The make and model of vehicle you are buying coverage for is a large factor that determines if you can find low-priced car insurance for drivers requiring a SR22. Vehicles with limited top-end speed, modern passenger safety features, or a low likelihood of liability claims will cost much less to insure than higher performance models.
The next list estimates insurance costs for a selection of the more affordable automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$16,011|
|Honda CR-V LX 4WD||$16,185|
|Ford Escape Limited 2WD||$16,392|
|Hyundai Elantra SE Touring Station Wagon||$17,221|
|Ford Edge SE 2WD||$17,894|
|Honda Odyssey LX||$17,903|
|Dodge Grand Caravan SE||$18,087|
|Chevrolet Silverado LS Extended Cab 4WD||$18,402|
|Toyota RAV4 Limited 2WD||$18,409|
|Ford Explorer Eddie Bauer 4WD||$18,577|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$18,585|
|Chevrolet Impala LS||$18,770|
|Nissan Altima 2.5 4-Dr Sedan||$18,963|
|Jeep Grand Cherokee Limited 4WD||$19,415|
|Chevrolet Malibu LTZ||$19,421|
|Ford Focus SEL 4-Dr Sedan||$19,650|
|Ford F-350 XLT Crew Cab 2WD||$19,768|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$19,805|
|Toyota Corolla LE||$19,843|
|Toyota Camry XLE||$19,849|
|Toyota Tacoma X-Runner 2WD||$19,980|
|Kia Optima LX||$20,008|
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Table data represents single male driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include homeowner, multi-vehicle, and multi-policy. Price information does not factor in zip code location which can increase or decrease coverage rates noticeably.
Looking at the rates, we can tell that models like the Honda Accord, Honda CR-V, Ford Escape, Hyundai Elantra, and Toyota Prius should be the cheaper vehicles to insure for high risk drivers. Prices will tend to be more expensive just because there is more liability exposure for drivers requiring a SR22, but overall those particular models will have the least expensive rates that you are likely to find.
Deciding which insurers offer the cheapest car insurance rates for drivers requiring a SR22 takes more work in order to find the most economical policy.
Each insurer has their own formula for setting rates, so let’s take a look at the overall cheapest car insurance companies in Michigan.
Best Auto Insurance Prices for SR22 Drivers
|Rank||Company||Cost Per Year|
|7||Pioneer State Mutual||$1,444|
|18||Auto Club Group||$2,464|
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USAA normally has some of the cheapest car insurance rates in Detroit at around $958 a year. GEICO, Safeco, MetLife, and Chubb also are some of the more affordable Detroit, MI auto insurance companies.
In this example, if you currently have coverage with MetLife and switched to USAA, you may see a yearly savings of in the vicinity of $392. Drivers with Chubb may save as much as $470 a year, and MEEMIC customers might lower prices by $478 a year.
It’s important to note that these estimates are averaged across all types of insureds and vehicles and are not factoring in a specific vehicle garaging location for drivers requiring a SR22. So the car insurance company that fits your situation best may not even be in the top 30 companies shown above. That is why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
One of the many factors that are looked at to determine the amount you pay each year for auto insurance is where you normally keep your vehicle in Detroit. More densely populated places tend to pay slightly more, whereas less populated areas have the benefit of cheaper auto insurance prices.
The next table sorts the most costly cities in Michigan for drivers requiring a SR22 to purchase car insurance in. Detroit is ranked #1 with an annual premium of $5,009 for coverage, which is approximately $417 monthly.
|11||St. Clair Shores||$2,792|
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Rate information is comparative as the specific garaging location can increase or decrease rates substantially.
Cost difference between full coverage and liability
Buying cheaper car insurance is the goal of most drivers, and one way to save on the cost of insurance for drivers requiring a SR22 is to not pay for full coverage. The illustration below illustrates the difference between insurance costs with and without physical damage coverage. Data assumes no claims or violations, $250 deductibles, drivers are single, and no discounts are applied to the premium.
Averaged for all age groups, physical damage coverage on your policy costs an additional $3,603 per year over and above liability coverage. That proposes the question when is the right time to remove full coverage. There is no definitive guideline that is best for determining when to drop physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s say your vehicle’s replacement cost is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $4,500 after paying your policy deductible. If you are paying in excess of $450 a year for full coverage, then it may be the right time to buy liability only.
There are some situations where buying only liability insurance is not in your best interest. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not eliminate full coverage.
The information below shows how choosing a deductible can influence insurance premiums when getting quotes for cheap insurance for drivers requiring a SR22. The price estimates are based on a single male driver, comprehensive and collision coverage, and no discounts are applied.
As shown above, a 30-year-old driver could lower rates by $638 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $962 by choosing a $1,000 deductible. Younger drivers, like the 20-year-old, could shave $1,862 each year by using a higher deductible. If you do make the decision to raise your deductibles, it will now be necessary to have plenty of savings on hand to be able to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Insuring your vehicle with the top insurer is difficult considering how many companies there are in Detroit. The company ratings in the lists below may help you analyze which auto insurance companies you want to consider when looking for cheaper rates. These rankings only include large, nationwide insurance companies, so companies that may only write in Michigan are not included in the list.
Top 10 Large Auto Insurance Providers in Detroit Ranked by Customer Satisfaction
- The Hartford – 93%
- Progressive – 90%
- 21st Century – 89%
- USAA – 87%
- State Farm – 87%
- Safeco Insurance – 86%
- AAA Insurance – 86%
- Farmers Insurance – 85%
- GEICO – 85%
- American Family – 85%
Top 10 Large Auto Insurance Providers in Detroit Ranked by Customer Service
- The Hartford
- American Family
- State Farm
- Farmers Insurance
- Safeco Insurance
- Liberty Mutual
The insurance agencies listed below can aid you in deciding which car insurance company is the best fit, since many consumers aren’t sure which coverage to buy and prefer to get some guidance when shopping for cheaper insurance for high risk drivers. It can be difficult to find the best coverage yourself, and a licensed agent can provide satisfaction knowing you have adequate coverage when you need it most.
To locate a Detroit car insurance agency nearest to you, click the button at the bottom of the list or click here to compare prices now.
Thomas L Whatley Agency Inc
14710 Puritan Ave – Detroit, MI 48227 – (313) 272-5955
Tony Massey – State Farm Insurance Agent
15 E Kirby St #112 – Detroit, MI 48202 – (313) 873-3334
Look Insurance Detroit Southwest Agency
6724 Michigan Ave – Detroit, MI 48210 – (313) 899-3194