Your auto insurance company files an SR-22 form with your state’s Department of Motor Vehicles (DMV).
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Essentially, an SR-22 serves as evidence that you possess the minimum liability insurance coverage mandated by your state.
It is alternatively known as a Certificate of Financial Responsibility, an SR-22 Bond, or an SR-22 Form.
Is SR-22 Same as FR-44
No, the FR-44, which is only applicable in Florida and Virginia, serves the same purpose of demonstrating that you have the mandatory minimum liability insurance as required by your state.
However, it is exclusively mandated if you are convicted of driving under the influence (DUI) or driving with a suspended license. Moreover, it necessitates that you maintain liability limits exceeding the state’s minimum requirements.
Who Needs an SR-22
Although regulations may vary from one state to another, individuals usually mandated to possess an SR-22 are those who have:
– Been convicted of driving while intoxicated or under the influence of drugs.
– Committed serious traffic infractions such as reckless driving or hit and run incidents.
– Incurred multiple or repeat traffic violations or car accidents.
– Caused an accident while driving without insurance.
– Had their driver’s license revoked or suspended and are currently in the process of reinstating it.
– Obtained a hardship or temporary driver’s license due to a license suspension or revocation.
– Failed to stay up to date with court-mandated child support payments.
Cost of an SR-22
Motorcycle insurance typically comes at a lower cost compared to car or truck insurance. Similar to auto and standard motorcycle insurance, your premium will be determined by several factors:
– The circumstances surrounding your license suspension.
– Your driving history. Having minimal or no prior motor vehicle violations may result in only a slight increase in your SR22 rate. However, a record with multiple violations can significantly elevate your rate.
– Age. Statistics from insurance companies and states indicate that individuals under 25 and over 65 tend to face higher motorcycle insurance premiums.
– Gender and marital status.
– Your location. Urban areas with high population densities generally have higher insurance premiums compared to less populated regions.
– Credit history. While some states prohibit insurance companies from using credit scores to determine insurance rates, in others, credit history is considered a factor in assessing the likelihood of making insurance payments. Typically, individuals with lower credit scores face higher insurance rates and vice versa.
– Type of motorcycle. The age, type, and model of your bike influence insurance costs. High-performance sport bikes and newer models are more expensive to insure compared to older or cruiser-style bikes.
– Needing SR22 motorcycle insurance due to DUI or more severe offenses will result in a significant increase in your rate, regardless of other factors.
Similar to SR22 auto and non-owner insurance, you will need to maintain your policy for three years.
How to Get an SR-22
Get in touch with your insurance provider to inform them about your need for an SR-22. If you’re insured with Liberty Mutual, reach out to their customer support team.
Ensure you have the letter from your DMV or the mandated document from the state readily available.
Sometimes, you might have to furnish your insurance company with a copy of this letter or mandate before they can issue the SR-22.
Your insurance company will assess your coverages, make any necessary adjustments to your auto insurance policy, and then proceed to file the form with your state on your behalf.
Depending on your state of residence and your insurer’s policies, you may need to pay a fee for obtaining the SR-22.
Within the timeframe specified by your insurance provider, get in touch with your DMV to confirm that the SR-22 filing has been completed.
It’s important to note that due to the increased risk associated with SR-22 filings, not all insurers are willing to provide them. You may need to explore other insurance companies to find one that offers SR-22 coverage.
Benefits of SR-22 Insurance
SR-22 insurance is crafted to offer coverage for drivers considered high-risk who are mandated to file an SR-22, and it carries several advantages, such as:
Elimination of Restrictions: One advantage of SR-22 insurance is its potential to eliminate any driving restrictions imposed on your license. If you’ve been involved in serious traffic violations or have a DUI conviction, your license might have restrictions limiting when and where you can drive.
With an SR-22 insurance policy, these restrictions could be lifted, granting you the freedom to drive without limitations.
Financial Protection: An SR-22 policy can furnish you with the financial protection you require, ensuring you’re covered in case of an accident.
Peace of Mind: With an SR-22 insurance policy in force, you can enjoy peace of mind, knowing that you’re adequately safeguarded against most potential risks.
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