What is an SR-22?
An SR-22 is a statement of financial liability that is required by many state Departments of Motor Vehicles, but only in specific cases. This form verifies to the state that you have current automobile insurance that meets the minimum liability requirements of your state. The form must be filed by your automobile insurance company before your license can be reinstated. It is best to seek cheap car insurance and be sure to inform your agent that you must also file an SR-22. Your agent will do the rest.
It is important to remember that different states have different regulations regarding SR-22 forms, so it is important that you check with your specific state. This is especially true if you move from one state to another during the period that you have an enforce SR-22. Your cheap insurance agent will be able to assist you and answer any questions you have about this.
Who must file an SR-22?
If you are required to file an SR-22, you will be notified by the Department of Motor Vehicles of the state that issued you your license. Generally, those people who are required to file an SR-22 form meet one or more of the following criteria:
The requirements of the SR-22 vary by state, and some states may require you to carry insurance that exceeds the state’s minimum liability requirements during the time the SR-22is in force. Try to find the lowest rates available as you search for cheap car insurance.
Do I have to file an SR-22 every year?
No. The SR-22 form is one of the insurance documents that you will complete when you apply for and purchase your car insurance policy. Providing you do not allow your insurance coverage to lapse, the SR-22 needs to be filed only once. Generally, most states require that the SR-22 remain in effect for a period of three years. Your insurance agent will file the proper forms approximately 10 days prior to the expiration date of your SR-22.
Is my insurance rate higher because of the SR-22?
No, the SR-22 form itself does not raise your insurance rates. There may be a one-time nominal filing fee charged by your insurance company, however. Your driving record is what determines your insurance rates, which is another reason to look for insurance that will get you the most competitive rates available.
If you have any further questions about the SR-22 statement of financial responsibility, contact your cheap car insurance agent and he/she will be happy to get you back in the driver’s seat.