Technically, you can insure your own cars in South Carolina. However, you must meet the following conditions:
- You own more than 25 vehicles.
- Your net worth is at least $20 million.
- You put up $3,000 in collateral.
South Carolina doesn’t require car inspections for safety or emissions.5
The state no longer requires SR-22s, which are certificates proving minimum insurance. In other states, people convicted of DUIs or reckless driving may have to file an SR-22, but not so in South Carolina.
Defensive Driving Classes
Some insurance companies offer discounts if you take a defensive driving class and learn how to avoid hazards, reducing your likelihood of filing claims. In South Carolina, these courses can last anywhere from four to eight hours. Find one near you at https://www.nsc.org/safety-training/defensive-driving/courses/online.
Civil Suit Thresholds
You can file a civil suit following a car accident in South Carolina regardless of the monetary amount of your losses or the severity of your injuries. In other words, there’s no threshold for you to be able to seek economic damages (lost wages and medical expenses) and non-economic damages (suffering, anxiety, and pain).
When to Report Car Accidents
Were you involved in a car accident that resulted in death, injury, or property damage worth over $1,000? If so, you must report it to the police within 15 days. The penalty for not reporting is a fine of $100 to $5,000, a year of imprisonment, or both.
How Insurance Companies Determine Pricing
Some states ban insurance companies from basing rates on credit scores and gender, arguing that these practices are discriminatory against people with bad credit and men. However, South Carolina is not one of those states, so expect higher auto insurance costs if you fall into either of these groups.
You’ve probably heard of a car being totaled, but what does that really mean? In South Carolina, it means a car’s repairs would cost more than 75 percent of its AMV, which is how much you would get if you sold it tomorrow. In this case, rather than repairing your car, the insurance company would declare it a total loss and reimburse you for the AMV, provided you had comprehensive or collision coverage.