An SR-22 is not an insurance policy; it’s simply a financial responsibility form proving that you have insurance coverage. The SR-22 is filed with your state by your insurance company and certifies that you carry the minimum liability coverage on your car insurance policy. If you do not own a motor vehicle, you must purchase “non-owners” liability coverage. If you’re not currently insured, this could cause your driving privileges to be revoked.
An SR-22 requirement can be issued by the state or a judge and is usually required for three consecutive years. There are a variety of reasons that an SR-22 may be required, including:
DUI or DWI offenses
Being found at-fault in an accident while driving uninsured
Driving with a suspended or revoked license
Several traffic infractions in a short period of time
Other major moving violations such as reckless driving
If you cancel an insurance policy, your carrier will immediately notify the state that you are no longer covered and your SR-22 form will be withdrawn. If you plan to cancel your policy because you are changing insurance companies, make sure you have the new policy with an SR-22 in place before you cancel. Be aware, even a one day lapse in coverage can cause your three year time period to start all over again.
After probation ends – SR-26 filing
If an SR-22 expires or is canceled, the carrier is required to issue an SR-26 form, which confirms the cancellation of the policy. If this form is filed before your policy term and probationary period are over — implying you may be driving without meeting your financial obligation— the state may revoke your driving privileges.
The differences between an FR-44 and an SR-22
Used only in Virginia and Florida, the FR-44 is similar to the SR-22, and provides proof of financial responsibility. Unlike the SR-22, which only requires that drivers meet the minimum amount of required car insurance, the FR-44 requires that liability coverage limits are substantially greater than state minimums.
Convictions of violations involving driving with a suspended license or DUI (with or without injury) may result in requiring an FR-44:
FR-44 coverage- higher limits, higher costs
The financial costs to drivers required to carry an FR-44 can be substantial. Florida drivers who must file an FR-44 are required to carry a minimum of $50,000 for property damage coverage and $100,000/$300,000 for bodily injury coverage. Compare this to drivers without an FR-44 requirement – they’re required to carry only $10,000 of bodily injury and property damage coverage. You can be sure the higher limits will result in higher premiums. Once the probationary term has been successfully completed, an FR-46 form will be filed by the insurer. The FR-46 accomplishes the same purpose as the SR-26.
Freeway Insurance can help you file an SR-22 and obtain low-cost car insurance for high-risk drivers. Request a free car insurance quote online or over the phone at 800-777-5620 to get started.