Many people think that only people who own a car and are convicted of a DUI or other major driving offenses need an SR-22 or FR-44. However, even if you do not have a car, a court may require a non-owner policy if you have an SR-22 requirement.
To better understand the pricing of a non-owner SR-22 insurance policy, this guide will walk you through the process, including the underwriter’s perspective.
Read on to learn more about non-owner SR-22 auto insurance pricing!
Why Some Courts Require Non-Owners to File an SR-22 with the State DMV
While you may not own a vehicle, a state government may still find you to be a high-risk driver. This could be due to many factors such as receiving a DUI or incurring too many moving violations in a short time.
Since you do not own a vehicle, you cannot acquire a typical high-risk insurance policy. However, some auto insurers offer policies customized for non-owners. By acquiring one, you can ensure you meet your state’s legal requirements and avoid additional legal penalties.
What Goes into a Non-Owner Auto Insurance Policy
As with any driver in your state, you will need to ensure that your insurance meets the minimum liability requirements stipulated by state law. The policy will need a minimum level of both bodily injury and property damage liability coverage per person and per incident.
When you sign up for such a policy, your insurer will handle the paperwork involved. If you fall behind on your premiums or fail to keep your policy active, your insurer is obligated to report this to the state, at which point you may lose your driving privileges due to license suspension or revocation.
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How Much You Can Expect to Pay for a Non-Owner SR-22 Policy
From an underwriter’s perspective, a high-risk driver who does not own their vehicle represents a lower risk than one who does. As a result, most non-owner policies tend to be more affordable than an owner’s policy.
However, you can still expect to pay more for a non-owner SR-22 plan than a safe driver would pay for an owner policy. The cost of SR-22 insurance is higher than it would be for non-SR-22 customers.
In addition to the cost of the premiums themselves, you can also expect to pay a filing fee, usually in the low double digits. While your insurer will take care of filing the proper paperwork with the state, they will usually pass this fee onto you directly.
How to Save Money on a Non-Owner SR-22 Policy
The best way to save money on auto insurance is to seek out an agent who has experience in identifying appropriate discounts and lobbying to get you the best possible deal with underwriters. A good agent will listen to your needs and understand your circumstances before recommending a particular policy.
Once your financial responsibility reporting period ends, you may have the ability to find a more affordable insurance plan given your reduced risk. However, there is no guarantee that insurers will offer you lower premiums after your reporting period ends.
How Non-Owner Policies Can Save You Money in the Long Run
While you may not own a vehicle, a non-owner policy can help you save money by protecting you from liability in the following cases:
- Driving a friend or family member’s vehicle: If you regularly borrow a vehicle from a friend or family member, you should carry your own auto policy.
- Renting a vehicle from a car rental service: While most rental services will offer you additional optional coverage for damages to the vehicle, you may want to carry more liability protection than these services provide.
- Participating in a car share: This type of service has become more popular over time, but lacking sufficient liability and property damage coverage could leave you on the hook.
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