Top 10 Ways to Save on an SR22 Insurance Policy
Top ways to save on an SR22 insurance policy and more. Some of these methods are a bit more obvious and commonplace, but in other cases (E.g. replacing your car) are a but unconventional to say the least.
Whether a person is filing an SR22, or they are simply looking for automobile insurance, everyone wants ways to save on an insurance policy. There are a few ways to save on an SR22 insurance policy, too. In the list below are the top 5 ways to save on an SR22 insurance policy and these tips can be used for regular types of policies, as well.
- Ask for Discounts: Adding more than one vehicle or other items to a policy, automobiles that have the most safety features will cost less to insure (seatbelts, airbags-side and front), automobiles that have anti-theft systems installed into them will cost less;And then there are discounts for people of certain age brackets, like 65 or older. A person could qualify for discounts for SR22 insurance if he or she is 55 and has already retired, too.Are you a student and are 25 or younger? Are you also single and have a high GPA? Can you be added to your parents policy? These are a few other discounts available to most drivers that qualify.In some states, a person might qualify for discounts regarding buying a new vehicle, insuring a utility vehicle or ranch vehicle, and some insurers offer discounts for economy vehicles.
- Pay in Advance: Pay the policy in full, for the entire year, or change the policy payment plan so that you would make three to four payments throughout the year. An example would be if a person was to do a four-pay plan, he or she would make four payments throughout the year and could have a break for two months after every four payments. Some plans in this form and some do not.
- Use Auto-Pay:Make payments with auto-pay. Currently, there is typically a three to five dollars per month service fee for mailing and/or processing paperwork when paid with a conventional check. When people pay by phone, with a phone check or debit/credit card, there can be a fee for this (e.g. $10.00 each time).Paying online is another option and is generally free, with most SR22 insurance companies. Not all insurers are set up to accept debit card payments, honestly, but most of them are set up for that and to use a check for payments. This will save a person approximately $36-60 per annum on fees.Also, be sure to set an appointment in your calendar a couple weeks before your current policy expires, because you may want to check your rates, and shop around to ensure you still have a low price on your insurance.
- Check & Improve Your Credit Score:Another good one in the top 5 ways to save on an SR22 insurance policy is credit scores. Most insurance agencies will check a person’s credit scores when he or she is requesting automobile insurance, no matter what type of coverage is requested. Good credit scores will help a person to get lower rates.Excellent credit scores will help a person to get even better rates. Low or poor credit scores will affect the rates and could cause them to be higher, sometimes two to three times higher for SR22 insurance and for regular types of coverage.What do you do if you have a bad credit score?First off, don’t let that stop you from getting a quote. Instead, get your quote, and then get a free credit report from the govt if you want to see what specific items are affecting your credit score. Quite often, there will be incorrect items on there, so it’s really wise to check even if you think you know. For example, sometimes stolen identities, bills mailed to wrong/former addresses, and errors in general have been known to happen to our clients.While the government site does not provide your credit score, usually your bank or other companies will offer a 30 day free trial to provide your score. Many of our clients recommend signing up for such a service once a year, and only staying with them long enough to get the score, because ongoing credit monitoring is generally not a great value to most of them.
- Increase Your Deductible: Most people are surprised to find how much they save when they increase their deductibles. In some cases, we have seen rates get cut in half, but of course, if you get into an accident (And are at fault) then this might create an unexpected financial burden.
- Add Other Drivers/Cars/Policies (a.k.a. Bundle): In some cases, adding more drivers (or getting added to your parents policy), adding additional vehicles to your policy (even if they are not actively used!), or combining policies (e.g. homeowners insurance/renters insurance quotes) can reduce your rates.
- Drop the Coverage to Liability Only: Again, this adds greater risk, and should be a decision you make carefully. It is statistically a better thing to do if your car is older, and in fact, isn’t possible on cars that you might be financing, which brings us to the next point.
- Get a Different Car (or motorcycle): Yes, you heard correct. Replacing your nice, newer car with an older, lower-risk vehicle could make a big difference. Be sure to get the savings quoted before you start selling your car though. Most rates can be locked for a certain period of time.If you’re brave (2-wheeled vehicles are statistically more dangerous than cars), or know how to ride a motorcycle/moped, generally speaking, motorcycle insurance is much cheaper. Even taking the necessary classes might be cheaper in the long run.
- Drive Less: Be sure to ask about mileage factors in your quote. If you generally drive an average amount, being able to bring that number down to only a few thousand miles a year can be advantageous. How? By commuting differently (walk/bike/bus/carpool)
- Get Multiple Quotes: The number one way to save money when finding insurance is to shop around and gather several different quotes from multiple companies. Our agents are standing by to get you a quote today!
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