Lowering Your Sr-22 Insurance Cost

Published by Michael Hoban on

As many people already know, high-risk drivers pay more for their auto insurance. A driver’s status as high-risk means they racked up a number of violations, caused a serious accident, drove distracted or impaired. In the eyes of an insurance company, those behaviors make a driver high-risk to cover. In fact, some insurers may deny you coverage due to your status and driving history. Luckily there are companies that deal directly with high-risk drivers and offer them the chance to file for cheap Sr-22 coverage with a new policy. Additionally, there are a few ways you can help ease the burden on your finances. 

Selling/Downgrading

When insurers label a driver as high-risk, there are two ways to obtain cheap Sr-22 coverage. The first way may be easy or very difficult depending on the condition of your vehicle and your attachment to it. Undamaged vehicles and relatively new you could sell it and buy a cheap used vehicle to insure. Insurance companies usually charge less for used cars, so selling your current model may be your best option. However, if damage results from an accident or the car you own has no value, your next option should work better. 

Non-owner’s policy

After a high-risk driver determines they can’t afford a used car, a non-owners insurance policy may work best. A non-owners policy means a person won’t be able to own a vehicle. But, the driver will meet their requirements for the Sr-22. The Sr-22 requires that you carry proof of insurance, so despite not insuring a car the driver themselves are insured. 

These two options may sound a bit drastic or annoying but that is the consequence of being a high-risk driver. It makes cheap Sr-22 insurance hard to obtain but not impossible. Yes, there are ways to lower your costs, but it may take selling your car or going without a car for a while. Either way, high-risk drivers required to carry Sr-22 coverage will need to make a decision.