{"id":1045,"date":"2023-07-03T15:39:00","date_gmt":"2023-07-03T15:39:00","guid":{"rendered":"https:\/\/www.sr22adviser.com\/guidance-and-tips\/?p=1045"},"modified":"2023-06-23T15:40:13","modified_gmt":"2023-06-23T15:40:13","slug":"will-my-premiums-decrease-after-sr-22-ends","status":"publish","type":"post","link":"https:\/\/www.sr22adviser.com\/guidance-and-tips\/insurance-facts\/will-my-premiums-decrease-after-sr-22-ends\/","title":{"rendered":"Will My Auto Insurance Premiums Decrease After My SR-22 Period Ends?"},"content":{"rendered":"
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If you have previously received an <\/span>SR-22<\/span><\/a> or certificate of financial responsibility reporting requirement, it\u2019s good to know eventually your SR-22 reporting period will come to an end. Therefore, you might be wondering how the end of your reporting requirement will affect the premiums you pay for auto insurance.<\/span>\u00a0<\/span><\/p>\n

This guide will show you how to make sure your auto insurer receives a notification that your reporting period has ended. You’ll learn how the end of SR-22 will change the auto insurance premiums you pay in the long run.<\/span>\u00a0<\/span><\/p>\n

How Does an SR-22 Requirement Raise My Auto Insurance Premiums?<\/span><\/b>\u00a0<\/span><\/h2>\n

When you receive an SR-22 reporting requirement from your state\u2019s department of motor vehicles, the reason for such a notice usually involves a DUI incident or other reckless driving situation. Because the SR-22 or <\/span>FR-44<\/span><\/a> indicates that you are a higher-risk driver, your insurer will raise your premium to cover the additional risk for insuring you.<\/span>\u00a0<\/span><\/p>\n

Other factors such as your geographic location, prior driving record, and insurance history can influence auto premiums. Still, this reporting requirement can raise your rates significantly beyond these other factors in many instances.<\/span>\u00a0<\/span><\/p>\n

How Do I Determine When My SR-22 or FR-44 Reporting Period Has Ended?<\/span><\/b>\u00a0<\/span><\/h2>\n

In the initial letter sent to you by your state\u2019s DMV, you should have an exact date on which the requirement will end. Assuming you have not had additional citations or violations that might extend your reporting time, you can expect it to end at the indicated time.<\/span>\u00a0<\/span><\/p>\n

If you have any questions about how much time remains, you can reach out to your local DMV for more information. Some states may also allow you to look up your record online or by mail to get more information.<\/span>\u00a0<\/span><\/p>\n

Will My Auto Insurance Company Know When My SR-22 Has Ended?<\/span><\/b>\u00a0<\/span><\/h2>\n

Usually, you will need to reach out directly to your insurance company to let them know your SR-22 has ended. Typically, they will want some form of proof, including a notification letter from the DMV. Once they have received the letter, your insurer may consider lowering your rates.<\/span>\u00a0<\/span><\/p>\n

What Paperwork Do I Need to File to Cancel My SR-22?<\/span><\/b>\u00a0<\/span><\/h2>\n

If you want to cancel your SR-22 before the mandated period is over, keep in mind that this could lead to <\/span>legal issues<\/span><\/a>. In most states, if you let your SR-22 insurance lapse or cancel it early, your insurance company is required by law to notify the state DMV, which may then decide to suspend your driving privileges.<\/span>\u00a0<\/span><\/p>\n

If you no longer own a vehicle but still need to fulfill your requirement, consider switching to a non-owner SR-22 policy. This type of policy provides liability coverage when you’re driving a vehicle you don’t own.<\/span>\u00a0<\/span><\/p>\n <\/div>\r\n <\/div>\r\n <\/div>\r\n<\/div>\n\n

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