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What is an SR-22?

An SR-22 is known as financial responsibility insurance, and it is used to keep track of a person that is required to file an SR22. Most people think that it is a DUI that involves this type of filing requirement, but there are other situations that occur that will involve this form of filing for insurance purposes. People that are charged with reckless driving, habitual offenders of traffic violations, accidents that uninsured people cause, and highway traffic violations that have caused people to stack up a lot of points within a small time frame will more than likely have to file an SR-22. Also, some vehicles that people drive might put them into a high risk driver category just because of what the vehicle is, like high functioning sports vehicles. The high risk drivers for these sports vehicles will not have to file an SR22 form, but will have higher rates, as well.

Once a person has to file this form through the insurance company, they will be noted as a high risk driver, which will usually last for three years and will cause the insurance rates to increase. After three years, if a driver has done well and kept the driving record free from any other traffic violations, the insurance rates can go back down to reasonable rates, because the person will be listed in the category as a standard-risk driver instead of a high risk driver.

An SR-22 form is filed through the Motor Vehicle Department in the state in which the insured resides. This form is filed by the insurance company on behalf of the driver. If the driver does not make payments and the insurance is canceled due to that, the insurance company will then notify the DMV that the driver is no longer filing the SR22. When an agency offers a policy to a person that has to file this form, the agency is taking the responsibility for that driver and validating that he or she is legal to drive.

There are some states that offer alternatives to filing an SR-22 form. These alternatives cost a lot more than the financial responsibility filing regimen does. For example, one alternative will require a person to pay something like $50,000 for a deposit in cash or other forms of securities and apply for a surety bond or estate bond (that the court has given an okay for) with the Treasurer of State. That alternative is quite expensive and intense to show proof of an SR-22.

Most states will require that a person has at least $20,000 for liability, which covers injuries and/or death if there is an accident that has been caused by the insured, at least $40,000 if the amount of people injured or die amounts to two or more people, and at least $15,000 in liability for damaged property. Each state might have different limits established. Insurance agencies know what the limits are and will assist each insured person when he or she is establishing SR-22 insurance.

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