Wouldn’t it be great if you could just magically know one specific company that has the cheapest rates for drivers requiring a SR22? It’s just not that simple, as there are a whole slew of unknown factors such as if you are currently insured, whether you just need liability insurance, where you live, and whether or not your vehicle has good safety ratings, that all impact the cost of your policy. Car insurance is kind of a dry topic, but this article will explain these factors and others that can influence the price of auto insurance and will hopefully give you a good start to your coverage search.
Finding budget auto insurance is not easy, and figuring out which companies quote the best insurance rates for drivers requiring a SR22 will involve even more perseverance. Every auto insurer uses a slightly different approach to establish rates, so let’s begin by taking a look at the insurance companies that tend to have lower prices in Los Angeles, CA.
It’s important to understand that California insurance rates are based on many factors that can increase the price you pay for coverage. This price fluctuation is why drivers need to perform an extensive rate comparison to find cheap insurance quotes for drivers requiring a SR22. Insurance rates consist of many risk factors and change substantially, so the best company when you last compared rates may now cost much more than other companies.
Best Auto Insurance Prices for SR22 Drivers
USAA quotes some of the cheapest car insurance rates in Los Angeles at around $1,109 annually. This is $542 less than the average price paid by California drivers of $1,651. Wawanesa, Century National, CSAA, and Nationwide also rank well as some of the cheaper Los Angeles, CA insurance companies.
In this example, if you currently have a policy with Century National and switched to USAA, you could earn an annual premium reduction of about $105. Drivers with CSAA may save as much as $125 a year, and Nationwide customers might reduce prices by as much as $154 a year.
To see if you’re overpaying, click here to start your free quote or click several companies below for low rates.
These estimates are averages across all ages of drivers and types of vehicles and are not factoring in a specific location for drivers requiring a SR22. So the company that is best for you may not even be in the top 24 companies in the list above. That’s why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
For high risk drivers, one of the more important things that are looked at to determine insurance cost is where your car is garaged. Larger areas tend to have more expensive car insurance rates, whereas areas with less congestion receive better rates.
The following table lists the most expensive cities in California for drivers requiring a SR22 to buy an auto insurance policy in. Los Angeles shows up at #2 with the annual price of $2,083 for the average insurance policy, which is approximately $174 monthly.
|Rank||City||Average Per Year|
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Rates are approximated as zip code location can raise or lower price quotes substantially.
Picking the right auto insurance company can be a challenge considering how many companies there are in Los Angeles. The company ratings below may help you decide which auto insurers you want to consider comparing price quotes from.
The ratings below only include the largest auto insurers in America, so smaller companies that only insure vehicles in California are not included in the list. To check prices from the insurers below and more, click this link.
Top 10 Large Auto Insurance Providers in Los Angeles Ranked by Customer Satisfaction
- Titan Insurance – 95%
- USAA – 94%
- AAA of Southern California – 92%
- AAA Insurance – 91%
- Nationwide – 90%
- State Farm – 90%
- The Hartford – 89%
- GEICO – 89%
- The General – 88%
- 21st Century – 88%
Top 10 Large Auto Insurance Providers in Los Angeles Ranked by Value
- American Family
- The Hartford
- AAA of Southern California
- Titan Insurance
- The General
- AAA Insurance
- State Farm
- Mercury Insurance
Liability rates compared to full coverage
Finding the cheapest insurance is probably important to most people, and one good way to buy cheap insurance for drivers requiring a SR22 is to buy only liability coverage. The diagram below illustrates the difference between insurance costs when comparing full coverage to liability only. The prices are based on a clean driving record, no claims, $100 deductibles, marital status is single, and no discounts are applied to the premium.
If averaged out across all ages, physical damage coverage on your policy costs $2,812 per year more than buying just liability insurance. Many drivers will wonder if physical damage coverage is worth the money. There is no clear-cut formula of when to phase out physical damage insurance, but there is a guideline you can consider. If the yearly cost of full coverage is more than about 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s book value is $6,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $5,500 after the policy deductible has been paid. If you are currently paying more than $550 annually for your policy with full coverage, then it might be time to buy liability only.
Why you should be shopping around
Los Angeles, CA insurance rates are based on many factors that control the price you have to pay for coverage. Improving your credit score, having a teenage driver, or getting a reckless driving citation can trigger price changes that can cause some rates to be cheaper than competitors.
Not only may your risk profile change, but auto insurance companies amend premium rates as often as every three months to ensure their profitability. Larger than normal claims may cause additional price hikes, while profitable underwriting may result in lower-cost Los Angeles car insurance rates.
For instance, the bar chart below analyzes the cheapest car insurance in Los Angeles, CA for a 45-year-old male driver with no prior claims, no tickets, and a decent credit rating. If we estimate prices based on his current rating profile, USAA quotes the lowest car insurance rates in Los Angeles at $1,780 a year. This is $129 more than the average rate paid by California drivers of $1,651. Century National, Wawanesa, Nationwide, and CSAA are also included in the best Los Angeles, CA auto insurance companies.
In this next rate comparison, we will give the driver from above a claim surcharge, a lower credit rating, and a few blemishes on his driving record. Due to the fact that every auto insurer uses their own formula for filing rates in each state, comparing rates could now result in a different ranking of the cheapest companies as shown below.
Grange now has the lowest price in Los Angeles with Allstate, Mercury, Allied, and Progressive completing the list. This demonstrates why drivers need to compare rates when trying to find the cheapest car insurance quotes for drivers requiring a SR22. Rates can be altered by many things and can change substantially, so the most economical option the last time you shopped your coverage around may now cost much more than other companies.
Tips to find low-cost car insurance for drivers requiring a SR22
The list below details a few money-saving ideas that can help Los Angeles drivers locate lower-cost car insurance.
- Full coverage may not be needed on older vehicles
- Serious violations like DUI or reckless driving can increase rates dramatically
- Being accident-free can lower rates significantly
- Safer vehicles cost less to insure
- Increase the comprehensive and collision deductibles on your policy
- Drivers with good credit often pay less
- Compare rate quotes frequently
The final tip is incredibly critical, as was pointed out in this write-up. Prices charged by companies can be modified anytime, so drivers shouldn’t be reluctant to change insurance companies if a more affordable price is available.
Staying with the same car insurance company is fine, but it’s not a great idea if that loyalty ends up costing money that could be used for better things. Now is a great time to compare rates and find cheaper insurance for drivers requiring a SR22 in Los Angeles.
The agents below can help you make a decision which coverage fits your budget, since lots of people like to get some professional input when shopping for cheaper insurance for high risk drivers. It’s not always easy to find the best coverage on your own, and using a licensed agent can add comfort knowing your coverage gives you adequate protection in case of an accident or claim.
To locate a Los Angeles auto insurance agent close to where you live, click the button at the bottom of the list.
Malcom Brown Insurance Agency
2861 Robertson Blvd – Los Angeles, CA 90034 – (310) 280-0946
621 S Westmoreland Ave – Los Angeles, CA 90005 – (213) 384-2062
Leisha Willis – State Farm Insurance Agent
500 N Larchmont Blvd – Los Angeles, CA 90004 – (323) 785-4080
Allstate Insurance: Avo Donoyan
1727 N Vermont Ave Ste 207 – Los Angeles, CA 90027 – (323) 663-8541