subject: Main Limitations of SR22 Auto Insurance [print this page] Main Limitations of SR22 Auto Insurance Main Limitations of SR22 Auto Insurance
Many states will vary on the requirements for SR22 insurance. With SR22 insurance, the policy is built very similar to regular car insurance except that the SR22 must be filed with your states department of motor vehicles by either the driver or the driver's insurance company. People who obtain the SR22 insurance have a history of troubled driving and there will be some main limitations for filing SR22 insurance.
The Minimum Coverage Amount for SR22 Policies Some states vary on the minimum amount of required for SR22 and can be different depending on the location of where SR22 needs to be filed. The minimum liability coverage must be issued at a minimum of $20,000 for one person killed or injured, $40,000 for two or more people injured or killed and then a maximum of $15,000 for property damage. An SR22 will typically cover property damages and any other liabilities that arise from an accident. Though it covers motorist's liabilities, it does not usually cover the repair or a replacement of a vehicle involved in an accident. The cost of SR22 insurance is slightly more expensive than that of non-SR22 insurance so if are required to obtain SR22, you can expect to pay out more. Though it is possible to find cheaper motor vehicle insurance coverage, any policy that a high risk motorist has that meets the state's requirements are still going to be pricey.
SR22 Costs Depend on the Reason You Need It
Depending on what the driving offense is that occurred to have you filing for SR22, you can expect to pay more money per month than any other standard auto insurance. For example, insurance companies will look at your list of offenses or driving history and then quote you a price accordingly. A high offense such as a DUI or DWI offense on your record can expect to pay between 3 to 5 times higher per month for SR22 insurance than regular auto policy rates. A smaller offense like having too many speeding tickets can be at least 1 to 3 times higher than regular insurance premium rates. For those who have previous history of getting their licenses revoked or suspended, state requires that an SR22 be filed after the licenses are reinstated.
Further Offenses Could Mean a Longer Time on SR22
It is a good idea to check online by comparing rates of several companies to find the lowest policy rates if you're a high risk driver and expected to get an SR22 form filed. As each year passes, insurance companies review your rates and assess whether you are still at risk for SR22 filing. Keep in mind that it will take 1 to 3 years or more based on your good driving behavior to stop filingSR22 insurance forms. However, if any tickets or offences are recorded against you before the time period is up, you will have to continue filing SR22 for an extended amount of time. Also expect to file SR22 if your license has been either suspended or revoked.
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