Whether one is filing an SR22 or merely looking for auto insurance, everyone wants to save money on their insurance policy.
There are a number of ways to save money on an SR22 insurance plan. Aside from how to save, feedback from clients to most insurance companies show that people have a wide array of other questions, and here are the findings.
But back to savings, the 9 best ways for you to save on an SR22 insurance policy are listed below, and they can also be used for standard kinds of policies.
1. Request for a Price Reduction
Adding other items or putting more than one vehicle to a policy will cost less. The types of automobiles that are advisable to add are those with more security features (safety belts and front and side airbags) and vehicles with anti-theft systems.
Other discounts and rates are offered for many drivers who qualify. Some states provide discounts for purchasing a new car, insuring a utility vehicle or ranch car. Some insurance companies provide discounts for economy automobiles.
There are also discounts for people in some age groups, such as 65 or older.
2. Make Advance Payments
Pay for the policy fully for the entire year, or adjust the policy payment schedule to three to four installments through the year. For example, if a person picked a four-pay plan, they would pay every quarter only and will have a 3-month break between each payment. Some plans have this format, while others do not.
3. Schedule Automatic Debits
Use auto-pay to make payments. When paying with a traditional check, there is currently a three to five dollar per month service fee for mailing or processing paperwork. When you pay by phone, whether with a phone check or a debit or credit card, there may be a fee (e.g., USD$10.00 per transaction).
A different option is to pay online, which is usually free with most SR22 insurers. To be honest, not all insurers are set up to accept check payments; however, the majority of them are set up to accept debit card payments. This will save you between $36 and $60 per year in fees.
4. Get Your Credit Score in Order
Credit scores are another one of the top nine ways to save money on an SR22 insurance policy. When requesting automobile insurance, most insurance companies will check a person’s credit score, regardless of the type of coverage requested.
A person with a good credit score will be able to get lower interest rates. A person with excellent credit will be able to obtain even cheaper prices. Poor overall credit scores may cause rates to be nearly three times higher for SR22 insurance and other types of coverage.
What should you do if you have a poor credit rating? First and foremost, don’t let this deter you from obtaining a quote.
Get your quote first, and then request a credit report from the government and you’ll see what specific things are negatively impacting your credit score. Very often, there’ll be inaccurate items on it, so it’s always a good idea to double-check, even if you think you’re sure you know what you’re looking for.
For instance, identity theft, bills incorrect or old addresses, and mistakes, in general, have all been reported. Although the government website doesn’t provide your actual credit score, your bank or other companies will usually offer a 30-day trial for free to provide you with your score.
5. Think of Raising Your Premium
A lot of people are shocked at how much money they can save by raising their deductibles. Rates have been cut in half in some cases, but if you’re involved in an accident (and are at fault), you may face an unanticipated financial strain.
6. Include Some Add-ons
Adding more drivers (or being added to your parents’ policy), adding other vehicles to your policy (even if they’re not actively used), or merging policies (e.g., property owners’ insurance or renter’s insurance quotes) can all lower your rates in some cases.
7. Reduce Coverage to Liability Only
Once again, this increases risk and should be done with caution. It’s statistically a wiser option if your vehicle is older. It’s not possible on vehicles that you may be financing, which introduces the next point.
8. Think of Getting a Motorbike
You read that correctly. Simply getting an older, lower-risk vehicle can make a significant difference.
However, before you rush and begin selling your vehicle, make sure to have the savings quoted. Most interest rates can be secured for a set period of time.
Motorcycle insurance is much cheaper if you are brave (two-wheeled automobiles are significantly more accident-prone than cars). This will work especially if you like motorbikes and don’t mind the wind and open air. Taking the required classes for safely riding motorcycles may end up being less expensive over a period of time.
9. Research Other Offerings
The last way to cut costs is to browse around and collect multiple quotes from various companies. Shop around and see which insurance provider will work for your specific circumstance.
There are a number of ways to save money when filing for an SR-22. Luckily for you, this article has detailed the best ways to go about it.
No one doesn’t like going home without a good deal on insurance whilst also taking care of their cars and those of their loved ones.
There you have it, evidently, you can have your cake and eat it too: pay for your insurance and have a great deal, too. No one has to lose.