What is an SR22 Insurance Coverage? 3 Important Things you Must Know

SR22 Insurance Coverage Meaning and Definition

Also known as a certificate of insurance and financial responsibility filing, SR-22 is a vehicle document. It is required by many of the state DMV (Department of Motor Vehicles) offices for fulfilling high-risk insurance policies. Various states accept an SR22 insurance coverage certificate as an alternative to depositing cash or security as a means of proof of financial responsibility.

A DMV might require an SR22 from a driver in order to reinstate her driving privileges following an uninsured car accident or in case of a conviction of some other traffic-related offense, such as the DUI (Driving Under the Influence). An SR22 insurance coverage certificate might be required for up to 3 to 5 years for convictions ranging from driving without a license and with a suspended license to that in case of a DUI. In case an SR-22 is canceled or expired, the insurance company must issue an SR-26 form to certify the cancellation of the policy.

 3 Important Things about SR22 Insurance Coverage

Here are 3 essential things you should know about an SR22 Insurance Coverage. It is:

1.  Not Way too Much Expensive - Having an SR22 insurance coverage certificate might cost you a little extra, but temporarily. The fee required to file it is generally about $25 for those already have an insurance. The fee is added to the Progressive quote when there is no extant insurance available with the person requiring it. If you require an SR-22 because of an accident or moving violation, then the insurance rate might go up, costing you additional charges but not too much. Moreover, certain states might require you to pay full charges when you have an insurance, including the SR-22 filing.
2.  Not Insurance, albeit a Certificate - Although several sources cite SR-22 as an insurance, it is actually a certificate that the insurer files with the state in order to vouch the candidate. Simply, it verifies the receiver’s coverage. Typically, it is required when a judge says so. It happens mostly after certain violations or a succession of the same.When you’re required to carry an SR22 insurance coverage certificate and you already have insurance, then you need only to add the certificate to your policy. If not insured, you need to quote an auto policy in addition to filing for an SR-22 certificate.
3.   Not Required for Eternity - In between a 3-year timespan, depending on your state, you won’t require to have an SR22 insurance coverage certificate. As soon as its purpose is fulfilled, you might call your insurer and ask them to remove the SR-22 filling from your policy. Generally, 3 years is as long as it is required to clear your driving record. Therefore, violations triggering the need of an SR22 certificate will be cleared from your record too.