SR-22 Insurance Rates
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UPDATED: Nov 2, 2020
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How SR-22 Insurance Rates are Determined
Auto insurers weigh a number of factors in determining SR-22 insurance rates. Policies for SR-22 holders tend to be more expensive due to the high-risk nature of the driver. Drivers who hold SR-22 forms are typically those with revoked or suspended licenses due to DUI or DWI convictions, too many traffic violations or accidents or being involved in an accident while uninsured. Auto insurers who offer SR-22 insurance must file a SR form with the state where the policyholder resides, and the policyholder must carry the SR-22 form for three years.
Auto insurance rates are determined using criteria such as credit history, driving record, length of time a person has been driving, number of convictions, traffic violations and/or accidents. Blemishes on a driver’s record increases his chances of paying higher premiums. For SR-22 holders, however, the chances of higher premiums increase significantly.
If you have a DUI/DWI conviction on your driving record, you can look forward to SR-22 insurance rates as much as three to five times higher than you would have had if you kept your record clean. If you lost your driver’s license due to having a lot of traffic tickets, you’ll still pay a higher premium, but roughly half as much as you would with a DUI/DWI on your record. Count on paying higher premiums for at least three years, because that is how long the law requires SR-22 holders to maintain SR-22 insurance. Keeping your record clear of future dents may help you get a lower premium over time, but it really depends on your insurer.
Opting to pay a higher deductible may help lower your SR-22 insurance rates, as will lowering the amount of coverage if you drive an older vehicle. The impact of any current convictions or violations on your license will lessen over time, which may also help you reduce your SR-22 insurance rates a little. In some states you may even be no longer required to carry an SR-22 once your convictions have aged over a period of time, and your insurer can have the requirement removed from your policy, increasing your chances of a lower premium.
It is wise to check to see if your current insurer offers SR-22 insurance, as well as any other insurance companies in your area. Then you go shop right from the convenience of your home computer for the best SR-22 insurance rates available, and simply choose those insurer with the lowest price.