Full Coverage vs Liability Only Auto Insurance in Greenville, SC
Full coverage auto insurance in Greenville, SC includes liability plus comprehensive and collision; liability-only saves about 60 to 70 percent in premium but leaves the policyholder paying out of pocket for damage to their own vehicle. Full coverage is required on financed and leased vehicles. Liability-only typically makes sense for older paid-off vehicles worth less than the annual full-coverage premium.
What is the difference between full coverage and liability only?
Liability-only auto insurance in South Carolina covers damage you cause to other people and their property at minimum 25/50/25 limits, but does not pay for damage to your own vehicle. Full coverage adds comprehensive (theft, vandalism, weather, animal collision) and collision (you hit something) coverage with deductibles typically $500 to $1,000. Full coverage costs 60 to 70 percent more than liability-only on a typical mid-size vehicle.
How much does full coverage cost in Greenville SC?
Full coverage auto insurance in Greenville for a clean-record driver typically costs $1,200 to $1,800 per year on a mid-size sedan with 100/300/100 liability, comprehensive, collision, and $500 deductibles. Liability-only on the same driver runs $400 to $700 per year. The difference of $700 to $1,100 buys protection for the vehicle itself. Drivers with at-fault accidents, DUI, or younger drivers pay 50 to 150 percent more.
Is full coverage required in South Carolina?
South Carolina does not require full coverage by state law (only the 25/50/25 liability and uninsured motorist minimums under SC Code 38-77). However, financed vehicles require full coverage as a lender condition until the loan is paid off. Leased vehicles always require full coverage. Owners of free-and-clear vehicles can drop comprehensive and collision but typically only do so on older vehicles where the premium exceeds the depreciated value.
When should a Greenville driver drop collision coverage?
A Greenville driver typically drops collision coverage when the annual collision premium plus deductible approaches or exceeds the vehicle's depreciated value, usually when the vehicle is worth $3,000 to $5,000 or less. A 15-year-old paid-off sedan worth $3,000 with a $500 deductible and $400 annual collision premium offers limited recovery potential. Dropping collision saves the premium; the driver self-insures the depreciated value.
Should I drop comprehensive on an older vehicle in Greenville?
Comprehensive coverage is typically cheaper than collision ($100 to $250 per year on most vehicles) and covers theft, vandalism, weather, falling tree branches, and animal collision. Many Greenville drivers keep comprehensive even after dropping collision because the relative cost is low and the coverage is still useful. Drop comprehensive only when the vehicle is essentially worth scrap and even the cheap premium exceeds expected recovery.
About The Morgano Agency
The Morgano Agency Inc is an independent insurance agency in Greenville, South Carolina, founded in 1998 by Vic Morgano. The agency compares rates from multiple carriers including Travelers, Liberty Mutual, Progressive, Hartford, Safeco, and Hagerty for families and businesses across Greenville County and the Upstate. Visit our auto insurance page or call (864) 609-5285 for a quote. Find the agency on Google Maps.