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New Jersey Residents
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Top 10 Ways to Save on SR22 Car Insurance

A person, who has had his or her license suspended by the court for any reason, must file an SR22 form and obtain a specified amount of liability car insurance. The amount will depend on the requirements of the state where the person lives and any state in which they may need to travel.

An SR22 policy is consider a high risk category and will cost more for the driver to remain insured. As with any insurance policy, there are ways to save money on an SR22 policy even though it is considered high risk for insurance companies.

1. Increase the Deductible:
The deductible is the amount the policy holder pays before the insurance company starts to pay. If the deductible is high, the insurance rates will be lower. Before agreeing to a high deductible, the policy holder should make sure they have enough to cover the required payment if they are in an accident and are at fault.

2. Get a Low-risk Vehicle:
Some cars cost less to insure. Cars with additions to increase speed or make the car appear like a racing car can cost more to insure. Sports cars also cost more to insure. An older model car that is cheaper to repair and has a low theft rate will cost less to insure. Before selling their car, policy holders should ask their insurance company about the possible saving. Safety features such as side airbags, anti-theft devices and tracking systems will lower the cost of the premium

3. Get a Motorcycle:
Motorcycles are more risky than cars, but they are cheaper to insure. It may be worth taking lessons on how to drive a motorcycle or moped to reduce insurance payments.

4. Ask for a Discount:
Many people don’t get discounts because they don’t ask for them. Insurance companies give discounts for several reasons including:

• Certain age brackets
• Retired people
• Students under 25 years with a very good Grade Point Average
• Students added to their parent’s policy
• Certain types of vehicles such as utility vehicles or economy vehicles

5. Make only one Payment:
People, who can pay their annual insurance premium in one lump sum, pay less. If that is not practical, they can make payments three or four times per year and still get a reduction in the cost.

6. Make Automatic Payments:
There is a service fee for processing paperwork when a bank check is used for payment. There is also a fee for paying with a credit card. With most insurance companies, payment made online has no fee. This can save from $36 to $60 per year.

7. Get a good Credit Score:
The insurance company will check an applicant’s credit score when they apply for insurance. If it is good, the insurance will be cheaper and if it is excellent, the price will be even lower. Credit scores can be gotten for free from the government. There may be inaccuracies that unfairly lower the score, which can be removed. Rates for SR22 coverage can be as much as two or three times higher for people with a low credit score. However, the amount saved will vary according to the insurance company and state of residence.

8. Combine Insurance for Several Vehicles:
Adding more drivers or cars to an insurance policy will reduce the rates. Also combining several insurance products such as car, home or renter’s insurance will lower the cost of the premium.

9. Reduce Mileage:
Driving fewer miles every year will reduce the cost of insurance. If possible, it is advised to use public transportation, carpool or ride a bike at certain times to reduce the number of miles driven.

10. Eliminate Liability Only Coverage:
For people still making payments on a car loan, it is not possible to stop liability only coverage. However, it can reduce the cost of the SR22 insurance if the car is an older model. Old cars may not be worth the amount it costs to pay for comprehensive and collision insurance coverage.

When trying to reduce the cost of car insurance, people must be careful not to choose a policy simply because it is the cheapest one they can find. This can be disastrous in the long run, because if there is an accident where the person at fault doesn’t have enough insurance to cover the other party’s injuries or damage, the injured party can sue in most states. Any car insurance must give all the protection required especially for those who are obliged to get an SR22 policy.

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