How to Save Money on SR22 Insurance?
Though it is commonly referred to as “SR-22 Insurance”, it is not an insurance. It is rather a form filed by your insurance provider with state licensing authorities – Department of Motor Vehicles(DMV), Bureau of Motor Vehicles(BMV) or secretary of state as applicable. This form indicates that you have the state required minimum motor liability insurance in case you are involved in an accident.
All states require drivers to carry liability insurance or some form of proof of financial responsibility to ensure that they have the ability to pay for property damages or bodily injuries resulting from accidents. Further, states require motorists who have certain driving related incidents – such as serious or repeat traffic offenses, multiple tickets, driving under the influence (DUI/DWI), at-fault accidents – to obtain “Certificate of Financial Responsibility”, commonly called “SR-22 Insurance”.
Here are 10 different ways in which you can save more while purchasing an SR22 Policy:
- Read more about the policy and its rules: Before purchasing an SR22 policy, it is better to learn more about its rules, regulations and structures. This in turn makes it easier for you to navigate the policies, requirements, and all the other details. It is very important to understand what are the SR22 requirements in your specific state to figure out the minimum liability requirements you have to meet. Staying well informed on the topic will help you find a policy that meets your needs and within your budget.
- Inquire about discounts: Usually, drivers with a clean history get additional discounts on the purchase of an SR22 policy.
Also, insurance companies give out discounts upon request and you can qualify for one if you come under one of the following categories:
- People within certain age brackets
- Students not older than 25 years with an excellent grade point average (GPA)
- Students who are still covered by their parent’s insurance policy
- Retired Individuals
- For certain automobile types like economy or utility vehicles
- Complete your payments on time: One of the most effective ways to save money on your SR22 insurance policy is to complete your payments on time without any delays. If you fail to do so, you will rake up additional charges and fines/penalties which will then increase your overall policy cost. The best way to avoid late fees and penalties is by signing up for automatic payments. Additionally, some insurance companies even offer a discount if you choose to pay automatically each month. Another way to save money is by paying your insurance cost on a annual basis rather than paying on a monthly basis
- Purchase a more affordable vehicle: When you purchase a cheaper, affordable vehicle for your usage, the cost of insuring the vehicle will be less costly than average. Such types of vehicles tend to carry a lesser risk as they are usually less expensive to repair and face a lower risk of car theft, which in turn makes them less of a financial risk to insure.
- Get combined insurance for all your vehicles: Insurance companies tend to lower the price of your SR22 premiums and give you a reduced rate if you combine insurance policies of all other vehicles that you have with the insurance of your primary car.
- Drive more responsibly: Being a safe driver not only provides you with benefits on the road but also of it. Certain insurance companies frequently offer safe driving discounts for individuals having a safe driving record i.e a record without any accidents or violations.
- Improve your credit score: Having a good credit score is one of the best ways to get your insurance premiums down by a notch. While purchasing insurance, most companies check an individual’s credit score, regardless of the type of coverage requested by him/her.
While people with a good credit score will be eligible to get lower insurance rates, people with excellent credit will be able to obtain even cheaper prices as compared to others. On the other hand, people with a poor credit score may get rates nearly three times higher for SR22 insurance and other types of similar coverage.
- Reduce coverage to liability only: Though this approach could save some money on your insurance purchase, it carries a bit of risk hence must be opted with caution only if you are the sole user of the vehicle and it is an old one. Please remember that it is not possible to opt this in case of vehicles that you may have financed.
- Adjusting your deductible: States have a specific minimum insurance requirement for drivers regarding their SR22 policy. You can contact your insurance agent/company and can make sure that the policy does not end up costing you a fortune by adjusting your coverage level so as to have affordable and adequate protection.
A ‘deductible’ basically refers to the amount that the policyholder has to pay for repairs before your insurance starts paying, and you could try to have your insurance deductible increased to pose a low financial risk to the insurance company. Low financial risk to the insurance company means lower cost of insurance for you.The basic conclusion is that with a higher deductible, you could reduce your overall monthly payment to the insurance company.
- Get Expert Help: Buying an SR22 policy is not necessarily a complicated task. We at SR22InsuranceNow are committed to helping you find the most appropriate and affordable SR22 policy that best fits your overall needs and requirements. Here are some of the reasons why you should consider coming onboard with us:
- Instant Free SR-22 Quote: We partner with the industry’s top agents to provide the best SR22 quote tailored specifically for your needs.
- Clear Info: The SR22 Insurance process is simple to navigate with our easy-to-understand info and State by State policy guides.
- Huge Savings: Our agents will find you a cheap SR22 insurance policy so you’ll get back behind the wheel fast, without spending a lot!