Insurance can be a complicated matter, especially when it comes to auto insurance and issues such as SR22 insurance. However, this basic guide should provide all the information you need to determine if you need to be concerned about SR22 and finding a great deal.
What is SR22 Insurance?
SR22 insurance refers to the SR22 financial filing responsibility attached to auto insurance. The SR22 is a form which is sent by your insurer to be recorded by the DMV. The SR22 alerts the DMV that you have valid liability insurance for your vehicle. Should your insurance be cancelled, the carrier will send an SR26, which lets the DMV know your insurance is cancelled and may result in your driver’s licence being suspended.
Who Needs an SR22?
The requirement for an SR22 is usually related to a change in your driving privileges. Typically the DMV require an SR22 in cases where your license was suspended due having no valid insurance during an accident or a DUI. The DMV may need confirmation that you have valid auto insurance as a condition of reinstating your driver’s license. The SR22 informs the DMV that your insurer has issued valid active insurance and allows the DMV to monitor your insurance coverage. The DMV will be informed if your insurance is cancelled for any reason, which may prompt your license to be suspended again. Even if you don’t own a vehicle, you may need to purchase non owner SR22 insurance to have your license reinstated.
How Do You Get SR22 Insurance?
The main consideration for SR22 insurance is the actual SR22 itself. Most insurers will provide an SR22 for existing policies. However, some insurance companies will not issue SR22s, so in these instances you will need to change insurer in order to obtain it. However, this is not particularly difficult as there are brokers and agents with access to panels of insurers willing to provide SR22s, so you can compare rates to secure the best deal.
What is the Cost of SR22 Insurance?
The cost of the actual SR22 is actually relatively inexpensive. Most insurers will simply charge a filing fee, which is a one time charge usually around twenty dollars. However, the main consideration for the cost of the SR22 insurance comes from the increase in premium for the liability. The SR22 is only a notification, but it usually signifies that something has changed in your driving record, which will affect your insurance risk and associated cost. The actual cost of the insurance will depend on a number of factors, so you will need to obtain a quotation in the normal way to compare the costs for your particular circumstances.
If you are in need of cheap SR22 insurance, contact us. We are a specialist broker with access to great rates on your insurance. We have access to a number of insurers offering SR22 insurance at a reasonable cost. We would be happy to provide a tailored quote and help you find the best deal for your particular circumstances.