High auto insurance rates in South Carolina persist
South Carolina faces high automobile insurance rates due to the Facility Program and other factors. Industry officials point to the must insure law and high-risk pools, while policymakers and analysts discuss potential two-tiered pricing and legislative changes to curb rising costs.
Unraveling High Insurance Rates in South Carolina
The South Carolina insurance system is described as a tangled mix with no single cause for high automobile rates. Officials point to factors such as mandatory coverage laws, poorer driving conditions, reluctance to change laws, two tier pricing resistance, and enforcement gaps as contributors.
Major Reasons For High Auto Insurance Rates In South Carolina
State Farm cites South Carolina law mandating auto insurance for all able to pay as a key driver of higher rates. Officials note poorer driving outcomes with 35-40 percent more accidents, reluctance of agents to adopt two tier pricing, and enforcement gaps on speeding and drunk driving. Road quality on secondary routes also concerns regulators.
MENTIONED IN THIS ARTICLE
Georgia
North Carolina
S.C. Insurance Commission
L. Kennedy Boggs
S.C
South Carolina
State Farm Insurance
Bloomington
William Hixon
Hixon’s Insurance
North Augusta
Dixon
Ron Newman
Aiken
Newman
State Farm
Ms. Price
Ms. Brice
Hixon
Martin M. Simons
Simons
Allstate
Boggs
South Carolina Insurance Commission
Mary Lou Price
Joint Legislative Liability Insurance Study Committee
Edward E. Saleeby
Darlington
Pup
Dave Hurst
Ill
Joint Legislative Automobile Liability Insurance Study Committee
Marty Simons
Pup Companies
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Aiken County Financial Institutions
Bankers First
Cameron Brown
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Fairfield Financial
Palmetto Federal
Security Federal
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First Union
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LiMel-Keller
GF Group
Discuts
NCNB
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First Citizens
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Palmetto Federal — Ao
Security
First Union First Citizens
C&s “Fairfield Financial NA
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Insurance Commission
Joint
Legislative Automobile Liability Insurance Study Committee
Carroll) Campbell
South Carolina Department of Insurance