SR-22 insurance in Colorado costs an average of $785 per year, an increase of 8% compared to standard car insurance rates. In addition to an increased premium, it costs between $15 and $25 to file an SR-22 form in Colorado, depending on the insurance company.
An SR-22 is a state-issued form verifying that a driver is carrying the minimum amount of car insurance coverage required by the state after they are convicted of a serious violation like DUI or reckless driving. Because an SR-22 designates the policyholder as high-risk, their insurance premium goes up while it’s on file with the state. Drivers in Colorado who need to file an SR-22 will also lose any discount related to good driving that they may have previously qualified for.
The effect of an SR-22 on the cost of insurance is only temporary, though. In Colorado, drivers only need to have their SR-22 on file for 3 years. After that, the driver’s premium will start to go back down, assuming they drive responsibly.
Drivers in Colorado can get rid of their SR-22 certificate when their required coverage period is over – after 3-5 years. Sometimes, the DMV sends the driver a notice, letting them know that their SR-22 period is over.
If you’re not sure whether you’ve satisfied your SR-22 certification period, 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 have verified that your required coverage period is over, you can inform your insurance company. If your insurance company asks for verification, show them the correspondence between you and the DMV. Then your insurance company will file a form on your behalf to document that you no longer need your SR-22. After that, if you don’t own a car or won’t be driving, you’re free to cancel your insurance.
SR-22 insurance costs $2,336 per year, on average, nationwide. Because an SR-22 flags you as a high-risk driver, your insurance company will charge you a higher premium than the average driver. But the cost of SR-22 insurance changes dramatically based on where you live.
Michigan drivers pay the most for SR-22 insurance, with rates averaging $7,472 annually. On the other hand, Maine has the cheapest SR-22 insurance, with drivers only paying an average of $1,051 per year. How much coverage you buy also makes a difference in cost. If you only buy the minimum amount of insurance required by your state, you can fulfill your SR-22 requirements while keeping your rates as low as possible under the circumstances.… read full answer
It should be noted that the SR-22 form itself doesn’t cause your rates to go up. In fact, your insurance company will only charge you a one-time filing fee of around $25. Instead, your premium will go up based on the infraction that caused you to need an SR-22 in the first place. SR-22s are usually required after serious traffic offenses like DUI, reckless driving, or driving with a suspended license. So, even if your state didn’t require you to have an SR-22, your insurance company would still charge you a higher rate based on your risk as a driver.
Since you only need to have an SR-22 for 3-5 years, your premium will eventually go back down. In the meantime, switching to an insurer with lower rates is the best way to save money on SR-22 insurance. As long as your coverage doesn’t lapse, it won’t affect how long you need the SR-22.
An SR-22 in Colorado is a certificate proving that a high-risk driver has the legal requirements for car insurance in Colorado. So-called SR-22 insurance raises annual car insurance premiums by roughly $1,022 in Colorado, compared to standard rates. In addition, there’s usually a fee of $15 to $25 for your insurance company to file your SR-22 documentation with the state.… read full answer
Your SR-22 must be maintained with Colorado’s licensing agency for 3-5 years, according to Colorado law. If your insurance coverage lapses during that time, your insurance company is required to report you to the state. Your SR-22 period resets in that case, and you are required to pay any SR-22-related fees again.
What You Need to Know About SR-22 Insurance in Colorado:
Who Needs SR-22 Insurance in Colorado? Colorado requires SR-22 documentation for drivers who are convicted of serious traffic violations. The list includes reckless driving, hit and run, and DUI, among other major offenses.
How Much Does SR-22 Insurance Raise Premiums in Colorado? An SR-22 in Colorado increases car insurance costs by approximately $1,022. That is roughly 65% more than the average Colorado resident pays for car insurance. The increase is proportionate to your traffic violation – multiple DUIs will raise rates more than your first speeding ticket.
How to File SR-22 Documentation in Colorado: Your insurance company will file the SR-22 certificate with the state for you. For the next 3-5 years, you need to keep your insurance policy active with no lapse in coverage.
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