Understanding SR-22 Auto Insurance: A Guide to Saving Money
Auto insurance isnt something most of us look forward to; its a sometimes necessary evil. But wouldnt it be great to know how to get the best coverage possible, ideally the most coverage for the lowest price? One such form of insurance is SR-22 auto insurance, and understanding this type of coverage could be the key to saving you hundredsor even thousandsof dollars. Lets take a look at just what SR-22 insurance is, and how to get the biggest bang for your insurance buck.
First of all, SR-22 auto insurance is typically a type of filing for those who have lost their license due to driving without insurance, DUI, or other reasons. Its a document that proves to your states Department of Motor Vehicles, or DMV, that you have the minimum amount of car insurance required by law. It also shows youre financially responsible, which is why youll likely be required to pay higher premiums than someone with a clean record.
Due to the added risk, its important to shop around for the best deal. Though its tempting to go for the same insurer you had prior to your infraction, chances are youll be able to find a better deal elsewhere. Dont be afraid to use your phone or shop online; its the quickest way to compare rates. Remember, the point is to get the best possible value, not the cheapest price. Dont get drawn in by companies that offer dirt-cheap premiums; chances are there will be lots of hidden elements and fees that will end up costing you more down the line.
To get the best deal, youll want to look for insurance providers who specialize in SR-22 coverage policies. Its also a good idea to look for any discounts you might be eligible for, such as student discounts, discounts for good driving records, or even discounts for enrolling in an online defensive driving course.
Speaking of defensive driving, its important to remember that if youre dealing with SR-22 auto insurance, this isnt the time to take risks. Paying your premiums late or missing out on payments due could put your coverage at risk. In most cases, your insurer will contact the DMV if they dont receive your payment on time. That means you could be facing even higher fines and the reinstatement of your suspended license.
Finally, while you might not think its necessary, its still a good idea to dig into the finer details of your policy. Check the exclusions and waivers with your states DMV as soon as possible, so you know exactly whats covered in case of an accident.
Four: A Final Word of Advice
When it comes to saving money, theres no one-size-fits-all answer. Indeed, when it comes to saving money on your SR-22 auto insurance, there are no guarantees. However, taking the steps outlined in this guide shopping around, looking for discounts, and being proactive with your coveragewill certainly increase your chances of getting the best bang for your buck.
Five: Compare Auto Insurance Companies
Comparing different auto insurance companies is one of the best ways to save money and get the coverage you need. Research different companies to compare their rates, coverage, and limitations. Even if youve already chosen a provider, its still a good idea to check in every so often, to make sure youre still getting the best deal.
Six: Dont Neglect Coverage You Dont Need
Its easy to become overwhelmed with all the different coverage types and options. To help, make a list of which coverage types you really need, and then research which providers offer the coverage at the best rate. Once you have a list, you can start comparing companies to find the best rates. As a general rule of thumb, the basic coverage types you should be looking for are liability, comprehensive, and collision.
Seven: Bundle Your Insurance Policies
If youre looking for additional ways to save money, consider bundling your insurance policies. Bundling different types of insurance with the same provider can help you save up to 25% or more on your overall policy. Be sure to do your research before bundlingsometimes the savings from one policy wont be worth the increase in another.
Eight: Increase Your Deductible
Increasing your deductible is another way to save money on SR-22 auto insurance. The higher your deductible, the lower your premiums. Just remember that if you opt for a higher deductible, youll be responsible for paying more out of pocket if you get into an accident.
Nine: Stay Updated on Changes in Auto Insurance Policies
As with most things in life, auto insurance policies can change. Its important to stay on top of these changes, as they could affect your coverage, premiums, and more. Be sure to do your research and read the fine print of any new policies youre opting for; overlooking an important detail could mean youre not getting the best deal.
Ten: Take Advantage of Multi-Car Discounts
If youre insuring multiple cars, you may be eligible for a multi-car discount. Depending on the provider, this could be up to 25% or more on all your cars. However, its important to note that this wont be the same across all providers. Be sure to check before you commit.
Understanding SR-22 auto insurance can be a daunting task, but it doesnt have to be. Taking the steps outlined in this guidefrom shopping around to taking advantage of discounts and bundling policiescan help you get the best coverage for the lowest price. Ultimately, it all comes down to knowing what youre looking for and being smart about your choices. By taking the time to do your research, you could save hundredsor even thousandson your auto insurance.