If you haven’t looked into getting auto insurance recently, you may be surprised at how affordable it is to protect your vehicle. According to the Insurance Information Institute, some auto insurance companies have lowered their rates by as much 17.6% between 2012 and 2013. Not only that, but auto insurance premiums vary by hundreds of dollars from company to company because of the discounts offered and the way each particular car insurance company weighs your risk factors. This makes choosing the right coverage and provider all the more crucial to save money without sacrificing important aspects of coverage.

What is SR22 Requirements

An SR22 form on an insurance policy demonstrates your financial responsibility behind the wheel after your license is suspended or revoked. Because of the nature of the vehicular incident that caused a driver to lose his license, regular auto insurance is typically not a possibility. An auto insurance policy with the SR22 form filed with it ensures the driver is insured once he gets his license reinstated. The state is also able to keep up with the driver and ensure that he stays insured.

Each state sets its own SR22 filing requirements, including who needs this type of policy, how long the SR22 form must be filed and the minimum coverages on the auto insurance policy. Common infractions that result in a lost license and subsequent SR22 requirement include DUI, speeding and accidents when the driver is at-fault and doesn’t have insurance. The policy itself is like any other auto insurance, but the company files the SR22 form with the state to prove that you have the minimum required coverage. If you cancel your policy, the company lets the state know.

Process

Just like a regular auto policy, you need to get quotes from companies approved by the state to sell insurance that qualifies for the SR22 form. Your quote will be based on your driving record and will have the minimum required coverage for liability and property damage as defined by the state. After finding a policy, you fill out the required application and paperwork like a normal policy along with an SR22 form.

Considerations

SR22 insurance is usually required for three years after you get your license back, but your specific state sets the requirements for the length of SR22. Expect to pay more for an SR22 policy. Shop around with several different insurance companies to find the best price on your new auto policy. Allowing the policy to lapse may cause your license to be revoked again so it is essential to pay your insurance bills on time to keep the policy in force.

Auto insurance premiums vary by hundreds of dollars from company to company. Most of this is because of the discounts offered and the way each particular car insurance company weighs your risk factors.

So, whether you need sr22, gap, liability or full coverage, the easiest way to score deep discounts on your auto insurance – like almost any other type of purchase nowadays – is to do online comparison search. With LowestQuotes.com’s rate finder tool, consumers can quickly and easily save up to 70% on their insurance rates by comparing the lowest quotes from over a dozen of the leading auto insurance companies like Geico, Progressive, Allstate, State Farm and Liberty Mutual.

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