You have to seek for an SR22 insurance policy due to several reasons including driving in a tipsy condition, having excessive speeding tickets, too many negative points on your driving license etcetera. SR22 filing is essential in order to get the confiscated license reinstated. You may have heard from both friends and foes that your SR22 insurance is going to be excessively expensive. But how much do you have to fork out to buy this specific insurance policy?
The cost of an SR22 insurance is not fixed rather varies a lot depending upon the reason of suspension of your license. In case, you have been convicted of DWI offense, the factors that will play a role in determining the size of your insurance premium are as follows:
Is it the first time you are charged with DWI offense?
A DWI offender is categorized as the high risk driver and therefore the cost an SR22 insurance is expected to be higher as compared to that of the regular insurance policies. Generally, A first time DWI offender has to pay the premium that is 3 to 5 times more than the usual premium on monthly basis. Moreover, you must be well-prepared to meet the payment for the next three years as soon as the license suspension is revoked.In case, you are required to file an SR22 form due to excessive accumulation of speeding tickets, the SR22 insurance rate will not be too high this time. The reason is earning speeding tickets is not considered to be as serious as a DWI charge but the filing period will still extend to three years. But do not expect the cost will be as cheap as the regular insurance rate.
There are some ways to lessen the cost of an SR22 insurance policy. Though the cheapest policy is not always the best one, still cost is an important factor to consider. Make sure your current insurance provider is providing the required coverages at the reasonable price. If it is not the case, then shift your attention to another insurance company to get the maximum coverages at the minimum rate.
