How Much is SR22 Insurance?

Rates as low as $14.75/month

If you’ve ever been involved in a driving-related incident or deemed a risky driver, the court will most likely make you get an SR22, also called Certificate of Financial Responsibility.

While many people think of an SR22 as a form of insurance, it’s not. It’s a certificate that ensures you can pay the minimum liability insurance if you ever get into another car-related accident.

An SR22 serves as proof that you’re financially responsible, which the judge will use as a basis to give you a temporary license so you can drive again.

Obviously, having SR22 insurance is great for those who need it, but how much does it cost?

How Much is SR22 Insurance?

An SR22 certificate will cost you on two fronts: filing and increased insurance premiums.

If you don’t have an SR22 yet or have reached the validity limit of your current one, then you’ll have to file for a new certificate. Insurance providers can charge you an average of $15 to $35 for this.

Also, keep in mind that these costs exist for any filing. This means that if you and your spouse are both required to get an SR-22, you need to pay separate SR22 filing fees, even if she’s in your insurance, and vice versa.

In addition to this, bear in mind that having an SR-22 will also affect your insurance rates.

That’s because only drivers that are deemed high–risk are required to file an SR-22. This tells insurance providers that you’re not as safe as a regular driver. Since insurers work to minimize their risk, they will raise your premiums to balance the chance of you getting into an accident.

Will SR22 Insurance Impact My Current Insurance?

Having an SR22 certificate will affect your current insurance policy.

As mentioned, insurers like to stay away from risk. They may think twice about keeping you as a client, even if you agree to the increased premiums.

Not to mention, not all insurance providers allow SR-22 to be attached to their policies.

So when you tell your provider that you need an SR22 filed because of your current situation, one of two situations happen:

  • You will have to look for another policy. Your original provider may not want to take the risk or does not support SR-22 insurance situations.
  • You will be issued an SR22. If your provider agrees to issue you an SR-22, you won’t have to look for a new provider. However, this also means that your current insurance premiums will very likely go up.

Luckily, here at Magnum Insurance, we process SR-22 insurance. If your current provider doesn’t offer SR-22 and you’d like to make the switch, you can contact us anytime for a personalized quote.

Does SR22 Cover Any Car I Drive?

The short answer is yes – SR-22 can cover any vehicle you drive. However, the long answer is a little more complicated, and it begins with the words, ‘it depends.’

An SR22 certificate has different categories. Each of them will have different coverages, depending on the underlying insurance payment that you are paying for the certificate’s validity.

  • Owner. You will get this certificate if the underlying insurance you’re paying for covers a vehicle you own and drive yourself.
  • Owner-Operator. If you drive your own vehicle to work and drive another car for your work, you’re an owner-operator. This type of certificate is for underlying policies covering people with their vehicles and uses or rents another person’s vehicle.
  • Operator or Non-owner. If you don’t own a vehicle and you simply drive another’s car, this one’s for you. It’s for those who frequently drive but own no vehicles themselves.

Keep in mind that you’re going to need to register the insurance coverage that applies to you specifically. Otherwise, you won’t be considered as having financial protection, and the court will take away your driving privileges.

Getting an SR22 Insurance Quote With Magnum Insurance

An SR22 can be expensive, and it can also be challenging to look for providers that offer them.

If you want to have the best insurance premium rates for yourself, then looking for a trusted insurance provider, like Magnum Insurance, should be at the top of your list.

Magnum Insurance is a reliable insurance provider that also offers SR22 certificates at consumer-friendly prices. If this sounds like what you’re looking for, get a quote now!