S.C. Car Insurance Study: How Much Does Your Location Affect Your Quotes?

A new study from OnlineAutoInsurance.com finds South Carolina residents could be paying hundreds more for car insurance just because of where they live.

PR Newswire

RANCHO CUCAMONGA, Calif., Dec. 16, 2013 /PRNewswire/ -- Ever heard of "territorial rating"? It's an insurance pricing practice that helps insurers predict how likely you are to file a claim by analyzing the claims histories of other drivers in your area. And it's likely affecting the price of your auto insurance bill significantly, according to a new study from OnlineAutoInsurance.com.

To quantify the effects of territorial rating, OnlineAutoInsurance.com analyzed 920 samples quotes for a 34-year-old single male living in South Carolina. The sample quotes include prices for 46 territories from 20 insurers and are available for download on the South Carolina Department of Insurance website.

The following are the key findings from the analysis:

  • On average, the difference in price between the cheapest and most expensive territory at a single insurer was $283.
  • Oconee was the territory that most frequently had the lowest prices in the study. The average quote for the Oconee territory was $770, 10% below the statewide average.
  • Colleton and Hampton were the territories that most frequently had the highest prices. The average quote for these territories was $926, 7.7% above the statewide average.
  • Prices fluctuated widely between insurance companies. For the 46 territories, the average price gap between the cheapest and most expensive insurer was $751.

To view the full study and the data for all 46 territories, visit the following address:

The most important takeaway for consumers is the price fluctuation between insurance companies. The analysis showed that the driver's auto insurance quotes fluctuated by $751 on average between the cheapest company and the most expensive company. More information and data are included in the study.

OnlineAutoInsurance.com is a consumer resource helping drivers learn about auto insurance and search for a policy. We offer a large library of auto insurance resources and a free-to-use quote comparison generator. Visit us today to learn more about coverage and find out how much you could be saving on auto insurance.


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