What if you kept paying for a mistake you made months or even years ago?
That’s what it is like for many who have an SR-22. As soon as they get the SR22, their car insurance premiums go up. Since the SR-22 is usually required for three years or more, they can easily spend hundreds or even thousands of extra dollars on their insurance.
There are eight ways you can save money on your car insurance when you have an SR-22.
Talk to Your Insurance Company
The first way to save money on insurance when you have an SR-22 is simple. You should immediately contact your insurance carrier and ask for advice.
You’ll need to speak to your insurance company to file the SR-22 with the state. This gives you the opportunity to ask for advice about changes to your policy or anything else you can do to save money.
If you don’t like what they have to say, or they simply aren’t helpful, you can use this as an opportunity to shop around for quotes and switch to an insurance carrier who helps you save more each month.
Get a Multi-Car Discount
If your family has multiple cars, it is worth it to ask your insurance carrier about a multi-car discount. As the name implies, this is a special insurance discount that may apply if you have two or more cars insured by the same carrier.
This is a great option for many families because they don’t have to change much. After all, both cars will need to be insured anyway. By getting them insured by the same carrier, each driver can save both time and money each month, even with the SR-22!
Research Multi-Policy Discounts
Do you or your immediate family need insurance for something other than your cars? In that case, you should look into the possibility of getting a multi-policy discount.
A multi-policy discount is often referred to as an insurance “bundle.” It lets you get a discount on each type of insurance by getting them through the same carrier. For example, you could get both your car insurance and homeowner’s insurance through the same company.
With some carriers, you may even be able to get both a multi-car discount and a multi-policy discount at the same time. This helps you maximize the savings each month.
Find Cheap SR-22 Auto Insurance Quotes
Install Car Safety Features
Do you like the idea of paying a one-time cost and then saving on your insurance each month? In that case, you should consider installing special safety features into your car.
The insurance carrier sets your premium based on many factors, including how likely your car is to be stolen. Therefore, the carrier offers a special discount to drivers who are willing to install anti-theft measures into their vehicles.
It’s important to ask your carrier ahead of time which measures qualify for the discount. Once you install the anti-theft security features, you’ll save money on insurance and have the peace of mind that your car is now much harder to steal.
Look Into Other Insurance Discounts
So far, we focused on how multi-car, multi-policy, and anti-theft discounts can help you save money on insurance when you have an SR-22. It’s worth asking your insurance carrier what other discounts are available.
Depending on your insurance carrier, there may be discounts for being in the military, being in certain organizations, having good grades, signing up for automatic payments, and so much more. You won’t know what discounts are available until you ask your insurance company. If you’re lucky, you may already qualify for certain discounts.
Change Your Deductible
The main bad news with an SR-22 is that your insurance policy as you knew it is now much more expensive. One of the simpler ways to save, then, is to change up your insurance policy!
One way to do this is to adjust your deductible. As you know, the deductible determines how much of the damage your insurance company will pay for before you have to start paying out of your own pocket.
By reducing your deductible, you’ll risk having to pay more in the event of a car accident. So long as you aren’t getting into car accidents, a higher deductible helps you save money on your premium each month.
Work on Your Credit Score
As we said before, your insurance carrier looks at multiple things when setting the cost of your premium. One of the more surprising factors they look at is your credit score (depending on which state you’re in). Simply put, a lower credit score translates to a higher insurance premium.
You can make this work to your advantage by working on raising your credit score. The easiest way to do this is to sign up for a credit monitoring service. Many of these services are free, and they do more than tell you what your credit score is. They also offer advice on simple things you can do to raise your score, including reporting inaccuracies in your credit report.
Switch to a Cheaper Car
Another factor your insurance company looks into when setting your premium is your car. More expensive, sportier, and riskier vehicles command higher insurance rates.
Because of this, you could always sell your current car and “downsize” to a car that is cheaper, less fancy, and/or safer. This can help lower your premium even when you have an SR-22 already on file.
Save the Most Money on Your SR-22 Insurance Today!
Now you know some reliable ways to save on insurance when you have an SR-22. Of course, the most reliable way is always to switch to an insurance company that specializes in high risk drivers.
Here at SR-22 Adviser, we’re ready and willing to give you advice on how to save money on your insurance every single month. To get started, come get competitive quotes online from our partner today!