Cheap South Carolina Low-Income Car Insurance for Families and Individuals

South Carolina doesn’t offer a government car insurance program to assist low-income drivers. To help drivers save money, MoneyGeek analyzed quotes from various car insurance companies and found low-income families and individuals in South Carolina can get cheap car insurance from GEICO.

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Last Updated: 4/19/2022
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Insurers base policy rates on several factors, but income isn’t one of them. In South Carolina, your age and adding a teenage driver to a policy impact premiums the most.

MoneyGeek found the cheapest car insurance in South Carolina for low-income individuals and families with poor or good credit scores.

Is There Car Insurance for Low-Income Families and Individuals in South Carolina?

Low-income families and individuals in South Carolina don’t have a government program assisting them with car insurance expenses. Coverage is required, but with a 10.9% uninsured driver rate, some South Carolina drivers may be avoiding purchasing insurance because it’s too expensive.

Low-income South Carolina drivers may choose a state minimum policy, the cheapest option available. For people who don’t drive frequently, pay-per-mile insurance may make insurance more affordable.

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Does South Carolina Have a Government Program to Support Low-Income Drivers with Insurance?

Since South Carolina does not have a government car insurance program, low-income drivers must reach out to multiple car insurance companies for quotes to find the cheapest coverage.

MoneyGeek uncovered the companies offering cheap, low-income car insurance in South Carolina for drivers to help them save money.

The Cheapest South Carolina Car Insurance Companies for Low-Income Drivers

When calculating rates, South Carolina insurers can’t use income. There are several factors often related to it that significantly affect policy premiums — age and credit score are examples.

The most affordable policy premium is for state minimum coverage. MoneyGeek found GEICO offers the cheapest car insurance for various low-income driver types in South Carolina.

MoneyGeek also determined the best low-income car insurance in South Carolina for individuals and families getting minimum coverage based on age.

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The Cheapest South Carolina Car Insurance Companies for Low-Income Families

Your income doesn’t affect car insurance rates, but your credit score could significantly change your family’s premium. For example, MoneyGeek’s sample single parent pays an additional $1,457 on average a year if they have poor credit versus good credit. A couple with a child and poor credit spends around $1,967 more annually than if they have a good credit score.

On average, the companies offering a couple with a child and poor credit in South Carolina the lowest rates are:

  • GEICO: $3,935 per year
  • Allstate: $4,545 per year

USAA has the lowest rate for a couple with a child and poor credit at roughly $3,634 a year if they have a military background.

If you’re a low-income single parent with poor credit, on average, the cheapest car insurance in South Carolina is from:

  • GEICO: $2,533 per year
  • State Farm: $3,042 per year

USAA is an option at around $2,706 annually if you’re an active military member or a veteran.

Low-income families in South Carolina do not automatically have a poor credit score. You can use the table to see how rates change based on your profile or credit standing.

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  • Company
    Annual Rates
  • GEICO
    $1,446
  • USAA
    $1,544
  • State Farm
    $1,737
  • Allstate
    $1,784
  • Travelers
    $2,167
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The Cheapest South Carolina Car Insurance Companies for Low-Income Individuals

MoneyGeek’s sample 40-year-old driver with a poor credit score pays around $488 more each year than if they have a good credit score.

On average, the companies offering the cheapest car insurance for low-income individuals with poor credit in South Carolina are:

  • GEICO: $848 per year
  • State Farm: $1,035 per year

USAA is an affordable choice for low-income drivers with a military background at around $902 a year.

Not all low-income individuals have poor credit scores. If you have a good credit score, GEICO costs around $484 per year and State Farm roughly $591 annually. If eligible, you could pay around $515 with USAA every year.

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  • Company
    Annual Rates
  • GEICO
    $484
  • USAA
    $515
  • State Farm
    $591
  • Allstate
    $622
  • Travelers
    $766

The Cheapest South Carolina Car Insurance Companies for Low-Income Students

Young student drivers typically have higher car insurance rates; insurers perceive them to be riskier to insure because of their inexperience. Their income does not influence their rate, but because college students tend to have low incomes, purchasing coverage may eat up a significant portion of it.

On average, the companies offering cheap car insurance for low-income students in South Carolina with poor credit are:

  • GEICO: $2,069 per year
  • State Farm: $2,528 per year

USAA may also be an affordable option if you come from a military family, costing around $2,201 annually.

You don’t automatically have poor credit if you have a low income. Low-income students with good credit in South Carolina pay around $1,181 a year with GEICO, roughly $1,443 a year through State Farm, and around $1,257 a year with USAA.

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Good Credit Score

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  • Company
    Annual Rates
  • GEICO
    $1,181
  • USAA
    $1,257
  • State Farm
    $1,443
  • Allstate
    $1,520
  • Travelers
    $1,869

The Cheapest South Carolina Car Insurance Companies for Low-Income Seniors

Compared to a middle-aged driver, car insurance premiums for seniors are usually higher, and credit score does impact your rate, too. On average, car insurance rates in South Carolina for MoneyGeek’s sample 70-year-old driver with a poor credit score versus a good credit score have a difference of around $536 a year.

In South Carolina, low-income seniors with poor credit scores can purchase cheap car insurance from:

  • GEICO: $956 per year on average
  • State Farm: $1,028 per year on average

USAA is available to those presently or formerly part of the military, costing around $1,017 per year.

Not all low-income seniors have poor credit scores. If you’re a low-income senior driver with good credit, you pay around $546 annually with GEICO, about $587 for an annual premium with State Farm, and roughly $581 a year with USAA.

Switch by Credit Score:

Good Credit Score

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  • Company
    Annual Rates
  • GEICO
    $546
  • USAA
    $581
  • State Farm
    $587
  • Allstate
    $715
  • Nationwide
    $824

Does Income Affect Car Insurance Rates in South Carolina?

There are elements that may relate to income that affect your car insurance rate, but insurers in South Carolina can’t factor in income specifically when setting premiums. For example, lower-income individuals may file more claims since they can’t afford to pay for repairs out of pocket. Car insurance companies may charge a higher premium with a claims history.

MoneyGeek explored the various factors often related to income that impact car insurance premiums in South Carolina. Those that topped the list are:

  • Adding a teen driver.
  • Age of driver.
  • Credit score.

Other factors also contribute significantly, such as your preferred coverage levels and car model.

  • Factor
    How It Affects Your Rates
  • Adding a Teen Driver

    Your premium is 3.1x higher if you add a teenage driver to your family policy.

  • Age of Driver

    In South Carolina, rates for young drivers are approximately 2.4x higher than for middle-aged drivers.

  • Credit Score

    The average cost of insurance increases 2.1x if a driver has a poor credit score versus a good credit score.

  • Coverage Levels

    In South Carolina, full coverage car insurance costs 2.1x more than a policy with state minimum coverage.

  • Car Model

    You could pay double compared to another driver because of your car model.

Frequently Asked Questions About Low-Income Car Insurance in South Carolina

Low-income families and individuals may have difficulty getting affordable car insurance in South Carolina, but it is possible. Here are answers from MoneyGeek on the most commonly asked questions about low-income car insurance for individuals and families in South Carolina.

Methodology

MoneyGeek calculated the cost of car insurance for low-income drivers in South Carolina using quotes sourced in partnership with Quadrant Information Services. The sample driver is either a 40-year-old male, a single 40-year-old parent with a 16-year-old child, an adult couple (each 40 years old), or a couple with a 16-year-old child. The individual or family drives a 2010 Toyota Camry LE. The driver buys the minimum car insurance required in South Carolina.

Costs for poor and good credit scores were extrapolated based on MoneyGeek’s dataset of credit score rate adjustments by score categorization.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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