Auto Insurance South Carolina: Why? What kind? How much? What is the cost?Why auto insurance? State law normally requires a minimum amount of auto insurance. However, it is just good sense to protect yourself and family from the financial risks associated with driving. For most Americans driving is the most dangerous activity they engage in. Over the last 10 years US drivers have been involved in more than 6,000,000 accidents per year. More than 3,000,000 people are injured each year. Over 40,000 people die in auto accidents each year. If you carry auto collision and liability coverage after an accident the insurance company will repair the damage for the cost of your deductible and will protect you from law suits arising from the auto accident. What kind of auto insurance in South Carolina do you need? There are two types of coverage you can have on an auto insurance policy. These are collision coverage and liability coverage. Collision coverage pays to repair vehicles damaged in an accident. This includes your vehicle and other involved vehicles if you are at fault. Liability insurance protects you from law suits resulting from an auto accident. These suits usually include medical costs, pain and suffering, lost wages and other items. After an accident it is too late to get adequate coverage. Now is the time to discuss your risks and needs with an insurance professional and get the coverage you need. How much auto insurance do you need? This is really a two part question. For collision coverage to repair your vehicle you either get it or you don’t. Generally for older vehicles with values approaching the deductible amount you don’t need collision coverage. For newer, higher value, vehicles you can choose the deductible amount to lower your risk exposure or to reduce your premium. The deductibles normally range from $250 to $1,000. Higher deductibles will reduce the cost of your premiums. The liability coverage must meet state minimums but should also match your assets. Minimum liability coverage is written for people with minimum assets. If you own a home and have savings you need coverage to protect those assets. Typical liability coverage might be listed as 100/300/100. This means that the policy covers up to $100,000 if one person is injured or killed in an accident. It covers up to $300,000 if more than one person is involved and covers up to $100,000 in property damage per accident. If you have significant assets you may need higher liability coverage and an umbrella policy for greater protection. An insurance professional specializing in the car insurance South Carolina residents need can help you determine your risks and the lowest cost method of achieving the protection you need. What does auto insurance cost? Car insurance in South Carolina is competitive and you usually get what you pay for. However, different companies specialize in different areas so rates for similar coverage can vary. For this reason it pays to do your homework and get quotes from at least two major companies. Quotes are just estimates. The actual price for any insurance policy is determined by the underwriter who actually issues the policy and assumes the risk. The accuracy of the quote is a function of how much information you are asked to provide and how accurate it is. You may get a much lower quick online quote but that does not mean that the actual price will be lower. Insurance cost has many variables. Your age, the miles you drive, your gender, what you drive, your driving record, where you live and how many policies you have with one company are some of the things that affect policy cost. These are some of the things that affect perceived underwriter risk. Another factor is how much insurance coverage you require. Higher deductibles save money because the insurance company has less risk. You may not need collision coverage on an older vehicle that has little value and therefore save yourself that premium cost. The amount of liability coverage affects cost. Does the policy cover a rental car, road side assistance, an un or underinsured motorist? Are broken windshields covered? If you spend a little time with an insurance professional determining each factor that affects your policy you will get an accurate quote of your final cost. You will also get a policy that meets your specific needs and provides the best value. |
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