Who Has Cheap Auto Insurance for Business Use in South Carolina?

For using your car for business, one of the largest criteria that helps auto insurance companies calculate the cost of insurance is where you keep your car in South Carolina. Areas with more people like Goose Creek, Charleston, and North Charleston tend to pay slightly more, whereas areas with less congestion get the luxury of paying less.

The illustration below lists the most expensive places in South Carolina for business use to purchase a policy in.

Premium costs are estimated as the specific zip code location can affect rates substantially.

The vehicle model requiring insurance is one of the largest considerations when looking for cheap auto insurance for business use in South Carolina. Vehicles with high performance engines, poor safety ratings, or high incidents of liability claims will cost substantially more to insure than more economical and safe models. The data below shows coverage prices for the most budget-friendly automobiles to insure in South Carolina.

Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and South Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Rates do not factor in your specific South Carolina location which can influence price quotes considerably.

Based on these rates, we can conclude that vehicles like the Chevrolet Traverse, Ford Escape, Honda Accord, Kia Forte, and Honda Odyssey are likely to be a few of the most budget-friendly vehicles to insure for using your car for business. The price for an auto insurance policy will be more costly because there is more liability exposure for business use, but in general those vehicles will have the best insurance prices compared to all other vehicles.

Price comparison of only insuring for liability

Finding cheap auto insurance for business use in South Carolina is probably important to the majority of drivers, and one of the quickest ways to pay less for insurance is to only pay for liability coverage. The diagram below illustrates the difference between insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in South Carolina. The price estimates are based on no accidents or driving violations, $100 deductibles, marital status is single, and no discounts are applied to the premium.

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If we average the cost for ages 20 through 70, physical damage coverage on your policy costs $2,619 per year more than insuring for liability only. At some point, about every driver wonders if you should buy full coverage at all. There is no definitive formula of when to phase out physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.

There are some scenarios where eliminating full coverage is not advised. If you still owe a portion of the original loan, you are required to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.