What are the financial effects of a suspended license?

My license is going to be suspended in a week. What are the financial effects of a suspended license?

If you have a suspended license due to a DUI, speeding ticket, or other infraction, you’ll probably be feeling the financial consequences—in addition to initial fines from the offense.
You will probably need to file and maintain a form called SR-22 (Certificate of Financial Responsibility) to get your license reinstated. The SR-22 is a form your insurance carrier will need to file on your behalf for every policy renewal. The judge will set the time frame for which you’ll need to have the form on file—it can be anywhere between 3-10 years.
Some insurance companies will charge a flat fee of $25 or $50 to file the form for each renewal, while other companies will move your coverage to a higher-risk category with an overall increased price.
Beyond that, you’ll probably have to pay much higher car insurance premiums than you did before you had a suspension.
You can save money, however, by looking for a provider with Jerry. Jerry is an insurance broker app that will compare rates from up to 50 top providers in a matter of minutes. Simply choose the policy that works for you, and Jerry will take care of the rest. The average Jerry user saves $879 per year on car insurance.
Eric Schad
Answered on Oct 29, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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