Post Date April 7, 2013 - Drivers all over the United States may need car insurance quotes once they see their upcoming auto insurance renewal rate. Auto Insurance insiders have been aware for many years that car insurance buyers have enjoyed very low rates. This is commonly known as a soft car insurance, truck insurance or motorcycle insurance market. What does this mean? There are two types of insurance markets; both soft and hard. In a nut shell, when car insurance rates are low and consumers are happy – this is known as a soft market. Most drivers may not need car insurance quotes since they feel the auto insurance rate they have is affordable. This may not be the case in the very near future as the Hard Market drives up car insurance rates.
If you are paying too much, you need car insurance quotes
Drivers in South Carolina will see an increase in their auto insurance rates very soon. This will happen as a new bill is now finding its way within the General Assembly that seeks to increase the South Carolina State Minimum limits on Uninsured Motorists (UM), a coverage which is required within the state. The last time that South Carolina had a change in their state mandated minimum limits was on 2006. That change was for the State Minimum liability limits. However, that limits increase did not include the mandatory Uninsured Motorists. The current minimum limit for UM is set at $10,000. The new law would increase the Uninsured Motorist Limit to $25,000.. Since all car insurance companies file their rates differently, many will need car insurance quotes as the increase will not be acceptable.
There is no solid data that can show how many drivers in South Carolina will have an increase in their rates. One thing is for sure, the $25,000 increase on their Uninsured Motorists limits will provide an increase to the auto insurance rates which many will not be happy with. This auto insurance coverage in South Carolina will pay for policyholder’s injuries or damages to his or her vehicle when hit by a driver who does not have insurance coverage, or by a hit-and-run driver. The required minimum liability limits today is 25/50/25, $25,000 per person for bodily injury and $50,000 for bodily injury of all persons in one accident, and $25,000 for property damage. The increase on Uninsured Motorist to 25,000 will be considered level to the minimum state required limits.
Michael E. Dortch
President & Senior Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 206