The Cheapest Auto Insurance in Myrtle Beach in 2024

Auto insurance premiums in Myrtle Beach generally start around $120 per month. Safeco offers the cheapest policies in the city overall, and it also has the best rates for liability insurance, drivers with clean records, and people in most age brackets. However, the cheapest coverage for you will depend on your driving history and personal characteristics.

The average insurance premium in Myrtle Beach is $185 per month, but it’s easy to find more affordable coverage by shopping around for the best insurer for your situation and taking advantage of certain discounts.

Key Takeaways:

• Myrtle Beach drivers can find coverage for as little as $85 per month.
• Insurance premiums in Myrtle Beach are 29% higher than the national average but 8% lower than the state average.
• Safeco has the cheapest liability insurance in Myrtle Beach, while Nationwide offers the cheapest full coverage.

Myrtle Beach’s Cheapest Car Insurance Companies

The average car insurance premium in Myrtle Beach is $185 per month. However, many factors affect your rates, including the insurer you choose.

With that in mind, let’s take a look at which companies offer the cheapest average rates in Myrtle Beach.

Safeco is the cheapest insurance company in Myrtle Beach, with an average monthly premium of $120.

Of course, just because Safeco is the cheapest on average doesn’t mean it’ll be the cheapest for you. It’s a good idea to shop around to find the cheapest rates for your unique situation.

In this article, you’ll learn the cheapest insurance companies for some of the top rating factors, including age and driving history. And in the next section, you can read up on the best insurers in Myrtle Beach.

How we chose the cheapest companies in Myrtle Beach

Our team analyzed thousands of rates from dozens of the top insurance companies in Myrtle Beach. Using that data, we listed the five cheapest options for Myrtle Beach drivers based on several key factors, such as age, coverage level, driving history, and more. All of the rates listed are based on someone who drives a 2016 Honda Accord and has the minimum limits for coverage in Myrtle Beach. The listed “full-coverage” rates include $500 deductibles for collision and comprehensive coverages in addition to state-minimum liability coverage.

The Best Car Insurance Companies in Myrtle Beach in 2024

The best insurance company for you depends on a variety of factors, including your specific needs, driving history, budget, and more.

There’s no single best company for every driver, but we’ve narrowed down the list of the top insurers in Myrtle Beach to a few that shine above the rest.

Nationwide: Best car for maximum protection

Nationwide has an average full-coverage premium in Myrtle Beach of $124 per month — lower than the national average. It’s ideal for drivers who want the most protection possible.

Nationwide has an impressive list of coverage options, including accident forgiveness, vanishing deductibles, and a total loss deductible waiver, which are difficult to find with other insurers.

The company also has two usage-based insurance programs — one for safe drivers (SmartRide), and one for low-mileage drivers (Milewise). These programs can help you save money without sacrificing coverage.

Pros:

• Many available coverage options
• Usage-based discount programs available
• Below-average premiums

Cons:

• Below-average customer satisfaction ratings
• Lower-than-average claims satisfaction
• Rideshare coverage not available

Liberty Mutual: Best for young drivers

If you’re a young driver or have a young driver on your auto policy, Liberty Mutual might be the right insurer for you. Of all insurers on this list, Liberty has the cheapest rates for teen drivers and drivers in their 20s, with an $194 average monthly quote for a driver younger than 25.

In addition to its affordable rates, Liberty Mutual also has other ways to help young drivers save. For example, you can get a discount for being a good student, having a student away at school, or adding your child’s vehicle to your policy. Additionally, Liberty Mutual’s claims-free and violation-free discounts will reward young drivers for driving safely.

Pros:

• Cheap rates for young drivers
• Many available coverage options
• Discounts for young drivers

Cons:

• Below-average customer satisfaction ratings
• Lower-than-average claims satisfaction
• Rideshare coverage not available

Safeco: Best for good drivers

If you’re a good driver, Safeco can help you save on your premiums. The average Safeco premium for a driver with a clean record is just $112 per month — well below the state’s average premium. And, in addition to the already low premiums, you can save even more with Safeco’s usage-based discount for safe drivers.

Safeco also offers some unique coverage options, including its claims-free cash-back program and its diminishing deductible, which save you money in the long run when you go through your entire six-month policy without a claim or violation.

Pros:

• Cheaper-than-average premiums
• Unique coverage options
• Usage-based discount

Cons:

• Below-average customer satisfaction
• Below-average claims satisfaction
• Gap and rideshare coverage not available

Cheapest Liability Car Insurance in Myrtle Beach: Safeco

An important factor that helps determine your car insurance rates is whether you purchase liability insurance or full coverage.

“Liability-only car insurance is the minimum required coverage for a vehicle owner to purchase,” says Nick Schrader, insurance agent and owner of Second Western Insurance Services. “This covers third-party bodily injury and property damage losses when an insured [person] is at fault.”

It doesn’t pay for any damage to your vehicle. Liability coverage at your state’s minimum-coverage requirements is the cheapest type of policy you can purchase.

In the table below, you can see the cheapest rates available for South Carolina’s minimum liability insurance.

The cheapest monthly rates for South Carolina’s minimum liability insurance start at just $84 with Safeco — more than $100 cheaper per month than the state’s monthly average premium. Liberty Mutual isn’t far behind, with an average rate of $98 per month.

In the next section, you’ll see the cheapest rates for full-coverage car insurance so that you can easily compare the prices of different coverage levels.

Cheapest Full-Coverage Insurance in Myrtle Beach: Nationwide

Full coverage offers more protection than the state’s minimum liability coverage. It includes coverage to protect both yourself and other drivers on the road. In addition to liability insurance, full coverage may also include collision coverage, comprehensive coverage, uninsured motorist coverage, and more.

Full coverage is more expensive because it provides more protection, but it can also save you a lot of money in the long run. If your car is damaged, liability insurance won’t pay for it, but full coverage will. And, depending on your car’s value, you probably don’t want to be stuck replacing it out of pocket.

“It’s recommended to have full coverage on newer vehicles that are worth more than $3,500 to replace,” says Schrader. “Typically, older vehicles with a lower replacement cost don’t need full coverage.”

Keep in mind that if you have a loan or a lease on your vehicle, your lender may require  you to maintain full coverage.

We’ve rounded up the insurers with the cheapest full-coverage rates in the table below.

Nationwide has the cheapest full-coverage insurance in Myrtle Beach, with an average premium of just $124 per month. In fact, Nationwide has considerably lower full-coverage rates than any other company, which is why it’s our pick for the best insurer in Myrtle Beach for maximum protection.

In the next section, you’ll learn about how your age can affect your insurance premiums.

Compare Myrtle Beach Auto Insurance Rates by Age

Insurance companies use your age to gauge your level of risk and set your insurance premiums. Generally speaking, the younger you are, the higher the risk you are, and vice versa. As a result, there’s a strong correlation between age and insurance premiums.

The table below shows the cheapest average rate for drivers in each age bracket, so you can really see the effect that age has on insurance premiums.

Insurance premiums are highest when a driver is in their teens. Rates then decline steadily throughout a driver’s life but often increase again when a driver gets older.

In the next two sections, you can learn more about how age affects driving habits and insurance premiums.

Cheapest car insurance for Myrtle Beach teens: Liberty Mutual

Teens are more expensive than any other drivers to insure. In Myrtle Beach, the cheapest average rate for teens is more than $35 per month more expensive than for drivers in their 20s and nearly $60 more expensive than for drivers in their 30s.

Teen drivers have a lack of experience. They’re also more likely to engage in high-risk driving behavior like nighttime and weekend driving, driving without seat belts, distracted driving, and speeding.

In fact, teens experience more vehicle crashes than any other age bracket, according to the Centers for Disease Control and Prevention (CDC), including a fatal crash rate that’s nearly three times as high as other drivers.

All of this leads to teens paying the highest insurance premiums of any age, but there are still ways to save money. For example, many insurance companies offer discounts especially suited to teens and young drivers that can help your family save on your premiums.

Overall, Liberty Mutual is a good place to start if you have a teen driver.

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Cheapest car insurance for Myrtle Beach seniors: Safeco

As you get older, you can expect your insurance premiums to decrease steadily throughout your life. People often pay the lowest premiums in their 50s and 60s.

Not only do older drivers have more experience, but they also tend to be more responsible drivers. Additionally, they often drive fewer miles and do less nighttime driving or driving in poor weather.

However, as you reach your 70s, premiums may rise again. According to the Insurance Institute for Highway Safety (IIHS), older drivers may experience certain physical, visual, or cognitive challenges that make driving more dangerous.

Additionally, the accident rate for much older drivers is a bit higher. For those reasons, premiums often increase again when a driver is in their 70s and 80s.

There are ways to save on your insurance rates as a senior. For example, some insurance companies offer discounts to senior drivers who take defensive driving courses. In Myrtle Beach, getting a quote from Safeco is a great place to start.

Compare Myrtle Beach Auto Insurance Rates by Driving Record

Your driving history is one of the most important factors insurance companies use to set your insurance premiums. Drivers with clean records pay the cheapest rates, while incidents such as speeding or at-fault accidents can cause premiums to increase.

The table below shows the cheapest insurance companies for drivers with clean records compared to drivers with certain incidents on their driving records.

Safeco offers the cheapest insurance for drivers with clean records, with an average monthly premium of just $112.

You can also see how much premiums increase after an incident. Drivers with either speeding tickets or accidents pay considerably more than drivers with clean records — 37% and 44%, respectively, according to national Compare.com data.

In the next couple of sections, we’ll discuss in more detail how your driving record affects your insurance rates.

Cheapest car insurance for good drivers in Myrtle Beach: Safeco

As we’ve mentioned, good drivers — meaning those with no incidents or tickets on their records — tend to have the best rates. Consider it a reward for your safe driving and an indication that your insurer believes you to be a low-risk driver.

In Myrtle Beach, Safeco offers these drivers the best rates, with average premiums of $112 per month.

In addition to already low premiums, good drivers can also enjoy certain insurance discounts. Many insurance companies offer discounts for safe driving or going a certain amount of time without a claim. Some insurance companies even have programs where they track your driving habits with your cell phone or a Bluetooth device and then continue to lower your premiums when you drive safely.

Cheapest car insurance in Myrtle Beach after a ticket: Liberty Mutual

A speeding ticket usually causes your insurance rates to go up. According to Compare.com data, the average rate increase for a single speeding ticket is 37%, though it could vary based on other factors.

Liberty Mutual has the cheapest rates for Myrtle Beach drivers with one ticket, at $179 per month.

Depending on your insurer, you may be able to offset your rate increase by taking advantage of other discounts or proving yourself to be a safe driver moving forward.

Cheapest car insurance in Myrtle Beach after an accident: Liberty Mutual

If you’re at fault for an accident, your insurance premiums will probably increase substantially. Compare.com data shows that the average rate increase after one at-fault accident is 44%, but it could be higher or lower depending on the nature of the accident.

Liberty Mutual offers cheap car insurance for drivers after an accident, but it’s still nearly $100 higher per month than the cheapest insurance for clean driving records. You can save money by opting for an insurer that offers accident forgiveness, which Liberty Mutual does.

The Average Cost of Myrtle Beach Car Insurance

The average cost of car insurance in Myrtle Beach is $185 per month. However, this number isn’t necessarily a good indicator of how much you’ll pay.

As you’ve seen in the data shared so far, premiums can vary dramatically depending on your driving history, age, and even your insurance company. For that reason, it’s important to get quotes specific to you to find the cheapest rates.

Is car insurance more expensive in Myrtle Beach?

Your location can have a significant effect on your insurance premiums. Your state, city, and even ZIP code can affect your rates.

The table below shows just how different rates are in various cities in the same state and region.

The average monthly insurance premium in Myrtle Beach is more than 8% lower than the South Carolina average. Myrtle Beach has cheaper insurance than other cities, both big and small, including Charleston and Conway.

But the story looks a bit different when you compare Myrtle Beach to areas outside of South Carolina. For example, Myrtle Beach’s average insurance premium is about 26% higher than the United States average. And it’s significantly higher than the nearby city of Wilmington, North Carolina, where drivers only pay an average of $88.

A variety of factors likely contribute to South Carolina’s high insurance premiums. For one, South Carolina has the second-highest traffic deaths per 100,000 people of any state in the country — only Mississippi has a higher rate, according to the IIHS. South Carolina also ranks among the top 20 states for urban interstate congestion, which can lead to more traffic accidents.

South Carolina Auto Insurance Requirements

South Carolina requires all drivers to have three types of auto insurance: bodily injury liability coverage, property damage liability coverage, and uninsured motorist coverage.

South Carolina’s minimum insurance requirements are 25/50/25, meaning you need at least $25,000 per person and $50,000 per accident of bodily injury liability, as well as $25,000 per accident of property damage liability. You also must have uninsured motorist coverage equal to the liability insurance requirement.

Your liability insurance protects other drivers from damages caused by an accident you’re responsible for. Uninsured motorist coverage pays for your damages in case you’re injured or your property is damaged in an accident where the at-fault driver doesn’t have insurance.

Insurers in South Carolina are also required to offer underinsured motorist coverage, which applies when the at-fault driver in an accident has insurance, but it’s not sufficient to cover the damages. However, you aren’t required to purchase this coverage.

Myrtle Beach Auto Insurance FAQs

If you’re looking for more information on auto insurance in Myrtle Beach, we’ve compiled answers to some of the most commonly asked questions by drivers in the area.

What is the cheapest auto insurance company in Myrtle Beach?

The cheapest insurance company in Myrtle Beach is Safeco, which has an average monthly premium of $120, according to Compare.com data. But you may pay more (or less) depending on your driving history and personal characteristics.

How much does car insurance cost in Myrtle Beach, South Carolina?

The average insurance premium in Myrtle Beach is $185 per month, which is slightly lower than the South Carolina average but higher than the national average.

Why is car insurance so expensive in Myrtle Beach?

Car insurance may be more expensive in Myrtle Beach — and South Carolina overall — due to the state’s high rate of vehicle crash fatalities and the congested urban highways.

How much car insurance is required in South Carolina?

South Carolinians are required to have at least $25,000 per person and $50,000 per accident of bodily injury liability coverage, and at least $25,000 of property damage liability coverage. Drivers must also have uninsured motorist coverage of an equal amount.

What happens if you get caught driving without insurance in Myrtle Beach?

If you’re caught driving without insurance in South Carolina, the state will suspend your license and registration until you pay an uninsured motorist fee of $600. The state will also require you to file an SR-22 certificate with the state for three years after insurance reinstatement.

All insurance companies in South Carolina must notify the state when a driver cancels their insurance policy. If you cancel your policy but don’t immediately replace it, you’ll receive a letter stating that you have 20 days to purchase or verify auto insurance coverage. If you don’t, the state will suspend your license and registration, and you’ll have to pay a $400 reinstatement fee.

Methodology

Data scientists at Compare.com analyzed more than 50 million real-time auto insurance rates from more than 75 partner insurance providers in order to compile the quotes and statistics seen in this article. Compare.com’s auto insurance data includes coverage analysis and details on drivers’ vehicles, driving records, insurance histories, and demographic information. All the quotes listed in this article have been gathered from a combination of real Compare.com quotes and external insurance rate data gathered in collaboration with Quadrant Information Services. Compare.com uses these observations to provide drivers with insight into how auto insurance companies determine their premiums.

Sources

1. J.D. Power. “2023 U.S. Auto Insurance Study,” Accessed October 23, 2023.
2. J.D. Power. “2022 U.S. Auto Claims Satisfaction Study,” Accessed October 23, 2023.
3. Centers for Disease Control and Prevention. “Teen Drivers and Passengers: Get the Facts,” Accessed October 23, 2023.
4. Insurance Institute for Highway Safety. “Older drivers,” Accessed October 23, 2023.
5. Insurance Institute for Highway Safety. “Fatality Facts 2023 State by state, “Accessed October 23, 2023.
6. TRIP. “News Release: At 65 Years Old, U.S. Interstate System Is Heavily Traveled, Congested and Deteriorating,” Accessed October 23, 2023.
7. South Carolina Department of Insurance. “Automobile Insurance,” Accessed October 23, 2023.
8. South Carolina DMV. “Facts About Driving Uninsured,” Accessed October 23, 2023.