What if a single mistake ended up costing you thousands of dollars?
Traffic accidents can already be expensive enough, especially when there is property damage and medical bills. However, a traffic mishap will continue to cost you plenty of extra money if you need to file an SR-22 certificate due to a state mandate.
The SR-22 will cause your insurance to increase, but how much will it go up? And what are the other hidden fees when it comes to filing the paperwork? Keep reading to discover the answers!
What’s the Cost to File an SR 22?
It generally costs $25 to file your SR-22 with the state, though the cost may be less or more depending on where you live. The only way to file your SR-22 is to do so through an insurance company that will charge you a nominal fee to file.
The cost to file this paperwork is actually the cheapest aspect of the SR-22. That’s because it is a one-time fee, and the costs are relatively low. Most drivers don’t really feel the pain in their wallets until they see how much their insurance has increased.
What is SR-22 Insurance?
The SR-22 is simply a form you file with your state that verifies you have met at least the minimum car insurance requirements. There is no such thing as separate “SR-22 insurance.” However, some drivers use this term to refer to the higher insurance they pay once the SR-22 is on file.
This term is necessary because many insurance carriers refuse to insure drivers who are legally required to file an SR-22. Such drivers have usually received a DUI or DWI conviction. Therefore, some insurance carriers refuse to insure these risky drivers in the first place. Those who do offer insurance will do so at a much higher rate.
How Much Will My Insurance Increase With an SR 22?
Depending on your insurance carrier and other factors, your SR-22 car insurance may increase on average from $200 to $400 per month. Just like with regular car insurance, other factors may drive your own personal insurance either higher or lower, including where you live and what type of vehicle you drive.
Once the SR-22 is on file, your insurance carrier is going to pay special attention to your traffic record, and the severity of certain offenses may impact both how much your insurance increases and how long that increase lasts.
Most drivers pay their insurance premium monthly. If you are unhappy with how much your insurance increases under your current carrier, you can always get quotes from other carriers until you find a more competitive rate.
Will My Insurance Costs Ever Go Back Down with SR22?
After a certain amount of time (usually three years), you can stop filing the SR-22 with your state. While this may lower your insurance, there is no guarantee the rate will go down.
That is because insurance carriers make their own calculations about certain drivers’ risks. In the eyes of the law, you may no longer have to file an SR-22 after three years. But in the eyes of your insurance company, you may still be a risky prospect, especially if you were convicted of DUI or DWI.
It’s important to drive safely and responsibly to demonstrate to your insurance carrier that you are no longer a risk on the road. As we noted before, nothing keeps you from getting quotes from other insurance carriers in hopes of getting a better deal.
Find Cheap SR-22 Auto Insurance Quotes
What Are Other Possible Costs Related to an SR-22 Insurance?
Other costs related to the SR-22 are usually specific to your case. For example, you may have to pay $20-$40 or more to complete a court-mandated safety driving course. If the court has suspended your license, then you may have to pay $125 or more to have it reinstated after you file the SR-22.
While fees for driving courses and license reinstatements are annoying, they are one-time fees. The biggest financial issue is how much your insurance will increase because you will be paying a higher amount for your insurance for three years or longer.
Can I Have the SR-22 Removed?
You must have an SR-22 on file and maintain at least the minimum required insurance for the period of time specified by the court (typically three years). After, you can remove the SR-22 by contacting your insurance company.
It is very important for you to keep track of how long you have had the SR-22 on file because it will not come off on its own. Additionally, if there are any lapses where you don’t have the minimal insurance on file, this time period will not count toward the months you must have the SR-22 on file.
How Else Can I Save Money on My Premium with an SR-22?
Aside from shopping around for new rates, look for discounts that may apply to your circumstances. By capitalizing on a better rate from a new carrier, as well as qualifying discounts, you may be able to offset the newer, higher cost of your insurance.
Get the Best SR-22 Insurance Today!
Now you know how much an SR-22 is likely to cost you. But do you know where you can find an insurance carrier that will help you save as much as possible?
Here at SR-22 Adviser, we can help you save money on your monthly premium. To get started, come get competitive SR-22 insurance quotes online with our insurance partner today!