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.
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.