South Carolina's Minimum Auto Insurance Requirements Do Not Afford Enough Coverage If You Have Assets Like a House
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Ron Trumbo
Car Insurance Editor |
Too many times insurance is purchased on price alone, but the reality is that you insurance policy is actually a thick contract with a lot of exclusions. It takes an experience South Carolina insurance agent to navigate through your options to find your best South Carolina insurance rates.
South Carolina's minimum limits of liability coverage are: 25/50/25 ($25,000 bodily injury per person, $50,000 bodily injury per accident, and $25,000 property damage per accident.) In South Carolina, there are some very specific laws that you should be aware of, including: Your auto policy may be canceled if you fail to pay your premiums on time, and between the 61-90 day of a new policy for any reason. It may surprise you, but there is no grace period for the payment of a renewal premium. This is because your policy technically expires at the end of the policy period, if premium is not received by that date. Also, your comprehensive and collision coverage can be canceled for any reason during the first 90 days of your policy. If you are caught driving without insurance in South Carolina, you're looking at hefty fines, including a $550 reinstatement fee and 3-year requirement to file an SR-22 form in South Carolina.
South Carolina DMV Say You Have to Have Insurance to Have a Drivers License
South Carolina expects you to have auto insurance in order to get a South Carolina driver's license — including renewal. In the event that you are pulled over in South Carolina, you must to be able to provide proof on insurance. In South Carolina, when your insurance policy is canceled, the SC Department of Motor Vehicles will be notified by your insurance company and you'll have to give up your license plates and your vehicle registration may be revoked.
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South Carolina: Where You Live Affects Cost of Homeowners Insurance
South Carolina is divided into three primary geographical territories based on exposure to windstorm damage: inland, seacoast, and beach. The inland territories may be further subdivided based on overall or total loss experience. Obviously, the lowest rates are for the inland territory and the highest rates are in the beach area where exposure to windstorm damage is highest. Also, be aware that there is no homeowners insurance policy in South Carolina that covers flood damage. This is separate, so speak with your agent about separate flood insurance.
Selling Your Car in South Carolina and Car Insurance
According to the South Carolina DMV, you must provide proof that you sold the vehicle BEFORE you cancelled the insurance policy. Accordingly, if you did not sell it before the insurance policy was cancelled, you will have to pay $5.00 for each day the vehicle was uninsured. |
