Are you a Virginia driver without a vehicle and need to reinstate your license or comply with a court order? If so, you’ll become acquainted with non-owner SR-22 or FR-44 insurance in Virginia. Getting a traffic citation while driving another person’s car may result in the state suspending your license. Reinstating your license requires you to buy a non-owner insurance policy with an SR-22 or FR-44 endorsement. (In some cases, drivers carry non-owner auto insurance without an SR-22 or FR-44 attachment for reasons other than license reinstatement.)
SR-22 and FR-44 are financial responsibility certificates, but people typically refer to them as SR-22 or FR-44 insurance. Filing these certificates guarantees the DMV that your insurance will cover losses you may be liable for in an accident. The insurance policies backing up these certificates must meet specific minimum liability coverage requirements. UltraCar Insurance will write you a Virginia non-owner SR-22 or non-owner FR-44 policy and attach and file your certificate with the DMV. This filing allows you to get your driving privileges back immediately.
In this article, you’ll learn about affordable non-owner SR-22 or FR-44 insurance in Virginia. Let’s start with an explanation of why non-owner SR-22 FR-44 insurance is expensive in the first place.
What Makes Non-Owner SR-22 FR-44 Virginia Expensive?
Drivers must file a non-owner SR-22 or FR-44 certificate because the state and insurance companies consider them high-risk drivers. From the perspective of insurance companies, high-risk drivers are more likely to submit claims. This increases their cost to insure these drivers, which increases rates.
People who don’t own a vehicle most likely don’t carry auto insurance. Hence, getting Virginia non-owner SR-22 or FR-44 insurance is an additional expense for them.
However, non-owner SR-22 insurance, in most cases, costs much less than insuring a vehicle. Non-owner FR-44 insurance is more costly than non-owner SR-22 insurance. Minimum coverage requirements are higher for non-owner FR-44 because it concerns more severe DUI violations.
Another factor that makes Virginia non-owner SR-22 FR-44 insurance more expensive is the insurer’s confidence in risk assessment. This factor accounts for most differences in rate quotes between insurance carriers. Let’s see how better risk assessment allows experienced companies like UltraCar Insurance to offer competitive rates.
How Do Some Insurance Providers Offer Affordable High-Risk Insurance Rates?
There is an average risk of financial loss associated with every driver. This risk is more significant for “high-risk” drivers – those that insurance companies think are more likely to get into accidents or cause them. However, this elevated risk also varies between drivers carrying SR-22 or FR-44 insurance.
Standard insurance companies lack the experience to adequately assess each driver’s risk. This means that even lower-risk drivers must pay the same premiums as those with greater risk. More data makes it possible to identify factors contributing to the risk and calculate it more precisely for each driver. Based on various records, high-risk insurance companies can estimate each driver’s risk more accurately. This lowers the expected value of the amount the driver will pay in a year, which helps make their insurance premiums more affordable.
How do you know which insurers are good at estimating risk for high-risk drivers? The following section presents ways to identify such companies.
Ways to Identify Affordable SR-22 and FR-44 Insurance Providers
Experience in the Industry
Well-established insurance companies are better able to estimate risk and have more confidence in their estimates. They can offer lower rates with less or little chance of loss. Experience also counts in terms of market share. Companies that provide insurance to many customers have more experience, translating to a more accurate risk assessment.
Founded in 2012, UltraCar Insurance is a leading high-risk insurance provider in the U.S. We’re trusted by nearly 130,000 customers in 34 states, including Virginia.
Experience in SR-22 and FR-44 Insurance
High-risk insurance is entirely different from standard car insurance. A company that sells preferred auto insurance can rarely offer rates that match those of high-risk auto insurers. UltraCar Insurance provides some of Virginia’s most competitive non-owner SR-22 FR-44 insurance rates.
Companies that are confident in their rates offer free quotes. Other companies use paid quotes to get customers to choose them over competitors. You feel compelled to buy their costly insurance, so your investment in the quote won’t go to waste. Always select companies that offer free quotes.
Low Rates for Non-Owner SR-22 FR-44 Virginia
An insurance policy with an SR-22 or FR-44 financial responsibility certification must meet the minimum liability coverage requirements set by the state. UltraCar Insurance writes non-owner insurance policies that meet the state’s requirements as economically as possible. We’ll write you a policy with an affordable premium and file your certificate with the DMV with no filing fees.
Ready to take the critical step to get your license back? Start your free quote now!
This article was last updated on August 13th, 2023 by UltraCar Insurance