Cheapest Auto Insurance for Drivers Requiring a SR22 in Louisiana

When shopping for car insurance for high risk drivers, one of the many considerations that determine the amount you pay each year for auto insurance is where you choose to live. Urban areas that are densely populated like New Orleans, Harvey, and Metairie will most likely pay more, whereas areas with less congestion generally pay lower car insurance rates.

The table below shows the most expensive places in Louisiana for drivers requiring a SR22 in which to buy car insurance.

Annual rates are approximated as specific Louisiana garaging address can increase or decrease premiums significantly.

Finding reasonably-priced auto insurance is easier said than done, and figuring out which company quotes the best auto insurance rates for drivers requiring a SR22 takes additional perseverance. Insurance rates will probably be quite a bit more expensive than the state average, with the increase attributed to the added risk that comes with offering coverage for high risk drivers, but reasonably-priced coverage may be possible with some perseverence.

Every insurance company has a different formula for establishing rates, so we need to take a look at the most affordable auto insurance companies in Louisiana.

Lowest Insurance Price Quotes for SR22 Drivers

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USAA quotes some of the best car insurance rates in Louisiana at around $1,594 each year. MetLife, Progressive, GEICO, and Safeway also make the cut as some of the more affordable Louisiana auto insurance companies.

As illustrated above, if you are currently insured with MetLife and switched to USAA, you might see a yearly savings of upwards of $260. Customers with Progressive may save as much as $352 a year, and GEICO insureds might see rate reductions of $371 a year.

Be aware that those policy rates are averages for all types of insureds and vehicles and do not factor in a rate increase for drivers requiring a SR22. So the company that is best suited for you may not even be in the list of companies shown earlier. That’s why you need to compare prices as often as possible using your own driver data and vehicle information.

The vehicle that is being insured is probably the largest consideration when comparison shopping for the lowest-priced coverage for drivers requiring a SR22. Vehicles with lots of horsepower, poor crash test ratings, or a high likelihood of having liability claims will cost significantly more to insure than safer models. The information below presents auto insurance premiums for a number of the cheapest vehicles to buy insurance for.

Table data represents married male driver age 40, two speeding tickets, two at-fault accidents, $500 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Information does not factor in Louisiana location which can alter rates noticeably.

Looking at the data, cars like the Ford Escape, Honda CR-V, Jeep Wrangler, Chevrolet Traverse, and Honda Accord will definitely be some of the most budget-friendly vehicles to insure for high risk drivers. The cost of auto insurance will be more costly just because there is more inherent risk for drivers requiring a SR22, but overall those vehicles will most likely have the cheapest rates compared to all other vehicles.

The diagram below highlights how deductible selection can change insurance costs when getting quotes for cheap insurance for drivers requiring a SR22. The rate quotes are based on a married male driver, full physical damage coverage, and no discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 5293,4821,4307,3821],[‘Age 30’, 2741,2497,2217,1949],[‘Age 40’, 2633,2407,2151,1905],[‘Age 50’, 2409,2203,1969,1749],[‘Age 60’, 2369,2167,1937,1721],[‘Age 70’, 2735,2513,2269,2037]]);var options = {title: ‘Impact of Deductibles on Auto Insurance Prices in Louisiana’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

A 40-year-old driver could lower their car insurance rates by $440 a year by changing from a $100 deductible up to a $500 deductible, or save $660 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 category, have the ability to save up to $1,472 every year by selecting a higher deductible. When raising deductibles, it will now be necessary to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.

Do you need full coverage?

Finding the cheapest car insurance for drivers requiring a SR22 in Louisiana is probably important to the majority of vehicle owners, and an effective way to find cheap insurance is to only buy liability coverage. The chart below visualizes the comparison of insurance prices with full physical damage coverage compared to only buying liability only. Data assumes no tickets, no at-fault accidents, $250 deductibles, single marital status, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 5603,1851],[‘Age 30’, 2875,1011],[‘Age 40’, 2847,935],[‘Age 50’, 2593,875],[‘Age 60’, 2511,861],[‘Age 70’, 3075,1153]]);var options = {title: ‘Full Coverage Versus Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Louisiana’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If we average all the age groups together, physical damage coverage costs an extra $3,251 per year more than buying just liability insurance. That is a significant amount which raises the question if buying full coverage is a good investment. There is no exact formula that is best for determining when to drop full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.

There are some conditions where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should maintain full coverage.

How to find the cheapest insurance for drivers requiring a SR22

Lowering your rates is not difficult, and here are a few thrifty ideas that can help Louisiana drivers quote low-cost car insurance.

• Increase your comprehensive and collision deductibles
• Do not get traffic violations
• Drop full coverage on older vehicles
• Avoid accidents
• Save money by staying claim-free
• Compare price quotes at least once a year

The final tip is certainly valuable, as was pointed out in this write-up. Rates fluctuate considerably, so don’t hesitate to switch to a new company if a more affordable rate is found. Brand loyalty is great, but it’s not a good idea if that loyalty ends up costing hundreds every year. Take a few minutes and compare prices to find cheaper car insurance for drivers requiring a SR22.