Why Are SR22 Insurance Rates So High?

Q: Why are SR22 insurance rates so high?

A: There are a lot of reasons for why insurance rates, period, are very high, but the main reason for  SR22 insurance being expensive is the risk. Car insurance companies rate consumers based on risk, be it risk of filing a claim or even risk of canceling. If you have SR22 insurance, then it’s likely that you have been convicted of drunk driving, so you’re already a big danger when it comes to the insurance company. You’re more likely to cause an accident, or so they are able to glean from your information, and so they’re likely to get both liability claims from a non-customer because of you, as well as your own collision and personal injury claims.

Another reason why your SR22 rates are so has nothing to do with you, but with the fact that you live in New York. New York has some of the highest insurance rates nationwide, and the main reason for this is fraud, which is enabled by the no fault system in place their. Car insurance fraud in New York is a billion dollar industry, and the more fraud there is, the more everybody else is punished for it. Somebody in New York commits fraud, and your e SR22 insurance rates go up.

No One Will Sell Me SR22 Auto Insurance?

Q: What do I do if I can’t find anyone who will sell me SR22 auto insurance? I live in New York.

A: First of all, widen your search for SR22 insurance a little bit more. Instead of looking at only the bigger companies, try searching for companies which are specialized and only insure people who are high risk. These companies are more rare and also cost more, but you can be pretty sure you will be able to get a policy from one of them when you find one.

However, even this doesn’t always work, and if you exhaust your resources looking, then you might have to get your  insurance coverage elsewhere.

The last resort for anyone looking for SR22 insurance is to join in the New York state high risk assigned insurance pool. If you can’t find insurance anywhere else, you can join the pool and be guaranteed to be insured. You will be assigned a company and that company will have to insure you. The catch is that you have to take whatever company you get, and it will be VERY expensive.