How To Effectively Save Money On An SR-22 Auto Insurance Policy
If you've gotten in trouble on the road — be it a DUI or reckless driving — you may be required to have an SR-22 insurance policy. This form of insurance states that you're carrying the minimum liability insurance in your state. If you need to get this type of policy, these tips can save you some money.
Compare Rates From Multiple Lenders
There are a lot of lenders today that offer SR-22 policies. However, their rates may vary a bit from one another. As such, it's smart to gather quotes from multiple lenders to see which one is the most reasonable for your finances.
You don't even have to call these lenders in person. You should be able to just enter in some personal and vehicle information in an online calculator. In minutes, you can see what each lender will offer you for one of these special policies.
Switch to a Low-Risk Vehicle
How much you pay for an SR-22 auto insurance policy also depends on the type of vehicle you drive. For example, if you drive a fast sports car, you're considered more of a liability and thus will have to pay more for this insurance.
Conversely, if you drive a mini-van with advanced safety mechanisms, your SR-22 policy will be much cheaper. If your vehicle is considered a greater risk, you might consider switching vehicles, at least on a temporary basis. You can then save money every month on insurance.
Increase the Deductible
How much you pay out of pocket for vehicle damage before insurance kicks in is known as the deductible. This is one of the more important figures to focus on when trying to lower your SR-22 insurance costs.
By raising this deductible amount, you can make your monthly premiums more affordable. Thus, assuming greater liability for vehicle damage may be worth having cheaper monthly rates. This is particularly true if you're a good driver and don't really find yourself dealing with auto collisions.
Just make sure that if you raise this deductible, you do so by a reasonable amount as to not put yourself at risk financially in the future should you get hit on the road.
If you're required to have an SR-22 policy because of some driving incident in the past, there are still plenty of ways you can save money. Just do what works best for your finances and personal driving situation.
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