How Much is Auto Insurance in Myrtle Beach, SC? A Comprehensive Guide
January 5, 2025, by Brad Davis, CIC
Introduction:
Myrtle Beach, South Carolina, is not only a popular vacation destination but also a vibrant community with plenty of residents who enjoy the sandy shores and bustling atmosphere year-round. Whether you’re relocating, buying your first car, or just curious about local rates, understanding what affects auto insurance costs in Myrtle Beach can help you make informed decisions when it comes to protecting your vehicle.
In this post, we’ll walk you through the key factors that influence auto insurance premiums in Myrtle Beach and share tips on how to secure an affordable quote. And if you are wondering how much should you pay for car insurance in Myrtle Beach, I'll give you several examples.
First Things First, How Much Does Auto Insurance Cost in Myrtle Beach?
When you’re shopping for auto insurance in Myrtle Beach, you’ll quickly notice that the costs can vary based on a number of factors. So, how much can you expect to pay for auto insurance in Myrtle Beach?
On average, auto insurance premiums in Myrtle Beach are around $1,250 to $2,000 per year for a typical household. Keep in mind that this is just an estimate, and your premium could be higher or lower depending on specific circumstances (that I will get into below). For a single driver with a single vehicle and a pretty good driving record, you may be well under $1,000 for a year.
In our agency, our average insurance premium for a personal auto insurance policy is about $2,327 in Myrtle Beach. We write auto insurance in all of South Carolina and North Carolina and our average overall auto insurance premium is around $2,220. It is important to point out that some policies are for 6 months, but for calculations I annualized all the premiums.
Here is a small sample of the auto insurance policies I pulled from the Myrtle Beach area that we carry - just to show I didn't pull $2,327 completely out of the air. This encompasses Zip codes 29572, 29577, 29579, & 29588 in Myrtle Beach.
*This is just a sample of auto insurance policies that are in Myrtle Beach. Average premiums will be different almost everywhere. Many factors will impact your premium. These auto policies have various levels of coverage, number of drivers, miles driven per year, etc.
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Factors Impacting Auto Insurance Costs in Myrtle Beach:
1. Location:
Where you live can have a major impact on your auto insurance premiums. In Myrtle Beach, the population density and tourist traffic can increase the risk of accidents, thefts, and vandalism. Areas with higher traffic or a history of accidents may result in higher premiums. Sometimes just moving 5 - 10 miles down the road (with no other changes) can prompt a change in your auto insurance premium.
2. Driving Record:
Your driving history is one of the most crucial factors insurance companies consider. Drivers with clean records typically receive lower rates, while those with speeding tickets, accidents, or DUIs may face higher premiums. Maintaining a clean driving record is essential for keeping your costs down.
3. Type of Car:
The make, model, and age of your vehicle can directly influence your rates. For instance, a luxury sports car or a newer model with expensive parts will likely cost more to insure than an older sedan. Additionally, cars with higher safety ratings or lower theft rates may qualify for discounts.
4. Coverage Level:
The amount of coverage you choose plays a large role in determining your premium. Comprehensive and collision coverage will generally raise your premium, whereas liability-only policies will be more affordable. It’s essential to strike a balance between coverage and premium to ensure you’re adequately protected without overpaying.
5. Credit Score:
Just like with home insurance, your credit score can impact your auto insurance premiums. Insurers often use credit-based insurance scores to help predict the likelihood of claims, and those with higher scores generally pay lower rates. Improving your credit score can be an effective way to lower your insurance costs.
6. Age and Experience:
Age and driving experience also affect rates. Teen drivers and younger adults typically face higher premiums because of their inexperience behind the wheel. On the other hand, experienced drivers over the age of 25 often benefit from lower rates.
7. Number Drivers and Vehicles:
Typically the more drivers and/or vehicles you have, the more the overall premium will be. However, I have actually seen a premium stay flat or even go down a little when adding an additional vehicle (although rare). A multi-car discount can really help with your premium. If you have multiple auto insurance policies within your household, talk to an agent to see if it makes sense to get them all on the same policy - it will likely save money.
8. Deductible:
Your deductible is the amount you’ll pay out-of-pocket before your insurance kicks in. Choosing a higher deductible can help lower your premiums, but it’s important to make sure you’re comfortable with the amount of risk you’re assuming in the event of a claim.
Average Auto Insurance Costs in Myrtle Beach:
While the average auto insurance premium in South Carolina is probably closer to $1,500 annually, Myrtle Beach residents tend to see rates on the higher end due to local factors such as tourist traffic and a higher population density. The average premium of $2,327 in our agency (for the Myrtle Beach area) is a little higher because we tend to write more bundled car insurance with home insurance, usually with more than one driver, and with higher than state minimum liability limits.
For drivers in Myrtle Beach, premiums tend to fall within the range of $1,250 to $2,000 per year, but the costs can vary widely depending on personal circumstances. Factors such as the type of vehicle, driving history, and even where you live within the Myrtle Beach area can all contribute to variations in rates.
For a single driver that is more budget minded (with decent credit and good driving record), you can find cheaper auto insurance; probably even under $1,000 for a year. I've seen it under $700 with low coverage (not recommended).
Tips for Finding Affordable Auto Insurance in Myrtle Beach:
1. Bundle Policies:
One of the easiest ways to save on auto insurance is by bundling it with other policies, such as home or renters insurance, from the same provider. Many insurance companies offer discounts for bundling, which can help reduce your overall premiums. Even if you can't bundle your home and auto with the same companies, often you can still get a discount by bundling your insurance with the same agency (but with different companies).
2. Take Advantage of Discounts:
Look for discounts based on your driving habits, vehicle safety features, or membership in certain organizations. Many insurers offer discounts for things like low mileage, good student grades, defensive driving courses, and more.
3. Strongly Consider Telematics:
Most major auto insurance companies offer a telematics program. These are gaining popularity and really save premium, especially for the better drivers. Examples of this are Progressive's Snapshot and Travelers IntelliDrive.
4. Maintain a Clean Driving Record:
Avoid accidents, speeding tickets, and other traffic violations to keep your premiums low. A clean driving record can lead to discounts and prevent premium increases.
5. Consider Increasing Your Deductible:
If you can afford a higher deductible, it may be worth increasing it to lower your premium. However, be sure you’re comfortable with the higher out-of-pocket expense in case of an accident or claim.
6. Shop Around:
Don’t settle for the first quote you receive. Different insurance companies use varying methods to assess risk, so it’s important to compare quotes from several providers to find the best deal.
However, be careful changing auto insurance providers often. Especially if there is not much to gain (in premium or service). This is not new but becoming more important - insurance companies like it when clients stay with a company long term. You can look at it as giving credit for loyalty or penalizing clients that are not loyal - either way companies tend to give better premiums to new clients that show loyalty.
Conclusion:
While auto insurance rates in Myrtle Beach can be higher due to factors such as traffic, local accident rates, and the area's tourist population, there are plenty of ways to keep your premiums affordable. By considering factors such as your driving record, the type of car you drive, and your coverage needs, you can find an insurance policy that works for you without breaking the bank.
Just remember to work with a trusted insurance agent who understands the Myrtle Beach area and can help you find a policy that not only protects your car but also fits within your budget.
Lastly, avoid choosing the cheapest insurance option without considering the coverage and service you’re getting in return. The right policy can offer you peace of mind, knowing you’re fully protected while saving money where possible!
PS We also provide commercial auto insurance and have great premiums for classic and antique cars.
Care to see what we can do for your auto insurance? You can PROVIDE YOUR AUTO INFO HERE or call (843) 213-0000 - either way we will shop the insurance market and offer you our best!
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