Submerged tensioned anchor cables (STACs) are pivotal components utilized extensively for anchoring and supporting offshore floating structures. Unlike tensioned cables in air, STACs exhibit distinctive nonlinear damping characteristics. Although existing studies on the free vibration response and tension identification of STACs often employ conventional Galerkin and average methods, the effect of the quadratic damping coefficient (QDC) on the vibration frequency remains unquantified. This paper re-examines the effect of bending stiffness on the static equilibrium configuration of STACs, and establishes the in-plane transverse free motion equations considering bending stiffness, sag, and hydrodynamic force. By introducing the bending stiffness influence coefficient and the Irvine parameter, the exact analytical solutions of symmetric and antisymmetric frequencies and modal shapes of STACs are derived. An improved Galerkin method is proposed to discretize the nonlinear free motion equations ensuring the accuracy and applicability of the analytical results. Additionally, this paper presents an analytical solution for the nonlinear free vibration response of the STACs using the improved averaging method, along with improved frequency formulas and tension identification methods considering the QDC. Through a case study, it is demonstrated that the improved methods introduced in this paper offer higher accuracy and wider applicability compared to the conventional approaches. These findings provide theoretical guidance and reference for the precise dynamic analysis, monitoring, and evaluation of marine anchor cable structures.