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How Much Does SR-22 Insurance Cost? (With Factors To Consider)

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Image via Flickr by davidsonscott15

An SR-22 is a certificate of insurance provided by a car insurance provider. An SR-22, also known as a financial responsibility filing, certifies that the insured has satisfied the state’s minimum liability coverage requirements. When the policy is issued, the insurance company sends the form to the Department of Motor Vehicles (DMV). The certificate serves as acceptable proof of liability auto insurance in the event that the DMV requires you to demonstrate financial responsibility.

When Do You Need an SR-22?

An SR-22 is mandatory for individuals who were found driving or were involved in an accident, but do not have proper vehicle insurance or a legitimate license. It is usually necessary for those who have been sentenced for driving under the influence of drugs or alcohol. The normal duration for carrying an SR-22 is usually three years, but certain cases may require up to five years. For instance, North Dakota only requires an SR-22 for one year, but Mississippi and Alaska require an SR-22 for up to five years.

If a driver is obliged to keep an SR-22, the certificate needs to state that the related insurance policy covers all vehicles registered in the driver’s name and the vehicles that the driver regularly uses. If a motorist does not plan to drive, they do not need to submit an SR-22. If the same driver owns an automobile or has frequent access to one, they must file a non-owner SR-22 certificate. This protects the driver while operating an automobile that they do not own.

How Much Does an SR-22 Cost?

The cost of an SR-22 varies depending on the insurance company. Filing for an SR-22 incurs two costs: filing fees with your local courts and increased insurance rates. While the SR-22 form can be filed for a low fee, the real cost of SR-22 coverage is substantially greater because of the seriousness of the driving offense involved.

In addition, if a motorist has met all SR-22 criteria, the DMV may charge $125 or more to reissue a driver’s license and reinstate driving privileges. The certificate is not the sole expense. Most insurance companies charge a price of $15 to $35 to file and renew your SR-22.

SR-22 insurance may also be more expensive as a result of the loss of good driver discounts. Individuals may anticipate paying between $300 and $800 in higher premiums on average, depending on factors such as age, marital status, driving experience, area of residence, and personal driving history. Insurance companies that provide SR-22 coverage typically charge more for their policies.

Clients with SR-22 insurance must also pay higher premiums due to their minimum liability coverage. This is because they are deemed a high-risk driver. Certain insurance firms may require high-risk drivers to pay for the whole coverage period in a lump sum at once, which can be a heavy financial burden for many drivers.

What Variables Influence Your SR-22 Insurance Cost?

SR-22 isn’t technically automobile insurance. Most people associate an SR-22 with auto insurance coverage that includes an SR-22. If you have an SR-22, you have been classified as a high-risk driver and your insurance premiums may rise. Your insurance premiums also depend on factors such as your gender, marital status, and deductibles. However, there are other additional factors that might influence your rates, including:

  • History of credit: Some insurance providers will base your vehicle insurance prices on your credit score.
  • History of insurance: Drivers having a history of at-fault insurance claims may face higher vehicle insurance premiums.
  • Amount of coverage: If the state minimum is insufficient, you can increase your coverage limits, but you will pay more for vehicle insurance.
  • Age: Younger drivers incur more risks on the road, and insurance companies respond with higher prices.
  • Location: Your auto insurance prices might vary greatly depending on where you reside.
  • Driving history: Insurance companies examine your driving record to determine whether you are a hazardous driver to insure.

How Can You Reduce Your SR-22 Insurance Cost?

Although an SR-22 may raise your rates, it does not exclude you from obtaining low-cost auto insurance. You may save money on auto insurance by combining it with other insurance policies. In addition to bundling your policies, you might choose a usage-based insurance program. Additionally, you may consider the following vehicle insurance discounts to lower your SR-22 auto insurance rates:

  • Discount for excellent credit: If you have good credit, you can save up to 30% with some companies.
  • Discount for anti-theft measures: Your insurance provider may offer discounts if your car has anti-theft measures installed.
  • Discount for safety features: Automobile insurance firms provide lower rates to drivers who have vehicles fitted with several safety features, such as anti-lock brakes and traction control.
  • Discount for being an excellent student: Students who get high marks can save between 10% and 15%.

The typical cost of SR-22 vehicle insurance differs by state, but your rates will be based on your individual situation. When determining vehicle insurance premiums with or without an SR-22, insurance companies consider a large number of variables. If you have an SR-22, your insurance premiums will probably be higher. Taking advantage of the strategies mentioned in this article might result in lower premiums.

Your insurance premiums will almost certainly drop once you no longer need an SR-22. Keep in mind that it’s the conviction on your driving record, not the SR-22, that influences your premiums. Your rate is ultimately determined by your driving record, age, state of residency, and other considerations. Most insurance policies are renewed every year or six months, so you may see lower premiums each time your policy is renewed if there are no new driving incidents to report.

After three years of safe driving following a conviction, many insurance companies will gradually lower your premiums. Renewing on time and driving safely on the road can boost your chances of earning lower premiums from your insurance provider. The longer you go without an incident, the lower your premiums should be.

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.

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About the Author

FIXD Research Team

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

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