If you’re currently paying extremely high rates for SR22 insurance, there might be a cheaper alternative out there. The question is, is it possible to switch providers with this type of cover? Not all insurers offer certificate of financial responsibility policies. However, there are still many insurers who do and the good news is you can make a switch if you want to.
Comparing different insurers
It is advisable to start comparing the different SR22 insurance providers a long time before your current policy is due to expire. It’s tempting to just cancel your current insurance and then look for a more affordable deal. The trouble is, if you do this, your existing insurer will let the DMV know straight away that you are no longer paying for the insurance. They in turn will either suspend your license or revoke it.
It is also worth keeping in mind that when you do switch providers, if you don’t do it soon enough, you could end up with the same problem as if you’d cancelled your existing cover straight away. It can take a while for the new insurer to file the SR-22 certificate. Therefore this could cause a lapse in your insurance. Again your license could be evoked and there is also the possibility that you’ll need to start all over again. You will have to pay the insurance for an additional three years, as well as pay additional fees for the privilege.
Overall switching insurers is possible and it can help you to get lower rates. You just need to make sure that you do it within plenty of time. It is also important to compare as many different quotes as you can. If you follow this advice you should be able to find a better deal without running the risk of lapsing with your existing policy.