Ways to Save Money on SR22 Car Insurance
An SR22 insurance is something that is issued by your car insurance company showing proof that you are carrying the minimum liability coverage required by your state. If you are in a situation where you need an SR22, your driving record is more than dented. Since an SR22 policy is considered a high- risk category and will cost more for the driver to remain insured, there are ways to save money on this certificate. Here are some ways in which you can save on an SR22 car insurance:
You can always ask for a discount from your insurance company. You can also add more than one vehicle or other items to a policy. Automobiles that have the most safety features will cost less to insure. There are also discounts for people of certain age brackets and also retired persons. Insurance companies also give discounts for students under 25 years with a very good Grade Point Average and also to students who are added to their parent’s policy.
Advance and automatic payments
You can either pay the policy in full for the entire year or change the policy payment plan so that you would make 3-4 payments throughout the year. When a bank check is used for payment or if you use a credit card for paying, there is a service fee for processing paperwork. This can save you a lot of money per year.
Check & improve your credit score
Firstly, the insurance company will check an applicant’s credit score. Having a good credit score will help a person to get lower rates. If you have a low credit score, it will affect the rates and could cause them to be higher. Credit scores can be gotten for free from the government. Rates for an SR22 coverage can be as much as 2 or 3 times higher for people with a low credit score. However, the amount saved will vary according to the insurance company and state of residence.
Increase your deductible
The deductible is the amount a policyholder pays before the insurance company starts to pay. Most people are surprised to find how much they save when they increase their deductibles. If the deductible is high, the insurance rates will be lower. Before agreeing to a high deductible, the policyholder should make sure they have enough to cover the required payment if they are in an accident and are at fault.
Get a different car/motorcycle
If you replace your new car with an older, lower-risk vehicle could make a big difference. Before selling your car, you should ask the insurance company about the possible saving. When it comes to motorcycles, they are riskier than cars but are cheaper to insure. It may pay off to take lessons on how to drive a motorcycle to reduce insurance payments.