average insurance cost in South Carolina, it is $1303 per year and $109 per month. Not only that but here we have also shared the average rates that the South Carolina drivers pay for full coverage based on their driving records, such as;
- Clean Records: $1303 per year
- DUI: $2066 per year
- At-fault accident: $2174 per year
- Speeding ticket: $1907 per year
Now, let’s discuss why insurance rates in South Carolina are much higher than elsewhere.
Why is Car Insurance So Expensive in South Carolina?
Hundreds of reasons affect the cost of an insurance policy, but on the other side, the reasons don’t need to be the same all the time. So, let’s check out below the causes that highly affect your insurance costs in South Carolina.
- Zip Codes:
Zip Codes, in other words, we can also use the word location, where we live in South Carolina, which also affects the car insurance premiums. For instance, North Charleston states have two different zip codes, and here, the drivers need to pay higher rates than in other states.
Suppose the drivers in the 29418 zip codes need to pay a $1262 average insurance cost, which is more than the other South Carolina areas.
- Personal Factors:
Most South Carolina insurance firms use your details, such as age, marital status, driving habits, regular distance, etc., as factors based on which they decide how much premium they want to charge for that individual policyholder.
It will affect the premium rates if you have everything ideally but still have a terrible driving record. Suppose the average clean record costs $1139 per year, but on the other side, if you have a speeding ticket on your driving history, then you need to pay an additional $224 for it.
- Traffic Density:
In South Carolina, the insurance provider passes the premium rates based on visiting the traffic density ratio; if the traffic density ratio on the highway is high, the risk of accident is also high, as are the premium rates.
- High Rates of Vehicle Theft:
People who live in cities pay more for car insurance because there is a high risk of car theft or vandalism.
For instance, Richland County’s motor vehicle theft rates have almost reached 58 per 10,000 residents in a few years, nearly 30.6% more than the other states.
- High Rates of Accidents:
A high ratio of accidents in South Carolina is a significant factor that makes your insurance policy more expensive.
For instance, North Charleston is a state of South Carolina with expensive insurance rates compared to other areas of South Carolina; that is, the ratio of fatal accidents is high, with an average of 20.31 fatal car accidents per 100,000 people.
How do you Save Car Insurance Costs in South Carolina?
Finding a lower rate insurance policy in such an expensive area is not at all easy, but there are still a few ways in which you can quickly reduce the rate of your car insurance costs, such as;
- Compare and Take Policy:
The first way to lower your expensive insurance rate is to compare a few provider’s policies and shop for the one that offers the cheapest rates and includes all the coverages in one. Also, ensure that every provider has various terms and conditions, so you need to check everything clearly before taking any insurance policy.
- Bundle Policies:
Bundling an insurance policy means buying two or more policy plans from one. Now, if you are taking a bundle policy from any provider, you will get huge discounts that significantly affect your insurance rates.
- Higher Deductible:
If you want to lower your insurance rate in South Carolina, then it is one of the easiest ways to do, that is if you paid a high deductible rate here, then on the other side, the cost of the premium will automatically reduced.
- Pay Per Mileage:
Pay Per Mileage is for those South Carolina drivers who drive their vehicles often, and here, the driver will only pay for the miles they drive the car; this is the best way to reduce the insurance cost.
- Add More Safety Features:
It is always best to take precautions before meeting with unpredictable accidents. Here, the precaution means it’s better to have safety features in our vehicle, like automatic seatbelts, anti-lock brakes, etc., that we can use in case any unpredictable moment arises.
- Good Credit Score:
A good Credit Score is a widespread way to lower your insurance cost, and it is available in most states. But, to maintain it, you must pay the premiums and other expenses on time.
Aside from this, there are still many more ways to lower their car insurance rates, such as selecting the required coverages, taking discount benefits, and more.
Final Words:
So, that’s all, dear readers; now we hope you have enough information about South Carolina’s average insurance cost. We have also shared a few causes, because of which many have to pay expensive insurance rates, too.
Finally, while ending this article, we would like to thank all of you as you have spent your valuable time reading this entire article. And, stay in touch with us to learn more new updates about insurance policies.