SR-22 insurance, also known as a certificate of financial responsibility, is a type of car insurance required by certain states for high-risk drivers.
This type of insurance getting mandated for drivers who have had their license suspended or revoked due to DUI or reckless driving offenses and who have multiple traffic violations or accidents on their record.
What is SR–22 insurance
Here is more detail about SR-22 insurance – What is it? How much does it cost?
First, let’s understand what SR-22 insurance is. SR-22 is a form – that gets filed by your insurance company with the state you live, certifying that you have the required minimum liability insurance coverage for your vehicle.
The form serves as proof that you have insurance and that the state can hold you accountable if you get found to be driving without insurance.
Cost of SR-22 Insurance
The cost of SR-22 insurance can vary greatly depending on several factors, including the state in which you live, your driving record, and the type of vehicle you drive. Generally, however, SR-22 insurance tends to be more expensive than traditional car insurance, as high-risk drivers – consider a greater risk to insure.
Some states require SR-22 insurance for a specific period, usually three years. In other states, SR-22 insurance gets needed for as long as the driver is considering getting high-risk.
The cost of SR-22 insurance can also vary depending on the type of coverage you choose. Liability coverage, which gets the minimum coverage required by most states, is typically less expensive than complete coverage, including collision and comprehensive coverage.
Additionally, the cost of SR-22 insurance can be affected by factors such as the – age of the driver, the type of vehicle getting insured, and the driver’s credit score.
The average cost of SR-22 insurance
The average cost of SR-22 insurance can range from $15 to $30 per month for liability coverage and up to $100/per month for full coverage.
However, it’s critical to remember that the cost of SR-22 insurance can vary greatly depending on your circumstances, so it’s always best to get quotes from multiple insurance companies to compare rates.
It’s also important to note that some insurance companies may not offer SR-22 insurance at all, and it may take some time and effort to find a company willing to provide coverage.
Additionally, if you are required to carry SR-22 insurance and you let your coverage lapse or cancel it. Your insurance company gets – required to notify the state, and your license may suspend again.
Conclusion
In conclusion, SR-22 insurance is a type of car insurance required by certain states for high-risk drivers. The cost of SR-22 insurance can vary greatly depending on factors such as the state – you live, your driving record, and the coverage you choose.
On average, SR-22 insurance costs might range from $15 to $30 per month for liability coverage and up to $100 per month for complete coverage. It’s essential to shop around for the best rates and to be aware of the requirements and potential consequences of carrying SR-22 insurance.