Wouldn’t it be nice if we knew one specific company that has the cheapest insurance for drivers requiring a SR22? It’s not that simple, unfortunately, as there are a whole bunch of unknowns such as your driving record, the vehicle you drive, if you have a lapse in coverage, and your financial stability, that all impact the price you pay. We will try to cover the things that influence insurance rates and should give you a good start to your coverage search.
Comparing rates for cheap auto insurance is not always easy, and deciding which company quotes the best car insurance rates for drivers requiring a SR22 will take even more rate comparisons.
Every auto insurer has a different process for determining rates, so let’s begin by taking a look at the overall cheapest car insurance companies in Hawaii. It’s important that readers know that Honolulu, HI car insurance rates are calculated based on many things which can substantially decrease or increase the cost of having a policy. Improving your credit rating, buying a home instead of renting, or getting a ticket for running a stop sign can cause premium changes that can cause some rates to be less affordable than competitors.
Best Car Insurance Prices for SR22 Drivers
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$2,006|
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USAA may have some of the lowest car insurance rates in Honolulu at around $954 annually. This is $642 less than the average price paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive would also be considered some of the cheapest Honolulu, HI car insurance companies.
As the example above demonstrates, if you are insured with Liberty Mutual and switched to State Farm, you might see yearly savings of upwards of $355. Insureds with Progressive might save as much as $515 a year, and Allstate insureds might see rate reductions of $817 a year.
Be aware that those rates are averages across all drivers and vehicles in Hawaii and and are not figured with an exact vehicle garaging location for drivers requiring a SR22. So the insurer that has the cheapest rates for you may not even be in the list above. That point stresses why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
For high risk drivers, one of the largest components that are looked at to help calculate car insurance rates is where you live. Cities with larger populations tend to have higher rates, whereas less populated areas get the luxury of paying less.
The illustration below shows the highest-priced areas in Hawaii for drivers requiring a SR22 to purchase car insurance in. Honolulu comes in at #20 with an annual premium of $1,005 for the average insurance policy, which is around $84 each month.
|Rank||City||Average Per Year|
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Premium costs are comparative as specific Honolulu garaging address can decrease or increase insurance rates significantly.
The vehicle model requiring coverage is probably the largest consideration in finding the most economical insurance for drivers requiring a SR22. Vehicles with higher performance characteristics, poor safety features, or high incidents of liability claims will cost substantially more to insure than more modest models. The next table outlines car insurance prices for a number of the most affordable automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$3,266|
|Ford Escape XLS 2WD||$3,306|
|Hyundai Elantra SE Touring Station Wagon||$3,526|
|Honda Odyssey EX W/Rear Entertainment||$3,619|
|Toyota RAV4 Limited 4WD||$3,652|
|Honda Civic EX 4-Dr Sedan||$3,783|
|Ford Edge SE AWD||$3,785|
|Jeep Grand Cherokee Limited 4WD||$3,852|
|GMC Sierra SLT Crew Cab 2WD||$3,861|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$3,858|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$3,900|
|Dodge Grand Caravan Hero||$3,913|
|Volkswagen Jetta LE 4-Dr Sedan||$3,921|
|Chevrolet Malibu LT||$3,955|
|Ford Explorer Limited 4WD||$3,960|
|Toyota Corolla LE||$3,997|
|Chevrolet Silverado 3500HD LT Crew Cab Diesel 2WD||$4,085|
|Chevrolet Impala LTZ||$4,091|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$4,133|
|Nissan Altima Hybrid 4-Dr Sedan||$4,140|
|Chevrolet Equinox LTZ AWD||$4,133|
|Honda Accord EX 2-Dr Coupe||$4,143|
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Data assumes single female driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Premium costs do not factor in Honolulu, HI location which can affect rates substantially.
By looking at the data, we can infer that models like the Honda CR-V, Ford Escape, and Toyota Prius are the cheapest vehicles to insure for high risk drivers. Prices will tend to be more expensive because of the fact that there is more inherent risk for drivers requiring a SR22, but in general those vehicles will tend to have the cheapest car insurance rates possible.
The illustration below illustrates how your choice of deductibles can impact insurance prices when quoting cheap insurance for drivers requiring a SR22. Data assumes a married female driver, full coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could reduce rates by $180 a year by changing from a $100 deductible to a $500 deductible, or save $272 by changing to a $1,000 deductible. Youthful drivers, like the age 20 example, could shave $450 annually just by choosing higher deductibles when buying full coverage.
When insureds make the decision to increase the deductibles on their policy, it will now be necessary to have enough spare savings to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Rate difference between full and liability-only coverage
Lowering the price of car insurance is probably important to the majority of drivers, and a good way to reduce the cost of insurance for drivers requiring a SR22 is to not insure for full coverage. The chart below shows the difference between premium costs with full physical damage coverage compared to only buying liability only. The prices are based on no tickets, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are factored in.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs $1,671 per year over and above liability only. At some point, almost every driver questions if buying full coverage is worth the money. There is no set guideline for dropping physical damage coverage, but there is a guideline you can use. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
There are a few situations where only buying liability is not financially feasible. If you still have a lienholder on your title, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Selecting the right insurance provider is hard considering how many different insurance companies sell coverage in Hawaii. The company ratings shown below could help you choose which car insurance providers you want to consider when trying find the best insurance for drivers requiring a SR22.
These rankings include insurance companies that insure vehicles in the majority of U.S. states, so companies that only write business in Hawaii or surrounding areas will not be included in these rankings. To view rates from these top insurers and more, follow this link.
Top 10 Large Auto Insurance Providers in Honolulu Ranked by Customer Satisfaction
- USAA – 94%
- AAA Insurance – 91%
- State Farm – 90%
- Nationwide – 90%
- The Hartford – 89%
- GEICO – 89%
- Liberty Mutual – 88%
- Allstate – 88%
- Esurance – 87%
- Progressive – 87%
Top 10 Large Auto Insurance Providers in Honolulu Ranked by A.M. Best Rating
- USAA – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Progressive – A+
- The Hartford – A+
- AAA Insurance – A
- Liberty Mutual – A