SR-22 insurance in Iowa provides assurance that high-risk drivers have the right coverage. The state can require drivers to get an SR-22 certificate if they have a history of reckless driving, driving without insurance, or other serious violations. While the process of obtaining high-risk insurance in Iowa is the same as that to get regular insurance, drivers with an SR-22 pay elevated premiums. Review this guide to find SR-22 insurance in Iowa if you face this difficult legal situation.
How Does an SR-22 Form Work in Iowa?
When an insurance company receives your SR-22 request, it will provide the proof of insurance form to the state Department of Transportation on your behalf. Some insurance companies do not write SR-22 insurance policies. Others will increase your rates if you get a violation that requires an Iowa SR-22.
The SR-22 form serves as proof that you have at least the minimum amount of legal Iowa insurance coverage, which includes:
- $20,000 per person for bodily injury liability.
- $40,000 per accident for bodily injury liability.
- $15,000 per accident for property damage liability.
If you cause an accident, liability insurance pays the expenses for injured parties.
What Is the Cost of Iowa SR-22 Insurance?
According to WalletHub, drivers in Iowa pay 9 percent more for high-risk insurance than safe drivers, with an average premium of $354 for a year of coverage. In addition, the cost of filing an SR-22 ranges from $15 to $25 depending on the provider. WalletHub also notes that after two years, you no longer need an SR-22 if you maintain a safe driving record.
The finance website MoneyGeek found the most affordable annual SR-22 insurance policies from these Iowa providers:
- Allied: $686.
- Allstate: $635.
- American Family: $431.
- Farmers Insurance: $554.
- GEICO: $443.
- Farm Bureau Mutual Iowa Group: $664.
- MetLife: $651.
- Progressive: $345.
- State Farm: $302.
- USAA: $371 (available only for military members and their families).
The rate increase associated with SR-22 insurance depends on the severity of the offense. Iowa requires this type of policy for driving under the influence, driving without insurance, driving with a suspended license, or receiving a ticket for reckless driving.
What Is Non-Owner SR-22 Insurance?
If you do not own a car but want to have your license reinstated, you can save money by purchasing a non-owner SR-22 policy. This coverage will provide peace of mind if you borrow a car from a friend or relative. It also covers incidents that occur in a rental vehicle.
MoneyGeek reports that non-owner SR-22 insurance costs an average of $387 per year in Iowa. The company found the cheapest policies from GEICO at $259 annually and State Farm with an average cost of $162 per year.
What Other Factors Impact Your Iowa Insurance Rates?
Your driving history isn’t the only factor that affects your auto insurance premiums. Insurance providers also consider:
- Your age: Because younger and more inexperienced drivers have a higher statistical rate of accidents, auto insurance companies charge more to make up for this higher risk. Drivers usually begin to see premiums go down around age 25.
- Your credit score: Auto insurance companies correlate a high risk of claims with a lower-than-average credit score. If you have poor credit, improving your FICO score can help you access more affordable premiums.
- The amount of insurance coverage: If you want full coverage rather than minimum insurance, higher coverage limits, or other add-ons, you will pay more for those options.
How Can You Save Money on Iowa Insurance?
Comparing quotes from various providers is one of the best ways to save money on auto insurance in Iowa. Every company has its own method of calculating rates, which means you might see significant premium differences from one quote to the next, even if you carry SR-22 insurance. Maintaining coverage when you have a suspended driver’s license prevents your future rates from increasing because of lapsed coverage.
Don’t forget to ask about discounts when shopping for SR-22 insurance quotes. Even though you will no longer qualify for a good driver discount, you might be able to access savings by going paperless, paying your policy in full, being a veteran, maintaining good grades, or having a vehicle with safety features.
What Iowa Providers Have the Cheapest Auto Insurance?
ValuePenguin reports that Iowa drivers will find the lowest average minimum coverage premiums of $220 per year from IMT. This company also offers the most affordable rates for many young drivers. State Farm offers the state’s lowest average full coverage rates of $1146 per year. Other affordable options for annual coverage include:
- American Family: $310.
- Grinnell Mutual: $330.
- Farm Bureau: $282.
- Wadena Insurance: $220.
Finance website The Zebra recommends these providers for affordable auto insurance in Iowa with average annual premiums of:
- Dairyland: $2244.
- Farmers Insurance: $1848.
- Grinnell Mutual: $1627.
- Hastings Mutual: $1159.
- Nationwide: $1066.
- Partners Mutual: $1003.
- Pekin Insurance: $1050.
- Progressive: $1341.
- State Farm: $1048.
- Western National: $1528.
What Are the Best Auto Insurance Providers in Iowa?
Value Penguin ranked auto insurance companies in Iowa based on their claims satisfaction ratings. They found that 100 percent of surveyed Auto-Owners customers were satisfied with how the company handled a recent claim, followed by 86 percent of American Family customers, 78 percent of Nationwide customers, and 74 percent of Progressive customers.
The website also reports on the insurance providers with the lowest rates of customer claims according to the National Association of Insurance Commissioners. Based on this metric, ValuePenguin recommends IMT, American Family, Grinnell Mutual, Nationwide, Farm Bureau, State Farm, American Family, Allstate, and Auto-Owners Insurance.
Check this out if you need additional information, resources, or guidance on car insurance.
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