What Sr-22 Insurance Is And How To Get It Cheap
In most states throughout the U.S., your driver's license could be suspended
or revoked for a number of reasons such as excessive driving points, major moving violations such as DWI, DUI, and reckless driving, outstanding traffic tickets, and even failure to pay child support. If your driver's license is suspended for any of the reasons listed above, you will have to obtain a special type of insurance in order for your driver's license to be reinstated.SR-22 insurance is a type of high-risk insurance that carries a specific set of conditions not found in other types of auto insurance policies. Under the conditions of SR-22 insurance, the insurance company must certify coverage to the Department of Motor Vehicles (DMV) in your state.
Under state law, the insurance company must notify the DMV if the policy is canceled, terminated, or lapses. If you are required to obtain SR-22 insurance, even if you no longer own a car, you must obtain a non-owner SR-22 policy.
Non-owner SR-22 is specifically designed for individuals that do not own a vehicle, but need auto insurance in order for their privileges to be reinstated. SR-22 auto liability insurance must be carried for three years from the date driving privileges were reinstated.
The same time period applies to non-owner SR-22 insurance. During the three years, the law requires the insurance company to notify the DMV if: You are late making premium payments, there is a lapse in your SR-22 policy for any reason, you switch insurance providers
If the insurance company notifies the DMW for any reason, however, your license will be suspended immediately for failure to comply with the SR-22 auto insurance requirements. It is important to note that even if your coverage lapses for 1 day or you are late making a payment by 1 day, your license will be suspended.
Once your license has been suspended for failure to comply, your SR-22 policy will have to be renewed before your driving privileges will be restores. Unfortunately the three year period will start all over again - from the date your driving privileges were reinstated.
Not all insurance companies offer SR-22 auto liability insurance, but most do. To obtain the best rates on SR-22 auto liability insurance, contact any auto insurance broker or a licensed SR-22 auto insurance broker.
Only agents and brokers licensed in your state may issue SR-22 insurance. After obtaining SR-22 liability insurance, you will receive a certificate of insurance.
This certificate, called an "SR-22," is required as proof of insurance by the court in your state or under current state law. The SR-22 certificate should remain active and be carried in the vehicle at all times.
Below are some ways you can reduce the cost of your SR-22 insurance.
By only having liability insurance this can save you 50% on the auto insurance. This may not be a viable option for those drivers who finance or lease a newer car since the bank will require full coverage.
By stripping down the policy to only the required coverage can save you hundreds of dollars per year. Once you are no longer required to carry the SR22 you can add the full coverage back at any time.
This may not make much sense but if you have a motorcycle it can save you a lot of money. You can get quotes from other insurance companies than your current one for motorcycle insurance including an SR22.
Your current company may not be informed of the citation that caused the required SR22 so your insurance rates should not change. By having liability insurance on a motorcycle with the SR22 it will meet all the state requirements and potentially save you thousands of dollars.
Once the reinstatement requirements have been met you can cancel the motorcycle policy or move it to your original carrier. When you have a new expensive car the insurance on it can be very costly especially if you are required to carry full coverage by the lender.
Buying an older car that is not financed can dramatically lower your auto insurance cost by not having to carry full coverage as well as the reduced cost to insure the year of car. Get a domestic sedan that is over 10 years old to see the most savings on insurance premiums.
Most companies offer big discounts if you have them insure your home and cars together. This could save you another 15-20% per year.
If you currently have all your policies with one company ask them if there are any other discounts you might be eligible for. Shopping around is an obvious but often overlooked option to reducing your SR22 insurance premiums.
Most people will go with their current carrier but you could save hundreds of dollars with another company. Some companies rate differently when it comes to DUI or other major violations which could save you a bucket of money.
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