The words “low-priced” and “insurance” really don’t belong together, specifically when you are shopping around for the best price on coverage for drivers requiring a SR22. To save some money, let’s introduce you to some things that influence car insurance prices, and find out if you can take a little off your next policy.
Establishing which company has the cheapest auto insurance rates for drivers requiring a SR22 will involve a little more effort than just quoting one company’s rates. Every insurance company uses their own formula to set their prices, so we will examine the most affordable auto insurance companies in California.
It’s important to know that Riverside, CA auto insurance rates are based on many factors that may substantially change the cost of your policy. Getting older, getting divorced, or getting a few speeding tickets may prompt premium changes resulting in some rates now being more affordable than others.
Find the Cheapest Auto Insurance for SR22 Drivers
USAA may have some of the most affordable car insurance rates in Riverside at around $1,109 annually. Wawanesa, Century National, CSAA, and Nationwide are also some of the more affordable Riverside, CA insurance companies.
As illustrated above, if you currently buy coverage from Century National and switched to USAA, you might see savings of roughly $105. Drivers with CSAA might save as much as $113 a year, and Nationwide insureds might lower prices by $117 a year.
To see how much you can save, click here or feel free to get quotes from the companies below.
These prices are averaged for all ages of drivers and types of vehicles and do not factor in a specific zip code for drivers requiring a SR22. So the car insurance company that fits your situation best may not even be in the top 24 companies shown above. That helps illustrate why you need to compare rates from as many companies as possible using your own individual information.
For high risk drivers, one of the more important considerations that are looked at to help calculate the price you pay for insurance is where you live in Riverside. Areas with more people or higher crime rates tend to pay slightly more, whereas less populated areas profit from lower rates.
The following table sorts the highest-priced places in California for drivers requiring a SR22 in which to buy car insurance. Riverside ranks #14 costing $1,497 on average, which is approximately $125 each month.
|Rank||City||Premium Per Year|
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Table data uses approximated as specific Riverside zip code can increase or decrease prices considerably.
The vehicle to be insured is one of the main factors when shopping for cheaper insurance for drivers requiring a SR22. Vehicles with lots of speed or power, poor safety features, or a high likelihood of having liability claims will cost much more to insure than safer models. The next list presents car insurance premiums for a number of the cheaper automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$3,662|
|Honda Accord LX 4-Dr Sedan||$3,732|
|Ford Escape XLS 4WD||$3,771|
|Jeep Wrangler Sport 4WD 2-Dr||$3,857|
|Honda Odyssey LX||$4,053|
|Ford Explorer XLT AWD||$4,216|
|Ford Edge SE AWD||$4,248|
|Volkswagen Jetta LE 4-Dr Sedan||$4,289|
|Dodge Grand Caravan Hero||$4,295|
|Ford F-150 FX4 Super Cab 4WD||$4,330|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$4,339|
|Toyota RAV4 Limited 2WD||$4,421|
|Chevrolet Equinox LT AWD||$4,426|
|Chevrolet Malibu LT||$4,464|
|Hyundai Elantra SE 4-Dr Sedan||$4,485|
|Chevrolet Impala LTZ||$4,494|
|Honda Civic Hybrid 4-Dr Sedan||$4,526|
|Toyota Camry XLE||$4,626|
|Toyota Corolla S||$4,657|
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Data variables include single male driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Rates do not factor in vehicle garaging location which can raise or lower price quotes substantially.
Looking at the data, you can see that models like the Honda CR-V, Honda Accord, Ford Escape, and Jeep Wrangler should be a few of the cheapest vehicles to insure for high risk drivers. Prices will tend to be more expensive because of the fact that there is more liability exposure for drivers requiring a SR22, but generally speaking those makes and models will tend to have the cheapest rates possible.
Poor driving habits will raise your auto insurance rates
One of the best ways to find low auto insurance premiums in California for high risk drivers is to drive attentively and have a clean driving record. The chart below demonstrates how citations and accidents can affect auto insurance rates for each different age group. The premiums assume a single female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are taken into consideration.
The data in the chart shows the average cost of auto insurance per year with a clean driving record and no accidents is $2,679. Factor in two speeding tickets and the average cost rises to $3,588, an increase of $909 each year. Now add two accidents along with the two speeding tickets and the 12-month cost of auto insurance for drivers requiring a SR22 increases to an average of $7,118. That’s an increase of $4,439, or $370 per month, just for being a less-than-perfect driver!
Liability-only versus full coverage
Paying less for auto insurance is probably important to the majority of drivers, and one of the quickest ways to pay lower rates for insurance for drivers requiring a SR22 is to not buy comprehensive and collision coverage. The example below visualizes the comparison of yearly insurance costs with and without physical damage coverage. The rate quotes are based on no violations or claims, $250 deductibles, drivers are not married, and no additional discounts are factored in.
As an average, full coverage on your policy costs an additional $2,314 per year more than buying just liability insurance. That touches on the question if buying full coverage is worth the expense. There is no clear-cut formula of when to phase out full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after the policy deductible has been paid. If premium cost is more than $800 annually for your policy with full coverage, then it might be time to buy liability only.
Can you find cheaper Riverside car insurance?
Riverside auto insurance rates are calculated based on many things that control the cost of your policy. Simply turning a year older, increasing liability limits, or getting a driving violation may generate price changes resulting in some companies being more affordable than others.
Additionally, insurers change the rates they charge in California as often as every three months in order to maintain liquidity for claims. Higher than normal claims can cause higher priced premiums, while a better loss history may cause more affordable Riverside car insurance rates.
As an example, the data below shows the cheapest car insurance in Riverside, CA for a 45-year-old male driver with no accidents, a clean driving record, and a decent credit rating. If we estimate prices based on his current situation, USAA quotes the lowest car insurance rates in Riverside at $1,299 per year. This is $352 less than the average policy premium paid by California drivers of $1,651. Wawanesa, Century National, CSAA, and Nationwide are also on the list of the most affordable Riverside, CA auto insurance companies.
In this example, we will give the driver in the first chart a claim surcharge, a lower credit rating, and a traffic citation. Because every insurance company has a unique formula for establishing rates, analyzing rates will most likely result in a completely different list of affordable Riverside car insurance companies as shown below.
Grange now has the lowest car insurance rate in Riverside, CA with Progressive, GEICO, Allstate, and Mercury now being in the top five. This shows why Riverside drivers need to compare rates to get cheap insurance quotes for drivers requiring a SR22. Prices are calculated by many different factors and change frequently, so the lowest-price company six months ago may now be wasting a lot of money.