How SR22 Insurance Costs Are Determined

How SR22 insurance costs are determined

Many factors are considered in how SR22 costs are determined. Start a quote or call for the best rate.

How SR22 insurance costs are determined

Last updated on September 28th, 2018 by

SR22 insurance costs take into account a variety of factors, which vary from person to person. Therefore, there is no single lowest SR22 insurance rate that can be quoted for every person. Insurance companies consider factors such as years of driving experience, credit history, place of residence, age, and driving record in determining SR22 rates.

SR22 insurance costs are higher than those of standard auto insurance, because SR22 insurance is high risk insurance. People who have a record of motor vehicle violations will have higher SR22 insurance costs because they’re considered at higher risk for future violations. These violations can include driving while uninsured, having a high number of moving violations or accidents, or having a conviction for DUI or DWI.

Everyone’s SR22 insurance needs vary; therefore, agents consider multiple factors when determining what an individual will pay for SR22 insurance. Insurance companies determine an individual’s standard auto insurance rates by considering how long they’ve been driving, whether they have had any traffic violations or accidents, and even their credit history. How much your SR22 insurance costs will be also take these factors into account, and when certain motor vehicle violations appear on a person’s driving record, it’s almost certain to increase their rates.

When the state requires you to carry SR22 insurance, your premiums will likely increase above that of standard auto insurance. In addition, you will have to pay those higher rates for at least three years. As a general comparison, whatever your standard auto insurance rate is, your SR22 insurance costs may be several times higher if you have a DUI conviction, and about twice as much if your license was suspended due to excessive traffic tickets, such as for speeding or running a stop sign.

How to reduce your SR22 insurance costs

Depending on the state you live in and your insurance company, you may be able to reduce your SR22 rate after a period of time by maintaining a clean driving record. In some states, keeping your record clean may allow your insurer to have the SR22 requirement removed, thus reducing your premiums. Other ways to reduce your SR22 insurance costs at the start include having a higher deductible, or driving an older vehicle rather than a new model.

If you don’t own a vehicle you can purchase a non owner SR22 insurance policy, which is less expensive in general than an SR22 owner’s policy tied to a vehicle. You can add a vehicle at any time you wish, but you may want to find out about the cost before actually purchasing, as it could significantly vary depending on the vehicle and whether you would need full coverage or liability.

More about SR22 insurance costs

See the following articles for information related to lowering your SR22 insurance costs:

Whatever your situation, UltraCar Insurance agents can help keep your SR22 insurance costs as low as possible by offering policies and competitive rates from top insurance providers. Call us or start a quote now for a no obligation SR22 insurance quote!


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