How Much Should I Pay For SR22 Auto Insurance?
Q: I own a car, but I pay so much on my SR22 insurance for it that it just seems crazy. The car is like twenty years old. Do I even need car insurance?
A: Car insurance coverage is required in New York, period, no matter how old the car you’re driving is. Even if it wasn’t, the fact that you have a SR22 insurance policy tells me that you’re required to file proof of insurance to keep your driver’s license, so you’re even more required to be insured than other New Yorkers. If you decide to go without insurance, then you’re also going to have to go without a driver’s license and thus the ability to drive as a consequence.
There is something you can do, though. Rather than tossing all insurance to the wind, you simply get less of it. For security reasons, many people pile their vehicles up with insurance, such as comprehensive and collision and high liability limits, but for many people it isn’t necessary.
Cut off all types of insurance other than liability, such as comprehensive and collision. As for the rest of what you have, lower the coverages on your SR22 insurance policy to the lowest amount allowed.
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