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What is an SR22 Bond?
The Department of Safety states that an SR22 BOND is a certificate of “proof of liability insurance” which must be submitted by an insurance carrier licensed to do business. The SR22 Bond auto insurance is for liability coverage.
The SR22 Bond is a certificate that confirms you are complying with the financial responsibility laws of NH. Usually it is required in situation where you have had an accident with no car insurance or as a result of a serious traffic infraction. The certificate must be filed with the Department of Motor Vehicle (DMV) by your present insurance provider. If the policy is ever terminated on non-renewed, the insurer must notify the DMV.
An SR22 bond can be filed on your behalf by an insurance company either online or in person. But if you are looking to get your suspended license reinstated quickly, SR22 filing online is the best option for you.
What is the Cost of an SR22 Certificate?
The cost of obtaining the Sr22 form varies from insurance company to insurance company. The form itself is actually not expensive and some insurance companies actually give it away for free. Others may charge between $10 and $60. The thing that is expensive is the Sr22 insurance. The reason for this is that people who apply for it have been found wrong for one reason or another. These are people who probably got an accident while driving an uninsured vehicle or refused to consent to a DUI test. The fact that they are high-risk individuals subjects them to paying more insurance costs.
How can I Control or Reduce my Sr-22 Costs?
Although there are factors which affect Sr22 Bond costs that cannot be changed such as age and gender, there are several other factors that one can influence. For example, one may decide to take up a liability cover only instead of taking a comprehensive cover to reduce insurance costs. Driving an older and cheaper car can also help reduce these insurance costs since it indicates to insurance companies that their cost of compensation would be lower. Other drivers opt to drive less by using the subway and other public means to reduce the chances of them being involved in accidents, thus bringing down their insurance costs.
There are a lot of car insurance companies online that offer a multi-quote system to compare Sr22 bond rates. Just fill-up their online form and in an instant you will be able to access different quotes from a number of insurance companies. Just shop for quotes from them and choose among it the best rate that fits your budget.
However, in choosing a cheap SR22 bond online, you should not only look at the price but also with the reputation of the insurance company. You should also look into several important factors when choosing a high risk auto insurance provider. Among these factors may include the financial strength of the insurance company, the coverage offered for your SR22 insurance policy, and the cancellation and suspension guidelines that are written on the policy.
The most important consideration that you need to look into is the cancellation guidelines of your SR22 bond. There are some insurers who will notify the DMV of cancellation of your SR 22 form whenever you get your premium payments delayed even just for a one day lapse. Nevertheless, for some bigger insurance companies, they are more lenient over their guidelines when it comes to license re-suspension.
In general, the fastest way to restore your license is to have your SR22 filing online. But remember to consider not just the price of your policy but as well as the coverage and service that you will get when you choose an online insurance provider.
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4 Ways to Reduce the Cost of your SR-22 Bond
There are certain factors that drive up the cost of an Sr22. Such include age, gender, occupation, marital status and so on. Since some things may not be influenced (such as age and gender) one may try to influence some of the other things which can help bring down the cost of sr22 insurance. Below we shall discuss a few of these things.
- Drive an older and cheaper car
Driving an older and cheaper car is perhaps the easiest way to bring down your insurance costs. Insurance companies are aware that the compensation costs they pay to people who drive cheaper cars are less than those of people who drive very expensive cars. Older cars are also less prone to be involved in accidents because they are less volatile and cannot function as swiftly as newer vehicles. Since the requirement of being subjected to a Sr22 certificate only lasts for three years, one may decide to drive a slower car for this period and switch cars after this timeframe.
- Shop around
Many people usually prefer to compare quotes from different insurance companies before deciding which on to work with. This is a good method of trying to determine the lowest insurance quotes in the market. However, you always need to be very keen so as no to be charged low Sr22 insurance cost and lack the appropriate coverage. You also need to realize that the terms and conditions of different insurance companies vary. This means that you should understand them properly. If need be, you can seek the assistance of a lawyer to understand them.
- Cover everything with the same insurance company
Most insurance companies offer great discounts to people who insure all their property with them. As such, it would be advisable to insure everything with one insurance company. If you have a personal life cover or house cover, you should try to have them under one insurance company. This way, your Sr22 insurance costs would be subsidized thus saving you some extra money. You may try to compare different insurance companies and the percentage of discounts they offer for having multiple insurance covers with them.
- Pay for liability cover only
Paying for only liability cover can also help reduce SR22 Bond cost. In most cases, people pay for comprehensive cover which is more expensive as it warrants higher compensation in the case of a risk occurring. Liability cover would enable you to compensate other parties (which is compulsory in most states) and leave you to bear the brunt of your loss if you do personally suffer a financial loss in the case of an accident. Once the SR22 insurance requirement is cancelled or terminated, you can then return to paying for comprehensive cover.
Removing SR22 Insurance without being Penalized
Sr22 bond does not usually affect the drivers for the rest of their life. Ideally, this certification to the state’s DMV is only upheld for a maximum of three years, unless another offence is committed within that period which could warrant extension. One major problem with being subjected to get Sr22 certification is that it brings up one’s insurance premium.
The idea of applying for the certificate itself does not affect insurance rates but rather the fact that people ho are subjected to apply for it have flaunted road regulations in one way or another. Once the three years are over, one can visit the state’s DMV department and be cleared to drive without any restrictions or conditions of proving to have acceptable insurance. If the three years are over and one would like to cancel their Sr22 bond, it is wise to first visit the insurance company covering them to get authorized cancellation. Insurance companies are obliged to inform the DMV department when an individual fails to pay insurance premiums or lacks insurance cover at any one time for any reason. Therefore, if one was to disappear without informing the insurance company, it is upon the insurance company to file a cancellation form with the DMV, otherwise any blame would be upon them for not reporting. One way a person may cancel Sr22 is by declaring that he/she intends not to drive any more. In such a case, the individual would be expected to surrender his/her driver’s license with the DMV’s department in the state so as to be stop being recognized as a licensed driver. People are never penalized for surrendering their driving licenses.
On the contrary, they may stop paying any more insurance premiums and stop going through the hustles of upholding their Sr22 certificates. Ignoring to report to the DMV department that you have decided to stop driving could be risky as they could be of the opinion that you are flaunting orders. One may end up having their Sr22 bond cancelled by the insurance company and charged ridiculously high fines for not adhering to rules by driving without insurance.
Shifting one’s insurance may also be another way to cancel Sr22 insurance without penalization. It is not a crime to decide to insure with another company as long as one reports the same to the DMV department. It would also be advisable to inform the previous insurer about moving to a new insurance company to avoid them from cancelling the Sr22 Bond without knowing. In the case that one does not want to communicate this information in person to the previous insurer, he/she may request the new insurer to do so.
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