An SR-22 will increase your insurance premiums by up to 18%, depending on your state. A minimum coverage policy for a driver with an SR-22 costs an average of $742 annually, but SR-22 coverage can cost significantly more if serious infractions such as DUIs led to the SR-22 requirement.
How Much an SR-22 Increases Insurance Premiums by State
Depending on the reason you need an SR-22, you may see a higher rate increase. For example, drivers convicted of DUIs often need SR-22s, and a DUI alone can increase rates by up to 278%, depending on the state and insurer.
SR-22 insurance is so expensive because it’s mainly required for high-risk drivers who have recently been convicted of a major moving violation, like DUI or reckless driving. Drivers considered to be high-risk will inevitably pay higher premiums due to their increased likelihood of filing a claim.
On average, SR-22 insurance costs between 3% and 278% more than a standard policy, depending on the state and the specific offense that leads to the SR-22. For example, a DUI conviction raises premiums by an average of 105%, while a reckless driving offense raises premiums by an average of 91%.… read full answer
Even though SR-22 insurance is expensive, you’ll only need to have it for 1-5 years, depending on your state. After that, your rate will start to go back down again. To learn more, check out WalletHub’s guide to SR-22 insurance.
You can get your SR-22 removed in California after 3 years by notifying your insurance company, which will cancel the SR-22 filing with the state. Sometimes, the DMV will send you a notice letting you know when your SR-22 period is over.
If you’re not sure whether you’ve satisfied your SR-22 certification requirement, you can find out when you’ll be able to remove the high-risk SR-22 label from your driving record by contacting the DMV. Drivers who cancel their SR-22 coverage too early risk having their license suspended or facing fines.… read full answer
Once you cancel your SR-22, your insurance premiums will likely go down because you are no longer considered as high-risk. As a result, you should get quotes from different insurance companies to make sure that you’re still getting the best deal. Additionally, if you do not own a car but were previously required to file a non-owner SR-22, you are free to cancel your insurance altogether.
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