By

John Davey

Updated

November 13, 2023

Edited By

Fausto Bucheli Jr
woman sitting on car with smartphone
image credit - Andrea Piacquadio

An SR-22 certificate is a financial responsibility form that proves to your state that you have the minimum required amount of car insurance. If you have been convicted of a serious driving offense, such as a DUI or driving without insurance, you may be required to file an SR-22 form with your state.

The cost of an SR-22 certificate can vary depending on a number of factors, including your driving record, vehicle type and age, location, age and gender, coverage limits and deductibles, credit score, and other insurance policies.

In this article, CheapInsurance.com will examine the factors that affect the cost of an SR-22 quote, what to expect in your SR-22 quote, how to get the best SR-22 quote, and tips for reducing the cost of your SR-22 certificate.

Key Takeaways:

  • SR-22 is a financial responsibility form that demonstrates to your state that you have the minimum required car insurance coverage.
  • The cost of an SR-22 quote is influenced by factors such as driving record, vehicle type and age, location, age and gender, coverage limits and deductibles, credit score, and other insurance policies.
  • To obtain the best SR-22 quote, shop around for quotes, consider your coverage needs, increase your deductible, improve your credit score, and take advantage of discounts.
  • Avoid common mistakes when getting SR-22 insurance quotes, such as not shopping around, disregarding coverage needs, not increasing your deductible, neglecting credit score improvement, and overlooking available discounts.
  • If you can’t afford SR-22 insurance, talk to your insurance company, investigate hardship exemption options, or consider a non-owner SR-22 policy.

What is an SR-22 quote?

An SR-22 quote is an estimate of the cost of your SR-22 filing. When you get a quote, you will be asked to provide some information about yourself, such as your driving record, vehicle type and age, location, age and gender, coverage limits and deductibles, credit score, and other insurance policies.

What factors affect the cost of an SR-22 quote?

There are a number of factors that can affect the cost of an SR-22 quote. These factors include:

Your Driving Record: The Most Significant Factor in SR-22 Insurance Costs

When it comes to securing SR-22 insurance, your¬†driving record¬†takes center stage in determining the cost you’ll pay. Insurance companies meticulously assess your driving history, paying close attention to any infractions, accidents, or convictions you may have. A clean driving record can significantly lower your SR-22 insurance premiums, while a history of driving offenses can lead to substantially higher rates.

Infractions: Minor Offenses with Major Impacts

Even minor traffic violations, such as speeding tickets or running red lights, can negatively impact your SR-22 insurance costs. While a single infraction may not result in a significant increase, a pattern of violations can raise your premiums considerably. Insurance companies view these infractions as indicators of a higher risk of future accidents, leading to higher insurance rates.

Accidents: At-Fault Mishaps and Their Consequences

At-fault accidents play a significant role in determining your SR-22 insurance costs. Insurance companies consider the severity of the accident, the extent of damages, and whether there were any injuries involved. A single at-fault accident can result in a substantial increase in your premiums, and multiple accidents can make SR-22 insurance unaffordable.

Convictions: Serious Offenses and Heightened Costs

Serious driving offenses, such as DUIs, reckless driving, or driving without a license, can have a dramatic impact on your SR-22 insurance costs. These convictions indicate a heightened risk of accidents and potential liabilities, prompting insurance companies to significantly increase your premiums. In some cases, a conviction may even make it difficult to obtain SR-22 insurance at all.

Mitigating the Impact: Strategies for Lower SR-22 Insurance Costs

While your driving record is a significant factor in determining SR-22 insurance costs, there are steps you can take to mitigate its impact and potentially lower your premiums:

  • Maintain a¬†clean driving record: Avoiding further infractions, accidents, or convictions is the most effective way to keep your SR-22 insurance costs down.
  • Complete a defensive driving course: Demonstrating a commitment to safe driving can earn you discounts on SR-22 insurance premiums.
  • Increase your deductible: Opting for a¬†higher deductible¬†can lower your monthly premiums, though it means you’ll pay more out-of-pocket in case of an accident.
  • Improve your credit score: A good¬†credit score¬†can indicate responsible financial behavior, potentially leading to lower SR-22 insurance rates.
  • Shop around for quotes:¬†Comparing SR-22 insurance quotes¬†from multiple providers can help you find the most affordable option.
  • Vehicle type¬†and age: The type of vehicle you drive and its age can also affect your rates. Newer and more expensive vehicles typically have higher SR-22 insurance rates.
  • Location: Where you live can also affect your SR-22 insurance rates. Rates are typically higher in urban areas than in rural areas.
  • Age and gender: Age and gender can also play a role in SR-22 insurance rates. Younger drivers and men typically have higher rates than older drivers and women.
  • Coverage limits and deductibles: The higher your coverage limits and deductibles, the higher your SR-22 insurance rates will be.
  • Credit score: Your credit score is also a factor that insurance companies consider when setting SR-22 insurance rates. Drivers with poor credit scores typically have higher rates than drivers with good credit scores.
  • Other insurance policies: If you have other insurance policies, such as homeowners or renters insurance, you may be eligible for¬†discounts¬†on your SR-22 insurance.

How much does an SR-22 certificate cost?

The cost of an SR-22 certificate varies depending on the factors listed above. However, you can expect to pay anywhere from $50 to $500 per year for SR-22 insurance.

What to expect in your SR-22 quote

Your SR-22 quote will typically include the following information:

  • The cost of the SR-22 filing fee: This is a one-time fee that is charged by the state.
  • The cost of the SR-22 insurance premium: This is the monthly or annual cost of your SR-22 insurance.
  • The coverage limits and deductibles: These are the minimum and maximum amounts that your insurance company will pay for damages in an accident, and the portion of a claim that you will be responsible for.

How to get the best SR-22 quote

There are a number of things you can do to get the best SR-22 quote:

  • Shop around for quotes: Get quotes from multiple insurance companies before you choose a policy.
  • Consider your coverage needs: Make sure you have the right amount of coverage for your needs.
  • Increase your deductible: If you can afford to, increase your deductible to lower your premiums.
  • Improve your credit score: Improving your credit score can help you lower your SR-22 insurance rates.
  • Take advantage of discounts: Ask about any discounts you may be eligible for.

Tips for reducing the cost of your SR-22 certificate

In addition to the tips above, there are a number of other things you can do to reduce the cost of your SR-22 certificate:

  • Complete a defensive driving course: Completing a defensive driving course can help you lower your rates.
  • Maintain a clean driving record: If you can avoid any further driving offenses, your rates will go down over time.
  • Pay your premiums on time: Paying your premiums on time is important for maintaining good standing with your insurance company.

What are the different types of SR-22 policies?

Navigating the SR-22 Insurance Landscape: Understanding Policy Types

When faced with the requirement to obtain SR-22 insurance, understanding the different types of policies available is crucial. SR-22 insurance policies serve as proof of financial responsibility to drive, typically mandated by courts or state agencies following driving offenses. The two main types of SR-22 policies are tailored to meet the specific needs of different drivers:

SR-22 Non-Owner Policy: For Drivers Without Vehicles

An SR-22 non-owner policy is designed for individuals who do not own a vehicle but still need to drive, such as those who frequently borrow cars from friends or family members or rely on rental cars. This type of policy covers the driver’s liability while operating any vehicle they are legally permitted to drive.

Key Features of SR-22 Non-Owner Policies:

  • Coverage: Protects the driver’s liability while driving any vehicle they are legally allowed to operate.
  • Cost-Effectiveness: Typically less expensive than SR-22 owner policies as they do not cover a specific vehicle.
  • Eligibility: Ideal for drivers who do not own a vehicle but need to drive frequently.


SR-22 Owner Policy: Protecting Your Owned Vehicle

An SR-22 owner policy is intended for individuals who own a vehicle and require SR-22 insurance. This type of policy covers the driver’s liability while operating their own vehicle and may extend to other vehicles they are legally permitted to drive.

Key Features of SR-22 Owner Policies:

  • Coverage: Protects the driver’s liability while operating their owned vehicle, with potential coverage for other vehicles as well.
  • Vehicle-Specific: Ensures the driver’s liability is covered while operating their specific vehicle.
  • Eligibility: Suitable for drivers who own a vehicle and are required to obtain SR-22 insurance.


Choosing the Right SR-22 Policy: Considerations for Drivers

Selecting the appropriate SR-22 policy depends on an individual’s driving situation and vehicle ownership status. If you do not own a vehicle, an SR-22 non-owner policy is the most cost-effective option. However, if you own a vehicle and need SR-22 insurance, an SR-22 owner policy is the right choice to ensure coverage for your vehicle.

Consulting with Insurance Professionals:

When navigating the complexities of SR-22 insurance, consulting with experienced insurance professionals is highly recommended. They can provide personalized guidance, explain policy details, and help you choose the most suitable SR-22 policy that aligns with your specific needs and driving situation.

young woman at desk with notebook computer petting dog
image credit - Samson Katt

What happens if I cancel my SR-22 insurance?

Navigating the Perils of SR-22 Lapse: Understanding the Consequences

SR-22 insurance serves as a vital tool for individuals mandated by courts or state agencies to demonstrate financial responsibility following driving offenses. Canceling an SR-22 insurance policy before fulfilling the mandated requirement is a serious matter with significant consequences.

Suspension or Revocation of Driving Privileges

The most immediate consequence of canceling an SR-22 insurance policy prematurely is the potential suspension or revocation of your driving privileges. Your state’s Department of Motor Vehicles (DMV) is notified upon cancellation, and they may swiftly suspend or revoke your license if they determine that you are no longer in compliance with the SR-22 requirement.

Financial Penalties and Reinstatement Costs

In addition to the suspension or revocation of your license, you may also face financial penalties for canceling your SR-22 insurance policy early. These penalties may include fines, reinstatement fees, and surcharges. The severity of the penalties can vary depending on your state’s laws and the extent of your lapse in coverage.

Impact on Future Insurance Rates

Canceling your SR-22 insurance policy can also have a negative impact on your future insurance rates. Insurance companies view cancellations as a sign of irresponsibility or financial instability, leading to higher premiums for subsequent SR-22 policies or even difficulties in obtaining coverage altogether.

Prolonged SR-22 Requirement

Premature cancellation of your SR-22 insurance can prolong the overall requirement period. Depending on your state’s regulations, your SR-22 requirement may restart from the beginning, potentially extending the time you are obligated to maintain this type of insurance.

Legal repercussions and Criminal Charges

In severe cases, canceling your SR-22 insurance policy while your requirement is active can result in legal repercussions, including criminal charges. This is particularly true if you are involved in an accident while driving without valid SR-22 coverage.

Avoiding the Pitfalls: Maintaining SR-22 Compliance

To avoid the aforementioned consequences, it is crucial to maintain SR-22 insurance compliance throughout the mandated period. Here are some essential steps to ensure you remain compliant:

  1. Understand your SR-22 requirement: Clearly understand the duration of your SR-22 requirement and any specific conditions attached to it.
  2. Communicate with your insurance company: Maintain open communication with your insurance provider regarding your SR-22 policy. Inform them well in advance of any changes in your driving situation, such as selling your vehicle or moving to a new state.
  3. Prioritize timely payments: Make timely payments for your SR-22 insurance premiums to avoid cancellation due to non-payment.
  4. Seek guidance from insurance professionals: Consult with experienced insurance professionals for personalized advice and assistance in navigating the complexities of SR-22 insurance.

What are some common mistakes to avoid when getting SR-22 insurance quotes?

There are a number of common mistakes people make when getting SR-22 insurance quotes. These mistakes include:

  • Not shopping around for quotes: Many people only get a quote from one insurance company, which can result in them paying more than they need to.
  • Not considering their coverage needs: Some people choose too little coverage, which can leave them financially responsible for damages if they are at fault in an accident. Others choose too much coverage, which can unnecessarily increase their premiums.
  • Not increasing their deductible: If you can afford to, increasing your deductible can lower your premiums. However, it is important to make sure you can afford to pay the deductible if you are in an accident.
  • Not improving their credit score: Improving your¬†credit score¬†can help you lower your SR-22 insurance rates. However, it takes time to improve your credit score, so it is important to start working on it early.
  • Not taking advantage of discounts: Many¬†insurance companies offer discounts¬†to drivers who take defensive driving courses, maintain a clean driving record, or pay their premiums on time. Be sure to ask about any discounts you may be eligible for.
woman working on notebook computer
image credit - George Milton

Conclusion

Getting SR-22 insurance can be an inconvience, and it brings increased financial impacts, but it is important to do so if you are required by your state. By following the tips in this article, you can get the best possible SR-22 quote and avoid making any common mistakes.