SR-22 insurance is a motor vehicle liability endorsement required for high-risk drivers. A document tailored to help show financial responsibility.
If you’re wondering if you need SR-22 insurance, then you could be also wondering what it covers and if it’s worth getting. Fortunately, this article will attempt to explain some of the features of SR-22 insurance and whether or not it’s something you would want to consider in your situation.
SR-22 Insurance Coverage
There are many types of car insurance, but SR-22 insurance is different from traditional ones. SR-22 insurance verifies if you’ve met the minimum requirements of your state when it comes to liability coverage. The policy has a standard limit of liability coverage, which will protect you in the event when you crash onto someone else’s vehicle or someone else gets injured in a wreck you caused.
When buying an SR22 form, you’ll need to complete a state application, so make sure you enclose all the necessary information in the form. Some of the information would be required include your name, birth date, social security number, driver’s license number, and any contact phone numbers. You may be asked to supply copies of your ID and proof of residence.
Should You Get SR-22 Insurance?
Now that you know SR-22 is a certificate of insurance issued by your car insurance provider, here are the benefits of getting SR-22 insurance to help you gauge if it’s worth your money:
1. You Can Get SR-22 Insurance Anywhere
SR-22 insurance doesn’t need to be obtained from the same company. Instead, it can be a separate policy filed with your current auto insurance company. Another benefit you can enjoy from getting SR-22 insurance is, it can be purchased over the Internet. You’ll be able to learn more about the different policies’ rates and inclusions simply by going online and utilizing comparison websites. Getting SR-22 insurance is worth your money because buying it is simple and hassle-free.
2. You Get To Keep Your License
Most people with clean driving records aren’t required to have SR-22 insurance. But, if you’ve recently been in a traffic violation or have a pending court case, you may be required by the court to have SR-22 insurance to continue to drive a vehicle. A suspended or revoked license has a tremendous impact on your life especially if you depend on driving to get to work, to fetch your kids from school, or perform your daily activities. SR-22 insurance requirements vary by state so it’s best to confirm with your local DMV.
3. You’re Allowed To Obtain Insurance
Car insurance is crucial for protection. However, some insurance companies may discriminate if your driving history is not-so-stellar. One of the best benefits of getting SR-22 insurance is, you’ll be allowed to purchase insurance even if you’ve been charged with DUI, figured in an accident, or have a speeding ticket. Here are the possible reasons you’re not allowed to purchase car insurance:
- You’re caught driving without insurance or license
- You’re convicted of DUI or DWI
- You have multiple driving offenses
- Your license was revoked or suspended due to severe traffic violations
SR-22 is a worthwhile purchase because you’ll have the ability to obtain auto insurance to protect your property and finances.
4. You’ll Be Free From Worries
If you’re deciding against buying SR-22 insurance because of the additional costs, you’ll be surprised at the different ways it can give you peace of mind. Because SR-22 is technically not your typical auto insurance, you still need to purchase regular car insurance. However, SR-22 insurance eliminates your worries from having a lapsed insurance coverage. Insurance companies see lapses as risks so having SR-22 insurance not only allows you to purchase insurance for your car, it also means you can get better, or at least, reasonable premium rates.
Another way SR-22 insurance can give you peace of mind in knowing you’re meeting the legal requirements of the state. If you’re required to purchase SR-22, it may be for a minimum of three years. When you complete this requirement successfully, you may no longer be required to obtain SR-22 coverage. After which, you’ll be considered as a low-risk driver and will enjoy better insurance rates.
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A word of caution: Unlike a regular car insurance, SR-22 insurance doesn’t cover you for accidents you may cause or damages done to another person’s car or property. It also doesn’t cover damage done to your car from vandalism or theft. In any case, SR-22 can still provide you with many useful benefits. However, for better judgment, you should review the policies and consult a knowledgeable insurance agent before purchasing this type of insurance.