Does an SR-22 Mean Higher Auto Insurance Rates?

If you’ve been told you need an SR-22, your first question is probably about cost. Your rates may likely increase but understanding why can help you take steps to manage the impact.

What Is an SR-22?

In many states, an SR-22 is a certificate of financial responsibility that your insurer files with your state on your behalf. It confirms that you carry at least the state-required minimum auto insurance coverage. Drivers are typically required to obtain one after certain violations, such as a DUI, driving without insurance or accumulating too many points on their license.

Why Your Rates May Shift

Insurers may use your driving history to assess risk. Common reasons your rates may increase include:

• A serious traffic violation on your record
• A lapse in coverage that required you to reinstate your license
• Multiple moving violations within a short period
• A DUI or DWI conviction

The increase may vary by insurer, your state and the nature of the violation. On the other hand, rates may not stay elevated forever. Your premium may decrease as your record improves and the SR-22 period ends.

Finding Competitively Priced Auto Insurance

Carriers may weigh violations differently, so shopping around with multiple companies can be an effective strategy when you need SR-22 coverage. An independent agent can have access to multiple carriers and compare options on your behalf.

Get the Right Coverage

An SR-22 can be manageable. Contact Bicent Insuremart Agency, Inc. to review your options and find coverage that fits your budget and circumstances. We work with drivers across Berwyn, IL and can help you get back on the road with the right coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.