How Does A Car Insurance Company Figure Out SR22 Costs?
Q: How do car insurance companies figure out how much they will charge me for my SR22 bond?
A: The rating system for an SR22 bond is complex. While once it only involved a few qualities which determined the final price, now there is a lot that goes into the SR22 bond quote mix. Some of them are things you can’t control, while others, if you play your cards right, could end you up with a dirt cheap car insurance premium.
The factors which go into the recipe which cooks up your SR22 bond quote are many and varied. Some uncontrollable factors include your age and your gender. Some based on more life changing events include your degree type and your marital status. Your car and your credit will also play a big part, as will your driving record and any previous claims you have filed.
Do Late Payments on Car Insurance Affect My SR22 in Georgia?
Q: I’m not sure if I can pay my car insurance this month. The problem is that I have an SR22 form on file, so I’m wondering if this will affect me worse.
A: Well, the whole point behind that SR22 form is that you are required to prove that you have car insurance in order to continue driving. If you allow your car insurance to lapse or be cancelled, then you will lose your license. While in many cases you can get it back, it will be a lot of hassle and cost more than just paying your premium would have.
Allowing your car insurance to lapse does more than just that. It leaves a mark on your insurance record which will last even after you are required to file the SR22 form, because if you fail to pay your premium it goes on your credit report. Future companies will see this, note that you are unreliable, and proceed to either charge you more, or not give you car insurance at all.
Instead of taking a defeatist attitude, be proactive. Call your car insurance company and see what ways they have for you to save money. If all else fails, start shopping.
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